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November 2015 Investor Presentation – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Nov 12, 2015 · 39 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 – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of November 3, 2015 NASDAQ: MCEP www.midconenergypartners.com 1
  2. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 2
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 4
  3. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 3
    Mid-Con Energy Partners, LP The Waterflood Guys Reserves and Production Core strength in enhanced oil recovery, focusing on waterflooding Reserves(1): 23.2 MMboe Employees have prior experience in over 150 waterflood Proved…
  4. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 4
    Operating Strategy Increase production and recovery from existing reserve portfolio (95% Oil) Exploit Potential Of Existing Average daily production in 3Q15 increased 5% from 2Q15 Property Base 34.5% CAGR in production since IPO…
  5. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 5
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  6. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 6
    Waterflooding Overview Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells Historically, the success of waterfloods has been attributable to the quality of the…
  7. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 7
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 9
  8. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 8
    The Waterflood Guys EXPERTISE: We are the waterflood guys. We focus on maximizing economically recoverable oil. In other words, we are Looking for oil in an oilfield. EXPERIENCE: Our management team and employees have…
  9. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 9
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 11
  10. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 10
    Asset Overview(1) Northeastern Oklahoma % of Total Reserves 37% Hugoton % of Total Daily Production 29% % of Total Reserves 17% % of Total Daily Production 17% Southern Oklahoma Total Mid-Con Energy Partners, LP % of Total…
  11. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 11
    Proved Reserves by Core Area 2011-2014 Northeastern Oklahoma Southern Oklahoma Hugoton Permian Gulf Coast / Other 25,000 23,230 3% 20,000 32% 26% CAGR 13,934 15,000 17% Mboe 13,146 10,049 17% 10,000 5,000…
  12. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 12
    2Q15 Adjusted EBITDA per Boe MCEPs Wide Cash Margins Compare Favorably to Peers Adjusted EBITDA/Boe Adjusted EBITDA/Boe excluding the effects of hedging % Oil Peer Average = 22.56/Boe Peer Average = 6.50/Boe 40 MCEP vs. Peers 1.36x…
  13. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 13
    Merit of EOR Assets Well Recognized Among MLP Peers Upstream MLP EOR Transactions Over Last 24 Months 1 LINE Sep-14 680 2 LRE Sep-14 38 3 ARP May-14 420 4 MEMP May-14 935 5 LGCY Mar-14 112 6 LINE Dec-13 2,316 4 MEMP - Lost…
  14. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 14
    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…
  15. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 15
    MCEP units Simplified Net Asset Value (NAV) Assets 30 30.00 Proven reserves (MMboe) 23.2 MCEP unit price of 2.84 at Nov 3, 2015 discounts Units outstanding (MM) 30.1 long-term average WTI price of 44.91 NAV per MCEP unit 25.00…
  16. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 16
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 18
  17. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 17
    Partnership Structure and Public Ownership: Targeting EOR Properties at All Stages of Development High MCEP(1) Mid-Con Energy III, LLC Private Affiliate Sponsored by Yorktown Energy Partners since 2004 Officers & Directors…
  18. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 18
    Equity Financed 73% of 2014 Acquisitions 100% S OK 7.4MM *Acquisition price as announced per public press release. NASDAQ: MCEP www.midconenergypartners.com 20
  19. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 19
    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…
  20. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 20
    Consistent Maintenance Capital Methodology Since Inception: 2015 Results = Reduced CapEx Delivers Modest Production Growth Maintenance Capex/Boe 70 68.03 0% Adjusted EBITDA (/Boe and Maintenance CapEx %) 64.56 64.17 64.38 16%…
  21. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 21
    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…
  22. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 22
    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 4Q15 1Q16 2Q16 3Q16 4Q16 Oil…
  23. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 23
    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)…
  24. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 24
    Strategic Objectives for 2015 SecuringTHE SECURING the FUTURE future Reduced distribution to support balance sheet Restructured hedges to secure revenues and borrowing base LIVING LivingWITHIN within CASH cash FLOW flow…
  25. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 25
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 27
  26. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 26
    Contact Information Headquarters Investor Relations 2501 N. Harwood Krista McKinney Suite 2410 Manager of Investor Relations Dallas, TX 75201 kmckinneymidcon-energy.com 972.479.5980 972.479.5980 NASDAQ: MCEP…
  27. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 27
    Appendix NASDAQ: MCEP www.midconenergypartners.com 29
  28. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 28
    Appendix: 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…
  29. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 29
    Appendix: 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…
  30. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 30
    Appendix: 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…
  31. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 31
    Appendix: 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…
  32. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 32
    Appendix: 2014 Acquisitions: Adding Quality Properties Oilton Drop-Down August 5, 2014: Acquired a 97% working interest in the Oilton Field for 56.5 million, Hugoton Drop-Down adding 2.6 MMboe of net proved reserves (88% February 28,…
  33. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 33
    Appendix: Eastern Shelf Acquisition EOR Prospects Offer Organic Development Potential In November 2014, MCEP acquired 6.1MMBoe of proved reserves in the Eastern Shelf of the Permian for 117.6 million. Key Attributes High…
  34. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 34
    Appendix: Permian OBrien Asset Overview Strawn Unit Stonewall Corsica Unit 26% of Total MCEP Reserves(1) Kent Haskell Sagerton NE 29% of Total MCEP Daily Production(2) Tomkins Field Eleven Counties in Texas: Coke Fisher Jones…
  35. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 35
    Appendix: Northeastern Oklahoma Asset Overview KS 37% of Total MCEP Reserves(1) OK 29% of Total MCEP Production(2) Osage, Pawnee, Creek and Osage Seminole Counties, OK Skiatook Five Properties: Cleveland Cushing Cleveland…
  36. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 36
    Appendix: Southern Oklahoma Asset Overview 17% of Total MCEP Reserves(1) 23% of Total MCEP Daily Production(2) Carter and Love Counties, OK Six Properties: Ardmore West Eastman Hills Highlands Battle Springs Southeast Hewitt…
  37. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 37
    Appendix: Hugoton Asset Overview Harker Ranch Cheyenne 17% of Total MCEP Reserves(1) 17% of Total MCEP Daily Production(2) Cheyenne County, CO Potter County, TX Cimarron and Texas Counties, OK Eight Properties: CO KS Harker…
  38. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 38
    Appendix: Gulf Coast TX Asset Overview 3% of Total MCEP Reserves(1) 2% of Total MCEP Production(2) One Property: Liberty South Liberty Liberty South (1) Reserve data based on December 31, 2014 reserve report audited by…
  39. November 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 39
    Appendix: Mid-Con Energy Timeline 1986 The 2004 Mid-Con Energy 2011 Merged Mid- genesis of Mid- I, LLC formed with Con Energy I/II into Con Energys Mid-Con Energy November properties contributed August 5 original Partners, LP MCEP by…

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