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Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Aug 1, 2016 · 17 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. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Supplemental: Second Quarter 2016 Results August 1, 2016 Financial information as of August 1, 2016 NASDAQ: MCEP www.midconenergypartners.com 1
  2. Q2 2016 Earnings 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. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 3
    Permian Bolt-On Acquisition Transaction Highlights OBrien 19.5 million purchase price, subject to post-closing Strawn Unit adjustments Stonewall Corsica Unit Haskell Expected to close on or before August 12, 2016 with an Kent…
  4. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 4
    Rationalizing The Portfolio Hugoton Divestiture Permian Bolt-On Nolan County, TX adjacent to existing Mid- Texas Panhandle, Oklahoma Panhandle, Location Con Energy properties, notably our White and SE Colorado Flats waterflood…
  5. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 5
    2Q16 Results & Subsequent Events Production 2Q16 average net production of 4,077 Boe/d decreased approximately 4.9% from 1Q16 and decreased approximately 11.7% from 2Q15 LOE 2Q16 LOE of 15.57/Boe flat to 1Q16 and decreased…
  6. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 6
    2Q16 Capital Expenditures Growth & Maintenance CAPEX 1.4 Million in total CAPEX Maintenance Maintenance: 1.2 Million CAPEX Growth: 0.2 Million 1.2 Million Drilled and completed 2 producing wells 1.4 Million Initiated 9…
  7. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 7
    2Q16 Development Activity(1) Northeastern Oklahoma 1 Producing Well 6 Recompletions Tulsa Headquarters Permian 1 Producing Well 3 Recompletions Abilene Office Total MCEP Drilled 2 Producing Wells 9…
  8. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 8
    2016 Capital Budget By Core Area By Fiscal Quarter ( in millions) ( in millions) GC 1% HUG 5.0 S OK 4% 4% 4.0 3.0 8.0 2.5 2.4 Million NE OK PERMIAN 35% 56% 2.0 1.7 1.4 1.0 - 1Q16 2Q16 3Q16 4Q16 PERMIAN…
  9. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 9
    Financial Overview NASDAQ: MCEP www.midconenergypartners.com 10
  10. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 10
    Financial and Operating Results Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year 2016 2016 2015 % % Oil (MBbl) 349 369 397 (20) (5.4)% (48) (12.1)% Natural gas (MMcf)(1) 130 130 139…
  11. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 11
    Non-GAAP Summary(1) Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year (in thousands, except per unit metrics) 2016 2016 2015 % % Net income (loss) (15,769) (3,313) (7,944) (12,456)…
  12. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 12
    Positive Downtrend In Cash 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 4.75 2.69 3.01 3.61 3.72 20 3.14 0.46…
  13. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 13
    Hedge Profile as of August 1, 2016(1) Collar (% Hedged, LHS) 100% 80 Swap (% Hedged) Put (% Hedged, LHS) Average Hedge Price (/Bbl) 80% Floor Price (/Bbl, RHS) 70 81% 32% WTI Futures (/Bbl, RHS) % Hedged 60% 16% 16% 16%…
  14. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 14
    Leverage and Liquidity(1) Acquisition Fall Spring Fall Spring Acquisition Borrowing 2014: 2014: 2015: 2015: 2016(2): 2016(3): Base 190MM 240MM 220MM 190MM 163MM 140MM 4.0x Debt to EBITDA Covenant (RHS) 4.00x 240 35 37 20 26…
  15. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 15
    Full Year 2016 Guidance & Capital Budget 2016 Guidance and Capital Budget 2016 (1) Net production (Boe/d) 3,850 - 4,250 Lease operating expenses per Boe 14.50 - 17.50 Production taxes (% of total revenue) 5.1% - 5.5% Estimated…
  16. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 16
    Appendix NASDAQ: MCEP www.midconenergypartners.com 17
  17. Q2 2016 Earnings Presentation – Mid-Con Energy Partners Lp – slide 17
    Operating Results Per Boe Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year Operating Results per Boe (/Boe) 2016 2016 2015 % % Oil & natural gas sales revenues 39.83 28.89 51.45…

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