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November 2015 Investor Presentation – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Nov 18, 2015 · 23 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. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 1
    INVESTOR PRESENTATION NOVEMBER 2015 0
  2. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 2
    SANDRIDGE HAS A LEADING U.S. MID-CONTINENT OIL & GAS POSITION WE ARE SKILLED, LARGE SCALE DEVELOPERS OF OIL AND GAS RESOURCES Over 1,600 wells drilled, over 5B invested since 2010 (1.6B in 2014) Producing 80 MBoepd in Q315, largest…
  3. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 3
    RECENT QUARTER AND GUIDANCE UPDATE Continued Strong Production and Operations Results Q315 PRODUCTION, CAPEX AND ADJUSTED EBITDA RAISING PRODUCTION GUIDANCE AND IMPROVING COST STRUCTURE 79.9 MBoepd of total company production…
  4. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 4
    TIMELINE OF CAPTURED OPPORTUNITIES Visibly Capturing Balance Sheet and Acquisition Opportunities LIABILITY MANAGEMENT Bond repurchases and exchanges address 925MM of face value debt 350MM cash repurchases of bonds immediately reduces…
  5. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 5
    LIQUIDITY AND BALANCE SHEET FLEXIBILITY INTACT Expanded Liquidity, No Near Term Maturities 1.2B of liquidity, pro forma debt transactions 699MM of cash, pro forma debt transactions MARKET VALUE ( in millions) 500MM borrowing base…
  6. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 6
    2.3MM PER MISSISSIPPIAN LATERAL TARGET ACHIEVED D&C Cost Reduction Key to Preserving Competitive Returns REALIZED SAVINGS: 325K - EFFICIENCY GAINS Rig efficiency & cycle time improvement Location highgrading Logistics…
  7. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 7
    COMPARISON OF SANDRIDGE D&C RETURNS North Park Basin Generates Strong Returns NIOBRARA MISS EUR 311 MBoe 484 MBoe % Oil 81% 24% D&C Capex 3.6MM 2.3MM IRR Oct. 28 Strip 32% 31% PV-10 Oct. 28 Strip 1.4MM 1.4MM IRR 60/2.50 69% 43%…
  8. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 8
    MISSISSIPPIAN WELL PERFORMANCE ABOVE TYPE CURVE Many Quarters of Demonstrated Consistency SandRidgeEnergy.com 9 9
  9. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 9
    40% MULTILATERALS IN 2015 DRILLING PLAN 100% of 90-Day Type Curve Production for 88% of a Single Lateral Cost ACTIVITY AND SUCCESS THROUGH Q315 Spud 151 laterals with multilateral design, inception to date (40 extended laterals, 60…
  10. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 10
    2015 MISSISSIPPIAN PUD TYPE CURVE 484 MBoe, 44% Liquids, 351 Boepd 30-Day IP (a) 2015 OIL: 118 MBo 30-Day IP (Bopd) 190 1st Year Decline (b) 80% B Factor 1.26 2015 NGL: 97 MBbls Yield (Bbls/MMcf) 51.6 Shrink 86.1% 2015 GAS: 1.6 Bcf…
  11. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 11
    ACQUISITION OF NORTH PARK BASIN OIL ASSETS Transaction Detail NORTH PARK BASIN, NORTH CENTRAL COLORADO 190MM all cash acquisition of 136,000 net acres in Jackson County, CO (47% held by production or held by Federal Unit) Seller EE3,…
  12. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 12
    STRONG RESULTS ACROSS ACQUIRED ACREAGE 502 Boepd Average 30-Day IP on Last 9 Wells Peterson Ridge 01-20H Hebron 03-12H First Prod: Jan 2014 First Prod: Aug 2013 30-day IP = 359 Boepd 30-day IP = 517 Boepd Grizzly 03-32H First…
  13. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 13
    ACQUISITION OF NORTH PARK BASIN OIL ASSETS Similar Geologic Characteristics to the DJ Basin Niobrara NORTH PARK BASIN Sussex SS A Shannon SS Depth 5,500 9,000 ft. Pierre Sh Reservoir Storage Capacity B Niobrara Fm 450 ft.…
  14. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 14
    ACQUISITION OF NORTH PARK BASIN OIL ASSETS DEVELOPMENT OUTLOOK RIGHTSIZED DIVERSIFICATION First spud planned for January 2016 Derisked high quality oil resource play Increase to 2 rigs in mid-2016 Medium depth horizontal development…
  15. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 15
    Change look 16
  16. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 16
    YE14 PROVED RESERVES +37% TO 516 MMBOE Consistent Growth of a Strong Reserves Base RESERVES MIX 5.5B SEC PV-10(a) (+34% YOY) 42% Liquids Mix 10.69 Proven Value/Boe(a) 18.7 Years Reserve Life 604% All-in Reserve Replacement 12.2 Years…
  17. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 17
    2014 YEAR END RESERVES Creating Value from a Strong Reserve Base SEC Pricing 91.48 / 4.35 RESERVES RESERVES PV10 PV-10 LIQUIDS GAS EQUIVALENT % MM % MMBbls Bcf MMBoe Reserves by Reservoir Status PDP Producing 119 1,011 287 56%…
  18. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 18
    HEDGING OVERVIEW LIQUIDS Q415 2015 Q116 Q216 Q316 Q416 2016 Swaps Volumes (MMBbls) 0.55 5.59 .36 .36 .37 .37 1.46 Price (/Bbl) 94.11 92.44 88.36 88.36 88.36 88.36 88.36 Three-way Collars Volumes (MMBbls) 1.56 4.58 .91 .91 .37 .37…
  19. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 19
    SANDRIDGE PRO FORMA CAPITALIZATION AND LIQUIDITY CAPITALIZATION LIQUIDITY Actual Actual Pro forma (1) Actual Pro forma (1) Jun 30, 2015 Sep 30, 2015 Sep 30, 2015 Sep 30, 2015 Sep 30, 2015 (MM) (MM) (MM) (MM) (MM) Cash 984 790 699 Cash…
  20. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 20
    MINIMUM 1ST AND 2ND LIEN SECURED DEBT CAPACITY MM 1st Lien Capacity 1,000 RBL - Outstanding Letters of Credit (11) Remaining 1st Lien Capacity 989 2nd Lien Capacity 1,500 Existing 2nd Lien (1,328) Remaining 2nd Lien Capacity 172…
  21. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 21
    2015 UNSECURED DEBT REDUCTION 2015 UNSECURED DEBT REDUCTION Par Amount Repurchase Annual Interest Repurchased/Converted Price Savings Date (MM) (MM) 5/14 Unsecured Debt for Equity Swap 50 0.82 4 8/14 Unsecured Debt Repurchase 250…
  22. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 22
    UPDATED 2015 OPERATIONAL GUIDANCE TOTAL COMPANY MID-CONTINENT PRODUCTION OTHER Oil (MMBbls) 9.3 10.0 7.9 8.6 Natural Gas Liquids (MMBbls) 4.9 5.0 4.8 4.9 EBITDA from Oilfield Services and Other (MM) 10 EBITDA is a Non-GAAP financial…
  23. November 2015 Investor Presentation – Sandridge Energy, Inc. – slide 23
    2015 CAPITAL EXPENDITURES GUIDANCE CAPEX GUIDANCE MM CAPEX GUIDANCE DETAIL MM Exploration and Production 612 Development D&C 306 Land and Geophysical 38 Appraisal & New Ventures D&C 29 Carryover 102 Total Exploration and Production…

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