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3Q 2015 Results – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Nov 2, 2015 · 17 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 Results – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Supplemental: Third Quarter 2015 Results November 2, 2015 Financial information as of November 2, 2015 NASDAQ: MCEP www.midconenergypartners.com 1
  2. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 2
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 3
  3. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 3
    Third Quarter 2015 Results Production 3Q15 average net production of 4,859 Boe/d increased approximately 5.3% from 2Q15 Growth LOE 3Q15 LOE of 19.60/Boe increased approximately 8.0% from 2Q15 Adjusted EBITDA(1) 3Q15 Adjusted…
  4. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 4
    3Q15 Capital Expenditures Growth & Maintenance CapEx 2.8 Million in total CapEx Maintenance: 1.7 Million Growth Growth: 1.1 Million CapEx 1.1 Million Spud 3 Producing wells (2 pending) 2.8 Completed 3 producing wells spud in…
  5. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 5
    Consistent Maintenance Capital Methodology Since Inception: 2015 Results = Reduced CapEx Delivers Modest Production Growth Maintenance Capex/Boe 70 68.03 Adjusted EBITDA (/Boe and Maintenance 0% CapEx %) 64.56 64.38 64.17 16%…
  6. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 6
    3Q15 Development Activity(1) Northeastern Oklahoma Hugoton 1 Producing Well 1 Recompletion Completed 1 Producing Well Spud During 2Q15 1 Conversion to Injection 1 Recompletion Tulsa Office Permian Southern Oklahoma 1…
  7. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 7
    2015 Net Capital Budget Core Area Summary By Core Area By Fiscal Quarter ( in thousands) ( in thousands) HUG 5,000 4,947 3% GC/ OTHER 6% S OK 4,000 3,839 5% 3,000 2,893 2,821 PERMIAN 14,500 46% Total 2,000 NE OK…
  8. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 8
    Financial Overview NASDAQ: MCEP www.midconenergypartners.com 9
  9. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 9
    Financial and Operating Results Three Months Ended Variance Analysis September 30, June 30, September 30, Quarter-over-quarter Year-over-year (unaudited, in thousands, except per unit data) 2015 2015 2014 % % Oil (MBbl) 422 397 279 25…
  10. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 10
    Non-GAAP Summary(1) Three Months Ended Variance Analysis September 30, June 30, September 30, Quarter-over-quarter Year-over-year 2015 2015 2014 % % Net income (loss) (25,478) (7,944) 17,002 (17,534) nm (42,480) na Interest…
  11. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 11
    Operating Results per Boe Three Months Ended Variance Analysis September 30, June 30, September 30, Quarter-over-quarter Year-over-year Operating Results per Boe (/Boe) 2015 2015 2014 % % Oil & natural gas sales revenues 41.37 51.45…
  12. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 12
    1H15: MCEP Delivers Efficiency Gains and the Lowest % of G&A Paid in Cash Among Peers Cash G&A per Boe Non-Cash G&A per Boe 14 12.58 12 60% Reduction in Total G&A/Boe 10 8.84 8.75 6.50 G&A per Boe MCEP: 8 28% Lower 1.62…
  13. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 13
    Hedge Profile 3,500 Hedge Volumes (LHS) WTI Futures (RHS) Price (/Bbl) 100 3,000 90 Production Hedged (Bbl/d) Average Prices (/Bbl) 2,500 80 2,000 70 1,500 60 1,000 500 50 - 40 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Oil…
  14. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 14
    Leverage & Liquidity(1) Borrowing 4Q13: 2Q14: 3Q14: 4Q14: 2Q15: Base 150MM 170MM 190MM 240MM 220MM 4.0x Debt to EBITDA Covenant (RHS) 4.00x 240 35 37 20 26 3.50x 200 3.47 190 Million in Debt 22 3.15 Outstanding 3.00x at…
  15. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 15
    Cash Surplus, inclusive of CAPEX, above 33/Boe YTD Improvement Reflects Lower Costs & Higher Production Cash expenses Maintenance CAPEX Cash surplus/(shortfall) 80 70 60 43.91 3Q15 34.50 50 Results 25.09 40 15.68 6.27 /Boe…
  16. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 16
    2015 Guidance and Capital Budget(1) 4Q15 & 2016 DCFPU Sensitivity 2015 Guidance and Capital Budget 2015 (2) Net production (Boe/d) 4,650 - 4,750 Lease operating expenses per Boe 19.00 - 21.00 Production taxes (% of total revenue)…
  17. 3Q 2015 Results – Mid-Con Energy Partners Lp – slide 17
    Contact Information Headquarters Investor Relations Contact 2501 N. Harwood Krista McKinney Suite 2410 kmckinneymidcon-energy.com Dallas, TX 75201 972.479.5980 972.479.5980 Tulsa Operations 2431 E. 61st Street Suite 850…

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