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Enercom Conference – Unit Corp.

Unit Corp. · Aug 17, 2016 · 27 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. Enercom Conference – Unit Corp. – slide 1
    EnerComs The Oil & Gas Conference August 17, 2016 NYSE: UNT
  2. Enercom Conference – 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. Enercom Conference – 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. Enercom Conference – 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. Enercom Conference – 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 6/30/2016 Key Covenants Interest…
  6. Enercom Conference – 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. Enercom Conference – Unit Corp. – slide 7
    Buffalo Wallow Field Granite Wash Stacked Pay A A1 Gross Thickness = 2,273 Feet A2 B C C1 D Dixon 5554 XL 1H E F F1 G Vertical well NYSE: UNT * Shaded intervals have been tested horizontally 8
  8. Enercom Conference – Unit Corp. – slide 8
    Granite Wash Extended Length Laterals (7,500) Buffalo Wallow Prospect 900 7,000 contiguous net acres 800 Operated and 90% HBP Average WI 95% 700 190 240 potential XL locations (11 Granite Wash lenses) Cumulative…
  9. Enercom Conference – Unit Corp. – slide 9
    Hoxbar (Marchand Sand) Marchand Core Case: Marchand Horizontal Producer IP30: 801 Boe/d* Marchand Vertical Producer Brown 111H Harper 119H IP30: 867 Boe/d IP30: 2,467 Boe/d Well cost: 4.6 million 1/15 1/15 83% liquids (68% oil)…
  10. Enercom Conference – Unit Corp. – slide 10
    Wilcox (Southeast Texas) Overall Highlights at end of Q2 2016: Drilled 157 operated wells since 2003 (150 vertical, 7 horizontal) TYLER POLK 92% average working interest Q2 16 net avg. production: 97 MMcfe/d 42% liquids (12%…
  11. Enercom Conference – Unit Corp. – slide 11
    Gilly Field Wilcox Cross Section Gilly Field Gilly DT Parker Parker Parker 2 GU 1 4 BS O 3 BS R 4 Temporarily Abandoned Perforations Current Production Future Behind Pipe Recompletions 2016 1st Half Behind Pipe Recompletions…
  12. Enercom Conference – Unit Corp. – slide 12
    Parker GU 1 Gilly Field Wilcox Recompletion Summary Cumulative Production Since Recompletion: Gas: 0.82 BCF Oil: 44.0 MBO Cost: 588,994 Net PW10: 7.07 MM WI: 75.00% RI: 57.59% Updated: 8/10/2016 NYSE: UNT 13
  13. Enercom Conference – Unit Corp. – slide 13
    First Half 2016 Wilcox Recompletion Results Composite Gross Production from Recompleted Wells (1) Hankamer Tram 1 (2) Parker GU 1 (3) Black Stone O 3 (4) Black Stone BP 1 Black Stone O 3 Segno A Sd. Parker GU 1 Lower Gil. B Sd.…
  14. Enercom Conference – Unit Corp. – slide 14
    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 14%…
  15. Enercom Conference – Unit Corp. – slide 15
    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 6 mos. '16 Margins Dayrates…
  16. Enercom Conference – Unit Corp. – slide 16
    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…
  17. Enercom Conference – Unit Corp. – slide 17
    Midstream Core Operations Brook Field Pittsburgh Mills Snow Shoe Texas Panhandle Northern Oklahoma and Kansas 52,000 dedicated acres 1,972,000+ dedicated acres Pittsburgh 135 MMcf/d processing capacity 193 MMcf/d processing…
  18. Enercom Conference – Unit Corp. – slide 18
    Midstream Segment Contract Mix 2010 Q2 2016 Contract Mix Based on Volume 22% 49% 51% 78% Fee Based Commodity Based Contract Mix Based on Margin 15% 28% 85% Fee Based 72% Commodity Based Unit vs. 3rd Party Margin…
  19. Enercom Conference – Unit Corp. – slide 19
    Appalachian Growth Projects A P P A L A C H I A N P R O J E C T S Snow Shoe Gathering System in Centre County, PA First flow in January 2016 Six wells currently connected to this system Signed contract with new producer and…
  20. Enercom Conference – Unit Corp. – slide 20
    Segment Contribution Revenues ( millions) Adjusted EBITDA ( millions)(1) 1,573 800 1,600 787 1,352 1,400 1,315 679 667 1,200 600 1,000 854 410 800 400 600 400 200 274 103 200 0 0 2012 2013 2014 2015 1H '16 2012 2013…
  21. Enercom Conference – Unit Corp. – slide 21
    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 22
  22. Enercom Conference – Unit Corp. – slide 22
    APPENDIX NYSE: UNT 23
  23. Enercom Conference – Unit Corp. – slide 23
    NonGAAP Financial Measures Adjusted EBITDA Six months ended June 30, Years ended December 31, ( In Millions) 2015 2016 2012 2013 2014 2015 Q2 LTM Net Income (Loss) (523) (113) 23 185 136 (1,037) (627) Income Taxes (315) (59) 16 117 87…
  24. Enercom Conference – 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 Six months ended June 30, Years ended December 31, operating days…
  25. Enercom Conference – Unit Corp. – slide 25
    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…
  26. Enercom Conference – Unit Corp. – slide 26
    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)…
  27. Enercom Conference – Unit Corp. – slide 27
    Q3 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 40.994 2.916 0.192 0.430 0.601 0.645 0.892 0.158 0.374 0.542 0.655 0.895 2017 45.234 3.144 0.207…

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