RSP Permian Q3 2015 Earnings Presentation November 2015
RSP Permian Overview (NYSE: RSPP) Large, contiguous, core acreage blocks in the Midland Concentrated Acreage Position in the Core of the Midland Basin Basin 225,000 net effective horizontal acres (1) and 63,000 net surface acres…
Another Accretive Potential Acquisition in the Core of the Midland Basin In October, announced LOI to acquire 4,100 net Map of Acreage to Be Potentially Acquired acres in the Midland Basin for 137 million (the potential WPR…
Recent and Potential Acquisitions Add Significant Scale to Core Acreage Since August 2015, RSP has announced the acquisitions Map of Recent Acquisitions and Potential Acquisitions of or intention to acquire 10,700 net acres for 450…
Third Quarter 2015 Highlights Q3 2015 production averaged 24.0 MBoe/d (75% Oil, 14% NGLs, 11% Natural Gas) Q3 Financial Increase of 114% compared to Q3 2014 Highlights Increase of 21% compared to Q2 2015 Adjusted EBITDAX of 78.3…
Low Cost Structure and Strong Margins Five straight quarters of declining cash costs and high oil mix allow us to maintain healthy cash margins in a challenging environment Historical Cash Margins and Costs (per Boe) Realized Oil…
Track Record of Production Growth Strong quarter of production growth for RSP in Q3, with 21% production growth over Q2 2015 and 114% production growth over Q3 2014 Annual Production Growth Since Inception Quarterly Production Growth…
Increasing 2015 Production Guidance and Decreasing Capex & Cost Guidance Second straight quarter in which RSP has increased production guidance Due to cost savings and a moderated Q4 completion pace, RSP expects to spend 400 420…
RSP is in a Strong Financial Position Capitalization Table (1) Selective use of capital markets to maintain 9/30/2015 strong balance sheet and liquidity ( in millions) Pro Forma 223 million equity offering in Cash 138 October…
2016 Rig Operating Scenarios RSP has flexibility to operate two, three or four horizontal rigs in 2016 2016 completions will primarily be in our highest-return operating areas, similar to 2015 RSP anticipates carrying over a larger…
RSP Drilling & Completion Activity During the Quarter Q3 Drilling & Completion Activity Summary Drilled Completed WOF During the third quarter, RSP completed 11 horizontal wells Operated Wells as an operator (5 Lower Spraberry, 2…
Recent Operational Highlights Notable Recent Operational Highlights ANDREWS MARTIN Johnson Johnson Ranch WA/WB 10 well spacing Ranch Glass Ranch Positive Spacing test meeting or exceeding expectations Pilots Cross Bar Ranch and…
Upper Wolfcamp Full Development Test 1021 WA 1017 (WD) WA At Johnson Ranch, RSP has completed 10 Wolfcamp A / 1019 WA 1017 (WB) WA N Wolfcamp B wells across a mile on a 960-acre tract Average production for the 10 wells is trending…
Preliminary Lower Spraberry Spacing Results While RSP has not completed a full Lower Spraberry development test on a single section, there are 5 producing Lower Spraberry wells spaced 500 apart on two different Lower Spraberry Gun…
Glasscock County Activity Update Pioneer MIDLAND CO Flanagan Leases Lower Spraberry, Wolfcamp A, B, Cline 21H (Lower Spraberry) 24 hr IP: 940 Boe/d 5H (Cline) - 24 hr IP: 1,610 Boe/d 4H (Wolfcamp A) 24 hr IP: 1,129 Boe/d 8H…
Spanish Trail Extended Reach Laterals RSP is currently developing the Companys longest laterals drilled to date on the Spanish Trail lease (11,000) 1st four Upper Wolfcamp laterals are on initial flowback and cleaning up 4717 WA 1,886…
Increasing Wolfcamp A Type Curves Due to Outperformance Improved completion techniques and strong well results in core counties driving outperformance Management increasing the core county 7,500 type curve for the Wolfcamp A and…
Increasing Both Lower Spraberry and Middle Spraberry Type Curves Substantial outperformance in both the Lower Spraberry and Middle Spraberry led us to increase the 7,500 lateral type curves for the zones in our core counties, which…
RSP Permian Positioned for Growth Concentrated asset base in the core of Northern Midland Basin Multiple quality reservoirs High Quality Assets Lowest F&D cost in the Basin Multi-well pad development drives efficiency 25 years of…
Adjusted EBITDAX, Adjusted Net Income and Net Income Reconciliation ( in thousands, except per unit amounts) Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues Oil sales 74,746 64,119 195,968…
Extensive Multi-Year Drilling Inventory with Strong Rates of Return Identified Horizontal Locations Identified Vertical Locations 4,500 4,000 Operated horizontal locations booked as 5 wells across a section in Wolfcamp (1,100…
Midland County Potential WPR Acquisition Offset Activity Key Horizontal Activity and Completions MARTIN CO OXY OXY Mabee 139 412H (Clearfork) Curtis Ranch So 2344SH (Lower Spraberry) 7500 lateral length 24-hr IP: 1,040 Boe/d 5,605…
Martin County Potential WPR Acquisition Offset by Significant Area Type Log Activity Diamondback Estes 1602H (Lower Spraberry) 24-hr IP: 1067 Boe/d - 7,559 lateral length MS W&T Pinot 65 15H (Lower Spraberry) 24-hr IP: 917 Boe/d…
Permian Leader in Efficiencies 2014 Finding & Development Costs (per Boe) Strong production and reserve growth with low corporate overhead 25.00 23.28 20.00 18.21 Peer-leading F&D costs and reserve 13.88 15.00 replacement 10.59…
RSP Development Plan to Maximize Efficiency Well performance improves with lateral length, but Illustrative Capex per Foot by Lateral Length the relationship is not linear across all metrics Capital efficiency increases with lateral…
Proved Reserves Doubled in 2014 Proved Reserves Growth Approximately doubled both Proved Developed and Proved Undeveloped Reserves year over year 106.4 Only 5% of RSPs horizontal locations are booked as PUDs 100 Reserve life of…
Cross Bar Microseismic Conclusions and Implications Hypothetical Development Scheme Implied by Cross Bar Ranch Microseismic Study Preliminary Microseismic Conclusions: Middle Spraberry Micro Seismic indicates 10 Middle wells…
Hedging Program Summary Oil Hedge Summary Q4 2015 2016 Swaps Volumes (MBbls) 30 Average Swap Price (/Bbl) 92.60 Collars Volumes (MBbls) 498 555 Average Floor (/Bbl) 85.57 55.00 Average Ceiling (/Bbl) 94.28 74.08 Average Short…
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