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RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co.

Contango Oil & Gas Co. · Jun 6, 2018 · 28 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. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 1
    RBC Capital Markets Global Energy and Power Executive Conference Contango Oil & Gas Company June 6, 2018
  2. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 2
    WHO IS CONTANGO A Houston, Texas based independent E&P company. Our primary producing properties are in Texas, Wyoming and the Gulf of Mexico Our 2018 focus will be on drilling in the Southern Delaware Basin Key Statistics…
  3. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 3
    WHY INVEST IN CONTANGO Significant dependable cash flows est.38 million 2018 EBITDAX Financially Positioned Low leverage to Grow Simple capital structure with 34 million of revolver capacity at 3/31/18 13,600 (6,800 net) mostly…
  4. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 4
    PROVEN PROVENASSET ASSET OVERVIEW PROFILE Gulf Coast and Rocky Mountain Operator 1Q:18 Production (Mboe/d) GoM Texas Other Gas NGL Oil Exaro Energy III LLC (net) Reserves: 5.0 MMboe Rocky Mountain Region and Other 1% PV-10:…
  5. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 5
    GROWTH POTENTIAL-NAV ESTIMATE Base Case Category (/share) Comments Proved Developed Reserves (1) 8.04 PV-10 at NYMEX Strip pricing Proved Undeveloped Reserves (1) 2.67 Risked at 90% of PV-10 at NYMEX Strip pricing Exaro Equity…
  6. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 6
    RESERVES AT 3/31/2018 Reserve Category Net Oil, Mb Net NGL, Mb Net Gas, MMcf Net Mmcfe PW 10, M 3/31/2018 SEC Price Offshore PDP 395 1,773 57,628 70,635 120,067 Onshore PDP 2,985 1,172 12,632 37,574 67,290 Onshore PNP 330 568…
  7. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 7
    SOUTHERN DELAWARE BASIN SOUTHERN DELAWARE BASIN RECENTRECENT RELEVANT AREAAREA RELEVANT ACQUISITION ACTIVITY ACQUISITION ACTIVITY Callon Diamondback Acq of Ameredev Acq of Luxe Metrics: 16,100 Acres Metrics: 19,000 Acres…
  8. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 8
    SOUTHERN DELAWARE BASIN OPERATOR MAP SOUTHERN Contango Halcon Chevron Oxy Diamondback Parsley Concho
  9. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 9
    STRATIGRAPHIC SECTION SOUTHERN STRATIGRAPHIC SECTION SOUTHERN DELAWARE BASIN DELAWARE BASIN Faraday 23 (42371392480000) Avalon 200 ft Avalon Significant in-place resource yet to be Quantified exploited OOIP: 35-40 MMBo/sec…
  10. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 10
    BULLSEYE -ACTIVITY BULLSEYE CONTANGO ACTIVITY Contango - 2016 Contango - 2017 Contango - 2017 Contango - 2017 Contango - 2017 Contango - 2017 Lonestar Gunfighter 1H Ripper State1H Rude Ram 1H Gunner 2H Crusader 1H Ragin Bull 3H IP30…
  11. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 11
    BULLSEYE ACTIVITY BULLSEYE OFFSET ACTIVITY Halcon Halcon Halcon Halcon Halcon Oxy Bobby West Maxwell Natalie Josie Katie East Belle Alexander 1H Lindsey 1H Faraday 23 NE 2H Wolfcamp B Wolfcamp B Wolfcamp A Wolfcamp A IP30 974 Boepd…
  12. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 12
    2017CAPITAL 2018 CAPITALPROGRAM PROGRAM Focus on Southern Delaware Basin Planned 2018 Activity: 52 million in drilling Capex to continue developing the area with a one- rig program Spud eight to nine wells while also completing…
  13. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 13
    DRILLING EFFICIENCY AND COSTS Drilling Efficiency Frac Costs 35 7,000 15% 1st Year -0.9 Significant Frac Cost Improvement Reduction made through Design Modifications and 32 Market Improvement 30 6,000 -0.4 PEAK COST: 6.7 M…
  14. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 14
    PATH TO PATH TO 9MM WELL 9MM WELL COST COST Step Drill & Case Complete Equipment Total Current Ave. Cost 2,989 8,176 877 12,042 14,000 Eliminate Nano-Surfactant 585 585 Reduce Water (80 - 60 lbs./ft.) 498 498 Reduce Chemicals 406…
  15. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 15
    <p>WTX TYPETYPE CURVE CURVE (RATE/TIME) (RATE/TIME) 10000 Type Curve (strip 1/1/18) Reserves Oil, Mb 1190 NGL, Mb 297 Gas, Mmf 1,221 Mboe 1,691 Economics Capex, M 10,500 9,000 DAILY OIL PROUDCTION, BOPD 1000 PV10, M 12,590 14,068…
  16. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 16
    <p>WTX TYPETYPE CURVE (PERFORMANCE) CURVE 300 Type Curve (strip 1/1/18) Reserves Oil, Mb 1190 NGL, Mb 297 Gas, Mmf 1,221 Mboe 1,691 Economics Capex, M 10,500 9,000 Cumulative Oil Production, Mbo 200 PV10, M 12,590 14,068 ROR, %…
  17. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 17
    WELLS WELLS AND AND INFRASTRUCTURE INFRASTRUCTURE RIVER RATLER 1H RAGIN BULL 3H RAGIN BULL 2H 2H SIDEWINDER 1H GUNNER 3H CRUSADER 2930 1H 18
  18. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 18
    DELAWARE ASSET RESOURCE SUMMARY Net Resource as of March 31, 2018 (1) Gross Net Oil Net NGL Net Gas Net Oil Equiv. Capex PV-10 Horizontal Well Category Locations (MMBbl) (MMBbl) (Bcf) (MMBoe) (MM) (MM) PDP 7 1.8 0.4 1.9 2.5 0…
  19. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 19
    NON-DELAWARE NON-DELAWAREBASIN BASIN PORTFOLIO PORTFOLIO Stable Production Base Mature Resource Play Early Stage Resource Play & Cash Flow Offshore Gulf of Mexico Texas Onshore Rockies EI 11 VR 170 Dimmit T Southeast…
  20. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 20
    STRONG FINANCIAL POSITION Liquidity and Leverage Profile 2018/2019 Hedge Positions Natural Gas Period Derivative Vol/Month Price / Unit (1) US in millions, except where otherwise noted) 3/31/18 AprJul 18 Swap 370,000 MMBtu 3.07…
  21. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 21
    WHY INVEST IN CONTANGO Proven Developed Asset Base Significant Onshore Development Potential with Focus on Permian Experienced Management Team Conservative Debt Profile with Ample Liquidity Well positioned to…
  22. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 22
    APPENDIX
  23. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 23
    OFFSHORE OFFSHORE STABLE STABLE CASHFLOW CASH FLOW GENERATOR GENERATOR Net Proved Reserves (3/31/2018)(1) Map of Locations Natural Gas (Mmcf) 57.6 Oil and Condensate (Mmbbls) 0.4 LOUISIANA NGL (Mmbbls) 1.8 Equiv. Bcfe 70.6…
  24. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 24
    CORE ONSHORE TEXAS Core Onshore Texas Acreage Summary Southern Delaware Basin 6,800 Eagle Ford/Eaglebine 15,500 Woodbine 12,100 James Lime 3,600 Conventional 40,000 Eagle Ford / Eaglebine Well Play Information - Woodbine…
  25. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 25
    EAGLE EAGLE FORD ASSET FORD ASSET RESOURCE RESOURCE SUMMARY SUMMARY Net Resource as of March 31, 2018 (1) Gross Net Oil Net NGL Net Gas Net Oil Equiv. Capex PV-10 Horizontal Well Category Locations (MMBbl) (MMBbl) (Bcf)…
  26. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 26
    COMPANY COMPANYUPSIDE POTENTIAL(1)(1) UPSIDEPOTENTIAL West Texas SETX/STX Wyoming Southern Delaware Eagle Ford/Woodbine N. Cheyenne Muddy Potential Gross Locations 400 (2) 132 227 Average WI/NRI 42.5%/32% 71%/55% 80%/64% Average…
  27. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 27
    MANAGEMENT Current Position and Past Experience President, Chief Executive Officer and Director President / CEO, Contango Oil & Gas Company (since 2005 through merger with Crimson) Allan D. Keel VP / GM, Westport Resources…
  28. RBC Capital Markets Global Energy and Power Executive Conference – Contango Oil & Gas Co. – slide 28
    ADJUSTED EBITDA RECONCILIATION EBITDAX represents net income (loss) before interest expense, taxes, and depreciation, depletion and amortization, and oil & gas expenses. Adjusted EBITDAX represents EBITDAX further adjusted to reflect…

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