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January 2016 Investor Presentation – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Jan 4, 2016 · 37 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. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of January 4, 2016 NASDAQ: MCEP www.midconenergypartners.com 1
  2. January 2016 Investor Presentation – 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. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 3
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 4
  4. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 4
    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…
  5. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 5
    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…
  6. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 6
    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…
  7. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 7
    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…
  8. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 8
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 9
  9. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 9
    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…
  10. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 10
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 11
  11. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 11
    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…
  12. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 12
    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…
  13. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 13
    3Q15 Adjusted EBITDA per Boe MCEPs Cash Margins 2x Peer Margins Adjusted EBITDA/Boe Adjusted EBITDA/Boe excluding the effects of hedging % Oil Peer Average = 20.16/Boe Peer Average = 6.85/Boe 40 MCEP vs. Peers 1.75x MCEP vs. Peers…
  14. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 14
    Merit of EOR Assets Well Recognized Among MLP Peers Upstream MLP EOR Transactions Over Last 36 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…
  15. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 15
    Cash Surplus, inclusive of CAPEX, above 33/Boe YTD Improvement Reflects Lower Costs & Higher Production Cash expenses (/Boe) CAPEX (/Boe) Cash surplus/(short-fall) (/Boe) 80 70 60 43.06 3Q15 33.65 50 Results 24.24 14.83 /Boe 40…
  16. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 16
    WTI Price Discounted by MCEP Equity 45.64/Bbl Assets Proven reserves (MMboe) 23.2 MCEP unit price of 1.14 at December 31, 2015 30 Units outstanding (MM) 30.1 discounts long-term average WTI price of 45.64 30.00 NAV per MCEP…
  17. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 17
    NYMEX WTI Futures Strip 2016 2030 55.24/Bbl WTI Price Discounted by MCEP Equity 45.64/Bbl 70 65 NYMEX WTI Strip(1) 60 NYMEX WTI Prices NYMEX WTI Strip, 13 Year Average = 55.24/Bbl(1) 55 (/Bbl) MCEP unit price of…
  18. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 18
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 19
  19. January 2016 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. January 2016 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. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 21
    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 vs. Peers: 8 28%…
  22. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 22
    Leverage & Liquidity(1) Borrowing 2Q14: 3Q14: 4Q14: 2Q15: 4Q15: Base 170MM 190MM 240MM 220MM 187.5MM 4.0x Debt to EBITDA Covenant (RHS) 4.00x 240 35 37 20 3.47 3.50x 200 26 22 3.15 3.00x 7.5 160 31 2.77 Debt /…
  23. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 23
    MCEP Unitholders Bear Lowest Cash Interest Expense Per Unit in Upstream MLP Space 0.45 0.39 0.40 0.35 0.32 0.30 Peer Average: 0.28 / Unit Cash Interest Expense ( / Unit Outstanding) 0.27 0.26 0.25 0.23 0.22…
  24. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 24
    Hedges secure 72% of oil production in 2016 & 41% in 2017 with meaningful upside participation above 50/Bbl 100% Swaps (% Hedged, LHS) 100 Puts (% Hedged, LHS) 90 80% Floor Price (/Bbl, RHS) 81% Average Hedge Price (/Bbl) 30%…
  25. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 25
    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)…
  26. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 26
    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…
  27. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 27
    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…
  28. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 28
    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…
  29. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 29
    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…
  30. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 30
    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,…
  31. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 31
    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…
  32. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 32
    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…
  33. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 33
    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…
  34. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 34
    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…
  35. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 35
    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…
  36. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 36
    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…
  37. January 2016 Investor Presentation – Mid-Con Energy Partners Lp – slide 37
    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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