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Mississippian Lime Field Trip – Midstates Petroleum

Midstates Petroleum · Oct 20, 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. Mississippian Lime Field Trip – Midstates Petroleum – slide 1
    MIDSTATES PETROLEUM COMPANY, INC. Mississippian Lime Field Trip October 20, 2015 Jake Brace, President & Chief Executive Officer Mark Eck, EVP & Chief Operating Officer Mitch Elkins, EVP Operations Nelson Haight, EVP & Chief Financial…
  2. Mississippian Lime Field Trip – Midstates Petroleum – slide 2
    Recent Highlights & Overview: Jake Brace, President/CEO Miss Lime Asset Review: Mark Eck, EVP/COO Operations Discussion: Mitch Elkins, EVP Operations Individual Well Examples: Mark Eck, EVP/COO Financial Overview & 2016:…
  3. Mississippian Lime Field Trip – Midstates Petroleum – slide 3
    Recent Highlights Achieved Miss Lime well cost of 3.1mm(1) Realized additional well costs savings beyond initial 2015 target Reaffirmed borrowing base at 252mm Next redetermination in Spring 2016 Reported Op CapEx of 57mm,…
  4. Mississippian Lime Field Trip – Midstates Petroleum – slide 4
    Focused Energy Deliver Financial Maximize Stability Returns Protect Liquidity Focus on Miss Lime Continue Strong Expand Drilling Efficiencies Operational Performance Maximize Operational HighGrade & Cash Flow Expand…
  5. Mississippian Lime Field Trip – Midstates Petroleum – slide 5
    Recent Highlights & Overview: Jake Brace, President/CEO Miss Lime Asset Review: Mark Eck, EVP/COO Operations Discussion: Mitch Elkins, EVP Operations Individual Well Examples: Mark Eck, EVP/COO Financial Overview & 2016:…
  6. Mississippian Lime Field Trip – Midstates Petroleum – slide 6
    Mississippian Lime Premier Position Net Production (Boe/d)(1) Mississippian IRRs at Various Well Costs(2) and Prices(3) 30,000 26,531 27,029 26,358 25,039 25,000 23,834 20,698 20,000 17,579 16,381 Gas 15,000 NGL Oil…
  7. Mississippian Lime Field Trip – Midstates Petroleum – slide 7
    Demonstrating Capital Discipline Previously Realized Savings Newly Recognized Savings Reduced average drilling cycle time Further reduced average drilling from 22 to 19 days cycle time to 17 days Stimulation services reduced 40%…
  8. Mississippian Lime Field Trip – Midstates Petroleum – slide 8
    Mississippian Lime Acreage Overview Premier position of 68,000(1)(2) net acres in the highreturn core of the Mississippian Lime (1) Excludes Hunton play in Lincoln County, OK NYSE: MPO www.MidstatesPetroleum.com (2) Acreage as of…
  9. Mississippian Lime Field Trip – Midstates Petroleum – slide 9
    Mississippian Lime Drilling Locations Future Zone Gross Locations(1) Upper Miss 487 Upper Miss Downspacing 345 Middle & Lower Miss 100 Viola 123 Woodford 68 Hunton 37 Cherokee 83 (Red Fork) Marmaton (Oswego) 127…
  10. Mississippian Lime Field Trip – Midstates Petroleum – slide 10
    Mississippian Lime Differentiated Performance Continuing Top Tier overall well performance in the Mississippian Lime 272 wells on production 30 days: Average peak 30day rate of 557 Boe/d(1) Consistent results being driven by…
  11. Mississippian Lime Field Trip – Midstates Petroleum – slide 11
    Mississippian Lime 2015 Well Performance Well Production vs. YE PUD Type Curve 2015 Wells Boed Normalized Flowing Time (days) 2015 Wells Actual Production 2014 YE PUD Type Curve 2015 Wells Actual Production Average 2015…
  12. Mississippian Lime Field Trip – Midstates Petroleum – slide 12
    Downspacing Strategy Leverage infrastructure and reservoir performance knowledge to economically expand location counts Concentrate initially on Grainstone facies Expand concept into Altered facies NYSE: MPO…
  13. Mississippian Lime Field Trip – Midstates Petroleum – slide 13
    Downspacing Results Downspacing Well Performance Normalized Flowing Time (days) 2014 YE PUD Type Curve Downspacing Wells Actual Production Average With continued downspacing success, potential to add up to 350 locations to our…
  14. Mississippian Lime Field Trip – Midstates Petroleum – slide 14
    80 Acre Spacing Development Infill Downspacing Development 80 Acre Spacing Development 5280 660 1H 2H 3H 4H 5H 6H 7H Current Downspacing Tests Future Development Tests 2016 plans include grass roots 80 acre downspacing…
  15. Mississippian Lime Field Trip – Midstates Petroleum – slide 15
    Casing Design 20'' 60' 17'' Hole 133/8 Surface Casing for fresh water protection 13-3/8 48 H-40 STC 500 cmt'd to surface 95/8 Casing for salt isolation and shoe strength 12-1/4'' Hole 9-5/8 36 J-55 LTC 1000' cmt'd to surface In…
  16. Mississippian Lime Field Trip – Midstates Petroleum – slide 16
    Completion Evolution Completion Type Curve Discounted Cum Cash Flow vs Time Current Perf & Plug completion yields highest cash flow NYSE: MPO www.MidstatesPetroleum.com 19
  17. Mississippian Lime Field Trip – Midstates Petroleum – slide 17
    Plug and Perf Completion with Acid Frac Completion Variables MPO Current Methodology Completion Method Cemented liner, perf and plug (17 Stages) Frac Water Volume 95,000 bbls Proppant No Proppant Acid 6,000 bbls Artificial Lift ESP…
  18. Mississippian Lime Field Trip – Midstates Petroleum – slide 18
    Peer Comparison 2015 Miss Lime PUD Type Curve (YE'14 SEC Pricing): Midstates SandRidge (1) Primary Peers Gross 2Stream EUR Summary (Mboe): 512 428 Sandridge % Oil 42% 28% Gross 30Day IP Rate (Boe/d): 516 351 Chesapeake limited data…
  19. Mississippian Lime Field Trip – Midstates Petroleum – slide 19
    Typical Production Facility Single FWKO 30 Vertical Sep 3 Heater Treater Typical production installation without SWD infrastructure 23 Oil Tanks Under present regulations one system per well required Potential…
  20. Mississippian Lime Field Trip – Midstates Petroleum – slide 20
    Typical SWD Facilities Typical SWD 3 750 BBL Gun Barrels 7 500 BBL Water Tanks 2 500 BBL Skim Oil Tanks 4 125 HP Injection Pumps 3 20 HP Booster Pumps NYSE: MPO www.MidstatesPetroleum.com 23
  21. Mississippian Lime Field Trip – Midstates Petroleum – slide 21
    SWD System Dacoma Area SWD Runway 80,000 60,000 40,000 20,000 LEGEND 0 1 x 6 Poly 2 x 6 Poly 1 x 12 Poly 1 x 4 Poly Daily Avg Permitted NYSE: MPO www.MidstatesPetroleum.com 24
  22. Mississippian Lime Field Trip – Midstates Petroleum – slide 22
    Oklahoma Earthquake Area of Interest MPO acreage not in area of high seismic activity In compliance with all new state requirements No reduction in current SWD capacity or impact on exisiting operations NYSE: MPO…
  23. Mississippian Lime Field Trip – Midstates Petroleum – slide 23
    Individual Well Examples Grainstone Area Zahorsky 2513 3H21B o IP 30Day: 664 boepd o Peak 30Day: 948 boepd   Mary 2513 3H14A o IP 30Day: 642 boepd o Peak 30Day: 925 boepd…
  24. Mississippian Lime Field Trip – Midstates Petroleum – slide 24
    Zahorsky 2513 3H21 B Facies : Grainstone Target Zone Thickness 12 Net pay: 47% Production: IP 30Day: 664 boe IP 60Day: 652 boe Peak 30Day: 948 boe NYSE: MPO www.MidstatesPetroleum.com 29
  25. Mississippian Lime Field Trip – Midstates Petroleum – slide 25
    Wyatt 2613 6H27 Facies: Highly Altered Net Pay: 91% Target interval 50 Production: IP 30Day: 1092 boe IP 60Day: 1024 boe Peak 30Day: 1412 boe NYSE: MPO www.MidstatesPetroleum.com 30
  26. Mississippian Lime Field Trip – Midstates Petroleum – slide 26
    Financial Overview Exercise rigorous capital discipline Continue to control LOE and G&A costs Protect liquidity Maintain optionality Balancing Operating Capex(1) with Adjusted EBITDA(2) Capital discipline and cost control…
  27. Mississippian Lime Field Trip – Midstates Petroleum – slide 27
    Mississippian Lime Operating Expense Trend (1) YTD Average LOE by Category(2) Early infrastructure investments yielding best in class results NYSE: MPO www.MidstatesPetroleum.com (1) Includes LOE & workover expenses 33…
  28. Mississippian Lime Field Trip – Midstates Petroleum – slide 28
    Liquidity Borrowing base reaffirmed at 252mm; next redetermination in Spring 2016 millions Liquidity June 30, 2015 : 402 mm Revolver Cash Balance Letters of Credit Borrowing base Net Liquidity June 30, 2015 Liquidity 151,000…
  29. Mississippian Lime Field Trip – Midstates Petroleum – slide 29
    Possible 2016 Scenarios Midstates maintains the flexibility and optionality to tackle the uncertain macro environment in 2016 2016 Preliminary Estimates 2 RIG CASE MAINTAIN CASE 4 RIG CASE Production: 28,000 32,000 BOEPD…
  30. Mississippian Lime Field Trip – Midstates Petroleum – slide 30
    Key Messages Currently AFEing Miss Lime wells at 3.1mm Best inclass Miss Lime well results Mississippian Lime type curve generates IRRs of 3540% in current price environment Differentiated results driven by technical expertise…
  31. Mississippian Lime Field Trip – Midstates Petroleum – slide 31
    Guidance (as of August 4, 2015) Q3 2015 FULL YEAR 2015 Daily Production (Boe/day) 33,000 34,000(1) 31,500 33,500(1) Miss+ Anadarko Miss+ Anadarko LA By Area 82% 18% By Area 81% 18% 1% Oil 4045% 4550% Oil 4045% 4550% 70% NGL…
  32. Mississippian Lime Field Trip – Midstates Petroleum – slide 32
    Hedging Summary (as of October 20, 2015) 2015 Oil Q4 WTI Swaps Volume (Bbls) 1,104,000 Volume (Bbl/d) 12,000 Price (/Bbl) 71.56 Natural Gas Swaps Volume (Mmbtu) 4,600,000 Volume (Mmbtu/d) 50,000 Price (/Mmbtu) 4.13…
  33. Mississippian Lime Field Trip – Midstates Petroleum – slide 33
    Adjusted EBITDA Reconciliation For the Three Months For the Three Months Ended June 30, Ended March 31, For the Year Ended December 31, 2015 2015 2014 2013 2012 2011 Adjusted EBITDA reconciliation to net income (loss): Net income…

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