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IPAA OGIS Conference – Warren Resources Inc.

Warren Resources Inc. · Oct 6, 2015 · 28 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. IPAA OGIS Conference – Warren Resources Inc. – slide 1
    Tunkhannock, Pennsylvania Wilmington Field, California Ensuring Stability, Growing Shareholder Value Atlantic Rim, Wyoming OGIS San Francisco October 6, 2015
  2. IPAA OGIS Conference – Warren Resources Inc. – slide 2
    Warren Resources - Snapshot Key Statistics Market Capitalization 39 MM1 1H15 Production Ratio 82% Natural Gas / 18% Oil Net Proved Net 1H15 Net Area Reserves as Acreage Production of 12/31/14 Appalachian 5,289 60.2 MMcf/d…
  3. IPAA OGIS Conference – Warren Resources Inc. – slide 3
    A Focused Business Strategy Right-size Capital Spending 21 MM front end loaded capex budget for 2015 tracks cash flow Achieve Additional G&A Efficiencies Announced on 9/30 plans to centralize management in Denver, CO office and…
  4. IPAA OGIS Conference – Warren Resources Inc. – slide 4
    Recent Major Milestones: Reinforcing Financial Stability May 2015 GSO/Franklin Square Financing Replaced existing bank facility and added 202 MM of new money Retired 22 MM of unsecured debt 30 MM delayed draw feature Flexibility to…
  5. IPAA OGIS Conference – Warren Resources Inc. – slide 5
    2015 Guidance1 2015 Capex Budget 2015 Production Guidance Full Year ending December 31, 2015 21 Million Oil (MBbl) 900 1,000 Gas (MMcf)2 28,000 30,000 PENNSYLVANIA 13 Total - Gas Equivalent (Mmcfe) 33,400 36,000 o Natural Gas…
  6. IPAA OGIS Conference – Warren Resources Inc. – slide 6
    Second Quarter Accomplishments Per Mcfe LOE and G&A down 22% and 18%, respectively, over the past two quarters Achieved production at top end of guidance with Marcellus and CA business units outperforming projections Conducted…
  7. IPAA OGIS Conference – Warren Resources Inc. – slide 7
    Financial Hedges Oil Hedges(1) Natural Gas Hedges(1) 2,500 80.00 60,000 4.00 70.90 71.50 71.50 66.49 67.27 70.00 50,000 2,000 3.08 3.08 3.04 3.04 2.96 60.00 3.00 52.99 52.99 51.67 50.00 50.00 40,000 2.861 50.00 2.762 2.721…
  8. IPAA OGIS Conference – Warren Resources Inc. – slide 8
    Sales Agreements - Marcellus NE PA Basis Differential Hedges(1) NE PA Natural Gas Hedge Realization(1) 60,000 40,000 2.50 35,000 2.00 50,000 1.98 1.94 1.82 30,000 1.50 40,000 25,000 1.00 30,000 Mcf/day 20,000 0.50…
  9. IPAA OGIS Conference – Warren Resources Inc. – slide 9
    Marcellus Operations Investing in the Future of Energy NASDAQ (WRES) 10
  10. IPAA OGIS Conference – Warren Resources Inc. – slide 10
    Operational Update and Efficiency Improvements Key Points Marcellus Drilling Performance Continually capturing operational efficiencies Days vs. Depth Drilling Days while remaining focused on additional tangible 0 0 5 10 15 20 25 30…
  11. IPAA OGIS Conference – Warren Resources Inc. – slide 11
    Field Infrastructure and Marketing Key Points Pipeline and Gathering System Map Operational infrastructure system in place to support full field development including Upper Marcellus development Ample takeaway capacity of 285,000…
  12. IPAA OGIS Conference – Warren Resources Inc. – slide 12
    Multiple Upside Opportunities in the Marcellus Upside Initiatives Resource Potential Upside(1) 1. Increase EURs booked in proved 600 Upper Marcellus Potential reserves by proving-up greater recovery factor of OGIP 500 Current…
  13. IPAA OGIS Conference – Warren Resources Inc. – slide 13
    Proving-up greater recovery factor of OGIP Key Points Marcellus Production Performance 70,000 Actual production continues to outperform NSAI proved estimates 60,000 Decline from production shallower than 3P estimates with…
  14. IPAA OGIS Conference – Warren Resources Inc. – slide 14
    Upper Marcellus Results Key Points Upper Marcellus GIP Map and Locations Both locations have been flowing back for 2+ weeks Combined initial rate of 17,500 Mcf/day flowing to sales 5% of completion fluid recovered Pads and…
  15. IPAA OGIS Conference – Warren Resources Inc. – slide 15
    Northeast PA Takeaway Expansion Projects 15 14 13 12 11 Bcf/day 10 9 8 7 6 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Existing capacity Niagara Expansion TCO East Side Leidy Southeast Constitution…
  16. IPAA OGIS Conference – Warren Resources Inc. – slide 16
    California Operations Investing in the Future of Energy NASDAQ (WRES) 17
  17. IPAA OGIS Conference – Warren Resources Inc. – slide 17
    Wilmington Field Overview Key Points Beverly Hills Salt Lake Los Angeles Operated by Warren Chevice Hills Montebello Bandin Englewood 2,476 gross, 2,460 net acres Playa Del Rey Sante Fe Springs Brea-Olenda Yorba Average net…
  18. IPAA OGIS Conference – Warren Resources Inc. – slide 18
    Wilmington Field Development Key Points Wilmington Drilling Performance Team has been very successful in Days vs. Depth WTU Days vs. Depth NWU capturing efficiency gains during Ranger Ranger development and is keenly focused on 0 0…
  19. IPAA OGIS Conference – Warren Resources Inc. – slide 19
    Wyoming Assets Investing in the Future of Energy NASDAQ (WRES) 20
  20. IPAA OGIS Conference – Warren Resources Inc. – slide 20
    Wyoming Deep Potential: Producing Zones Atlantic Rim Zones Warren expects to retain the substantial majority of pre- Deep Creek Field 150,000 bbls oil & existing deep rights after consummation of any sale of its 2.5 Bcf CBM and…
  21. IPAA OGIS Conference – Warren Resources Inc. – slide 21
    Financial Overview Investing in the Future of Energy NASDAQ (WRES) 22
  22. IPAA OGIS Conference – Warren Resources Inc. – slide 22
    Historical Financial Results Chart(MMcfe/d) Production Title (2) Revenue (MM)(2) Oil Production (Mmcfe/d) Gas Production (Mmcfe/d) 160.0 150 80 129 134 122 90.2 62.5 120.0 103 60 88 40 33.3 35.2 80.0 63 26.3 28.7 28.7 20…
  23. IPAA OGIS Conference – Warren Resources Inc. – slide 23
    Why Invest in Warren Resources, Inc Key Points High Quality Assets Low decline water flood oil production with best in class lifting expense, 20/Bbl Core of the core Marcellus Shale position Moderate decline profile outperforming 3P…
  24. IPAA OGIS Conference – Warren Resources Inc. – slide 24
    Appendix Investing in the Future of Energy NASDAQ (WRES) 25
  25. IPAA OGIS Conference – Warren Resources Inc. – slide 25
    Proved Reserves: YE 2014 Asset Summary Natural Gas Reserves 500 Estimated Proved Reserves of 428 Bcfe 375 76% gas, 60% proved developed (PDP/PDNP) Bcf 250 124.1 125 203.3 - Gas PDP/PDNP Gas PUD Estimated Proved…
  26. IPAA OGIS Conference – Warren Resources Inc. – slide 26
    2014 Reserve Summary1 Net Oil Net Gas Net Total PV-10 Reserve Category (MMBbls) (Bcf) (Bcfe) (MM) PDP 8 153 204 396 PDNP 0 50 51 64 PUD 8 124 173 149 Total Proved 16 327 428 609 PROB 4 53 75 77 POSS 4 73 95 97 Total Probable and…
  27. IPAA OGIS Conference – Warren Resources Inc. – slide 27
    Non-GAAP Reconciliation: EBITDA EBITDA Reconciliation Year Ended December 31, Trailing 12 months (MM) 2011 2012 2013 2014 6/30/15 Net Income/Loss 21.6 15.5 30.4 24.0 (182.5) Interest Expense 3.2 3.3 3.0 9.6 20.2 Income Taxes…
  28. IPAA OGIS Conference – Warren Resources Inc. – slide 28
    Non-GAAP Reconciliation: Year-end 2014 SEC PV-10 PV-10 Reconciliation1 December 31, 2014 (in 000s) Proved developed 395,682 Proved developed non-producing 64,377 Proved undeveloped 149,067 PV-10 Value 609,126 Less: future…

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