Skip to main content Morgan Stanley Leveraged Finance Conference – Midstates Petroleum Investor Presentation | Shale Experts
Loading...
Pm

Morgan Stanley Leveraged Finance Conference – Midstates Petroleum

Midstates Petroleum · Jun 12, 2014 · 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. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 1
    MIDSTATES PETROLEUM COMPANY, INC. Morgan Stanley Leveraged Finance Conference Nelson Haight, Senior VP and CFO June 12, 2014 - New Orleans
  2. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 2
    Refocused Energy Deliver Financial Stability Focus on Core Areas in the Miss Lime & Anadarko Enhance Adjusted EBITDA & Production Value Expand & High-grade Inventory Continue Operational Excellence Evaluate Options to Unlock…
  3. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 3
    Midstates Petroleum Overview Q1 2014 Avg Daily Production 29,004 Boe/d Oil (% Total) 13,417 Boe/d (46%) Mississippian Lime(3) NGL (% Total) 5,912 Boe/d (21%) 68 million Boe proved reserves Proved Reserves Proforma 12/31/13 111…
  4. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 4
    Growing Production and EBITDA Net Production Adjusted EBITDA(1) 40,000 32,000 - 35,000 35,000 Gulf Coast 30,000 500 500-550 23,926 Anadarko 25,000 400 BOE/D 20,000 Gulf Coast 300 330 MM 15,000 Anadarko 9,999 200…
  5. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 5
    Mississippian Lime: Premier Position Focus on Core Area Net Production (Boe/d) (1) 25,000 21,525 20,500 22,500 20,000 17,579 16,381 14,364 Gas 15,000 10,426 NGL 9,468 10,000 7,207 Oil 5,000 - Q4 2012 Q1 2013 Q2 2013…
  6. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 6
    Mississippian Lime: Quantifying the Upside Expand & High-Grade Inventory Utilizing 3D Seismic Future Potential High-grade locations Additional downspacing Optimize well placement and completion Multi stacked pay zones Multiple…
  7. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 7
    Mississippian Lime: Open Hole & Re-Entry Options to Unlock Value Evaluate matrix/natural fracture contribution without multi-stage frac job Open hole acid frac, flow back, monitor performance, and decide on re-entry candidates Post…
  8. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 8
    Mississippian Lime EUR by Completion D&C 2.2 - 2.6mm D&C 3.4 - 4.1mm D&C 3.4 - 3.8mm 600 559 29 500 428 22 400 253 EUR (MBOE) 300 192 248 13 200 110 277 100 214 126 0 Open Hole Open Hole + Recomplete…
  9. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 9
    Mississippian Lime: Multi Lateral Development Expand & High-Grade Inventory Conventional Development 4 Laterals per Section, 1320 spacing between wells Casing in every lateral with multi-stage frac job Appropriate Drilling…
  10. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 10
    Mississippian Lime Future Development Section Plan 4 wells Expand & High-Grade Inventory Four laterals per section 1320 well spacing 3-D allows mapping of porosity units Geo-steered in porosity See multiple layers of porosity…
  11. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 11
    Mississippian Lime: Differentiated Performance Enhance Adjusted EBITDA & Production Value Top Tier overall well performance in the Mississippian Lime trend 146 wells on production 30 days: Average peak 30-day rate of 565 Boe/d Peak…
  12. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 12
    Water Disposal System Monetization Potential Options to Unlock Value System Overview Woods and Alfalfa Value Proposition Six SWD wells and strategically located pipeline Significant untapped 3rd party capacity potential network of…
  13. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 13
    Mississippian Lime Summary Focus on Core Area Best in class EURs and 30 day IPs in Miss Lime Play 6 to 7 rig program through 2014 Current development plan calls for 4 wells per section with +90% IRRs Down-spacing to 7 laterals…
  14. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 14
    Anadarko Basin: Liquids-Rich Targets Focus on Core Area Net Production (Boe/d) 12,000 9,400 -10,400 10,000 8,404 8,454 8,376 8,004 8,000 Gas 6,000 NGL Oil 4,000 2,000 - Q2 2013 Q3 2013 Q4 2013 Q1 2014 2014E MPO…
  15. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 15
    Anadarko Basin: Prolific Multi Stacked Horizons Expand & High-Grade Inventory Cleveland and Marmaton Well established Good well control and predictability Solid results Tonkawa and Cottage Grove Considerable upside potential…
  16. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 16
    Anadarko Basin: Well Performance and Highlights Expand & High-Grade Inventory Wells with 30 day peak IP rates June 1, 2013 thru April 16, 2014 Wells Wells with 30 Peak 30 Day IP Formation Spud day IPs Boe/d Tonkawa 3 2 504…
  17. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 17
    Anadarko Tonkawa Potential Upside Primary term acreage HBP acreage HBP OBO acreage Tonkawa Horizontal Tonkawa Potential Location Tonkawa Producer Net Porosity Map 6% Cutoff 3 Tonkawa wells planned in 2014 48 Potential…
  18. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 18
    Anadarko Cottage Grove Potential Upside Primary term acreage HBP acreage HBP OBO acreage Cottage Grove Horizontal Cottage Grove Potential Location Cottage Grove Producer Net Porosity Map 6 % 7 Cottage Grove wells…
  19. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 19
    Anadarko Summary Focus on Core Area Focused on drilling/completion efficiencies and cost reduction in Cleveland 2014 Program with 3 to 4 rigs to generate +40% IRRs Significant potential in the Tonkawa and Cottage Grove targets in…
  20. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 20
    Fleetwood 3D Seismic Area: Organic Growth Potential Expand & High-Grade Inventory 30,000 acres leased 355 MMBoe gross un-risked resource potential Robust inventory Currently seeking JV partner 12+ prospects identified…
  21. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 21
    Cash Operating Expense Improvements (1) Continue Operational Excellence 25.00 21.07 20.29 20.00 3.68 4.08 16.98 0.99 15.62 (2) 14.61 14.39 15.00 1.09 3.09 1.00 7.56 0.93 /BOE 6.70 2.93 2.31 3.00 4.58 10.00 3.89…
  22. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 22
    Demonstrating Capital Efficiency Enhance Adjusted EBITDA & Production Value Gulf Coast 3% Capital Guidance: 500 to 550 million Anadarko 62% Miss Lime, 35% Anadarko, and 3% Gulf Coast 35% Excludes Capitalized Interest(1) By Area…
  23. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 23
    Enhanced Financial Position Deliver Financial Stability Strong EBITDA growth millions Q114 Adjusted EBITDA 111mm, projected 500 - 550mm for 2014 Projected debt/EBITDA of 3.5x by year end 2014 Liquidity May 1, 2014 post Pine…
  24. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 24
    Refocused Energy Deliver Financial Stability Focus on Core Areas in the Miss Lime & Anadarko Enhance Adjusted EBITDA & Production Value Expand & High-grade Inventory Continue Operational Excellence Evaluate Options to Unlock…
  25. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 25
    Appendix NYSE: MPO www.MidstatesPetroleum.com 27
  26. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 26
    Mississippian Lime: Statistics Position 77,000 net acres in the Mississippian Lime in Woods & Alfalfa counties Oklahoma (1) Interest Operate 92% of 240 producing wells 70% avg. WI and 55% NRI Product Mix and Pricing 40% Oil,…
  27. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 27
    Anadarko Basin: Statistics Position 119,700 net acres (66% held by production) with 91,600 acres in Northeast Texas Panhandle and 28,100 acres in Western Oklahoma Interest Operate 79% of 340 producing horizontal wells 69% avg.…
  28. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 28
    Guidance (as of May 7, 2014) Q2 2014 FULL YEAR 2014 Daily Production (boe/day)(1) 32,000 - 33,000(1) 32,000 - 35,000 (1) Miss+ Anadarko LA Miss+ Anadarko LA By Area 63% 29% 8% By Area 64% 29% 7% Oil 35-40% 45-50% 60-65% Oil…
  29. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 29
    Hedging Summary (as of March 31, 2014) 2014 Oil Q2 Q3 Q4 Total 2015 WTI Swaps Volume (Bbls) 1,080,950 1,097,000 1,097,000 3,274,950 1,820,000 Volume (Bbl/d) 11,879 11,924 11,924 11,909 4,986 Price (/Bbl) 88.48 89.04 89.04 88.85…
  30. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 30
    Adjusted EBITDA Reconciliation For the Three Months Ended March 31, For the Year Ended December 31, 2014 2013 2012 2011 Adjusted EBITDA reconciliation to net income (loss): Net income (loss) (83,645) (343,985) (150,097) 16,657…
  31. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 31
    Cash Operating Expenses Reconciliation 2013 2014 Q1 Q2 Q3 Q4 Q1 Operating Expenses - GAAP 73,082 104,061 122,376 577,396 196,640 Adjustments for certain non-cash items: Asset retirement accretion (254) (313) (421) (447)…
  32. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 32
    Preferred Share Dividend Calculation Key Tems Dividend Payment dates: March 30 September 30 Rate: 8% per annum Compounding: Semi-annually Number of shares: 325,000 Initial liquidation preference: 1,000 per share Year: 360 days…
  33. Morgan Stanley Leveraged Finance Conference – Midstates Petroleum – slide 33
    Midstates Petroleum Company Contact Information Corporate Headquarters Investor Relations HOUSTON Al Petrie 4400 Post Oak Pkwy, Suite 2600 Investor Relations, Coordinator Houston, TX 77027 (713) 595-9427 Main Phone (713) 595-9400…

From the store

Browse maps, data & reports in the Shale Experts store