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September 2015 Investor Presentation – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Sep 1, 2015 · 45 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of September 1, 2015 NASDAQ: MCEP www.midconenergypartners.com 1
  2. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 2
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 3
  3. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 3
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 4
  4. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 4
    Mid-Con Energy Partners, LP The Waterflood Guys Reserves and Production Core strength in enhanced oil recovery, focusing on waterflooding Reserves(1): 23.2 MMboe Employees have prior experience in over 150 waterflood Proved…
  5. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 5
    Operating Strategy Increase production and recovery from existing reserve portfolio (95% Oil) Exploit Potential Of Existing Average daily production in 2Q15 increased 1% from 1Q15 Property Base 35.4% CAGR in production since IPO…
  6. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 6
    Waterflooding Overview Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells Historically, the success of waterfloods has been attributable to the quality of the…
  7. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 7
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  8. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 8
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 9
  9. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 9
    The Waterflood Guys EXPERTISE: We are the waterflood guys. We focus on maximizing economically recoverable oil. In other words, we are Looking for oil in an oilfield. EXPERIENCE: Our management team and employees have…
  10. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 10
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 11
  11. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 11
    Asset Overview(1) Northeastern Oklahoma % of Total Reserves 37% Hugoton % of Total Daily Production 29% % of Total Reserves 17% % of Total Daily Production 17% Southern Oklahoma Total Mid-Con Energy Partners, LP % of Total…
  12. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 12
    Proved Reserves by Core Area 2011-2014 Northeastern Oklahoma Southern Oklahoma Hugoton Permian Gulf Coast / Other 25,000 23,230 3% 20,000 32% 26% CAGR 13,934 15,000 17% Mboe 13,146 10,049 17% 10,000 5,000…
  13. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 13
    2014 Acquisitions: Adding Quality Properties Oilton Drop-Down August 5, 2014: Acquired a 97% working interest in the Oilton Field for 56.5 million, Hugoton Drop-Down adding 2.6 MMboe of net proved reserves (88% February 28, 2014:…
  14. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 14
    Eastern Shelf Acquisition EOR Prospects Offer Organic Development Potential In November 2014, MCEP acquired 6.1MMBoe of proved reserves in the Eastern Shelf of the Permian for 117.6 million. Key Attributes High Waterflood…
  15. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 15
    Organic Success in NE OK Cleveland Unit Extracting New Production from an Old Field OIL (Daily) GAS (Daily) 800 Early waterflood response observed 700 Initiated 21 well drilling program 600 Average Daily Production (Gross)…
  16. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 16
    2Q15 Adjusted EBITDA per Boe MCEPs Wide Cash Margins Compare Favorably to Peers Adjusted EBITDA/Boe Adjusted EBITDA/Boe excluding the effects of hedging % Oil Peer Average = 22.56/Boe Peer Average = 6.50/Boe 40 MCEP vs. Peers 1.36x…
  17. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 17
    Merit of EOR Assets Well Recognized Among MLP Peers Upstream MLP EOR Transactions Over Last 24 Months 1 LINE Sep-14 680 2 LRE Sep-14 38 3 ARP May-14 420 4 MEMP May-14 935 5 LGCY Mar-14 112 6 LINE Dec-13 2,316 4 MEMP - Lost…
  18. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 18
    Operating cash flows, unhedged, positive above 30/Boe Cash Surplus, inclusive of CAPEX & distribution, above 50/Boe Cash expenses (/Boe) CAPEX (/Boe) Distribution (/Boe) Cash surplus/(short-fall) (/Boe) 80 70 2Q15 30.31 60 Results…
  19. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 19
    MCEP units Simplified Net Asset Value (NAV) Assets 30 30.00 Proven reserves (MMboe) 23.2 MCEP unit price of 2.85 at Aug 31, 2015 discounts long-term average WTI price of 50.09 Units outstanding (MM) 30.1 NAV per MCEP unit…
  20. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 20
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 21
  21. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 21
    Partnership Structure and Public Ownership: Targeting EOR Properties at All Stages of Development MCEP(1) High Mid-Con Energy III, LLC Officers & Directors Private Affiliate 2% 18% Institutional Sponsored by Yorktown Energy…
  22. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 22
    2015 Capital Budget Summary by Core Area By Core Area By Fiscal Quarter ( in thousands) ( in thousands) 5,000 S OK HUG 5% 3% GC/ 4,000 OTHER 6% 3,000 PERMIAN 12,853 47% Total 2,000 NE OK CapEx 40% 1,000 -…
  23. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 23
    Leverage & Liquidity(1) Borrowing 3Q13: 4Q13: 2Q14: 3Q14: 4Q14: 2Q15: Base 130MM 150MM 170MM 190MM 240MM 220MM 4.0x Debt to EBITDA Covenant (RHS) 4.00x 240 35 37 3.50x 20 200 3.15 3.00x 22 Debt / EBITDA 160 31 2.77…
  24. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 24
    Hedge Profile 3,500 Hedge Volumes (LHS) WTI Futures (RHS) Price (/Bbl) 100 3,000 90 Production Hedged (Bbl/d) Average Prices (/Bbl) 2,500 80 2,000 70 1,500 60 1,000 500 50 - 40 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Oil…
  25. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 25
    Strategic Objectives for 2015 SecuringTHE SECURING the FUTURE future Reduced distribution to support balance sheet Restructured hedges to secure revenues and borrowing base LIVING LivingWITHIN within CASH cash FLOW flow…
  26. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 26
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 29
  27. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 27
    Contact Information Headquarters Investor Relations 2501 N. Harwood Krista McKinney Suite 2410 Manager of Investor Relations Dallas, TX 75201 kmckinneymidcon-energy.com 972.479.5980 972.479.5980 NASDAQ: MCEP…
  28. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 28
    Appendix NASDAQ: MCEP www.midconenergypartners.com 31
  29. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 29
    Appendix: Second Quarter 2015 Results Production 2Q15 average net production of 4,615 Boe/d increased approximately 1% over 1Q15 Growth LOE 2Q15 LOE of 18.14/Boe decreased approximately 16% from 1Q15 Adjusted EBITDA(1) 2Q15…
  30. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 30
    Appendix: Financial and Operating Results Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year (unaudited, in thousands, except per unit data) 2015 2015 2014 % % Oil (MBbl) 397 391 245 6…
  31. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 31
    Appendix: Non-GAAP Summary(1) Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year 2015 2015 2014 % % Net income (loss) (7,944) (4,112) 3,847 (3,832) 93.2% (11,791) na Interest…
  32. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 32
    Appendix: Operating Results per Boe Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year Operating Results per Boe (/Boe) 2015 2015 2014 % % Oil & natural gas sales revenues 51.45 42.65…
  33. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 33
    Appendix: Permian OBrien Stawn Asset Overview Unit Stonewall Corsica Unit 26% of Total MCEP Reserves(1) Kent Haskell Sagerton NE 29% of Total MCEP Daily Production(2) Tomkins Field Closed November 17, 2014 Eleven Counties in…
  34. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 34
    Appendix: Northeastern Oklahoma Asset Overview KS 37% of Total MCEP Reserves(1) OK 29% of Total MCEP Production(2) Osage, Pawnee, Creek and Osage Seminole Counties, OK Skiatook Five Properties: Cleveland Cushing Cleveland…
  35. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 35
    Appendix: Southern Oklahoma Asset Overview 17% of Total MCEP Reserves(1) 23% of Total MCEP Daily Production(2) Carter and Love Counties, OK Six Properties: Ardmore West Eastman Hills Highlands Battle Springs Southeast Hewitt…
  36. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 36
    Appendix: Hugoton Asset Overview Harker Ranch Cheyenne 17% of Total MCEP Reserves(1) 17% of Total MCEP Daily Production(2) Cheyenne County, CO Potter County, TX Cimarron and Texas Counties, OK Eight Properties: CO KS Harker…
  37. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 37
    Appendix: Gulf Coast TX Asset Overview 3% of Total MCEP Reserves(1) 2% of Total MCEP Production(2) One Property: Liberty South Liberty Liberty South (1) Reserve data based on December 31, 2014 reserve report audited by…
  38. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 38
    Appendix: NE OK Cleveland Unit 2014 Waterflood Development Cleveland C Sand Net Isopach New waterflood development in the north half of the unit NASDAQ: MCEP www.midconenergypartners.com 41
  39. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 39
    Appendix: NE OK Oilton Field Red Fork Development Farris Lease Oilton Field M. Farris Lease 200 Oil (Bbl/d) Gas (Mcf/d) Average Daily Production (Gross) 160 120 80 40 - Mar-14 Jun-14 Sep-14 Dec-14 Mar-15…
  40. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 40
    Appendix: Permian White Flats Evaluating Strawn Potential Jessie Little A 1 recompleted in the Strawn sand in February 2015 Current production 120 bopd Worrell 1 completed in the Strawn in October 2014 IP: 73 bopd / Current: 49…
  41. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 41
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 44
  42. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 42
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 45
  43. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 43
    Appendix: Increasing Injection = Increasing Production NASDAQ: MCEP www.midconenergypartners.com 46
  44. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 44
    Appendix: Mid-Con Energy Timeline 1986 The 2004 Mid-Con Energy 2011 Merged Mid- genesis of Mid- I, LLC formed with Con Energy I/II into November Con Energys properties contributed Mid-Con Energy August 5 17 original by Olmstead…
  45. September 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 45
    NASDAQ: MCEP www.midconenergypartners.com NASDAQ: MCEP www.midconenergypartners.com 48

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