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January 2014 Corporate Presentation – Kodiak Oil & Gas Corp.

Kodiak Oil & Gas Corp. · Jan 31, 2014 · 20 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. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 1
    Corporate Presentation January 2014 Exploring, developing and producing oil and natural gas in the Williston Basin. NYSE: KOG l www.kodiakog.com
  2. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 2
    Kodiak Overview Williston Basin Acreage: 192,000 net acres Drill-bit focused producer with large acreage position in oil-levered Williston Basin 2014E Rig Count: 7 Operated and 1-3 Non-Operated 2014E Capex: 940MM 2014…
  3. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 3
    Williston Asset Overview 192,000 Net Acre Position Polar, Koala, Ursid & WILDROSE Dunn County Smokey Divide 41,000 Net Acres 118,000 Net Acres Burke EURs: 800 - 950+ Williams EURs: 600 - 950+ MBOE MBOE 80% NRI Mountrail 82% NRI…
  4. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 4
    Consistent Production Growth 50,000 Actual Sales Boe/d 2014 Guidance: Projected Sales Boe/d 42,000-44,000 Boe/d 45,000 40,000 35,000 2013 Guidance: 29,200 Boe/d 30,000 Boe/d 25,000 20,000 14,400 Boe/d 15,000…
  5. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 5
    Capital Investment Overview Capital Expenditures1 Completed Net Wells Per Year ( in millions) 100 100 1,000 Actual 940 Estimated 810 63 261 16 27 82 5 7 2009 2010 2011 2012 2013E 2014E 2009 2010 2011 2012 2013E 2014E…
  6. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 6
    Well Economics Overview Bakken Long Lateral 750 MBO Bakken Long Lateral 850 MBO Bakken Long Lateral 850 MBO WTI Differential Well Cost NPV-10 Payout WTI Differential Well Cost NPV-10 Payout (/bbl) (/bbl) (MM) (MM) IRR (m onths)…
  7. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 7
    Polar Pilot Project: Reservoir Well Spacing Pattern Pilot Program analyzing 12 wells per 1280-acre DSU 4 Well Pad 4 Well Pad 4 Well Pad 500 LODGEPOLE UPPER BAKKEN SHALE 11100 MIDDLE BAKKEN LOWER BAKKEN SHALE 800 70…
  8. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 8
    Polar Pilot Project In order to identify optimal well spacing density and maximize recovery, Kodiak completed two downspacing pilot programs in 2013 with 12-wells in each 1280-acre drilling spacing unit (DSU). Polar Pilot…
  9. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 9
    Polar Pilot 2.0 Project: Optimizing Ultimate Development 4 Well Pad 4 Well Pad 4 Well Pad 4 Well Pad 500 500 LODGEPOLE UPPER BAKKEN SHALE 11100 MIDDLE BAKKEN LOWER BAKKEN SHALE 600 100 UPPER THREE 600 750 FORKS…
  10. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 10
    Polar Pilot Project 2.0: Tightening Up Spacing KOG Downspacing Test Downspacing program analyzing 16 wells per 1280-acre DSU 600-650 foot spacing between well bores Initial Kodiak Four Well Pad 8 Middle Bakken wells IP 24-hr 6…
  11. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 11
    Financial Strategy Strive to maintain conservative balance sheet which Hedges preserves financial flexibility Liquidity of 650 million 93.29 88.47 Growth in EBITDA reducing long-term debt / EBITDA 30,000 100 25,000 towards less than…
  12. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 12
    Strong Economics Protect Margins Unhedged Cash Margin (/BOE) Adjusted EBITDA1 250 90.10 2.67 82.06 79.48 10.00 75.84 3.37 75.11 3.23 200 3.61 9.08 6.28 4.36 8.77 8.19 8.56 6.90 6.33 5.77 6.00 150 MM 100 71.15…
  13. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 13
    Williston Basin Today: Rig Count Steady Technology & Efficiency Improving 1,000,000 270 Oil Production (Bopd) Rigs 900,000 240 800,000 210 700,000 180 600,000 150 Bopd Rigs 500,000 120 400,000 90 300,000 60…
  14. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 14
    North Dakota Today: Gross Production by Operator (BOPD) October 2013 Gross Production 120,000 100,000 80,000 60,000 40,000 20,000 0 Hess Oasis Statoil Kodiak Whiting ExxonMobil…
  15. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 15
    Moving Crude Out of North Dakota Rail to Anacortes 9-10/bbl 3,000,000 2,500,000 Pipe to Clearbrook 2-3/bbl Rail to E. Coast 14-17/bbl Rail to CA 2,000,000 13-15/bbl Rail Capacity Pipe to Cushing 5/bbl 1,500,000…
  16. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 16
    Key Investment Highlights Drill-bit Development Asset scale, Conservative focused of low-risk technical financial producer drilling knowledge philosophy with large inventory and and proactive acreage with infrastructure…
  17. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 17
    Appendix Historical Completion Activities 17
  18. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 18
    Proved Reserve Summary 6/30/2013 Proved Reserves1 and PV-10 Proved Reserves 86% Crude Oil Kodiak Net Pro Forma Proved Reserves as of June 30, 2013 Reserve Category Oil Gas Total SEC PV-10 (MMbbls) (Bcf) (MMboe) (B) Proved Developed…
  19. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 19
    Cash Margin Reconciliation Reconciliation of Cash Margin (non-GAAP) to Gross Margin (GAAP) Three Months Ended 4Q12 1Q13 2Q13 3Q13 Unhedged Sales Price Oil (/Bbls) 83.27 90.80 88.88 98.19 Gas (/Mcf) 1 5.83 6.48 6.16 6.32 BOE…
  20. January 2014 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 20
    Adjusted EBITDA Reconciliation Reconciliation of Adjusted EBITDA (non-GAAP) to Net Income (GAAP) 4Q12 1Q13 2Q13 3Q13 Net Income 33,292 19,444 44,250 31,150 Add back: Depreciation, depletion, amortization and accretion 51,430…

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