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1Q 2018 Earnings Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · May 8, 2018 · 22 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. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update May 2018 Raven Rig 1; McKenzie County, ND
  2. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(1,3)... 8.97 Shares outstanding(1)......... 165.9 mm Proved Reserves(4).. 65.4 mmboe Market cap(1) .... 474.4 mm NBV NonOil & Gas Assets(5)…
  3. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 3
    Key Investment Highlights 9,223 net HBP acres prospective for the Wolfcamp A, B & Bone Spring intervals Multi-zone development across acreage position Delaware Basin Exposure Continue to actively lease and pursue acquisitions recent…
  4. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 4
    2018 Operating and Financial Guidance 2018 Capex Budget Allocation 2018 Operating Guidance Capital % of Gross Net Low High Area Operating Costs (MM) Total Wells Wells Case Case Permian Delaware 71.2 50.9% 12.0 9.0 LOE (/BOE) 4.00…
  5. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 5
    Abraxas D&C CAPEX & Production Outlook(1) 20172019 in Boepd Assumes one rig in the Bakken/Three Forks and one rig in the Delaware 16,000 14,000 Barrels of Equivalent per Day (Boepd) 12,000 Incremental 10,000 Third Bone…
  6. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 6
    Asset Base Overview 7
  7. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 7
    Delaware Basin Permian Basin Wolfcamp & Bone Spring 9,223 net acres located in the eastern core of the Delaware Basin Four proven potential zones (Bone Spring, Wolfcamp) 190+ gross operated identified potential locations 360+ gross…
  8. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 8
    Delaware Basin Caprito Development Plan First Pad Caprito 98201H & Caprito 98301HR Wolfcamp A1 Caprito 201H producing Wolfcamp A2 Caprito 301HR producing Second Pad Section 83 Pad Two Well Pad Wolfcamp A2 Caprito 83304H producing…
  9. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 9
    Surrounding Delaware Activity 1 21 Sealy Ranch 9301H University Land 1H, 3H, & 4H Halcon Felix IP30: 1,489 BOEPD LL: 10,000 (80% Oil) LL: 9,912 9 20 2 UL Willow 3836-16 1H 2 Univ Lands Beldin 4H Felix Jagged Peak 1 LL: 10,000…
  10. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 10
    Delaware Basin Third Bone Spring Well Economics 3RD Bone Spring: Type Curve Assumptions 3RD Bone Spring: ROR vs WTI Abraxas EOY17 Assumptions 660 MBOE gross type curve 84% Oil Initial rate: 1100 boepd di: 99.9% dm: 6.0%…
  11. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 11
    Delaware Basin Wolfcamp A1 Well Economics Wolfcamp A1: Type Curve Assumptions Wolfcamp A1: ROR vs WTI Abraxas EOY17 Assumptions 680 MBOE gross type curve 77% Oil Initial rate: 860 boepd di: 95.0% dm: 7.0% bfactor: 1.4 Assumed…
  12. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 12
    Delaware Basin Wolfcamp A2 Well Economics Wolfcamp A2: Type Curve Assumptions Wolfcamp A2: ROR vs WTI Abraxas EOY17 Assumptions 650 MBOE gross type curve 82% Oil Initial rate: 650 boepd di: 95.0% dm: 7.0% bfactor: 1.4 Assumed…
  13. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 13
    Delaware Basin Wolfcamp B Well Economics Wolfcamp B: Type Curve Assumptions Wolfcamp B: ROR vs WTI Abraxas EOY17 Assumptions 535 MBOE gross type curve 85% Oil Initial rate: 580 boepd di: 95.0% dm: 7.0% bfactor: 1.4 Assumed…
  14. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 14
    Bakken/Three Forks Bakken / Three Forks 4,013 net HBP acres located in the core of the Williston Basin in McKenzie County, ND derisked Bakken and Three Forks 44 operated completed wells Est. 24 gross additional operated Bakken/…
  15. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 15
    Middle Bakken North Fork Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs WTI Abraxas EOY17 Assumptions 845 MBOE gross type curve 76% Oil Initial rate: 1120 boepd di: 98.5% dm: 8.0% bfactor: 1.5 Assumed…
  16. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 16
    Three Forks North Fork Economics Three Forks: Type Curve Assumptions Three Forks: ROR vs WTI Abraxas EOY17 Assumptions 723 MBOE gross type curve 73% Oil Initial rate: 1050 boepd di: 98.5% dm: 8.0% bfactor: 1.5 Assumed CWC: 7.0…
  17. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 17
    Oil and Gas Marketing & Takeaway Delaware Basin Bakken/Three Forks Oil Marketing and Takeaway Caprito Area: North Fork/Pershing Area: Caprito oil production on pipe in May/June 2018 All oil production on pipe Agreement with Targa…
  18. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 18
    Abraxas Hedging Profile 2018 (1) 2019 2020 Oil Swaps (bbls/day) 4,453 2,783 2,206 NYMEX (2) 53.74 55.66 54.34 (1) 2018 daily volumes indicated for February December 2018. (2) Straight line average price. Includes 2,651 and…
  19. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 19
    Appendix 20
  20. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 20
    Adjusted EBITDA Reconciliation Adjusted EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other noncash items. The following table provides a…
  21. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 21
    TTM Adjusted EBITDA Reconciliation Adjusted EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other noncash items. The following table provides a…
  22. 1Q 2018 Earnings Presentation – Abraxas Petroleum Corp. – slide 22
    Standardized Measure Reconciliation PV10 is the estimated present value of the future net revenues from our proved oil and gas reserves before income taxes discounted using a 10% discount rate. PV10 is considered a nonGAAP financial…

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