Chaparral Story Building a premier pure-play upstream oil company in the STACK 119,000 acres in world-class STACK resource play Majority of acreage located in the black oil, normal pressure window (Kingfisher, Garfield and Canadian…
Company Highlights Premier, contiguous Approximately 119,000 net acres mostly in the core of Kingfisher, Canadian and Garfield counties acreage position in the Operator of approximately 76% of our acreage, with an average operated WI…
Chaparral Contiguous Core STACK Acreage Largely blocked up 119,000 net acre position in core of STACK Approximately 71% of acreage is held by production Canadian: 99% HBP Kingfisher: 97% HBP Garfield: 25% HBP Current…
Year End 2017 Proved Reserves STACK YE 2017 reserves increased 58% Replaced 604% of 2017 STACK production at 7.26/Boe F&D cost 76.3 MMBoe of Reserves(1) 39% Oil, 63% Liquids Reserves by Area 24% 25.6 26.9 39% 1.1 49.7 49.4…
Recent Meramec & Osage Operated Well Performance Update Continued strong Kingfisher County Meramec and Osage well performance Average 932 Boe/d IP-30 (three-phase), with 83% liquids Excellent results in Canadian County Merge…
World-Class Petroleum System With Stacked Pays STACK Attributes N REGIONAL STACK CROSS SECTION 60 MILES S Stacked reservoirs proximal to the world- STACK MERGE class Woodford source rock GARFIELD COUNTY KINGFISHER COUNTY CANADIAN COUNTY…
STACK Geology Commentary Chaparrals acreage located in core of Kingfisher, Canadian and Garfield counties in the black oil, normal pressure window Position in overlapping areas of optimal rock quality for Osage, Meramec, Oswego and…
STACK & Merge Overview Asset Overview Approximately 119,000 acres Approximately 88 operated horizontal wells as of Q1 2018 14,000 STACK Boe/d 12,000 10,000 8,000 6,000 12,289 STACK 10,260 10,379 9,188 4,000 7,475 8,169 2,000…
STACK Development Timeline Chaparral has been active in the play since 2013 Capital for horizontal resource play development was constrained between 2013 and 2016 Balance sheet constraints Chapter 11 filing in 2016 and emergence in…
STACK Drilling Joint Venture Joint venture between Chaparral and Bayou City Energy (BCE) Accelerate development of Chaparrals 119,000 acre STACK position BCE funds 100% of the D&C cost Approximately 100 million maximum…
Core STACK & Merge Type Curve Overview STACK Osage, Meramec & Merge Miss North South Lower Upper Meramec Merge Miss Woodford Woodford Osage Osage Lateral Length (ft.) 4,800 4,800 4,800 4,800 4,800 4,800 Well Cost (mm) 4.0 4.5 4.4…
Solid Well Performance Lower Osage Actual Cumulative Oil 2017 operated drilling program well performance from vs. CHPE Type Curve Chaparrals Meramec and Osage STACK acreage delivered 100,000 average IP rates above type curve…
Operational Excellence Drilling and Completions Strong, Effective Focus on Cost Reduction/Control Average D&C Cost by Operator 2017 average STACK Meramec STACK Meramec One-Mile Laterals MM D&C cost of approximately 4 9.0 million,…
Operational Excellence Stimulation Design Stimulation design improvements deliver material well performance improvements Since 2014, Chaparral has driven material well performance improvement by significantly increasing frac stages…
Oil and Gas Marketing Review Crude Oil Marketing Crude Oil Markets in Close Proximity to Basin Acreage strategically located with access to numerous market outlets at Cushing, OK, as well as in-state refineries Barrels sold at the…
Commodity Realizations Crude Oil Differentials Oil & NGL Realizations as % of WTI Proximity to numerous markets provides better net back 97% 98% 95% 93% 96% 100 100% WTI Average Daily Settle STACK crude oil quality meets…
Non-Core Legacy Asset Overview Mature legacy fields Low maintenance capital Provides free cash flow to fuel STACK growth Potential strategic alternatives Net Production(1) Gross Margin(1) Net Proved Reserves Area Boe/d %…
Financial Overview
Financial Strategy and Policy Commitment to a strong balance sheet Target net leverage ratio approximately 2.5x or less Supplement cash flow with non-core asset sales proceeds Pro-forma for the 300 million senior unsecured notes…
Financial Position and Liquidity Chaparral Liquidity Closed on a new five-year, ( in Millions) Q1 2018 Q1 2018 400 million credit facility on Actual Adjustments(3) Pro forma December 21, 2017 Cash and Cash Equivalents 12 86 98…
2018 Capital Program Capital Program Objectives Effectively delineate Canadian Merge Position Drill at least five wells on recent Kingfisher County acquisition acreage Approximately 30 million (operated) 25 wells (13 joint venture)…
Appendix
Recent Transactions Support CHPE Acreage Valuation Significant A&D activity demonstrates value of Chaparrals acreage position Staghorn, Payrock, Alta Mesa and Longfellow transactions were primarily in the black oil, normal…
STACK Type Curve Assumptions STACK Meramec Lower Osage Upper Osage North Woodford South Woodford Merge Miss Well Cost Assumptions Well Costs (mm) 4.0 3.9 4.1 4.4 4.4 4.5 Well Costs (/ft) 833 813 854 917 917 938 Type Curve…
STACK Meramec and Merge Miss Overview Spud Peak IP-30(1) Liquids(1) Lateral Lease Operator Date Boe/d % Length 1 SLIMER 1707 1UMH-23 CHAPARRAL 9/5/2017 719 85% 4,839 2 HIGH VALLEY 1807 1UMH-36 CHAPARRAL 8/19/2017 652 77% 4,588 3 BIG…
Reconciliations Successor Predecessor Reconciliations Period from Period from Three months March 22, 2017 January 1, 2017 ended through through (in thousands) March 31, 2018 March 31, 2017 March 21, 2017 Net (loss) income (11,442)…
Reconciliations Reconciliations STACK F&D and Reserve Replacement 2017 Metrics Calculation STACK production (Mboe) 3,464 (A) Proved reserves (Mboe) STACK extensions and discoveries 20,927 (B) STACK revisions (excluding price…
Contact Information Contact Information Chaparral Energy, Inc. 701 Cedar Lake Boulevard Oklahoma City, OK 73114 Investors Media Joe Evans Brandi Wessel Chief Financial Officer Manager Communications…
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