1Q-16 Highlights Produced 46,202 BOE/D, beating midpoint of production guidance by 9% Reduced unit LOE by 36% YoY to 4.88/BOE from 7.58/BOE in 1Q-15 and by 16% QoQ from 5.83/BOE in 4Q-15 Grew transported oil on the Medallion…
1Q-16 Operational Achievements Utilized Earth Model and optimized completions on all wells completed Invested 90 MM in capital and increased FY-16 production guidance Completed 9 Hz wells in multiple zones 99% average working…
Contiguous Acreage Drives Efficiencies 150,440 gross/129,673 net acres1 1,100 locations capable of generating at least 12% rate of return in current price environment2 80% of acreage supports 10,000 laterals or longer Facilitates…
Revised Budget Leverages Productivity Gains Total Capital: 420 MM 35 Operating 3 Hz Rigs 27 Now maintaining 3 rigs throughout year 13 Expected average completed lateral length of 9,800 345 Drilling 45 - 49 Hz Wells ( MM) 94%…
Increased Well Productivity & Additional Activity Drive Guidance Higher 18,000 16,000 14,000 Increasing FY-16 Production Guidance Production1,2 (MBOE) 12,000 1Q-16 production of 46.2 MBOE/d, 9% above midpoint of 10,000…
Rig Cadence Drives Oil Percentage Number of Gross Hz Completions per Quarter vs. % Oil Production 30 70% Number of Gross Hz Completions per Quarter 60% 20 % Oil Production 50% 46% 10 40% 0 30% 1Q-14 2Q-14 3Q-14…
Financial Flexibility Benefits Stakeholder Value 715 million of liquidity1 No term debt due until 2022 950 million of notes callable at Laredos option in 2017 LPIs 49% Medallion ownership not pledged to borrowing base Debt…
Further Improved Drilling and Completions Capital Savings UWC/MWC Multi-Well Pad D&C Capital 8 7,500 Lateral 10,000 Lateral 7 D&C Capital Per Well ( MM) 6.8 6 5.9 5.9 5.2 10% 5 11% 4 53% 49% 3 2 1 40% 37% 0 1 1…
Drilling Efficiencies Yield Permanent Savings Total Drilling Efficiency Rig Accept. to Rig Release 1,000 900 Efficiency improvement is equivalent to 800 cutting days from an average well 700 (Ft/Day) 600 500 400 300…
Enhancing Completions with the Earth Model and More Sand Objective of the Earth Model is to facilitate the landing and steering of Standard the wellbore and optimize the Wellbore completion to maximize oil production Completions…
Earth Model and Optimized Completions Benefits 1,200 24 Actual, 132% of Oil Type Curve1 1,000 20 Cumulative Production (MBO) Earth Model Estimate, 115% of Oil Type Curve Oil Type Curve 800 16 of Wells 600 12 400…
Enhancing Well Returns 80% Well Returns1 (% Rate of Return) 71% 70% Returns are prior to 60% any Earth Model uplift 51% 50% 44% 40% 33% 30% 24% 18% 20% 10% 0% 35 45 55 Realized Crude Oil (/Bbl) MWC UWC Robust…
YE-15 Total Proved Reserves by Product YE-15 Total % of Total % Oil Proved Reserves Proved Reserves Natural PD (Hz) 42% Gas Oil 29% PD (Vt) 36% 42% Total PD 80% 41% NGL PUD (Hz) 46% 29% PUD (Vt) - Total PUD 20% 46% Total…
Production Corridors Lower Capital and Operational Costs 1Q-16 Benefits 2016 Benefits LMS Service Actual ( MM) Estimated ( MM)1 Crude Gathering 2.2 10.2 Centralized Gas Lift 0.2 0.9 Frac Water 0.3 1.8 (Recycled vs Fresh) Produced Water…
Medallion - Midland Basin Crude Oil System1 500 miles with 290,000 net acres dedicated to system Capacity expected to exceed 500,000 BOPD from all current delivery points YE-16 exit rate expected to be 140 - 150 MBOPD Investing 21…
Premier Pipeline in the Right Basin Permits Issued by County Martin Howard Reagan 9% 5% 11% Upton 58% (397/680) of 1Q-16 Texas State permits 9% issued in the Permian Basin were in Medallions six supply counties Midland…
Infrastructure Integrated with Complete Development Plan Oil takeaway pipeline Oil gathering station Plains to Midland Oil gathering line Gas lift compression facility Oil takeaway pipeline Medallion to Colorado City…
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