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Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Mar 31, 2016 · 35 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. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of March 31, 2016 NASDAQ: MCEP www.midconenergypartners.com 1
  2. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 2
    Mid-Con Energy Partners, LP The Waterflood Guys Reserves and Production Core strength in enhanced oil recovery, focusing on waterflooding Reserves(1): 22.3 MMBoe Employees have prior experience in over 250 waterflood Proved…
  3. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 3
    Operating Strategy Increase production and recovery from existing reserve portfolio (95% Oil) Exploit Potential Of Existing Average daily production in 4Q15 increased 19% from 4Q14 Property Base 31.5% CAGR in production since IPO…
  4. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 4
    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…
  5. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 5
    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…
  6. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 6
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 9
  7. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 7
    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…
  8. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 8
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 11
  9. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 9
    Asset Overview(1) Hugoton Northeastern Oklahoma % of Total Reserves 15% % of Total Reserves 40% % of Total Daily Production 15% % of Total Daily Production 29% Southern Oklahoma Total Mid-Con Energy Partners, LP % of Total…
  10. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 10
    Proven Reserves By Core Area 2011-2015 Northeastern Oklahoma Permian Southern Oklahoma Hugoton Gulf Coast 23,230 22,252 2% 15% 14% MBoe 13,934 13,146 29% 10,049 40% 2011 2012 2013 2014 2015 99% 99% 98%…
  11. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 11
    4Q15 Adjusted EBITDA per Boe MCEPs Operating Cash Margins were 4.39x Peers Adjusted EBITDA/Boe Adjusted EBITDA/Boe excluding the effects of hedging % Oil 45 Peer Average = 19.04/Boe Peer Average = 3.12/Boe 43.26 100% MCEP vs. Peers =…
  12. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 12
    Cash Surplus, Inclusive of CAPEX, Above 34/Boe 2016 Targeting Continued LOE Improvements Cash expenses (/Boe) CAPEX (/Boe) Cash surplus/(short-fall) (/Boe) 80 70 60 43.00 4Q15 33.55 50 Results 24.11 14.66 /Boe 40 5.22 5.62…
  13. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 13
    WTI Price Discounted by MCEP Equity 44.62/Bbl Assets Proven reserves (MMBoe) 22.3 MCEP unit price of 1.77 at March 31, 2016 30 discounts long-term average WTI price of 44.62 Units outstanding (MM) 30.2 30.00 NAV per MCEP unit…
  14. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 14
    NYMEX WTI Futures Strip 2016 2030 51.67/Bbl WTI Price Discounted by MCEP Equity 44.62/Bbl 65 60 NYMEX WTI Strip(1) 55 MCEP unit price of 1.77 at March 31, 2016 NYMEX WTI Prices discounts long-term average WTI price of…
  15. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 15
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 18
  16. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 16
    2016 Net Capital Budget Core Area Summary By Core Area By Fiscal Quarter ( in millions) ( in millions) HUG 5.0 GC 3% 7% 4.0 S OK 9% 3.0 9.0 2.7 2.6 PERMIAN 2.3 Million 55% 2.0 NE OK 1.4 26% 1.0 - 1Q16…
  17. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 17
    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 CapEx0% %) 64.56 64.17 16% 64.38 14%…
  18. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 18
    Leverage and Liquidity(1) Borrowing(2) 2Q14: 3Q14: 4Q14: 2Q15: 4Q15: 1Q16: Base 170MM 190MM 240MM 220MM 188MM 180MM 4.0x Debt to EBITDA Covenant (RHS) 4.00x 240 35 37 26 3.50x 20 3.47x 3.27x 200 3.15x 8 3.00x 22 11 160 31…
  19. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 19
    MCEP Unitholders Bear Lowest Cash Interest Expense Per Unit in Upstream MLP Space During 4Q15 0.40 0.36 0.35 0.33 0.30 Peer Average: 0.26 / Unit 0.26 Cash Interest Expense ( / Unit Outstanding) 0.25 0.23 0.23 0.21…
  20. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 20
    Hedge Profile 100% Puts (% Hedged, LHS) 75 Swaps (% Hedged, LHS) 70 Floor Price (/Bbl, RHS) 80% 86% 65 Average Hedge Price (/Bbl) 31% 35% 31% WTI Futures (/Bbl, RHS) 60 60% 55 % Hedged 50 51% 47% 48% 47% 47% 40% 43%…
  21. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 21
    2016 Guidance and Capital Budget(1) 2016 DCFPU Sensitivity 2016 Guidance and Capital Budget 2016 Net production (Boe/d)(2) 4,000 - 4,400 Lease operating expenses per Boe 16.00 - 20.00 Production taxes (% of total revenue) 5.3% -…
  22. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 22
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 25
  23. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 23
    Contact Information 2501 N. Harwood Suite 2410 Dallas, TX 75201 IRmidcon-energy.com 972.479.5980 NASDAQ: MCEP www.midconenergypartners.com 26
  24. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 24
    Appendix NASDAQ: MCEP www.midconenergypartners.com 27
  25. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 25
    Appendix: Fourth Quarter 2015 Results Production 4Q15 average net production of 4,772 Boe/d decreased approximately 1.8% from Growth 3Q15 LOE 4Q15 LOE of 18.90/Boe decreased approximately 3.6% from 3Q15 Adjusted EBITDA(1) 4Q15…
  26. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 26
    Appendix: 4Q15 Financial and Operating Results Three Months Ended Variance Analysis December 31, September 30, December 31, Quarter-over-quarter Year-over-year (unaudited, in thousands, except per unit data) 2015 2015 2014 % % Oil…
  27. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 27
    Appendix: 4Q15 Non-GAAP Summary(1) Three Months Ended Variance Analysis December 31, September 30, December 31, Quarter-over-quarter Year-over-year 2015 2015 2014 % % Net income (loss) (57,961) (25,478) 82 (32,483) 127.5 % (58,043)…
  28. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 28
    Appendix: 4Q15 Operating Results per Boe Three Months Ended Variance Analysis December 31, September 30, December 31, Quarter-over-quarter Year-over-year Operating Results per Boe (/Boe) 2015 2015 2014 % % Oil & natural gas sales…
  29. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 29
    Appendix: Permian OBrien Asset Overview Strawn Unit Stonewall Corsica Unit 29% of Total MCEP Reserves(1) Kent Haskell Tomkins Field Sagerton NE 36% of Total MCEP Production(2) Eleven Counties in Texas: Fisher Jones Coke Gammon…
  30. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 30
    Appendix: Northeastern Oklahoma Asset Overview KS 40% 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…
  31. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 31
    Appendix: Southern Oklahoma Asset Overview 14% of Total MCEP Reserves(1) 19% of Total MCEP Production(2) Carter and Love Counties, OK Six Properties: Ardmore West Eastman Hills Highlands Battle Springs Southeast Hewitt Twin…
  32. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 32
    Appendix: Hugoton Asset Overview Harker Ranch Cheyenne 15% of Total MCEP Reserves(1) 15% of Total MCEP Daily Production(2) Cheyenne County, CO Potter County, TX Cimarron and Texas Counties, OK CO KS Eight Properties: Ona…
  33. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 33
    Appendix: Gulf Coast TX Asset Overview 2% of Total MCEP Reserves(1) 1% of Total MCEP Production(2) One Property: Liberty South Liberty Liberty South (1) Reserve data based on December 31, 2015 reserve report audited by…
  34. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 34
    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…
  35. Mid Con Energy Partners Investor Presentation – Mid-Con Energy Partners Lp – slide 35
    NASDAQ: MCEP www.midconenergypartners.com NASDAQ: MCEP www.midconenergypartners.com 38

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