Combination of Midstates and SandRidge Energy Creates Substantial Value February 6, 2018
A Compelling Proposal for Shareholders of Both Companies Pro Forma Strong, Clean Balance Sheet Non-Core Assets to Monetize Robust Free Cash Flow Profile Dominant Miss Lime Operator Market Cap 1 billion Trading…
Combination Achieves Critical Mass in the Mid-Con Aligned Stock for Stock Pro Forma Governance Shareholder Merger Ownership Base SD holders to Combined MPO CEO to receive 1.068 SD holders to ownership lead combined MPO shares…
Strategic and Financially Accretive Transaction Focus on Proven Leading positions in core Mississippian Lime play that optimize drilling portfolio and allows comprehensive management of water disposal Miss Lime Assets Optimize pro…
ey Combined Operating Footprint Creates Leader in Mid-Con E d wards Reno G re enwood G ray Pro Forma Mid-Con Asset Map B u tler Asset Base Highlights Fo rd S e d g wick P ratt K iowa K in gman Pro forma asset base to…
Complementary Assets Enhance Operating Scale Pro Forma Q3 2017 Production Mid-Con(1) 17.6 Mboe/d 36.0 Mboe/d 53.6 Mboe/d 2018E EBITDA(2) 154mm 182mm 391mm Mid-Con Net Acres 101,000 acres 430,000 acres 531,000 acres Market…
Over 70 Million of Annual Cash Savings Headquarters Consolidation Integrate corporate headquarters General & Administrative Headcount Reduction Implement merit-based approach to filling key positions (40mm/year) Integration of…
Focused Strategy Realize synergies and drive operational efficiencies Manage drilling activity and capex to optimize production levels Operate business to generate robust free cash flow Disciplined approach to capital allocation,…
Optimizing Production and Delivering Free Cash Flow Illustrative Pro Forma Production Profile (Boe/d) 54,000 - 59,000 54,000 - 59,000 54,000 - 59,000 55,000 - 60,000 50,000 - 55,000 2018E 2019E 2020E 2021E 2022E Illustrative…
Pro Forma Capitalization Midstates SandRidge Anadarko Merger Pro Forma Capitalization as of Sept 30th as of Sept 30th Sale(1) Adj. Adj. Combined Cash 77 133 -- (78) 132 Revolver (128) -- 50 78 -- Building Note -- (38) -- -- (38)…
Improved Scale Drives Potential Multiple Expansion Pro Forma Market Capitalization and EV / 2018E EBITDA Multiples vs. Peers(1)(2) in millions 1,800(3) 1,726 1,688 1,546 1,209 1,114 1,088 985 871 397 739 629 621…
Transaction Timeline Midstates is prepared to move immediately to reach a definitive agreement 2018 Q1 Q2 Proposal to Combine Midstates and SandRidge SandRidge Board Evaluates Proposal Mutual Due Diligence Announce Definitive…
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