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November 2017 Corporate Presentation – SRC Energy Inc

SRC Energy Inc · Nov 8, 2017 · 17 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. November 2017 Corporate Presentation – SRC Energy Inc – slide 1
    November 2017 NYSE AMEX: SRCI
  2. November 2017 Corporate Presentation – SRC Energy Inc – slide 2
    Strategic Acquisition Extends acreage footprint to south and increases Wattenberg leasehold by 50% Confidence in expected well performance given success of recently completed SRC wells Proximity of acreage allows for efficient…
  3. November 2017 Corporate Presentation – SRC Energy Inc – slide 3
    Pro Forma Company Overview SRC Energy GCII SRC Energy Standalone Acquisition Pro Forma Net Acres 60,000 30,200 90,200 Gross 1,100 600 1,700 Locations(1) Production 40,378 2,500 42,878 (Boe/d) GCII Acquisition overview:…
  4. November 2017 Corporate Presentation – SRC Energy Inc – slide 4
    Company Overview Proved Reserves (1) 180,000 PDP 162,204 160,000 90,200 net acres in the Wattenberg area PUD 140,000 Proved Reserves MBoe Contiguous nature of acreage provides ability to 120,000 77,973 drill longer laterals…
  5. November 2017 Corporate Presentation – SRC Energy Inc – slide 5
    Achieving Scale and Margin Expansion Per BOE Cash Cost 18 16.57 3.74 10.88 12.82 13 2.72 9.76 7.45 2.29 7.44 8 8.29 6.40 6.02 3.19 5.14 2.71 3 5.38 2.56 2.29 3.85 4.08 2.33 1.69 1.40 -1.26 -2 Q2 2016 Q3 2016 Q4…
  6. November 2017 Corporate Presentation – SRC Energy Inc – slide 6
    Operating Structure Comparable to Top Performers 2Q 2017 Unlevered Cash Margins (1) 2Q 2017 Operating Costs / Boe (2) 80% 80% 7.94 74% 74% 73% 69% 68% Average : 73% 6.77 6.96 Average : 5.95 6.12 6.41 62% 4.38 4.88 4.11 SRCI…
  7. November 2017 Corporate Presentation – SRC Energy Inc – slide 7
    Peer Credit Benchmarking Net Debt / Daily Production (1) Net Debt / LQA EBITDA 21,608 2.2x 20,751 1.9x 1.9x Average : 1.8x Average: 1.7x 15,880 1.6x 15,697 14,021 1.4x 13,638 12,870 12,573 1.2x Peer 2 Peer 3 Peer 5 Peer 1…
  8. November 2017 Corporate Presentation – SRC Energy Inc – slide 8
    Gas/Oil Ratio Map Gas-Oil-Ratio (GOR) similar to current leasehold…
  9. November 2017 Corporate Presentation – SRC Energy Inc – slide 9
    Current D&C Operations Goetzel Pad: 12 (10 Net) Leffler Pad: 12 (10 Net) LL Goetzel Pad: 12 (9 Net) ML wells Waiting on Ag Pad: 12 (9 Net) LL Completion wells Early ML wells Drilling wells Falken Pad: 18 (12 Net) 12 Stimulation in…
  10. November 2017 Corporate Presentation – SRC Energy Inc – slide 10
    Greeley Crescent Development Area Blended GC Well Economics Core Wattenberg Implied Full-Cycle NPV & IRR Blended GC Mid-Length Type Curve vs Bestway, Per Well at Various EUR and Acreage Cost Fagerberg & Evans Pads Assumptions 500…
  11. November 2017 Corporate Presentation – SRC Energy Inc – slide 11
    Well Established Midstream DCP Midstream Gas Gathering & Processing Investments Grand Parkway Phase 2 extends south through heart of new footprint Connection to Grand Mesa New Mewbourne processing plant with 200 MMcf/d of…
  12. November 2017 Corporate Presentation – SRC Energy Inc – slide 12
    Corporate Summary Pure play with concentrated acreage position Maintaining a strong balance sheet Current liquidity of 287 million Cash of 21 million as of September 30, 2017 250 million available on revolver 2017 development plan…
  13. November 2017 Corporate Presentation – SRC Energy Inc – slide 13
    APPENDIX www.srcenergy.com 14
  14. November 2017 Corporate Presentation – SRC Energy Inc – slide 14
    Management Team Name Title Experience Lynn A. Peterson Chairman, President & CEO Former co-founder, President and CEO of Kodiak Oil & Gas, he has over 30 years of experience in executive management of oil and gas companies James P.…
  15. November 2017 Corporate Presentation – SRC Energy Inc – slide 15
    Hedging Summary as of November 2017 Crude Oil and Natural Gas Hedges Avg Monthly Collar Volumes Average Collar Prices (1) Oil Gas HH Gas CIG Oil Gas HH Gas CIG Month (Bbl) (MMBtu) (MMBtu) (Bbl) (MMBtu) (MMBtu) November 1 to…
  16. November 2017 Corporate Presentation – SRC Energy Inc – slide 16
    Adjusted EBITDA Reconciliation SRC ENERGY INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) Three months ended Nine months ended 9/30/2017 9/30/2016 9/30/2017 9/30/2016 Adjusted EBITDA Net Income…
  17. November 2017 Corporate Presentation – SRC Energy Inc – slide 17
    PV-10 Reconciliation 9/30/2017 12/31/2016 12/31/2015 Standardized measure of discounted future net cash flows: 1,137,950 434,261 390,953 Add: 10 percent annual discount, net of income taxes 809,884 427,587 408,939 Add: future…

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