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3Q 2018 Investor Presentation – Roan Resources

Roan Resources · Nov 12, 2018 · 27 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. 3Q 2018 Investor Presentation – Roan Resources – slide 1
    3Q 2018 Investor Presentation November 2018 1
  2. 3Q 2018 Investor Presentation – Roan Resources – slide 2
    Roan Highlights Company Overview Largest Contiguous Acreage Position in Merge 46.5 MBoe/d net production (56% liquids) as of 3Q18 170,000 total net acres with 118,500 of contiguous acreage in the Merge 80% of acreage is in the oil…
  3. 3Q 2018 Investor Presentation – Roan Resources – slide 3
    3Q 2018 Highlights 3Q18 corporate highlights Reorganization process closed to form publicly traded Roan Resources, Inc. Uplisted to NYSE on November 9, 2018 3Q18 operational highlights Total production increased 30% QoQ to 46.5…
  4. 3Q 2018 Investor Presentation – Roan Resources – slide 4
    Roan Overview 170,000 net acres located in the Merge, SCOOP and STACK plays in Central Oklahoma 118,500 highly contiguous acreage in the high return oil and liquids-rich windows of the Merge play Large Scale, Contiguous Over 130…
  5. 3Q 2018 Investor Presentation – Roan Resources – slide 5
    Introduction to the Merge Merge Highlights: More favorable rock properties in the Merge: Geologic sweet spot of Oklahomas premier unconventional basin Merge SCOOP STACK Multiple identified landing zones (Mayes/Woodford) with…
  6. 3Q 2018 Investor Presentation – Roan Resources – slide 6
    Roans Premier Merge Acreage Position Premier Acreage in the Heart of the Merge Woodford Oil Gravity Map Multiple stacked drilling targets throughout acreage position Several well-developed benches in the Mayes with great porosity and…
  7. 3Q 2018 Investor Presentation – Roan Resources – slide 7
    De-Risked Inventory Roan has a deep inventory to be developed Illustrative Merge Density Potential(2) Merge operated gross locations(1) at different well assumptions - 12 wells per section = 2,940 gross operated locations - 16 wells…
  8. 3Q 2018 Investor Presentation – Roan Resources – slide 8
    Operational Advancements: Targeting Geosteering Comparison 100% Lateral targeting has improved Roan Average 95% dramatically since the Roan team 90% assumed operations 80% 70% Advantages to successful targeting Optimizes drilling…
  9. 3Q 2018 Investor Presentation – Roan Resources – slide 9
    90-Day Distribution of Roan Wells Shows Outperformance 90-Day Cumulative Production Distribution Plot(1) 23 Roan selected, drilled and completed wells outperforming industry at 90 days: 100% Industry wells Delta at Roan Industry…
  10. 3Q 2018 Investor Presentation – Roan Resources – slide 10
    Operational Advancements: Drill Times Since taking over drilling operations in Drill Time Comparison: Spud to Total Depth(1) January, Roan has improved program average drill times by 35%+ 35 Improvements have been achieved by: 30.0 -…
  11. 3Q 2018 Investor Presentation – Roan Resources – slide 11
    Superior Midstream & Marketing Position Crude Oil Takeaway Current Gas Takeaway Infrastructure Local Takeaway and Sales Optionality Local Takeaway and Sales Optionality Acreage is advantageously located in close proximity to Cushing…
  12. 3Q 2018 Investor Presentation – Roan Resources – slide 12
    Financial Highlights Industry leading balance sheet and credit profile - LQA Leverage…
  13. 3Q 2018 Investor Presentation – Roan Resources – slide 13
    Roans ROCE & ROE vs Industry Leading Peers 2018 YTD ROCE(1) & 2019E EV / EBITDAX 15% 7.8x 8.0x 12.8% 11.5% 9.8% 6.4x 10.5% 10.2% 10.0% 9.1% EV / EBITDAX 10% 6.1x 5.9x 7.5% 6.0x 5.7x 5.7x 7.8% ROCE 9.4% 5.3x 4.9x 4.9x…
  14. 3Q 2018 Investor Presentation – Roan Resources – slide 14
    Merge Returns Drive Best-in-Class Efficiency 3Q18 Peer Recycle Ratio(1) Comparison 5 4.4x 4.4x 4.5 4.2x 4.0x 4.0x 4 3.8x 3.5 3.2x 3 2.6x 2.5x 2.5 2.3x 2.0x 2 1.7x 1.5 1 0.5 0 Roan Peer 1 Peer 2 Peer 3 Peer 4 Peer 5…
  15. 3Q 2018 Investor Presentation – Roan Resources – slide 15
    Capitalization & Credit Metrics Capitalization & Credit Metrics Peer 3Q'18 LQA Leverage(3) MM 3Q 2018 2.5x 2.2x Capitalization 2.0x 2.0x Cash 4 1.6x 1.6x 1.4x 1.5x 1.5x Credit Facility Debt 395 1.5x 1.3x 1.4x 1.2x 1.3x Total…
  16. 3Q 2018 Investor Presentation – Roan Resources – slide 16
    Updated 2018 Guidance 4Q18 FY 2018 Guidance 1Q18 Actual 2Q18 Actual 3Q18 Actual Estimate Estimate Production (MBoe/d) 37.7 36.1 46.5 52 - 56 43 - 44 Total Liquids Production as 56% 54% 56% 57% 56% % of total LOE ( per Boe) 2.46…
  17. 3Q 2018 Investor Presentation – Roan Resources – slide 17
    Key Take-Aways Success Criteria Roan Pure play operator with large acreage position in 80% of Merge acreage is in Merge oil and liquids-rich windows oil and liquids-rich windows Transportation costs to Cushing < 1.50 per barrel;…
  18. 3Q 2018 Investor Presentation – Roan Resources – slide 18
    Appendix 20
  19. 3Q 2018 Investor Presentation – Roan Resources – slide 19
    Oklahoma Industry Activity Active Rigs by Operator in Oklahoma(1) Oklahoma Rig Activity(1) 20 19 18 16 14 12 10 10 8 8 8 6 6 6 5 4 4 4 4 3 3 2 2 2 2 2 0 Horizontal Drilling Permits in Oklahoma(1) 350 327 300 250 200…
  20. 3Q 2018 Investor Presentation – Roan Resources – slide 20
    Key Merge Well Results IP-30(1) Operator Well name LL (ft.) % Oil (Boe/d) 1 ROAN Collins 10-3-9-5 1XH 3,387 9,500 61% 2 ROAN Cowboy 1H-27-22 1,371 10,245 29% 14 15 3 ROAN Paxton 1H-30-19 1,784 10,175 28% 4 ROAN DKB 1H-31-30…
  21. 3Q 2018 Investor Presentation – Roan Resources – slide 21
    Key SCOOP Non-Operated Well Results IP-30(1) Operator Well name LL (ft.) % Oil (Boe/d) 1 GPOR Pauline 6-27X22H 4,804 7,625 24% 2 CLR Triple H 2-30-31HS 3,573 9,900 85% 2 11 5 9 3 GPOR Bragg 3-35X02H 3,333 9,600 1% 4 GPOR…
  22. 3Q 2018 Investor Presentation – Roan Resources – slide 22
    Current Hedge Summary As of November 9, 2018: Oil Gas Period Swap Swap Swap Swap Basis Basis Volumes (weighted Volumes (weighted Volumes (weighted Hedged average ) Hedged average ) Hedged average ) (MBbls) (MMcf) (MMcf) 4Q 2018 1,233…
  23. 3Q 2018 Investor Presentation – Roan Resources – slide 23
    2018 Cash Margin Production Summary 1Q18 2Q18 3Q18 Oil Sales (MBbls/d) 11.5 9.6 11.8 Natural Gas Sales (MMcf/d) 99.0 100.6 124.1 NGLs Sales (MBbls/d) 9.7 9.7 14.0 Total (MBoe/d)(1) 37.7 36.1 46.5 Cash Margin Summary (in…
  24. 3Q 2018 Investor Presentation – Roan Resources – slide 24
    Non-GAAP Reconciliations Adjusted EBITDAX is a non-GAAP financial measure. We define Adjusted EBITDAX as net income (loss) adjusted for interest expense, income tax expense, depreciation, depletion, amortization and accretion,…
  25. 3Q 2018 Investor Presentation – Roan Resources – slide 25
    Non-GAAP Reconciliations Adjusted net income and adjusted net income per share are non-GAAP performance measures. The Company defines adjusted net income and adjusted net income per share as net (loss) income and net (loss) income per…
  26. 3Q 2018 Investor Presentation – Roan Resources – slide 26
    Revenue Recognition Reconciliation The Company adopted ASC 606 on January 1, 2018 using a modified retrospective approach, which only applies to contracts that were not completed as of the date of initial application. The adoption did…
  27. 3Q 2018 Investor Presentation – Roan Resources – slide 27
    Year-to-Date ROE and ROCE Reconciliation ROE and ROCE For the Nine Months Ended September 30, 2018 ( in millions) Adjusted Net Income 108.9 Annualized Adjusted Net Income 145.2 3Q Equity 1,343.8 ROE 10.8% Adjusted EBITDAX…

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