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August 2018 Enercom Conference – Midcon Energy

Midcon Energy · Aug 19, 2018 · 23 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. August 2018 Enercom Conference – Midcon Energy – slide 1
    Mid-Con Energy Partners LP The Oil and Gas Conference August 2018
  2. August 2018 Enercom Conference – Midcon Energy – slide 2
    Mid-Con Energy Partners Partnership Profile Strategic Focus Waterflood development and operations; primary focus of the company since inception in 1986 Managing mature fields with complex histories, optimizing cash flow through…
  3. August 2018 Enercom Conference – Midcon Energy – slide 3
    Mid-Con Energy Partners Partnership Profile Oklahoma Base of operations for over 30 years Long-lived, low decline, mature waterfloods Low lifting and development costs Stacked pay in key fields Acquired 14 additional fields in July…
  4. August 2018 Enercom Conference – Midcon Energy – slide 4
    Mid-Con Energy Partners Operating Strategy Rationalizing the CAPEX allocation between lower risk high priority projects and de-risking future developments Develop Potential Of Existing Maintain pace of spending on priority drilling,…
  5. August 2018 Enercom Conference – Midcon Energy – slide 5
    Mid-Con Energy Partners Navigating Oil Prices Managing Production 5,000 1 4,000 2 7 4 Net Boe/d 3,000 6 2,000 5 3 1,000 - 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17…
  6. August 2018 Enercom Conference – Midcon Energy – slide 6
    Mid-Con Energy Partners Navigating Oil Prices - Strengthening Our Balance Sheet 300 6.00x Reduced Debt by 118 MM since 4Q14 from cash flow, asset sales, and preferred equity raises 250 5.00x 200 4.00x 53 150 3.00x…
  7. August 2018 Enercom Conference – Midcon Energy – slide 7
    Mid-Con Energy Partners 2018 YTD Operating Results Reaffirmed 125 MM borrowing base in June 2018 Strengthening the Balance Decreased leverage ratio from 3.58x(1) in Sheet 2Q17 to 3.14x(1) in 2Q18 26.9 million in liquidity, net of…
  8. August 2018 Enercom Conference – Midcon Energy – slide 8
    Mid-Con Energy Partners New Core Area - 2018 Wyoming Acquisitions Numerous acquisitions throughout 2018 Mixture of mature and grassroots waterflood projects High growth potential through implementation of new waterfloods and…
  9. August 2018 Enercom Conference – Midcon Energy – slide 9
    Mid-Con Energy Partners Wyoming Optimization Project 400 House Creek Sussex Unit Gross Daily Oil Production 350 Cumulative Oil to Date 300 28.6 MMBO 250 200 150 100 50 0 MCEP took over operations Jan 16, 2018 (WI…
  10. August 2018 Enercom Conference – Midcon Energy – slide 10
    Mid-Con Energy Partners Wyoming Growth Assets Pine Tree Unit Muddy Sand Project Cumulative Oil to Date: 11.3 MMBO Prolific producer on primary, 22 MMBO Waterflood Unitization process underway Located in Muddy Sand waterflood trend…
  11. August 2018 Enercom Conference – Midcon Energy – slide 11
    Mid-Con Energy Partners Q3 Oklahoma Waterflood Acquisition Core Area Expansion Near Term Upside 600 170 160 Gross Daily Oil Production (BOPD) 500 150 140 Active well Count 400 130 300 120 110 200 100 90 100…
  12. August 2018 Enercom Conference – Midcon Energy – slide 12
    Mid-Con Energy Partners 2018 Acquisition Development and Financial Timeline Optimization Projects 1Q18 2Q18 3Q18 4Q18 House Creek (WY) 43 wells returned to production through June. 25 remaining possible targets for 2H18 Oklahoma…
  13. August 2018 Enercom Conference – Midcon Energy – slide 13
    Mid-Con Energy Partners Survive and Thrive Held reserves approximately flat with low CAPEX spend and operational efficiency Decreased operating costs across all core Value Creation areas Added production and reserves through core…
  14. August 2018 Enercom Conference – Midcon Energy – slide 14
    Appendix
  15. August 2018 Enercom Conference – Midcon Energy – slide 15
    Mid-Con Energy Partners Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally…
  16. August 2018 Enercom Conference – Midcon Energy – slide 16
    Mid-Con Energy Partners Waterflooding Overview Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells Historically, the success of waterfloods has been attributable to…
  17. August 2018 Enercom Conference – Midcon Energy – slide 17
    Mid-Con Energy Partners 2018 Guidance & Capital Budget 03/01/2018 Guidance 08/01/2018 Guidance Production (Boe/d) 2,800 - 3,200 Production (Boe/d) 3,200 - 3,400 LOE 17.50 - 19.50 LOE 20.00 - 21.00 Production Taxes 6.00% - 6.50%…
  18. August 2018 Enercom Conference – Midcon Energy – slide 18
    Mid-Con Energy Partners Annual Cash Expenses Per Boe(1) 38.61 4.04 6.08 28.72 27.53 25.33 3.53 5.56 3.94 /BOE 3.61 4.16 4.13 2.03 3.86 2.59 1.96 Cash interest expense Cash G&A 22.93 Production taxes 19.55 15.35…
  19. August 2018 Enercom Conference – Midcon Energy – slide 19
    Mid-Con Energy Partners Commodity Derivatives: Positions as of June 30, 2018 Collar (% Hedged, LHS) Swap (% Hedged) Put (% Hedged, LHS) 80% Floor Price (/Bbl, RHS) 90 WTI Futures (/Bbl, RHS) Average Hedge Price (/Bbl) 80 60%…
  20. August 2018 Enercom Conference – Midcon Energy – slide 20
    Mid-Con Energy Partners Operating and Financial Results Sequential and YoY Variance Three Months Ended Variance Analysis June 30 March 31 June 30 Quarter-over-quarter Year-over-year (unaudited, in thousands, except per unit data) 2018…
  21. August 2018 Enercom Conference – Midcon Energy – slide 21
    Mid-Con Energy Partners Non-GAAP Summary(1) Three Months Ended June 30 March 31, June 30 2018 2018 2017 Net income (loss) (6,855) (10,418) (15,199) Interest expense, net 1,410 1,337 1,537 Depreciation, depletion and amortization…
  22. August 2018 Enercom Conference – Midcon Energy – slide 22
    Mid-Con Energy Partners Non-GAAP Summary NON-GAAP FINANCIAL MEASURES This presentation, the financial tables and other supplemental information include Adjusted EBITDA and Free Cash Flow which are a non-generally accepted accounting…
  23. August 2018 Enercom Conference – Midcon Energy – slide 23
    Mid-Con Energy Partners, LP Investor Relations 2431 E. 61st Street, Suite 850 Tulsa, Oklahoma 74136 IRmidcon-energy.com 918.743.7575

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