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EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Aug 15, 2016 · 21 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 The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP EnerCom The Oil & Gas Conference August 15, 2016 Financial information as of August 11, 2016 NASDAQ: MCEP www.midconenergypartners.com 1
  2. EnerCom The Oil & Gas Conference – 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. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 3
    Mid-Con Energy Partners, LP The Waterflood Guys Core strength in enhanced oil recovery, focusing on waterflooding Employees have prior experience in over 250 waterflood projects in ten states Expertise focused on maximizing…
  4. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 4
    Asset Overview(1) Northeastern Oklahoma YE 2015 Proved Reserves (MMBoe) 8.9 % Oil 95% % Proved Developed 72% Dec 2015 Net Production (Boe/d) 1,369 Southern Oklahoma YE 2015 Proved Reserves (MMBoe) 3.1 Permian % Oil 100% YE…
  5. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 5
    Operating Strategy Increase production and recovery from existing reserve portfolio (95% Oil) Exploit Potential 23.4% CAGR in production since IPO Of Existing Property Base Average daily production in 2Q16 decreased 11.7% from 2Q15,…
  6. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 6
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  7. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 7
    Waterflooding Overview Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells Historically, the success of waterfloods has been attributable to the quality of the…
  8. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 8
    Material Transformation Year-To-Date 2Q16 LOE of 15.57/Boe flat to 1Q16 and decreased approximately 14.2% Cost Reductions from 2Q16 attributable to the temporary shut-in of uneconomic wells during January 2016 Closed sale of…
  9. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 9
    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…
  10. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 10
    2016 Cash Margin Sensitivity Excl. Hedges Cash expenses (/Boe) CAPEX (/Boe) Cash surplus/(short-fall) (/Boe) 80 70 60 46.42 50 1Q16 36.95 Results 27.48 /Boe 40 18.01 10.51 8.54 Break even 5.41 30 3.75 Operating 5.41 5.41…
  11. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 11
    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 Flat waterflood…
  12. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 12
    Hugoton Divestiture(1) Reserves, Production & EBITDA 3.2 MMBoe as of 12/31/2015 o 15% of Proved Reserves(2) o 99% oil, 78% PDP 12 million PV10 as of 12/31/2015 o 6% of Proved Reserves o 3.74 PV10 per Boe Proved Reserves 682…
  13. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 13
    Permian Bolt-On Acquisition Transaction Highlights OBrien 19.5 million purchase price(1) Strawn Unit Stonewall Located in Nolan County, Texas near MCEP White Corsica Unit Haskell Kent Flat waterflood prospect Tomkins Field…
  14. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 14
    Strategic Preferred Investment Class A Convertible Preferred Units (Preferred Units) 25.0 million aggregate principal amount closed on August 11, 2016 Issued at Unit Purchase Price of 2.15 per Preferred Unit Cumulative, quarterly…
  15. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 15
    Leverage and Liquidity(1) Acquisition Fall Spring Fall Spring August 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 3.27x…
  16. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 16
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 17
  17. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 17
    Appendix NASDAQ: MCEP www.midconenergypartners.com 18
  18. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 18
    Appendix: 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)…
  19. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 19
    Appendix: Full Year 2016 Guidance(1) & Capital Budget 2016 Guidance and Capital Budget as of 08/01/16 2016 (2) Net production (Boe/d) 3,850 - 4,250 Lease operating expenses per Boe 14.50 - 17.50 Production taxes (% of total…
  20. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 20
    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%…
  21. EnerCom The Oil & Gas Conference – Mid-Con Energy Partners Lp – slide 21
    Contact Information 2431 E. 61st St. Suite 850 Tulsa, OK 74136 IRmidcon-energy.com 918.743.7575 NASDAQ: MCEP www.midconenergypartners.com 22

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