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January 2017 Investor Presentation – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Jan 9, 2017 · 25 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. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 1
    JANUARY 2017 INVESTOR PRESENTATION
  2. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 2
    SANDRIDGE ENERGY With a strong balance sheet, we have competitive project IRRs from the high-graded harvest of our Mid-Continent position, plus were adding portfolio diversification and long term growth from our North Park Niobrara…
  3. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 3
    SANDRIDGE ENERGY OVERVIEW UNLEVERED OIL PRODUCER FOCUSED ON RESOURCE VALUE CREATION KEY INFORMATION FULLY DILUTED MARKET EQUITY VALUE 24 / SHARE 20.6 MM Common shares + 494 Million + 14.8 MM Conversion shares 355 Million =…
  4. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 4
    CREATING RESOURCE VALUE IN TWO BASINS High-graded harvest and expansion of our Mid-Continent asset HARVEST & Q416 Miss XRLs reduce 2016 average D&C from 1.9MM to 1.7MM per lateral, APPRAISE supporting competitive IRRs at Dec 2016…
  5. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 5
    SUB-200MM 2017 CAPEX TARGETS ATTRACTIVE IRRS PLUS 2017 PUD ADDITIONS IN BOTH MID-CONTINENT AND NIOBRARA Finish 2016s successful high-graded Miss program Late 2016 Miss XRLs (4 laterals total)…
  6. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 6
    2017 MERAMEC/OSAGE PROGRAM IN 3 OKLAHOMA COUNTIES POTENTIAL TO ADD MATERIAL LOCATIONS THROUGH MERAMEC/OSAGE DEVELOPMENT INDUSTRY ACTIVITY INDUSTRY ACTIVITY IS CONVERGING ADJACENT TO SD ACREAGE ON EXISTING SANDRIDGE ACREAGE SD…
  7. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 7
    MID-CONTINENT OVERVIEW 458K NET ACRES IN OKLAHOMA, WITH MISSISSIPPIAN, CHESTER, AND MERAMEC/OSAGE PRODUCTION SandRidge is a leading producer in the Mid-Continent KS Stacked reservoirs on large acreage base OK Mississippian…
  8. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 8
    DURABLE IMPROVEMENT IN ECONOMICS MULTIS AND XRLS ARE A BREAKTHROUGH IN MISSISSIPPIAN D&C CAPEX, MM PER LATERAL 90-DAY CUMULATIVE MBOE PER LATERAL Lower costs per lateral Results shown by groups of 50 wells -43% vs 2014 9
  9. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 9
    MISSISSIPPIAN RECOVERIES IMPROVING HIGH-GRADE YIELDING TIGHTER EUR DISTRIBUTIONS WITH BETTER RESERVOIR CHARACTERIZATION P10 / P90 RATIO PROJECTED EURS 2013 2014 2015 2016 NORMALIZED BY LATERAL 7 8 7 2 High-graded harvest…
  10. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 10
    2016 MISSISSIPPIAN VALUE CREATION MULTIS AND XRLS REDUCE COSTS AND PRESERVE COMPETITIVE RETURNS AT LOWER COMMODITY PRICES 2016: 13 Miss laterals 51% IRR1 1.7MM Avg D&C per Lateral 100% Multi and XRL 2 XRLs: (equivalent to 4…
  11. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 11
    NORTH PARK NIOBRARA ASSET OVERVIEW DOMINANT ACREAGE POSITION WITH HIGH OIL CUT XRLs of 7.0MM D&C Capex (3.5MM per lateral) with projected 600 MBoe EUR and targeting sub- 3MM per lateral in 2017 Eleven laterals drilled in 2016…
  12. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 12
    NIOBRARA DRILLING ECONOMICS REDUCING COSTS 500K PER LATERAL SUPPORTS LARGE IRR UPSIDE; CURRENT COSTS ACHIEVED AFTER JUST 11 LATERALS INCLUDING ONLY 1 XRL XRL CURRENTLY 3.5MM PER LATERAL Current 3.5MM per lateral…
  13. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 13
    INITIALLY TARGETING LOWER NIOBRARA SIMILAR GEOLOGIC CHARACTERISTICS TO THE DJ BASIN NIOBRARA BUT HIGHER OIL CUT NORTH PARK DJ BASIN BASIN Oil EUR % 81% 35% - 40% Depth 5,500 9,000 ft. 6,000 8,000 ft. Reservoir Storage…
  14. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 14
    2016 SANDRIDGE NIOBRARA RESULTS 478 BOEPD (90% OIL) AVERAGE 30-DAY IP ON FIRST FIVE SANDRIDGE LATERALS FIRST FIVE SANDRIDGE LATERALS SIX LATERALS ONLINE IN LATE 2016 DESIGNED TO TEST Cycle time reduction XRL Additional…
  15. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 15
    FIRST SANDRIDGE NIOBRARA LATERAL THE GREGORY 1-9H CONTINUES TO OUTPERFORM TYPE CURVE GREGORY 1-9H, 550 BOEPD (89% OIL) 30-DAY IP Cumulative production of 82 MBo at 250 Days 16
  16. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 16
    NIOBRARA TYPE CURVE SUPPORT AVERAGE OIL RATE OF FIRST FIVE SANDRIDGE LATERALS DRILLED FIRST 5 SANDRIDGE LATERALS Outperforming type curve Free flowed for over three months First three laterals currently on artificial lift…
  17. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 17
    14 LATERALS SUPPORTING TYPE CURVE CUMULATIVE OIL LAST 14 LATERALS USING MODERN COMPLETION DESIGNS Average Cumulative Oil 126,298 Bbls 96,917 Bbls Cumulative Type Curve Oil 18
  18. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 18
    ACHIEVABLE UPSIDE IN NIOBRARA LOWER COSTS, OPTIMIZED COMPLETIONS, XRLS, STACKED PAY AND LOCATION COUNT UPSIDE INCLUDES Successfully drilling XRLs; first 2-mile lateral drilled and completed in Q316 and brought online in Q416…
  19. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 19
    NIOBRARA ASSET MIDSTREAM STATUS WTI OIL DIFFERENTIAL HAS BEEN REDUCED FROM 11+/BBL TO 3.15/BBL NORTH PARK BASIN CURRENT OIL AND GAS DISPOSITION POTENTIAL PIPELINE ROUTES Building out field gathering infrastructure; centralized…
  20. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 20
    APPENDIX 21
  21. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 21
    THE REORGANIZED SANDRIDGE ENERGY AS OF OCT. 31ST COMMON 20.6 MM common shares outstanding EQUITY 14.8 MM issuable upon conversion of mandatorily convertible debt 4.9 MM warrants at 41.34 strike price net share settled 2.1 MM…
  22. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 22
    NEW SANDRIDGE CAPITAL STRUCTURE PRO FORMA CAPITAL STRUCTURE MM AS OF PRO FORMA DEBT AT PRINCIPAL VALUE RESTRUCTURING JUN 30, 2016 OCT. 31, 2016 AS OF Secured Note1 - 35 35 8.75% Second Lien Secured Notes due 2020 1,328 (1,328)…
  23. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 23
    2016 OPERATIONAL GUIDANCE TOTAL COMPANY PRODUCTION PRICING REALIZATIONS Oil (MMBbls) 5.4 - 5.5 Oil (differential below WTI) 3.75 Natural Gas Liquids (MMBbls) 4.1 - 4.3 NGLs (realized % of WTI) 30% Gas (differential below Henry Hub)…
  24. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 24
    2016 CAPITAL EXPENDITURES GUIDANCE CAPEX GUIDANCE MM CAPEX GUIDANCE DETAIL MM D&C 122.5 - 132.5 Mid-Continent D&C 42.5 - 47.5 Other E&P 92.5 - 102.5 North Park D&C 55 60 Total Exploration and Production 215 - 235 Other - D&C1 25…
  25. January 2017 Investor Presentation – Sandridge Energy, Inc. – slide 25
    HEDGING OVERVIEW OIL Q416 Q117 Q217 Q317 Q417 FY 2017 Q118 Q218 Q318 Q418 FY 2018 SWAPS Volumes (MMBbls) 1.29 0.63 0.64 0.64 0.64 2.56 0.27 0.27 0.28 0.28 1.10 Price (/Bbl) 56.45 51.45 51.45 51.45 51.45 51.45 55.10 55.10 55.10…

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