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Q1 2016 Results – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · May 2, 2016 · 12 slides

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Slides

  1. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Supplemental: First Quarter 2016 Results May 2, 2016 Financial information as of May 2, 2016 NASDAQ: MCEP www.midconenergypartners.com 1
  2. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 2
    First Quarter 2016 Results Production 1Q16 average net production of 4,286 Boe/d decreased approximately 10.2% from 4Q15 LOE 1Q16 LOE of 15.55/Boe decreased approximately 17.7% from 4Q15 Adjusted EBITDA(1) 1Q16 Adjusted…
  3. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 3
    1Q16 Capital Expenditures Growth & Maintenance CAPEX 1.7 Million in total CAPEX Maintenance: 1.0 Million Growth Growth: 0.7 Million CAPEX 0.7 Million Drilled and completed 2 producing wells 1.7 Completed 1 water supply well…
  4. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 4
    1Q16 Development Activity(1) Northeastern Oklahoma 1 Recompletion Tulsa Office Permian Southern Oklahoma 2 Producing Wells 1 Recompletion 1 Water Supply Well 1 Conversion to Injection Headquarters Abilene Office Gulf…
  5. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 5
    2016 Net Capital Budget Core Area Summary By Core Area By Fiscal Quarter ( in millions) ( in millions) 5.0 HUG GC 4% 4% 4.0 S OK 12% 2.9 3.0 9.0 PERMIAN 2.6 Million 49% 2.0 1.7 1.7 NE OK 31% 1.0 - 1Q16…
  6. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 6
    Financial and Operating Results Three Months Ended Variance Analysis March 31, December 31, March 31, Quarter-over-quarter Year-over-year (unaudited, in thousands, except per unit data) 2016 2015 2015 % % Oil (MBbl) 369 413 391 (44)…
  7. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 7
    Non-GAAP Summary(1) Three Months Ended Variance Analysis March 31, December 31, March 31, Quarter-over-quarter Year-over-year 2016 2015 2015 % % Net income (loss) (3,313) (57,961) (4,112) 54,648 (94.3)% 799 (19.4)% Interest…
  8. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 8
    Operating Results per Boe Three Months Ended Variance Analysis March 31, December 31, March 31, Quarter-over-quarter Year-over-year Operating Results per Boe (/Boe) 2016 2015 2015 % % Oil & natural gas sales revenues 28.89 36.99…
  9. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 9
    Operating Cash Flows Before Hedges Positive Downtrend in OPEX LOE Production taxes Cash G&A Cash interest expense 45 40 3.85 4.68 35 5.95 5.14 3.90 30 6.02 3.50 5.04 6.47 4.12 3.80 3.47 25 3.51 /Boe 4.42 4.96 2.69…
  10. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 10
    Hedge Profile Swap (% Hedged, LHS) 100% 100 Put (% Hedged, LHS) Collar (% Hedged, LHS) 90 Average Hedge Price (/Bbl) 80% 31% Floor Price (/Bbl, RHS) 35% 31% WTI Futures (/Bbl, RHS) 80 % Hedged 60% 16% 16% 16% 70 16%…
  11. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 11
    Leverage and Liquidity(1) Borrowing Spring Acquisition Fall Spring Fall Spring Base 2014: 2014: 2014: 2015: 2015: 2016: 170MM 190MM 240MM 220MM 190MM TBD 4.0x Debt to EBITDA Covenant (RHS) 4.00x 240 35 37 20 26 3.27x 3.50x 200…
  12. Q1 2016 Results – Mid-Con Energy Partners Lp – slide 12
    2016 Guidance, Capital Budget(1) & DCFPU Sensitivity Reiterate Guidance Issued February 2016 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…

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