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February 2017 Investor Presentation – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Feb 23, 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. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 1
    FEBRUARY 2017 INVESTOR PRESENTATION
  2. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 2
    SandRidge Energy With a strong balance sheet, we have built a portfolio of three project areas with competitive project IRRs and significant location inventories. Investment will continue the high-graded harvest of our Mississippian…
  3. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 3
    SandRidge Energy Overview Unlevered oil producer focused on resource value creation KEY INFORMATION Market Equity Value 21 / Share 35.9 MM common shares 754 Million Primary Assets 2P Locations1 Net Acres Mississippian 300 400k…
  4. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 4
    STACK Activity Moving Northwest Increasing activity supports enthusiasm around Major, Woodward, and Garfield Co. NW STACK INDUSTRY ACTIVITY ADJACENT TO SD ACREAGE Industry activity has been converging on existing SD acreage with…
  5. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 5
    NW STACK Primary Targets NW STACK Meramec and Osage same productive formation as in STACK Structurally deepens from northeast to southwest Meramec 5,800-12,400 TVD Below the Chester (where present) Interbedded shales, sands, and…
  6. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 6
    NW STACK Meramec and Osage SandRidge has operated in and around the NW Stack for many years 2016 Meramec and Osage program SANDRIDGE ACTIVITY ACROSS 3 COUNTIES Medill 1-27H, Major Co., Meramec Keeton 1-24H, Major Co., Osage Charlene…
  7. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 7
    Activity Proving Out NW STACK 13 Rigs running, many producing wells now near SD NW STACK acreage 8
  8. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 8
    NW STACK Acquisition Acquisition increases our NW STACK position to 60k net acres CONTIGUOUS 13.1K NET ACRES FOR 48MM CASH Complements surrounding SD NW STACK acreage Stacked pay of Meramec and Osage Adds locations with competitive…
  9. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 9
    High-Grade + Innovation = Value Creation 2016 Mississippian program: 13 laterals, 51% IRR1 1.7MM Avg D&C per Lateral 100% Multi and XRL 1 dual XRL: (equivalent to 4 single laterals) 1 full section development: (equivalent to 3…
  10. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 10
    Durable Improvement in Mississippian Economics Multis and XRLs support continued harvest of remaining high-graded inventory D&C CAPEX, MM PER LATERAL 90-DAY CUMULATIVE MBOE PER LATERAL 43% Lower costs per lateral vs. 2014 Results…
  11. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 11
    Mississippian Recoveries Improving High-graded harvest resulting in more consistent results PROJECTED EURS P10 / P90 RATIO NORMALIZED BY LATERAL 2013 2014 2015 2016 7 7 6 2 High-grading results in improving EUR trend Realizing…
  12. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 12
    North Park Niobrara Asset Overview Dominant acreage position with high oil cut XRLs currently below 7.0MM D&C…
  13. February 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 % 80% 35% Depth 5,500 9,000 ft. 6,000 8,000 ft. Reservoir Storage Capacity Gross…
  14. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 14
    SandRidge Niobrara Shale Advancements Lowered costs, optimized completions, drilled an XRL, confirmed stacked pay Improved drilling and completion designs Eliminated intermediate casing Oil based mud utilized for improved drilling…
  15. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 15
    North Park Laterals Outperforming Cumulative Oil Type Curve 11 SandRidge Laterals in 2016 outperforming type curve by 9% 16
  16. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 16
    North Park Laterals Outperforming Oil Type Curve Average oil rate of all 11 laterals drilled by SandRidge in 2016 11 SD Laterals in 2016: Average free flowing period of two to three months Earlier installation of artificial lift…
  17. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 17
    Niobrara Asset Midstream Status Oil currently trucked at low differential to WTI NORTH PARK BASIN Current Oil and Gas Disposition POTENTIAL PIPELINE ROUTES Building out field gathering infrastructure; centralized tank battery used…
  18. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 18
    APPENDIX 19
  19. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 19
    2017 Project EURs, Economics, & Inventory Diverse and material location inventory in three active areas Meramec Niobrara Mississippian EURs & Economics XRL* Single XRL FSD* Single EUR, MBoe 800 1,000 500 600 600 1,350 550 % Oil 40%…
  20. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 20
    Year End 2016 Reserves and PV-10 Oil NGLs Gas Equivalent PV-102 Proved Reserves MBbls MBbls MMcf MBoe1 MM Proved Reserves as of Dec 31, 2015 SEC Pricing (50.28 / 2.59) 77,911 61,075 1,113,840 324,626 1,315_ Production (5,529)…
  21. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 21
    Capital Structure Visibly long liquidity runway on unlevered balance sheet 750MM COMMON EQUITY STRONG LIQUIDITY 35.9 MM common shares outstanding at 21 per share 425MM UNDRAWN BORROWING BASE 417MM available (8MM LOCs)…
  22. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 22
    2017 Capital Expenditures Guidance CAPEX GUIDANCE MM CAPEX GUIDANCE DETAIL MM D&C 109 - 119 Mid-Continent D&C 65 - 70 Other E&P 99 North Park D&C 20 - 25 Other - D&C1 24 Total Exploration and Production 208 - 218 Total Drilling &…
  23. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 23
    2017 Operational Guidance TOTAL COMPANY PRODUCTION PRICING REALIZATIONS Oil (MMBbls) 4.0 4.2 Oil (differential below WTI) 2.75 Natural Gas Liquids (MMBbls) 3.0 3.2 NGLs (realized % of WTI) 26% Gas (differential below Henry Hub)…
  24. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 24
    Hedging Overview OIL Q117 Q217 Q317 Q417 FY 2017 Q118 Q218 Q318 Q418 FY 2018 SWAPS Volumes (MMBbls) 0.81 0.82 0.83 0.83 3.29 0.45 0.46 0.46 0.46 1.83 Price (/Bbl) 52.24 52.24 52.24 52.24 52.24 55.34 55.34 55.34 55.34 55.34…
  25. February 2017 Investor Presentation – Sandridge Energy, Inc. – slide 25
    Reconciliation of Standardized Measure of Discounted Net Cash Flows to PV-10 Successor Predecessor Proved Reserves Dec 31, 2016 Dec 31, 2015 ((in millions) Standardized measure of 438 1,314 discounted net cash flows1 Present…

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