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October 2015 Investor Presentation – Unit Corp.

Unit Corp. · Oct 6, 2015 · 33 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. October 2015 Investor Presentation – Unit Corp. – slide 1
    Corporate Presentation October 6 7, 2015
  2. October 2015 Investor Presentation – Unit Corp. – slide 2
    Unit Corporation: A Diversified Energy Company Tulsa based, incorporated in 1963 12 We have consistently grown throughout many commodity cycles 10 Integrated approach to Casper business allows Unit to Marcellus Pittsburgh…
  3. October 2015 Investor Presentation – Unit Corp. – slide 3
    Lower for Longer Unit Petroleum has asset packages that can earn strong returns in the current commodity price environment Unit Drillings new BOSS rigs have been very well received by customers Superior Pipeline cash flow has…
  4. October 2015 Investor Presentation – Unit Corp. – slide 4
    Key Growth Points Exploration & Production 203% average production replacement since 2005 Liquids production has grown 258% since the fourth quarter of 2009 Proved reserves: 179 MMBoe (1) 76% Proved Developed Drilling Eight BOSS…
  5. October 2015 Investor Presentation – Unit Corp. – slide 5
    Segment EBITDA Margins (1) in Line with Pure Play Peers 90% 80% 70% EBITDA Margins 60% E&P Company Peer Average 50% 40% 30% Land Drilling Peer Average 20% 10% Midstream Peer Average 0% 12/31/2005 12/31/2006…
  6. October 2015 Investor Presentation – Unit Corp. – slide 6
    Conservative Debt Structure No NearTerm Maturities Senior Subordinated Notes Ratings S&P Moodys Fitch 650 million, 6.625% Corporate BB Ba3 BB Senior Subordinated Notes BB B1 BB 10year, NC5; maturity 2021 Key Covenants Coverage…
  7. October 2015 Investor Presentation – Unit Corp. – slide 7
    Strong Capital Discipline Total debt / LTMs adjusted EBITDA of 1.7x (1) Strong access to capital No nearterm maturities Oil and natural gas segment core plays largely HBP exploration program not driven by lease expirations (1)…
  8. October 2015 Investor Presentation – Unit Corp. – slide 8
    Track Record of Reserve Growth Proved Reserves (MMBoe) 179 180 150 160 Stable and consistent economic growth 150 116 of oil and natural gas reserves of at least 120 104 150% of each years production 95 96 86 90 79 69 60…
  9. October 2015 Investor Presentation – Unit Corp. – slide 9
    Consistent Production Growth Average Production (MBoe/d) 60 2%4% growth 50 50 46 40 39 33 30 27 20 10 0 2010 2011 2012 2013 2014 2015 est. Natural Gas Oil / NGLs Prod. Range Net Wells Drilled: 88 82 80 91 121…
  10. October 2015 Investor Presentation – Unit Corp. – slide 10
    Core Upstream Producing Areas Key focus areas include: Gulf Coast: Mid Continent Region Wilcox (Southeast Texas) Mississippian MidContinent: SOHOT Hoxbar (Western Oklahoma) Granite Granite Wash (Texas Panhandle) Wash…
  11. October 2015 Investor Presentation – Unit Corp. – slide 11
    Wilcox (Southeast Texas) Overall Highlights: Drilled 141 operated vertical wells and 3 operated horizontal wells since 2003 (12 years) TYLER 92% average working interest Q2 15 net avg. production: POLK 70 MMcfe/d 43% liquids…
  12. October 2015 Investor Presentation – Unit Corp. – slide 12
    Wilcox (Southeast Texas) 2015 Activity: Upside Resource Potential: 12 rigs 870 Bcfe 1316 gross wells 95% average WI (5 horizontal) 43% Liquids (11% oil, 32% NGLs) 2015 projected 17% growth Wilcox Net Production 90,000…
  13. October 2015 Investor Presentation – Unit Corp. – slide 13
    Hoxbar (Medrano Sand) Historical Medrano Highlights: Mary 118PH IP30: 7,400 Mcfe/d Ellen 120H Completed 14 operated wells 3/15 IP30: 9,800 Mcfe/d Hiram 113H 12/14 Avg. IP30: 7.3 MMcfe/d IP30: 9,500 Mcfe/d 2/15 84% avg. working…
  14. October 2015 Investor Presentation – Unit Corp. – slide 14
    Hoxbar (Marchand Sand) Historical Marchand Highlights: Completed 6 operated wells Rosey 1H Harper 119H Avg. IP30: 1,511 Boe/d IP30: 1,483 Boe/d IP30: 2,467 Boe/d 9/14 1/15 86% avg. working interest Extensional Area Marchand Core…
  15. October 2015 Investor Presentation – Unit Corp. – slide 15
    Granite Wash (Liquids) Historical Highlights: Buffalo Wallow Potential: Completed 115 operated Contiguous operated HBP horizontal wells since 2008 acreage position with average WI above 90% Buffalo Average WI: 80% Wallow…
  16. October 2015 Investor Presentation – Unit Corp. – slide 16
    Expertise in Areas of Operations 20 Unit has experienced management and operating teams and 16 is a leader in minimizing operating expenses Operating Expense / Boe (1) 12 Average: 11.63 8 4 0 Peer 1 Peer 2…
  17. October 2015 Investor Presentation – Unit Corp. – slide 17
    Significant Drilling Presence in Attractive Producing Regions Bakken 94 rig fleet Fleet average 1,260 HP rating; Almost all of contracted rigs drilling horizontal wells Pinedale Anticline Niobrara 33% utilization rate for Q2…
  18. October 2015 Investor Presentation – Unit Corp. – slide 18
    Drilling Rig Utilization 10 rigs stacked since December 2014 have been placed back into service. 5 1500 HP SCR 1 1000 HP SCR 2
  19. October 2015 Investor Presentation – Unit Corp. – slide 19
    Average Dayrates and Margins (1) 20,000 100% 15,000 75% Average Rig Utilization Margins and Dayrates 10,000 50% 5,000 25% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1st Half 2015 Margins Dayrates…
  20. October 2015 Investor Presentation – Unit Corp. – slide 20
    Rig Fleet Snap Shot 82% of Total Fleet < 800 HP 8001,000 HP 1,2001,700 HP 2,000 HP 31% 18% 41% 25% 69% 82% 59% 75% M: 8 M: 18 M: 3 M: SCR: 5 SCR: 10 SCR: 38 SCR: 4 A/C: A/C: A/C: 8 A/C: 13 28 49 4 Utilization by…
  21. October 2015 Investor Presentation – Unit Corp. – slide 21
    The BOSS Drilling Rig Optimized for Pad Drilling Multidirection walking system Faster Between Locations Quick assembly substructure 3234 truck loads More Hydraulic Horsepower (2) 2,200 horsepower mud pumps 1,500 gpm available…
  22. October 2015 Investor Presentation – Unit Corp. – slide 22
    Midstream Core Operations Brook Field Pittsburgh Mills Snow Shoe Texas Panhandle Northern Oklahoma and Kansas 35,000 dedicated acres 1,695,000+ dedicated acres Pittsburgh 135 MMcf/d processing capacity 193 MMcf/d processing…
  23. October 2015 Investor Presentation – Unit Corp. – slide 23
    Midstream Segment Contract Mix 2010 Q2 2015 Contract Mix Based on Volume 34% 49% 51% 66% Fee Based Commodity Based Contract Mix Based on Margin 15% 38% 85% Fee Based 62% Commodity Based Unit vs. 3rd Party Margin…
  24. October 2015 Investor Presentation – Unit Corp. – slide 24
    Appalachian Growth Projects A P P A L A C H I A N P R O J E C T S Constructing Snowshoe Gathering System in Centre County, PA Estimated Total Capital: 97 million Initial 2015 Capital: 42 million Expansion of Pittsburgh Mills…
  25. October 2015 Investor Presentation – Unit Corp. – slide 25
    Segment Contribution Revenues ( millions) Adjusted EBITDA ( millions)(1) 1,573 800 767 1,600 1,400 1,315 1,352 657 657 1,208 602 1,200 600 1,000 800 400 600 470 209 400 200 200 0 0 2011 2012 2013 2014 1st Half 2011…
  26. October 2015 Investor Presentation – Unit Corp. – slide 26
    Capital Expenditures (In Millions) 1,500 1,000 500 0 2011 2012 2013 2014 2015 Forecast Oil and Natural Gas Contract Drilling Midstream Acquisitions 27
  27. October 2015 Investor Presentation – Unit Corp. – slide 27
    Investment Considerations In a commodity price challenged world: Unit Petroleum has asset packages that can earn strong returns in the current commodity price environment Unit Drillings new BOSS rigs have been very well received…
  28. October 2015 Investor Presentation – Unit Corp. – slide 28
    APPENDIX 29
  29. October 2015 Investor Presentation – Unit Corp. – slide 29
    Segment EBITDA Margin 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 Revenues Oil and Gas (Including Cash Flow Derivatives Settled) 318,208 357,599 391,480 552,696…
  30. October 2015 Investor Presentation – Unit Corp. – slide 30
    NonGAAP Financial Measures Adjusted EBITDA Six months ended June 30, Years ended December 31, ( in Millions) 2014 2015 2011 2012 2013 2014 Net Income (Loss) 111 (523) 196 23 185 136 Income Taxes 70 (315) 123 16 117 87 Depreciation,…
  31. October 2015 Investor Presentation – Unit Corp. – slide 31
    NonGAAP Financial Measures Reconciliation of Average Daily Operating Margin Before Elimination of Intercompany Rig Profit and Bad Debt Expense (In thousands except for operating days Six months ended June 30, Years ended December 31,…
  32. October 2015 Investor Presentation – Unit Corp. – slide 32
    Derivative Summary (1) Natural Gas Swap Volume Collar Volume Weighted Average Weighted Average Weighted Average Period MMBTU/Day MMBTU/Day Swap Price Floor Price Ceiling Price Q1 2015 40,000 30,000 3.98 4.20 5.03 Q2 2015 70,000…
  33. October 2015 Investor Presentation – Unit Corp. – slide 33
    Q3 2015 Economic Prices August 2015 Strip Case Crude Natural Gas Belvieu NGLs Conway NGLs MB C2 MB C3 MB NC4 MB iC4 MB C5+ CW C2 CW C3 CW NC4 CW iC4 CW C5+ 2015 44.822 2.884 14.868 17.035 0.206 0.374 0.521 0.524 1.009 0.175 0.332…

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