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Q1 2017 Corporate Presentation – Swift Energy Co.

Swift Energy Co. · May 10, 2017 · 34 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.

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  1. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 1
    CORPORATE PRESENTATION May 2017 www.swiftenergy.com
  2. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 2
    Company Overview Ticker/Exchange: SWTF/OTCQX Market Cap(1): 315 million Enterprise Value(1): 487 million SEC PV-10 Value(2): 442 million 4Q16 Production(3): 134 MMcfe/d Production Mix(4): 77% Gas 2016 Proved Reserves: 744 Bcfe %…
  3. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 3
    A Premier Eagle Ford Gas Operator Assets Assets - Eagle Ford pure play - Focus on gas & condensate fairway - Consolidated & operated leaseblocks 67,000 gross acres, 380 locations, 4Q16 prod 134 MMcfe/d Strategy People - Breadth…
  4. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 4
    The New Swift Energy Then Action Now Status Diversified Portfolio Exited Louisiana and Divested Small Non-Core Pure Play Eagle Ford Including Conventional Assets Fields Rightsizing Initiatives G&A reduced 55% High Cost…
  5. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 5
    Strong Leadership Team Years in Executive Team Industry Previous Experience Sean Woolverton Chief Executive Officer Former COO Samson Resources 24 Former VP at Chesapeake Also held leadership roles at Encana and Burlington Bob…
  6. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 6
    Highly Experienced Board of Directors Years in Board of Directors Industry Previous Experience Marc Rowland Chairman, Nominating & Strategy Committee Founder and Senior Managing Director of IOG Capital, LP Former CEO of FTS Intl. 40…
  7. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 7
    Top Tier Gas Well Performance 2,500,000 Swift Top 50 Wells Average Other (1) Benchmarks First Six-Months Cumulative Gas Production (MCF) 2,000,000 Top 10% Average 1,500,000 Top Quartile Average 2nd Quartile…
  8. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 8
    Strong Returns Across Portfolio SINGLE WELL IRR BY AREA (FLAT 3.00/50.00)(1) 149% 58% 56% 49% 31% Fasken Oro Grande Gas Uno Mas Gas AWP Eagle Ford Fasken Upper EF Core Eagle Ford Acreage With Compelling Returns (1)…
  9. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 9
    Accelerated 2017 Capital Budget 2017 Capex: 190 200 million Fasken - 16% 145 - 155 Mmcfe/d of average Artesia - 20% Oro Grande - 9% production for full year 2017 Oro Grande: 3 wells drilled and one 73% completed D&C Uno Mas -…
  10. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 10
    Guidance ACTUAL GUIDANCE 4Q16 2Q17 FY17 Production Volumes: Oil (bbls/d) 1,719 1,150 1,200 2,175 2,325 NGL (bbls/d) 2,416 2,300 2,400 2,660 2,840 Gas (MMcf/d) 102.3 117.5 122.5 116 - 124 Total Production (MMcfe/d) 127.1 138 -…
  11. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 11
    Enhanced Completion Increases Well Productivity 4 GENERATION 1 - 15 WELLS GENERATION 2 - 11 WELLS GENERATION 3 - 25 WELLS FASKEN STATE 49H FASKEN STATE 48H Gen 3 Completion Cumulative Gas Production (Bscf) 3 FASKEN STATE 44H…
  12. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 12
    Culture of Continuous Cost Optimization DRILLING WELL COST (MM)(1)(2) DRILLING COST PER FOOT(1) 5.0 350 4.561 290 4.5 300 4.0 64% Decline 67% Decline 250 3.5 3.085 184 200 3.0 141 2.317 150 2.5 99 95 2.0 1.717 100 1.650 1.5 50 1.0…
  13. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 13
    Best Gas Takeaway Market in the US Sources of Demand Growth(1) +3-4 Bcf/d +7-10 Bcf/d +3 Bcf/d Increasing Demand from Petrochemical Complex, LNG Exports, and Mexico Exports (1) Source: EIA; expected demand growth…
  14. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 14
    Underexploited Eagle Ford Gas Fairway 1,400 New Eagle Ford Gas Wells Per 1,171 1,200 1,087 965 1,000 818 Annum(1) 800 557 600 391 400 200 121 0 2010 2011 2012 2013 2014 2015 2016 7,000 6,062 6,000 5,446 5,669…
  15. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 15
    Foundation In Place & Positioned for Growth Assets Strategy People Finances Consistently Execute as a High Employ Financial Performance Discipline Operating Team Drive Returns on Capital Invested Build A Premier Position…
  16. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 16
    OPERATIONS & ASSET OVERVIEW
  17. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 17
    Portfolio Overview Swift has a superior Eagle Ford acreage position Uno Mas located in parts of the core gas window AWP Gross Locations(1) Area County % Gas Acres 2/28/17 Artesia Fasken Area Webb 8,122 Lower Eagle Ford 11 100%…
  18. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 18
    Fasken Lower Eagle Ford Gas Fasken Lower Eagle Ford Leasehold Dimmit La Salle Gross Acres: 8,122 Fasken State 12H Well Spacing: 660 Avg IP: 10.4 MMcf/d Fasken State 93H Lower EF Locations at 2/28/2017: 11 Avg IP: 7.6 MMcf/d Avg…
  19. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 19
    Fasken Lower Eagle Ford Economics SINGLE WELL ECONOMICS(1) Target D&C Cost (MM) 5.0 - 5.2 Gas Price (NYMEX) 3.00 Lateral Length (ft) 7,500 IRR 150% Proppant (MMlbs) 13-16 Payout (months) 10 IP (MMcf/d) 20 NPV 10 (MM) 6.0 EUR…
  20. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 20
    AWP Eagle Ford Gas Overview AWP Eagle Ford Gas Leasehold Gross Acres: 6,742 Well Spacing: 660 Remaining Locations at 2/28/2017: 16 Working Interest: 50% - 98% Bracken JV EF 23H Bracken JV EF 24H Net Revenue Interest: 38% - 73%…
  21. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 21
    AWP Eagle Ford Gas Economic Analysis AWP EAGLE FORD AREA SINGLE WELL GAS ECONOMICS(1) Target D&C Cost (MM) 6.2 Gas Price (NYMEX) 3.00 Lateral Length (ft) 7,000 IRR 49% Proppant (MMlbs) 12 Payout (months) 23 IP (MMcf/d) 13 NPV 10…
  22. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 22
    Oro Grande Overview Oro Grande Eagle Ford Gas Leasehold Gross Acres: 24,485 Well Spacing: 880 Locations at 2/28/2017: 112 Working Interest: 100% Bracken JV EF 24H Bracken JV EF 23H Avg IP: 4,771 Boe/d Bracken JV EF 20 Net Revenue…
  23. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 23
    Oro Grande Lower Eagle Ford Gas ORO GRANDE AREA SINGLE WELL ECONOMICS(1) D&C Cost (MM) 7.8 Gas Price (NYMEX) 3.00 Lateral Length (ft) 7,500 IRR 40 - 75% Proppant (MMlbs) 26.2 Payout (months) 17-26 IR (MMcf/d) 18 - 21 NPV 10 (MM)…
  24. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 24
    Uno Mas Gas Economic Analysis UNO MAS AREA SINGLE WELL GAS ECONOMICS(1) D&C Cost (MM) 6.7 Gas Price (NYMEX) 3.00 Lateral Length (ft) 7,500 IRR 48% - 63% Proppant (MMlbs) 11.3 Payout (months) 18 - 21 IP (MMcf/d) 20 NPV 10 (MM)…
  25. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 25
    FINANCIAL SUMMARY FINANCIAL SUMMARY
  26. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 26
    Financial Strategy Preserve Financial Flexibility Maintain Strong Liquidity Position Refinanced RBL with New Syndicate of Lenders Conservative Target Leverage Continual Focus on Driving Down Costs Hedge to Protect Cash Flows…
  27. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 27
    Simple Capital Structure Key Highlights Ticker/Exchange SWTF / OTCQX Credit facility only debt Share Price(1) 27.50 600 million commitment Shares Outstanding 11.466 330 million borrowing base Equity Market Capitalization 315.3…
  28. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 28
    Maintaining Safety While Driving Down Costs CORPORATE TOTAL RECORDABLE INCIDENT RATE SOUTH TEXAS LEASE OPERATING COSTS (/MCFE) 2.0 1.00 0.96 1.8 0.91 1.8 1.6 0.90 1.6 1.4 0.80 1.2 0.67 1.0 0.70 1.0 1.0 0.8 0.60 0.48 - 0.54…
  29. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 29
    Active Hedging Program Swift actively hedges expected to protect project returns and support planned capital expenditures Bias towards swaps and collars 2017 weighted average natural gas and crude oil hedges of 3.04 and 48.12,…
  30. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 30
    Why Invest in Swift Energy Pure Play Eagle Ford Operator with Premier Record of Drilling Gas Wells Best Takeaway Market in USA Restructured Balance Sheet, Cost Structure, and Midstream Contracts Positions as Low Cost Operator…
  31. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 31
    APPENDIX
  32. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 32
    Summary Terms: Revolving Credit Facility Borrower Swift Energy All existing or future direct or indirect wholly-owned U.S. subsidiaries of Guarantors the Borrower Facility 330 million Borrowing Base Maturity April 2022 Interest Libor…
  33. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 33
    Reconciliation of PV-10 to Standardized Measure Estimates of future net revenues from our proved reserves, Standardized Measure and PV-10 (PV-10 is a non-GAAP measure defined below), as of December 31, 2016 is made in accordance with…
  34. Q1 2017 Corporate Presentation – Swift Energy Co. – slide 34
    Corporate Information Corporate Headquarters Swift Energy Company 575 North Dairy Ashford, Suite 1200 Houston, Texas 77079 (281) 874-2700 or (800) 777-2412 Contact Information Doug Atkinson, CFA Senior Manager Finance &…

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