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DUG Permian Conference – Tudor Pickering Holt & Co

Tudor Pickering Holt & Co · May 25, 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. DUG Permian Conference – Tudor Pickering Holt & Co – slide 1
    Matt Portillo mportillotphco.com Permian Cluster Activity vs. Other Plays & The Outlook on Permian Economics Disclosures, page 17 May 23-25, 2016
  2. DUG Permian Conference – Tudor Pickering Holt & Co – slide 2
    Overview to US Drilling Activity Current US rig count today is down 82% from October 2014. During this same time frame: Permian rig count down 77% Eagle Ford rig count down 87% Williston rig count down 87% Permian E&Ps hold the…
  3. DUG Permian Conference – Tudor Pickering Holt & Co – slide 3
    Key Shale Basins Peak Rig Count (October 2014) Weekly Rig Count 0 1 2 5 10 20 70 Sources: EIA Basin Definitions, RigData, TPH Research Rig counts are based upon RigData reported data for October 24, 2014 Only rigs within the…
  4. DUG Permian Conference – Tudor Pickering Holt & Co – slide 4
    Key Shale Basins Current Rig Count (May 2016) Weekly Rig Count 0 1 2 5 10 20 70 Sources: EIA Basin Definitions, RigData, TPH Research Rig counts are based upon RigData reported data for May 6, 2016 Only rigs within the key…
  5. DUG Permian Conference – Tudor Pickering Holt & Co – slide 5
    E&P Leverage: Permian vs. Coverage E&Ps 14.0x Category Grouping TPHe 2016 Leverage Strip Permian 2.0x Appalachia 4.7x 12.0x Williston 5.0x Large-Cap 2.7x SMID-Cap 4.2x Average 3.7x 10.0x TPHe YE'16 Net Debt-to-EBITDA…
  6. DUG Permian Conference – Tudor Pickering Holt & Co – slide 6
    Capital Markets in the Permian Basin: 13-16 Total capital raised in the Permian 19B from 2013-2016 YTD. Midland Basin Capital Market Equity Offerings by Vintage Year Shares offered (MM) % of Total Permian Shares Offering Deal Size…
  7. DUG Permian Conference – Tudor Pickering Holt & Co – slide 7
    Oil Basin Economics 10% ATROR for Current Well Costs 60 50 Breakeven WTI Price (/bbl) 40 30 20 10 0 Assumes 3.25/mcf NYMEX gas; 40% of WTI for NGL realizations; Differentials normalized by basin; 20%…
  8. DUG Permian Conference – Tudor Pickering Holt & Co – slide 8
    Permian Basin Peak Rig Activity (October 2014) Weekly Rig Count 0 1 2 5 10 20 70 Sources: EIA Basin Definitions, RigData, TPH Research 8 Rig counts are based upon RigData reported data for October 24, 2014
  9. DUG Permian Conference – Tudor Pickering Holt & Co – slide 9
    Permian Basin Current Rig Activity (May 2016) Weekly Rig Count 0 1 2 5 10 20 70 Sources: EIA Basin Definitions, RigData, TPH Research 9 Rig counts are based upon RigData reported data for May 6, 2016
  10. DUG Permian Conference – Tudor Pickering Holt & Co – slide 10
    Permian Basin - At least 500 Boe/d Wells Delaware Basin Midland Basin Other Permian Peak Boe/d 100 500 1000 1500 2000 3000 Sources: EIA Basin Definitions, RigData, TPH Research, DrillingInfo Peak Production based upon…
  11. DUG Permian Conference – Tudor Pickering Holt & Co – slide 11
    Permian Basin - At least 1000 Boe/d Wells Delaware Basin Midland Basin Other Permian Peak Boe/d 100 500 1000 1500 2000 3000 Sources: EIA Basin Definitions, RigData, TPH Research, DrillingInfo Peak Production based upon…
  12. DUG Permian Conference – Tudor Pickering Holt & Co – slide 12
    Permian Basin - At least 1500 Boe/d Wells Delaware Basin Midland Basin Other Permian Peak Boe/d 100 500 1000 1500 2000 3000 Sources: EIA Basin Definitions, RigData, TPH Research, DrillingInfo Peak Production based upon…
  13. DUG Permian Conference – Tudor Pickering Holt & Co – slide 13
    Tier 1 Delaware Wolfcamp vs. Tier 1 Midland 250 +45% outperformance at 180 days 200 Cumulative Production (mboe) 150 100 50 0 0 30 60 90 120 150 180 of Days Delaware Midland Source: TPH Research, Company…
  14. DUG Permian Conference – Tudor Pickering Holt & Co – slide 14
    Drilling Improvements Days to Total Depth 35 30 25 Days to Total Depth 20 15 10 5 0 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Quarter Bakken Eagle Ford Permian Delaware Midland Sources: EIA…
  15. DUG Permian Conference – Tudor Pickering Holt & Co – slide 15
    Delaware and Midland Basin D&C Costs 12.00 11.09 Well Drilling and Completions Cost (MM) 10.00 8.60 8.00 7.29 6.79 5.70 5.93 6.00 4.00 2.00 0.00 Q3 2014 Q2 2015 Q1 2016 Quarter Midland (7,500' LL)…
  16. DUG Permian Conference – Tudor Pickering Holt & Co – slide 16
    Closing Thoughts The basin is characterized by top-tier drilling economics, extensive inventory depth and a well-capitalized producer group. Permian drilling and completion activity is set to materially accelerate in a 50-60/bbl…
  17. DUG Permian Conference – Tudor Pickering Holt & Co – slide 17
    RESEARCH SALES TRADING W. Mark Meyer E&P Macro Houston Denver Houston - (800) 507-2400 713-333-2963 Matt Portillo Dave Pursell Rusty DAnna Win Oberlin Scott McGarvey mmeyerTPHco.com 713-333-2995 713-333-2962 713-333-2982 303-300-1919…

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