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Corporate Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Nov 9, 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. Corporate Presentation – Abraxas Petroleum Corp. – slide 1
    Abraxas Caprito 98 201H; Ward Cty., TX Abraxas Petroleum Corporation November 2018
  2. Corporate Presentation – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(1,3)... 8.15 Shares outstanding(1)......... 166.6 mm Proved Reserves(4).. 61.6 mmboe Market cap(1) .... 307 mm NBV NonOil & Gas Assets(5)…
  3. Corporate Presentation – Abraxas Petroleum Corp. – slide 3
    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…
  4. Corporate Presentation – Abraxas Petroleum Corp. – slide 4
    The Abraxas Advantage Capital Structure Benefit RBL represents only meaningful form of leverage, no other balance sheet dilutives Recently increased to 200MM Provides ample liquidity to carry out current development plan and operate…
  5. Corporate Presentation – Abraxas Petroleum Corp. – slide 5
    Asset Base Overview 6
  6. Corporate Presentation – Abraxas Petroleum Corp. – slide 6
    Delaware Basin Permian Basin Wolfcamp & Bone Spring Map Source: Investor presentations, Drilling Info and management estimates. 7
  7. Corporate Presentation – Abraxas Petroleum Corp. – slide 7
    Delaware Basin Inventory Abraxas has identified 272 net potential drilling locations assuming 1,320 (160acre spacing), and 544 net potential locations assuming 660 (80acre) spacing per 1 mile DSU across our leasehold (1)…
  8. Corporate Presentation – Abraxas Petroleum Corp. – slide 8
    Evolution in the Delaware Basin 9
  9. Corporate Presentation – Abraxas Petroleum Corp. – slide 9
    Recent WTX M&A relative to AXAS leasehold 10
  10. Corporate Presentation – Abraxas Petroleum Corp. – slide 10
    Delaware Basin Caprito Development 11
  11. Corporate Presentation – Abraxas Petroleum Corp. – slide 11
    Delaware Basin Caprito 99202H & 211H, Greasewood 201H Wolfcamp A1 Wolfcamp A1: New Well Performance CAPRITO 99-202H, 211H, & GREASEWOOD 201H 211H-PURPLE; 202H-GOLD; GW 201H-RED TYPE-BLACK; LEGACY AVERAGE - GRAY BOE/D 12
  12. Corporate Presentation – Abraxas Petroleum Corp. – slide 12
    Delaware Basin Caprito 99301H & 311H, Greasewood 301H Wolfcamp A2 Wolfcamp A2: New Well Performance CAPRITO 99-301H, 311H & GREASEWOOD 301H 301H-PURPLE; 311H-GOLD; GW 301H-RED TYPE-BLACK; LEGACY AVERAGE - GRAY BOE/D 13
  13. Corporate Presentation – Abraxas Petroleum Corp. – slide 13
    Delaware Basin Caprito 82101H, Mesquite 102H, U103H 3rd Bone Spring 3rd Bone Spring: New Well Performance CAPRITO 82-101H, MESQUITE 102H & U103H 82 101H-GRAY; MES 102H-PURPLE; MES U103H-GOLD TYPE-BLACK; BOE/D 14
  14. Corporate Presentation – Abraxas Petroleum Corp. – slide 14
    Delaware Basin Caprito 83404H, Wolfcamp B Wolfcamp B CAPRITO 83-404H WC B 404H-PURPLE; TYPE-BLACK; BOE/D 15
  15. Corporate Presentation – Abraxas Petroleum Corp. – slide 15
    Delaware Basin Economics by Zone EOY17 Model Third Bone Spring Wolfcamp A1 Wolfcamp A2 Wolfcamp B Abraxas EOY17 Assumptions Abraxas EOY17 Assumptions Abraxas EOY17 Assumptions Abraxas EOY17 Assumptions 630 MBOE gross type curve…
  16. Corporate Presentation – Abraxas Petroleum Corp. – slide 16
    Lateral Length Economic Sensitivities y=0.0016x + 31.82 R2 = .1502 Includes 440 wells over 5 counties y=0.0011x + 26.01 R2 = .0709 Normalized 6month recoveries translated into relative RORs Normalized for completion…
  17. Corporate Presentation – Abraxas Petroleum Corp. – slide 17
    Bakken/Three Forks Bakken / Three Forks (McKenzie Cty., ND) LILLIBRIDGE STENEHJEM RAVIN JORE FEDERAL YELLOWSTONE 18
  18. Corporate Presentation – Abraxas Petroleum Corp. – slide 18
    Yellowstone Middle Bakken North Fork Field Middle Bakken: New Well Performance Yellowstone YELLOWSTONE 5H & 7H - MIDDLE BAKKEN 5H-PURPLE; 7H-GOLD; 2H,4H-GRAY TYPE-BLACK; GEN 1-BLUE; GEN 2-RED; GEN 3-GREEN Gen 4 - 2018 Gen 3…
  19. Corporate Presentation – Abraxas Petroleum Corp. – slide 19
    Yellowstone Three Forks North Fork Field Three Forks: New Well Performance Yellowstone YELLOWSTONE 6H THREE FORKS 6H-PURPLE; 3H-GRAY; TYPE-BLACK; GEN 1-BLUE; GEN 2-RED; GEN 3-GREEN Gen 4 - 2018 Gen 3 - 2016 Gen 2 - 2014…
  20. Corporate Presentation – Abraxas Petroleum Corp. – slide 20
    Lillibridge Middle Bakken Pershing Field Middle Bakken: New Well Performance Lillibridge LILLIBRIDGE 10H & 12H - MIDDLE BAKKEN 10H-PURPLE; 12H-GOLD; TYPE-BLACK; GEN 1-BLUE; GEN 2-RED; GEN 3-GREEN Gen 4 - 2018 Gen 3 - 2016…
  21. Corporate Presentation – Abraxas Petroleum Corp. – slide 21
    Lillibridge Three Forks Pershing Field Three Forks: New Well Performance Lillibridge LILLIBRIDGE 9H & 11H THREE FORKS 9H-GOLD; 11H-PURPLE; TYPE-BLACK; GEN 1-BLUE; GEN 2-RED; GEN 3-GREEN Gen 4 - 2018 Gen 3 - 2016 Gen 2 -…
  22. Corporate Presentation – Abraxas Petroleum Corp. – slide 22
    Bakken System Economics Economics by Zone EOY17 Model Middle Bakken Three Forks Abraxas EOY17 Assumptions Abraxas EOY17 Assumptions 880 MBOE gross type curve 785 MBOE gross type curve 76% Oil 73% Oil Initial rate: 1,120 boepd…
  23. Corporate Presentation – Abraxas Petroleum Corp. – slide 23
    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 third…
  24. Corporate Presentation – Abraxas Petroleum Corp. – slide 24
    Abraxas Hedging Profile (1) 2018 2019 2020 2021 Oil Swaps (bbls/day) 4,493 2,941 2,204 1,815 (2) Swap Price (/Bbl) 53.70 56.20 54.35 60.32 MidCush Basis Swaps (bbls/day) 3,000 3,000 (3) Swap Price (/Bbl) (3.00) (3.00)…
  25. Corporate Presentation – Abraxas Petroleum Corp. – slide 25
    Appendix 26
  26. Corporate Presentation – Abraxas Petroleum Corp. – slide 26
    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…
  27. Corporate Presentation – Abraxas Petroleum Corp. – slide 27
    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…
  28. Corporate Presentation – Abraxas Petroleum Corp. – slide 28
    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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