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December 2018 Corporate Presentation – Unit Corp.

Unit Corp. · Dec 5, 2018 · 36 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. December 2018 Corporate Presentation – Unit Corp. – slide 1
    Corporate Presentation December 2018
  2. December 2018 Corporate Presentation – Unit Corp. – slide 2
    A Diversified Energy Company 10 10 Tulsa based, Casper incorporated in 1963 Marcellus Pittsburgh Integrated approach to Mississippian Basin business allows Unit to capture margin Anadarko Tulsa Headquarters from each…
  3. December 2018 Corporate Presentation – Unit Corp. – slide 3
    Investment Highlights Diversified energy company with upstream, midstream and drilling rig segments and track record of growing within cash flow Upstream portfolio of high return drilling opportunities, growing liquids component,…
  4. December 2018 Corporate Presentation – Unit Corp. – slide 4
    Core Upstream Producing Areas Average Production (MBoe/d) Net Wells Drilled: 91 121 35 10 26 34 60 55 Oil 46 50 47 47-48 16% 50 44 40 Gas 30 NGLs 55% 29% 20 10 0 2013 2014 2015 2016 2017 2018 est Q3 2018 Daily Production:…
  5. December 2018 Corporate Presentation – Unit Corp. – slide 5
    Reserve Detail Reserve summary, as of 12/31/2017, audited by Ryder Scott Company, L.P. Reserves up 27% Y/Y PDP up 23% Y/Y PV-10 up 56% Y/Y Oil (Mbbls) Nat Gas (MMcf) NGL (Mbbls) Total (Mboe) PV-10 (MM) PDP 12,274 304,993 26,779…
  6. December 2018 Corporate Presentation – Unit Corp. – slide 6
    Track Record of Reserve Growth Proved Reserves (MMBoe) 179 180 160 150 150 8% Target 150 135 120 116 118 104 95 96 90 86 79 69 60 58 42 45 48 30 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010…
  7. December 2018 Corporate Presentation – Unit Corp. – slide 7
    Core Area Cash Margins 8.00 Adjusted Base 7.51 0.46 7.00 Adjusted Base 6.56 Adjusted Base 1.55 0.61 5.95 6.00 Adjusted Base Adjusted Base 0.70 5.29 1.15 5.17 5.00 Adjusted Base 0.76 4.43 1.17 1.30 Gas Base, 4.21 4.00…
  8. December 2018 Corporate Presentation – Unit Corp. – slide 8
    SOHOT Low Cost, High ROR Oil Play 9 Kaiser Francis Amanda 2168 1H IP: 540 Boe/d 71% Oil Unit Petroleum 8 Kaiser Francis Camino Torralba 1058 1H Echo E&P LLC IP: 578 Boe/d 70% Oil Kaiser- Francis Limerock Resources 7 Unit…
  9. December 2018 Corporate Presentation – Unit Corp. – slide 9
    SOHOT Low Cost, High ROR Oil Play Marchand Marchand Type Curve 5,000 7,500 IP - 30 (Boe/d) 704 986 ROR 72% 102% EUR (Mboe) 622 886 % Liquids 77% 77% Lateral Length 5,000 7,500 Well Cost (mm) 5.4 6.7 Single Well Economics…
  10. December 2018 Corporate Presentation – Unit Corp. – slide 10
    SOHOT Growing Oil Production and Improving Capital Efficiency Quarterly Net BOE Geology 600,000 Marchand stacked lenses provide multiple oil drilling targets Medrano proved gas potential 500,000 Land 400,000 23,000 net acres 84%…
  11. December 2018 Corporate Presentation – Unit Corp. – slide 11
    STACK Core - Provides High ROR Oil/Wet Gas with Dry Gas Optionality 10 10 Continental Resources 9 Privott 17_2016N9 1HX IP: 4,308 Boe/d 30% Oil 9 Devon Energy 8 Tiger Swallowtail 1HX 6 IP: 18.4 MMcfe/d 81% Gas 2 8 Devon…
  12. December 2018 Corporate Presentation – Unit Corp. – slide 12
    STACK Core - Provides High ROR Oil/Wet Gas with Dry Gas Optionality Oil Condensate Dry Gas* Type Curve Window Window Window IP - 30 (Boe/d, Mcfe/d*) 1,710 1,779 10,278* ROR 74% 51% 4% EUR (Mboe/Bcfe*) 1,948 1,985 13.2* %…
  13. December 2018 Corporate Presentation – Unit Corp. – slide 13
    STACK Growing into Core Area for Unit Petroleum Quarterly Net BOE 180,000 Geology Stacked drilling targets in Osage, 160,000 Meramec and Woodford Red Fork Potential in some areas 140,000 Sands consistently present across play…
  14. December 2018 Corporate Presentation – Unit Corp. – slide 14
    Granite Wash Low Risk Wet Gas Condensate Play with NGL Price Upside Carr 1312 WXL 3H 13 IP30: 9.3 Mmcfe/d (44% Gas) Carr 1312 EXL 2H 12 IP30: 7.3 Mmcfe/d (44% Gas) Carr 1312 EXL 1H 11 IP30: 7.5 Mmcfe/d (45% Gas) Carr 1357 WXL…
  15. December 2018 Corporate Presentation – Unit Corp. – slide 15
    Granite Wash Low Risk Wet Gas Condensate Play with NGL Price Upside Granite Granite Granite Type Curve Wash C1 Wash G Wash B IP - 30 (Mcfe/d) 10,000 9,000 7,900 ROR 27% 48% 19% EUR (Bcfe) 7.1 14.2 7.6 % Gas 48% 77% 52% Lateral…
  16. December 2018 Corporate Presentation – Unit Corp. – slide 16
    Granite Wash Competitive Advantages Drive Differentiated Value Buffalo Wallow Quarterly Net MMcfe Geology 6,000 11 Stacked Granite Wash lenses significantly improves capital efficiency Sands present across acreage 5,000 Land 9,000…
  17. December 2018 Corporate Presentation – Unit Corp. – slide 17
    Wilcox Conventional Stacked Over-Pressured Intervals Provide Low Cost Homerun Potential Overall Wilcox Drilling Program Results Drilled 172 operated wells since 2003 POLK TYLER (162 vertical, 11 horizontal) Program ROR 80% Operated…
  18. December 2018 Corporate Presentation – Unit Corp. – slide 18
    Wilcox Trend Provides an Extensive Play Area Wilcox Strategy for Future Growth Continue development of Gilly Field area with vertical and horizontal drilling and over 80 stacked pay recompletion/workover opportunities in existing…
  19. December 2018 Corporate Presentation – Unit Corp. – slide 19
    Rig Fleet Presence in Key Regions 96 rig fleet 20 800 HP: 21% 10 72 1,000-1,700 HP: 75% 4 2,000 HP: 4% 70% electric 10 54% 1,500 HP or greater 35 equipped with skidding or walking systems 27 additional can be skidded 33% total…
  20. December 2018 Corporate Presentation – Unit Corp. – slide 20
    SCR Rigs Continue to Make an Important Contribution 40 35 26 At industry trough 13 30 21 drilling rigs operating 21 25 Currently, 32 drilling rigs operating 20 12 15 All BOSS rigs operating 7 10 11 21 SCR rigs operating…
  21. December 2018 Corporate Presentation – Unit Corp. – slide 21
    Average Dayrates and Margins (1) 20,000 100% Decline in dayrates lagged 15,000 75% utilization decrease due to Average Rig Utilization Margins and Dayrates long-term contract roll-off 10,000 50% Utilization increased…
  22. December 2018 Corporate Presentation – Unit Corp. – slide 22
    The BOSS Drilling Rig Optimized for Pad Drilling Multi-direction walking system Faster Between Locations Quick assembly substructure 32-34 truck loads More Hydraulic Horsepower (2) 2,200 horsepower mud pumps 1,500 gpm…
  23. December 2018 Corporate Presentation – Unit Corp. – slide 23
    Superior Joint Venture Overview SP Investor Holdings, LLC 50% 50% Retains 50% equity interest Acquired 50% equity interest Received 300 million 300 million consideration Retains operational control of Non-managing member…
  24. December 2018 Corporate Presentation – Unit Corp. – slide 24
    Midstream Core Operations Key Metrics 22 active systems Northern Oklahoma and Kansas 1,890,200 dedicated acres 201 MMcf/d processing capacity 14 gas processing plants 623 miles of gathering pipeline Three natural gas treatment…
  25. December 2018 Corporate Presentation – Unit Corp. – slide 25
    Midstream Segment Contract Mix 2010 Q3 2018 Contract Mix Based on Volume 33% 49% 51% Fee Based 67% Commodity Based Contract Mix Based on Margin 15% 40% 85% Fee Based 60% Commodity Based Unit vs. 3rd Party Margin…
  26. December 2018 Corporate Presentation – Unit Corp. – slide 26
    Debt Structure No Near-Term Maturities Senior Subordinated Notes Ratings S&P Moodys Fitch Corporate B+ B2 B+ 650 million, 6.625% coupon Senior Subordinated Notes BB- B3 BB- Maturity of May 15, 2021 Standard high yield incurrence…
  27. December 2018 Corporate Presentation – Unit Corp. – slide 27
    Spending Within Cash Flow ( In Millions) 2013 2014 2015 2016 2017 (1) Adjusted EBITDA 667 785 407 250 313 Cash Interest Paid (15) (15) (30) (38) (36) Cash Taxes (Paid) Received (16) (9) 21 --- --- Other Net Cash (Paid) Received 2…
  28. December 2018 Corporate Presentation – Unit Corp. – slide 28
    Segment Contribution Revenues ( millions) Adjusted EBITDA ( millions)(1) 1,573 785 1,600 800 1,400 1,200 600 1,000 854 407 800 740 400 602 629 313 600 277 250 400 200 200 0 0 2014 2015 2016 2017 9 mos. '18 2014 2015…
  29. December 2018 Corporate Presentation – Unit Corp. – slide 29
    Operating Segment Capital Expenditures (1) (In Millions) 1,500 1,000 500 0 2013 2014 2015 2016 2017 2018 Forecast Oil and Natural Gas Contract Drilling Midstream (1) Net of acquisitions and plugging liability…
  30. December 2018 Corporate Presentation – Unit Corp. – slide 30
    Investment Highlights Diversified energy company with upstream, midstream and drilling rig segments and track record of growing within cash flow Upstream portfolio of high return drilling opportunities, growing liquids component,…
  31. December 2018 Corporate Presentation – Unit Corp. – slide 31
    APPENDIX 32
  32. December 2018 Corporate Presentation – Unit Corp. – slide 32
    Non-GAAP Financial Measures - Corporate Adjusted EBITDA Nine months ended Years ended September 30, December 31, ( In Millions) 2017 2018* 2014 2015 2016 2017 Net Income (Loss) 29 37 136 (1,037) (136) 118 Income Taxes 22 12 87…
  33. December 2018 Corporate Presentation – Unit Corp. – slide 33
    Non-GAAP Financial Measures - Segments Segment Adjusted EBITDA (with G&A allocated) Nine months ended Years ended September 30, December 31, ( In Millions) 2017 2018 2014 2015 2016 2017 Unit Petroleum Income (Loss) Before Income…
  34. December 2018 Corporate Presentation – Unit Corp. – slide 34
    Non-GAAP Financial Measures Reconciliation of Average Contract Drilling Daily Operating Margin Before Elimination of Intercompany Rig Profit and Bad Debt Expense Nine months ended Years ended (In thousands except for operating days…
  35. December 2018 Corporate Presentation – Unit Corp. – slide 35
    Derivative Summary 2018 2019 2020 Q4 Q1 Q2 Q3 Q4 CRUDE: Collars Volume (Bbl) -- -- -- -- -- -- Weighted Avg Floor -- -- -- -- -- -- Weighted Avg Ceiling -- -- -- -- -- -- 3-Way Collars Volume (Bbl) 184,000 360,000 364,000 368,000…
  36. December 2018 Corporate Presentation – Unit Corp. – slide 36
    Q4 2018 Economic Prices Strip Case* Natural MB C3 Crude Gas MB C2 MB C3 per barrel MB NC4 MB iC4 MB C5+ CW C2 CW C3 CW NC4 CW iC4 CW C5+ 2018 56.760 4.206 0.300 0.809 33.957 0.894 1.004 1.143 0.200 0.688 0.861 1.012 1.194 2019…

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