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3Q 2015 Supplemental Information – Midstates Petroleum

Midstates Petroleum · Nov 4, 2015 · 20 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. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 1
    MIDSTATES PETROLEUM COMPANY, INC. Supplemental Information 3rd Quarter 2015
  2. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 2
    Key Highlights Reported Adjusted EBITDA(1) outpaced operational CAPEX by 62 million for first three quarters 2015 Adjusted EBITDA(1) outpaced operational CAPEX by 25 million in Q3 2015 2 Achieved Miss Lime standard AFE well…
  3. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 3
    Midstates Petroleum Overview Completed transition to a MidContinent Mississippian Lime(1) focused organization from an onshore Premier position in highreturn core 26,358 Boed net production(2) Louisiana concentrated startup…
  4. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 4
    Demonstrated Performance Net Production Adjusted EBITDA(1) 40,000 500 34,164 33,893 32,609 FY 2015E 35,000 Gulf Coast 478 32,137 Gulf Coast 350360mm Gulf Coast 400 30,000 Anadarko Anadarko Anadarko 23,926 Anadarko 25,000…
  5. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 5
    Cash Operating Expenses(1) Cash Operating Expenses Improving Over Time (/Boe) Production Taxes Cash G&A Operating Expenses (2) 20.00 15.62 15.00 13.63 2.93 12.48 12.82 1.94 11.75 11.19 1.16 1.68 0.81 10.32 3.89 1.86…
  6. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 6
    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%…
  7. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 7
    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…
  8. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 8
    Mississippian Lime Differentiated Performance Continuing Top Tier overall well performance in the Mississippian Lime 275 wells on production 30 days: Average peak 30day rate of 557 Boe/d(1) Consistent results being driven by…
  9. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 9
    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…
  10. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 10
    Mississippian Lime Downspacing Upside Downspacing Well Performance Downspacing Strategy Leverage infrastructure and reservoir performance knowledge to economically expand location counts Concentrate initially on Grainstone…
  11. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 11
    Anadarko Basin Primary horizons demonstrate similar and Expansion of geological understanding and predictable results and provide attractive refining well design will improve well returns with achievable cost reductions and…
  12. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 12
    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…
  13. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 13
    Looking to the Future Focus on protecting our liquidity through rigorous capital discipline and continued exceptional operational performance Contractual flexibility to manage capital program in volatile price environment…
  14. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 14
    Appendix
  15. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 15
    Guidance (as of November 3, 2015) Q4 2015 FULL YEAR 2015 Daily Production (Boe/day) 31,500 32,500(1) 32,500 33,500(1) Miss+ Anadarko Miss+ Anadarko LA By Area 82% 18% By Area 81% 18% 1% Oil 4045% 4045% Oil 4045% 4550% 70% NGL…
  16. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 16
    Liquidity Borrowing base reaffirmed at 252mm; next redetermination in Spring 2016 millions Liquidity on September 30, 2015 : 417 mm Revolver Cash Balance Letters of Credit Borrowing base Net Liquidity Septeber 30, 2015…
  17. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 17
    Hedging Summary (as of November 3, 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…
  18. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 18
    LongTerm Debt Schedule December 31, Deferred Gain Amortization September 30, 2014 Carrying Borrowings Repayments Exchanges on Forgiven of Gain on 2015 Carrying Value Debt Forgiven Debt Value Revolving Credit Facility 435,150…
  19. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 19
    Adjusted EBITDA Reconciliation For the Three Months For the Three Months For the Three Months For the Year Ended Ended September 30, Ended June 30, Ended March 31, December 31, 2015 2015 2015 2014 2013 Adjusted EBITDA…
  20. 3Q 2015 Supplemental Information – Midstates Petroleum – slide 20
    Cash Operating Expenses Reconciliation 2015 2015 2015 2014 2013 Q3 Q2 Q1 Full Year Full Year Operating Expenses GAAP 564,153 628,338 277,299 533,350 876,915 Adjustments for certain noncash items: Asset retirement accretion…

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