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Investor Presentation March 2017 – Midstates Petroleum

Midstates Petroleum · Mar 1, 2017 · 37 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. Investor Presentation March 2017 – Midstates Petroleum – slide 1
    Investor Presentation March 2017
  2. Investor Presentation March 2017 – Midstates Petroleum – slide 2
    2016 Recap & Path Forward Midstates Petroleum Company, Inc. l NYSE MKT: MPO 4
  3. Investor Presentation March 2017 – Midstates Petroleum – slide 3
    2016 Accomplishments Restructured balance sheet to provide a platform for future growth Eliminated more than 185mm of annualized interest expense Current liquidity position is 85mm; 43mm of net debt (RBL) Proactively and efficiently…
  4. Investor Presentation March 2017 – Midstates Petroleum – slide 4
    2017 Operating Scenarios Build cash position 1-Rig 20,000 23,000 Boe/d HBP additional core 90-100mm of CAPEX(1) Miss Lime acreage Option 125-145mm of EBITDAX Stabilize production base in 2018 Gainful production growth starting in…
  5. Investor Presentation March 2017 – Midstates Petroleum – slide 5
    Midstates Petroleum Overview Midstates Petroleum Company, Inc. l NYSE MKT: MPO 7
  6. Investor Presentation March 2017 – Midstates Petroleum – slide 6
    Midstates Petroleum Overview Mississippian Lime(1) Premier position in high-return core 20,903 Boed net production(2)(3) 104,000 net acres(4) 1,500 Potential Locations Anadarko Basin Multi-zone horizontal inventory 4,356 Boed…
  7. Investor Presentation March 2017 – Midstates Petroleum – slide 7
    Year-End 2016 Reserves Oil NGL Total PV-10 PV-10 Reserve Category Gas (Bcf) (MMboe) (MMboe) (MMboe)(1) Strip Pricing(1)(3) (MM) SEC Pricing(2)(3) (MM) Miss Lime: PDP 16.4 177.0 13.8 59.7 470.8 306.6 PDNP 1.7 23.3 1.8 7.4 35.8 20.6…
  8. Investor Presentation March 2017 – Midstates Petroleum – slide 8
    Multi-Year Drilling Opportunities Mississippian Lime Locations Anadarko Basin Locations Future Future Zone Zone Gross Locations Gross Locations Upper Miss 574 (309 Technical PUDs) Cleveland 253 Upper Miss Downspacing 324 (85…
  9. Investor Presentation March 2017 – Midstates Petroleum – slide 9
    Mississippian Lime (1) Miss-Perceptions Uncertain SWD Capacity Ability to dispose of produced water is uncertain and expensive Limited Acreage and Locations Finite number of locations and limited expansion opportunities Unreliable…
  10. Investor Presentation March 2017 – Midstates Petroleum – slide 10
    Mississippian Lime SWD Capacity Midstates Petroleum Company, Inc. l NYSE MKT: MPO 12
  11. Investor Presentation March 2017 – Midstates Petroleum – slide 11
    Highly Efficient and Cost Effective SWD System Dynamic Water Handling System Provides Operating Advantage And Disposal Optionality Midstates Petroleum Company, Inc. l NYSE MKT: MPO 13
  12. Investor Presentation March 2017 – Midstates Petroleum – slide 12
    Water Disposal Current Status Decrease in non-Arbuckle volumes due to using produced water during completion operations Midstates Petroleum Company, Inc. l NYSE MKT: MPO 14
  13. Investor Presentation March 2017 – Midstates Petroleum – slide 13
    Water Disposal Current Status In 2016, OCC requested that all operators reduce injection into the Arbuckle formation (both total company volume and individual well volume) Achieved OCC Arbuckle injection restrictions without an impact to…
  14. Investor Presentation March 2017 – Midstates Petroleum – slide 14
    Water Disposal Non-Arbuckle Future SWD wells will be in non-Arbuckle horizons A combination of new drills and conversions of non-producing vertical wells Capital Costs: Conversion of non-producing vertical wells 0.5m-1mm New drill…
  15. Investor Presentation March 2017 – Midstates Petroleum – slide 15
    Water Disposal 2017 Development Plans Currently operating a 1-rig program, potentially increasing to a 2-rig program at some point in 2017 To handle additional water volumes associated with a 1 or 2 rig program, 2 new non-Arbuckle…
  16. Investor Presentation March 2017 – Midstates Petroleum – slide 16
    Mississippian Lime Acreage and Locations Midstates Petroleum Company, Inc. l NYSE MKT: MPO 18
  17. Investor Presentation March 2017 – Midstates Petroleum – slide 17
    Mississippian Lime Acreage Overview 2015 Focus Area 2016 Focus Area 2017 Focus New farm-in Areas signed in late 2016 Premier Position Of 104,000(1) Net Acres In The High-Return Core Of The Miss Lime (1) Excludes Hunton…
  18. Investor Presentation March 2017 – Midstates Petroleum – slide 18
    Acreage and Location Update Core Miss Lime Acreage Position Miss Lime Technical Woods and Alfalfa Counties, Oklahoma PUD Locations Year-End 2015 273 2016 Additions 121 Year-End 394 2016 Added 5 rig years of PUD locations…
  19. Investor Presentation March 2017 – Midstates Petroleum – slide 19
    Mississippian Lime Well Economics Midstates Petroleum Company, Inc. l NYSE MKT: MPO 21
  20. Investor Presentation March 2017 – Midstates Petroleum – slide 20
    2014 2016 Well Performance Multi-Year Program Results Firmly Endorse Midstates PUD Type Curve Midstates Petroleum Company, Inc. l NYSE MKT: MPO 22
  21. Investor Presentation March 2017 – Midstates Petroleum – slide 21
    Optimized Well Costs Anticipate well cost reductions achieved over the last two years to largely stay in place Savings from 2014 to 2016 were 65% efficiency gains and 35% service cost reductions Expect pricing pressure on…
  22. Investor Presentation March 2017 – Midstates Petroleum – slide 22
    Generating Highly Attractive Returns In An Overlooked Basin Source: Simmons & Company E&P Perspectives: Well Economics For L48 Oil & Liquid Levered Regions 01.04.2017; Midstates calculated based on CGAPUD type curve at 2.8mm DC&F…
  23. Investor Presentation March 2017 – Midstates Petroleum – slide 23
    Anadarko Basin Midstates Petroleum Company, Inc. l NYSE MKT: MPO 25
  24. Investor Presentation March 2017 – Midstates Petroleum – slide 24
    Anadarko Basin Farm-out agreement signed in late 2016 to explore NW Stack Strong Acreage Position In A Proven Basin Provides Future Value Optionality Midstates Petroleum Company, Inc. l NYSE MKT: MPO 26
  25. Investor Presentation March 2017 – Midstates Petroleum – slide 25
    Key Takeaways Midstates Petroleum Company, Inc. l NYSE MKT: MPO 27
  26. Investor Presentation March 2017 – Midstates Petroleum – slide 26
    Key Takeaways Restructured balance sheet provides a strong platform for future growth Pristine Balance Sheet Strong liquidity position of 85mm; 43mm of net debt (RBL) Capability to substantially grow production within free cash…
  27. Investor Presentation March 2017 – Midstates Petroleum – slide 27
    Appendix Midstates Petroleum Company, Inc. l NYSE MKT: MPO 29
  28. Investor Presentation March 2017 – Midstates Petroleum – slide 28
    2017 Guidance 1 Rig Program Operational CAPEX Guidance(1) MM Production Guidance Production (Boe/d) 20,000 23,000 D,C&F 62 - 66 Infrastructure (Incl. SWD Wells) 14 - 18 Land & G&G 5 - 6 Cost Guidance per BOE Workover 9 - 10 Lease…
  29. Investor Presentation March 2017 – Midstates Petroleum – slide 29
    Hedging Update Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended March 31, June 30, September 30, December 31, March 31, 2017 2017 2017 2017 2018 NYMEX WTI Fixed swaps Hedge position (Bbls) 105,500 227,500…
  30. Investor Presentation March 2017 – Midstates Petroleum – slide 30
    Miss Lime PUD Type Curve PUD Type Curve: Mississippian Lime Miss Lime IRRs at Various Well Costs(2) and Prices(3) Gross EUR Summary (Mboe): 501 % Oil 41% Gross 30-Day IP Rate (Boe/d): 517 Initial 24-hr IP - Gas (Bbl/d) 1700…
  31. Investor Presentation March 2017 – Midstates Petroleum – slide 31
    Capital Structure Face Amount Face Amount 1 2 1 2 As of 9/30/16 Adj. Effective Date As of 9/30/16 Adj. Effective Date Cash 280 (203) 77 Liquidity Commitment Size 252 (82) 170 Secured Debt Liquidity Restriction -- (40) (40)…
  32. Investor Presentation March 2017 – Midstates Petroleum – slide 32
    2016 Performance Actual Net Production (Boe/d) 35,000 33,267 31,524 31,232 30,713 30,788 28,971 28,796 27,540 27,833 30,000 26,291 24,951 24,523 25,000 20,000 15,000 10,000 5,000 - Jan-16 Feb-16 Mar-16 Apr-16 May-16…
  33. Investor Presentation March 2017 – Midstates Petroleum – slide 33
    2017 One-Rig Scenario Detail Scenario with 1 Rig(s) 2017E 2018E 2019E 2020E 2021E Type Curve: 1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19…
  34. Investor Presentation March 2017 – Midstates Petroleum – slide 34
    2017 Two-Rig(1) Scenario Detail Scenario with 2 Rig(s) 2017E 2018E 2019E 2020E 2021E Type Curve: 1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19…
  35. Investor Presentation March 2017 – Midstates Petroleum – slide 35
    Adjusted EBITDA Reconciliation Month Ended Month Ended Month Ended Month Ended Month Ended Month Ended Month Ended Month Ended Month Ended Month Ended Month Ended Month Ended December 31, November 30, October 31, September 30, August…
  36. Investor Presentation March 2017 – Midstates Petroleum – slide 36
    Reconciliation of PV-10 to the Standardized Measure Midstates refers to PV-10 as the present value of estimated future net cash flows of estimated proved reserves as calculated in the respective reserve report using a discount rate of…
  37. Investor Presentation March 2017 – Midstates Petroleum – slide 37
    Midstates Petroleum Company, Inc. l NYSE MKT: MPO 39

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