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Corporate Presentation – Three Rivers Operating Company LLC

Three Rivers Operating Company LLC · Feb 28, 2017 · 28 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. Corporate Presentation – Three Rivers Operating Company LLC – slide 1
  2. Corporate Presentation – Three Rivers Operating Company LLC – slide 2
    Three Rivers II Overview NEW MEXICO Private E&P company backed by TEXAS Riverstone Holdings Formed in August 2012 after sale MIDLAND of Three Rivers I 5.4K Net Acres BASIN Solely focused in the Permian CENTRAL Basin…
  3. Corporate Presentation – Three Rivers Operating Company LLC – slide 3
    Our History - Permian Basin Focused New Mexico AUGUST/SEPTEMBER Formation of 3ROC II and JANUARY acquired Midland Basin Acquired Samsons assets for 190MM Permian Basin assets for 340MM JANUARY Filed S-1 for 300MM IPO Permian…
  4. Corporate Presentation – Three Rivers Operating Company LLC – slide 4
    Strategy Buying Strategy Long-Lived, Broad Assets Economic Drilling Locations Potential for Geologic Upside Public NAV Companies MLPs < 30% Developed 30-60% Developed 60% Developed Acreage Multiple Exit Opportunities Cash…
  5. Corporate Presentation – Three Rivers Operating Company LLC – slide 5
    Our view of the Permian ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS LINCOLN CHAVES YOAKUM MIDLAND TERRY LYNN GARZA KENT BASIN LEA GAINES DAWSON BORDEN SCURRY Northern Delaware Basin EDDY Best in Class…
  6. Corporate Presentation – Three Rivers Operating Company LLC – slide 6
    New Mexico Cline Texas Shale Wolfcamp Shale 2009 Cline & Wolfcamp Shale Progression
  7. Corporate Presentation – Three Rivers Operating Company LLC – slide 7
    2010 Cline & Wolfcamp Shale Progression
  8. Corporate Presentation – Three Rivers Operating Company LLC – slide 8
    2011 Cline & Wolfcamp Shale Progression
  9. Corporate Presentation – Three Rivers Operating Company LLC – slide 9
    2012 Cline & Wolfcamp Shale Progression
  10. Corporate Presentation – Three Rivers Operating Company LLC – slide 10
    2013 Cline & Wolfcamp Shale Progression
  11. Corporate Presentation – Three Rivers Operating Company LLC – slide 11
    2014 Cline & Wolfcamp Shale Progression
  12. Corporate Presentation – Three Rivers Operating Company LLC – slide 12
    2015 Cline & Wolfcamp Shale Progression
  13. Corporate Presentation – Three Rivers Operating Company LLC – slide 13
    Midland Basin Recent IPOs Diamondback Athlon Production 9.6 MBOE/D 12 MBOE/D Enterprise Value 1.74 Billion 3.33 Billion Issue Date October 2012 August 2013 Issue Price 17.50 20.00 Current Price(1) 43.76 33.09 (1) Current…
  14. Corporate Presentation – Three Rivers Operating Company LLC – slide 14
    LEGEND TROC II DIAMONDBACK ATHLON LAREDO PIONEER
  15. Corporate Presentation – Three Rivers Operating Company LLC – slide 15
    Midland Basin: Horizontal or Vertical We Think Both Midland Basin Development Vertical Horizontal Rigs 114 45 Well Cost (MM) 2.0 - 2.2 7.0 - 8.0 EUR (MBoe) 145 450 - 600 Frac Stages 6 - 10 20 - 30 Geologic Zones 7 1 Cost/rig/year…
  16. Corporate Presentation – Three Rivers Operating Company LLC – slide 16
    Midland Basin Vertical Wolfberry Program D&C Returns Wells Proppant Frac Fluid Capex EUR PV10 (1) Operator Drilled (Lbs) (Bbls) (M) (MBoe) (M) IRR (1) Private 1 51 835,755 23,081 2,200 137 72 11% Private 2 9 564,300 18,750 2,200…
  17. Corporate Presentation – Three Rivers Operating Company LLC – slide 17
    Growth Through the Drill Bit (actuals through August) Production Growth Increased rig count from 2 to 4 rigs in first half of 2013 6,000 EBITDA increased by 170% from 4Q12 to 3Q13 5,038 o Forecasted fiscal year 2013 EBITDA of 57MM…
  18. Corporate Presentation – Three Rivers Operating Company LLC – slide 18
    Whats next 54
  19. Corporate Presentation – Three Rivers Operating Company LLC – slide 19
    Play Development Bone Springs ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS LINCOLN CHAVES YOAKUM TERRY LYNN GARZA KENT LEA GAINES MIDLAND DAWSON BORDEN SCURRY 3ROC I BASIN EDDY OTERO ANDREWS MARTIN HOWARD…
  20. Corporate Presentation – Three Rivers Operating Company LLC – slide 20
    Play Development Midland Basin Woflcamp Shale ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS LINCOLN CHAVES YOAKUM TERRY LYNN GARZA KENT LEA GAINES MIDLAND DAWSON BORDEN SCURRY BASIN EDDY OTERO ANDREWS 3ROC II…
  21. Corporate Presentation – Three Rivers Operating Company LLC – slide 21
    Emerging Play Southern Delaware Basin Wolfcamp Shale ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS LINCOLN CHAVES YOAKUM TERRY LYNN GARZA KENT LEA GAINES MIDLAND DAWSON BORDEN SCURRY BASIN EDDY OTERO ANDREWS…
  22. Corporate Presentation – Three Rivers Operating Company LLC – slide 22
    Southern Delaware Basin Operators EDDY O ANDREWS MARTIN New Mexico Anadarko / Shell Texas ECTOR MIDLAND LOVING WINKLER WARD CULBERSON CRANE H UPTON _Cities_Permian_Basin_090413 REEVES 12_TX_State 12_NM_State…
  23. Corporate Presentation – Three Rivers Operating Company LLC – slide 23
    Southern Delaware Basin Operators EDDY O ANDREWS MARTIN New Mexico Anadarko / Shell Energen Texas & Cimarex ECTOR MIDLAND LOVING WINKLER WARD CULBERSON CRANE H UPTON _Cities_Permian_Basin_090413 REEVES…
  24. Corporate Presentation – Three Rivers Operating Company LLC – slide 24
    Southern Delaware Basin Operators EDDY O ANDREWS MARTIN New Mexico Anadarko / Shell Energen Texas & Cimarex ECTOR MIDLAND LOVING WINKLER EOG WARD CULBERSON CRANE H UPTON OXY & _Cities_Permian_Basin_090413…
  25. Corporate Presentation – Three Rivers Operating Company LLC – slide 25
    Southern Delaware Basin Operators EDDY O ANDREWS MARTIN New Mexico Anadarko / Shell Energen Texas & Cimarex ECTOR MIDLAND LOVING WINKLER EOG WARD CULBERSON CRANE Clayton H Williams UPTON OXY &…
  26. Corporate Presentation – Three Rivers Operating Company LLC – slide 26
    Southern Delaware Basin Operators EDDY O ANDREWS MARTIN New Mexico Anadarko / Shell Energen Texas & Cimarex ECTOR MIDLAND LOVING WINKLER EOG WARD CULBERSON CRANE Clayton H Williams UPTON OXY &…
  27. Corporate Presentation – Three Rivers Operating Company LLC – slide 27
    Lay of the Land Southern Delaware Basin 27
  28. Corporate Presentation – Three Rivers Operating Company LLC – slide 28
    Whats ahead Continue manufacturing operations on vertical Wolfberry wells Kick off horizontal Wolfcamp drilling program 2Q14 De-risk acreage in southern Delaware Basin Continue to execute grass roots leasing and bolt-on…

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