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April 2019 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Apr 5, 2019 · 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. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Caprito 98 201H; Ward Cty., TX Abraxas Petroleum Corporation April 2019
  2. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(1,3)... 6.16 Shares outstanding(1)......... 167 mm Proved Reserves(4).. 67.2 mmboe Market cap(1) .... 222 mm NBV Non-Oil & Gas Assets(5)…
  3. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 3
    2019 Operating and Financial Guidance 2019 Capex Budget Allocation 2019 Operating Guidance Capital % of Gross Net Low High Area Operating Costs (MM) Total Wells Wells Case Case Permian - Delaware 46.2 48.8% 7.0 6.7 LOE (/BOE) 4.00…
  4. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 4
    The Abraxas Advantage Capital Structure Benefit RBL represents only meaningful form of leverage, no other balance sheet dilutives Currently 217.5MM after recent bank redetermination Provides ample liquidity to carry out current…
  5. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Asset Base Overview 6
  6. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Delaware Basin Permian Basin Wolfcamp & Bone Spring Map Source: Investor presentations, Drilling Info and management estimates. 7
  7. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Delaware Basin Inventory Abraxas has identified 270 net potential drilling locations assuming 1,320 (160-acre spacing), and 542 net potential locations assuming 660 (80-acre) spacing per 1 mile DSU across our leasehold (1)…
  8. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 8
    Evolution in the Delaware Basin 2012 2015 2019 Abra xa s Operated Acreage Abra xa s Operated Acreage Abra xa s Operated Acreage Abra xa s Non-Operated Acreage Abra xa s Non-Operated Acreage Abra xa s Non-Operated Acreage 9
  9. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 9
    Historical Reserve & Production Growth YE18 total proved reserves up 3% YoY Proved Reserves Summary(1) Oil Gas NGL Total PV10 55% increase over last 3 years YE 2018 (MBbl) (MMcf) (MBbl) (MBoe) (M) 14% CAGR since 2013 PDP 12,788…
  10. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 10
    Delaware Basin Caprito Development 1 mile = Original 15 wells 1320 spacing = Additional 15 wells 660 down spacing 11
  11. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Delaware Basin 3rd Bone Spring 3rd Bone Spring Average vs. Type BOE/D WELL COUNT DAYS 12
  12. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 12
    Delaware Basin Wolfcamp A1 Wolfcamp A1 Average vs. Type BOE/D WELL COUNT DAYS 13
  13. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Delaware Basin Wolfcamp A2 Wolfcamp A2 Average vs. Type BOE/D WELL COUNT DAYS 14
  14. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Delaware Basin Wolfcamp B Wolfcamp B Average vs. Type BOE/D WELL COUNT DAYS 15
  15. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Delaware Basin Economics by Zone - EOY18 Model Third Bone Spring Wolfcamp A1 Wolfcamp A2 Wolfcamp B Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions 630 MBOE gross type…
  16. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Bakken/Three Forks Bakken / Three Forks (McKenzie Cty., ND) Asset Highlights: 4,000 net acres in the heart of McKenzie Cty. 63 wells drilled by Abraxas (34MB / 29TF1) 59 completions, 4 DUCs (Lillibridge DSU) Cum Production 10.5…
  17. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Bakken/Three Forks Remaining Inventory Remaining Locations Three Forks 2nd Bench (19 Total - 8 MB, 11 TF1) (20 TF2 PRUDs booked) Jore Federal WI 75% (3MB, 7TF1) AXAS book type curve = 555 MBOE Yellowstone WI 51.5% (4MB, 4TF1)…
  18. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Bakken Completion Evolution: 2010 - 2019 Highlights Increase in prop mass and fluid volume Increase in stages and adding diverters to drive cluster efficiency Using thinner fluids to promote complexity SPE 184851 Re-designing…
  19. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Generational Uplift Middle Bakken North Fork Field Middle Bakken Completion Generations vs. Type BOEPD DAYS 20
  20. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Generational Uplift Three Forks North Fork Field Three Forks Completion Generations vs. Type BOEPD DAYS 21
  21. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Bakken System Economics Economics by Zone - EOY18 Model Middle Bakken Three Forks Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions 975 MBOE gross type curve 791 MBOE gross type curve 88% Oil 87% Oil Initial rate: 1,302 boepd…
  22. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 22
    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…
  23. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 23
    Abraxas Hedging Profile 2019 2020 2021 Oil Swaps (bbls/day) 4,104 3,026 2,051 Swap Price (/Bbl) (2) 56.85 55.25 59.79 Mid-Cush Basis Swaps (bbls/day) 4,000 4,000 - Swap Price (/Bbl) (3) (3.00) (3.00) - (1) WTI - straight…
  24. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Appendix 25
  25. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 25
    Adjusted EBITDA Reconciliation Adjusted EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. The following table provides a…
  26. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 26
    TTM Adjusted EBITDA Reconciliation Adjusted EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. The following table provides a…
  27. April 2019 Corporate Update – Abraxas Petroleum Corp. – slide 27
    Standardized Measure Reconciliation PV-10 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. PV-10 is considered a non-GAAP financial…

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