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July 2016 Corporate Presentation – Unit Corp.

Unit Corp. · Jul 20, 2016 · 26 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. July 2016 Corporate Presentation – Unit Corp. – slide 1
    Corporate Presentation July 20, 2016 NYSE: UNT
  2. July 2016 Corporate Presentation – Unit Corp. – slide 2
    Unit Corporation: A Diversified Energy Company 12 Tulsa based, incorporated 10 in 1963 Casper Marcellus Pittsburgh Integrated approach to business allows Unit to capture margin from each business segment Anadarko Tulsa…
  3. July 2016 Corporate Presentation – Unit Corp. – slide 3
    We Are Focused on 2016 and Beyond We have weathered many cycles during our 50+ year history Balance sheet preservation is key Spending within cash flow Reduce debt with excess cash flow Manage costs NYSE: UNT 4
  4. July 2016 Corporate Presentation – Unit Corp. – slide 4
    2015 Statistics Lowered capital expenditures to 416 million, down 58% from 2014. Exploration & Production Attained record annual production of 20 MMBoe, a 9% increase year over year Liquids production grew 7% year over year Proved…
  5. July 2016 Corporate Presentation – Unit Corp. – slide 5
    Debt Structure No NearTerm Maturities Senior Subordinated Notes Ratings S&P Moodys Fitch Corporate B+ B2 B+ 650 million, 6.625% Senior Subordinated Notes B+ B3 BB 10year, NC5; maturity 2021 3/31/2016 Key Covenants Interest…
  6. July 2016 Corporate Presentation – Unit Corp. – slide 6
    Core Upstream Producing Areas Mid Continent Region Key focus areas include: Gulf Coast: SOHOT Wilcox (Southeast Texas) Granite Wash MidContinent: Upper Gulf Coast Region Hoxbar (Western Oklahoma) Granite Wash (Texas Panhandle)…
  7. July 2016 Corporate Presentation – Unit Corp. – slide 7
    Wilcox (Southeast Texas) Overall Highlights at end of Q1 2016: Drilled 157 operated wells since 2003 (150 vertical, 7 horizontal) TYLER POLK 92% average working interest Q1 16 net avg. production: 91 MMcfe/d 42% liquids (12%…
  8. July 2016 Corporate Presentation – Unit Corp. – slide 8
    Gilly Field Cross Section Parker GU 1 A 3.8 miles A Lower Wilcox Temporarily Abandoned Perforations Current Production Future Behind Pipe Recompletions NYSE: UNT 9
  9. July 2016 Corporate Presentation – Unit Corp. – slide 9
    Parker GU 1 Gilly Field 6.0 MMcfd Recompletion Summary Cumulative Production From Lower Gil. B Sd. 300 Bopd Gas: 0.50 BCF Oil: 26.0 MBO Water: 5.9 MBW Cost: 395,000 200 Mcfd Net PW10: 6.2 MM WI: 75.00% RI: 57.59% 10…
  10. July 2016 Corporate Presentation – Unit Corp. – slide 10
    Q1 Recompletions Results Composite Production from Recompleted Wells (1) Hankamer Tram 1 (2) Parker GU 1 (3) Freude GU 2H (4) Black Stone O 3 Freude GU 2H Edwards Lateral Clean Out Black Stone O 3 Parker GU 1 Lower Gil. B Sd.…
  11. July 2016 Corporate Presentation – Unit Corp. – slide 11
    Hoxbar (Marchand Sand) Marchand Core Case: IP30: 824 Boe/d* Brown 111H Harper 119H IP30: 867 Boe/d IP30: 2,467 Boe/d Well cost: 4.6 million 1/15 1/15 84% liquids (72% oil) Schenk 172H Rosey 1H IP30: 450 Boe/d IP30: 1,483 Boe/d…
  12. July 2016 Corporate Presentation – Unit Corp. – slide 12
    Granite Wash Extended Length Laterals (7,500) Buffalo Wallow Prospect 7,000 contiguous net acres Operated and 90% HBP Average WI 95% 190 240 potential XL locations (11 Granite Wash lenses) Dixon 5554 XL 1H (C1) Projected Type…
  13. July 2016 Corporate Presentation – Unit Corp. – slide 13
    Rig Fleet Presence in Key Regions 94 rig fleet 12 20 800 HP: 21% 70 1,0001,700 HP: 75% 4 2,000 HP: 4% 69% electric 10 56% 1,500 HP or greater 94 equipped with top drives 58 equipped with skidding or walking systems 22%…
  14. July 2016 Corporate Presentation – Unit Corp. – slide 14
    Average Dayrates and Margins (1) 20,000 100% 15,000 75% Average Rig Utilization Margins and Dayrates 10,000 50% 5,000 25% 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3 mos. '16 Margins Dayrates…
  15. July 2016 Corporate Presentation – Unit Corp. – slide 15
    The BOSS Drilling Rig Optimized for Pad Drilling Multidirection walking system Faster Between Locations Quick assembly substructure 3234 truck loads More Hydraulic Horsepower (2) 2,200 horsepower mud pumps 1,500 gpm available…
  16. July 2016 Corporate Presentation – Unit Corp. – slide 16
    Midstream Core Operations Brook Field Pittsburgh Mills Snow Shoe Texas Panhandle Northern Oklahoma and Kansas 50,100 dedicated acres 1,972,000+ dedicated acres Pittsburgh 135 MMcf/d processing capacity 193 MMcf/d processing…
  17. July 2016 Corporate Presentation – Unit Corp. – slide 17
    Midstream Segment Contract Mix 2010 Q1 2016 Contract Mix Based on Volume 24% 49% 51% 76% Fee Based Commodity Based Contract Mix Based on Margin 15% 26% 85% Fee Based 74% Commodity Based Unit vs. 3rd Party Margin…
  18. July 2016 Corporate Presentation – Unit Corp. – slide 18
    Appalachian Growth Projects A P P A L A C H I A N P R O J E C T S Completed construction of Snow Shoe Gathering System in Centre County, PA in Q4 2015 First flow in January 2016 Signed contract with new producer and connected…
  19. July 2016 Corporate Presentation – Unit Corp. – slide 19
    Segment Contribution Revenues ( millions) Adjusted EBITDA ( millions)(1) 1,573 800 1,600 789 1,352 1,400 1,315 680 669 1,200 600 1,000 854 413 800 400 600 400 200 200 136 49 0 0 2012 2013 2014 2015 Q1 '16 2012 2013…
  20. July 2016 Corporate Presentation – Unit Corp. – slide 20
    Operating Segment Capital Expenditures (In Millions) 1,500 1,000 500 0 2011 2012 2013 2014 2015 2016 Low End 2016 High End Budget Budget Oil and Natural Gas Contract Drilling Midstream Acquisitions NYSE: UNT 21
  21. July 2016 Corporate Presentation – Unit Corp. – slide 21
    APPENDIX NYSE: UNT 22
  22. July 2016 Corporate Presentation – Unit Corp. – slide 22
    NonGAAP Financial Measures Adjusted EBITDA Three months ended March 31, Years ended December 31, ( In Millions) 2015 2016 2012 2013 2014 2015 Q1 LTM Net Income (Loss) (248) (41) 23 185 136 (1,037) (830) Income Taxes (151) (16) 16 117…
  23. July 2016 Corporate Presentation – Unit Corp. – slide 23
    NonGAAP Financial Measures Reconciliation of Average Daily Operating Margin Before Elimination of Intercompany Rig Profit and Bad Debt Expense (In thousands except for Three months ended March 31, Years ended December 31, operating days…
  24. July 2016 Corporate Presentation – Unit Corp. – slide 24
    NonGAAP Financial Measures Reconciliation of Average Daily Operating Margin Before Elimination of Intercompany Rig Profit and Bad Debt Expense (In thousands except for Years ended December 31, operating days 2006 2007 2008 2009 2010…
  25. July 2016 Corporate Presentation – Unit Corp. – slide 25
    Derivative Summary Crude 2016 2017 2018 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Collars Volume (Bbl) 468,650 225,400 133,400 Weighted Avg Floor 40.71 44.44 47.50 Weighted Avg Ceiling 49.88 52.46 56.40 3Way Collars Volume (Bbl)…
  26. July 2016 Corporate Presentation – Unit Corp. – slide 26
    Q2 2016 Economic Prices Strip Case Crude Natural Gas MB C2 MB C3 MB NC4 MB iC4 MB C5+ CW C2 CW C3 CW NC4 CW iC4 CW C5+ 2016 50.102 2.750 0.259 0.487 0.646 0.661 1.028 0.226 0.469 0.610 0.741 1.071 2017 51.999 3.097 0.292…

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