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Merger with Midstates Petroleum – Amplify Energy Corp.

Amplify Energy Corp. · May 6, 2019 · 22 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. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 1
    Amplify Energy and Midstates Petroleum Announce a Merger-of-Equals May 6, 2019
  2. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 2
    Transaction Highlights Strategic All Stock Merger-of-Equals Unlocks Substantial Value Through Cost Synergies Establishes a Peer-Leading Free Cash Flow Profile Additional Capacity to Accelerate Capital Return Programs…
  3. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 3
    Transaction Details 100% stock combination of Amplify Energy Corp. (Amplify or AMPY) and Midstates Petroleum Company Inc. (Midstates or MPO) Amplify stockholders will receive 0.933 shares of common stock of newly-issued Midstates…
  4. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 4
    Asset Overview Robust platform of long-life, shallow decline assets 50/50 liquids and gas production mix 4 Gas production receives attractive pricing in the Gulf Coast Combined company enterprise value of 729 MM is a significant…
  5. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 5
    Transaction Rationale Realize G&A Synergies G&A rationalization; preliminary estimates of at least 20 MM annual G&A reduction Opportunity to move down the cost curve by spreading fixed costs over more production Achieves benefits…
  6. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 6
    Combination Unlocks Value for All Stockholders Pro Forma Free Cash Flow Asset Diversification LOE and G&A Synergies Float Leverage & Liquidity 5
  7. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 7
    Top-Tier Free Cash Flow Generation Substantial low decline asset base yields sustainable sector-leading FCF generation U.S. publicly listed E&Ps 40 with market cap between Pro Forma 0.3 5 BN 7 Companies with FCF Pro Forma…
  8. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 8
    Path to Value Creation and Upside 230 MM Value Gap Enterprise Value is 24% less than PD PV-10 Equity has 54% upside based on PD PV-10 only Further Value Enhancement A Synergy Realization 960 MM Improved Market 729 MM B…
  9. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 9
    Merger Creates a Peer Group Leader 4Q18 Production (Mboe/d) 4Q18A Levered Free Cash Flow1 ( MM) 165 40 Peer Average: 38 Peer Average: (17) 24 94 71 16 4Q18 4Q18A Pro Forma Pro Forma 2018 Cash G&A Expense (/Boe) Net…
  10. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 10
    Top-Tier Free Cash Flow Generation 2019E Levered Free Cash Flow Yield1 Pro Forma Amplify, 2019E Levered Free Cash Flow Yield: 15%-25% 27.1% 25.0% 15.0% 16.7% 8.4% 6.8% 5.1% Peer Average: (0.2%) (4.9%) (11.3%)…
  11. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 11
    Scale and Synergies Enable Top-Tier G&A Efficiency 2018 Cash G&A Expense (/Boe) 5.81 5.47 4.80 4.25 Peer Average: 3.48 (/Boe) 3.21 2.90 2.70 2.70 2.32 1.64 1.47 1.20 1 Peer E Peer I Peer B AMPY Peer…
  12. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 12
    Substantial Synergy Realization Cash G&A Bridge ( MM) 2 15 47 (20) 1 31 43% reduction 27 AMPY 2018 MPO 2018 Pro Forma Synergies AMPY PF 2018 G&A Overview AMPY to be headquartered in Houston, Texas, and will utilize…
  13. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 13
    Strong Balance Sheet and Liquidity Attractive PF 4Q18A leverage expected to be 1.2x; Pro Forma Capitalization ( in MM, as of 3/31/19) below peer group average of 1.6x Simple capital structure with 100% of debt from revolving Cash and…
  14. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 14
    Capital Return Programs Both Amplify and Midstates have been actively returning capital to stockholders and the pro forma combined company will be positioned to accelerate allocation of capital to this strategy Recent Capital Return…
  15. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 15
    Expected Combination Highlights 1 Highly-efficient operator with best-in-class free cash flow profile 2 Substantial value creation through immediate synergies resulting in top-tier G&A metrics 3 Attractive leverage profile and…
  16. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 16
    Appendix
  17. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 17
    Miss Lime Asset Overview 4Q18 Production PD PV-10 (Mboe/d) ( MM) Other PF Amplify Assets Miss Lime Key Stats Net Acres (ML): 100,000 acres Operatorship: 83% Average WI: 76% HBP: 92% Net Production: 16.4 MBoe/d1 Liquids…
  18. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 18
    East Texas / North Louisiana Asset Overview 4Q18 Production PD PV-10 (Mboe/d) ( MM) Other PF Amplify Assets ETX / NLA Key Stats Net Acres (CV): 93,300 acres Average WI: 87% HBP 100% Net Acres (HSVL): 21,200 acres Average…
  19. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 19
    California Beta Field Asset Overview 4Q18 Production PD PV-10 (Mboe/d) ( MM) Other PF Amplify Assets California Beta Key Stats Net Acres: 17,000 acres WI %: 100% HBP %: 100% Net Production: 3.1 MBoe/d1 PD PV-10: 187 MM2…
  20. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 20
    Rockies CO2 Asset Overview 4Q18 Production PD PV-10 (Mboe/d) ( MM) Amplify Leasehold Fremont Carbon Other PF Amplify Assets Rockies CO2 Sweetwater Key Stats Net Acres: 7,000 acres WI%: 100% HBP%: 100% Net Production:…
  21. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 21
    Eagle Ford Asset Overview 4Q18 Production PD PV-10 (Mboe/d) ( MM) DeWitt Other PF Amplify Assets Eagle Ford Karnes Key Stats Net Acres: 750 acres WI %: 5% HBP %: 100% Net Production: 1.1 MBoe/d1 PD PV-10: 42 MM2 PD…
  22. Merger with Midstates Petroleum – Amplify Energy Corp. – slide 22
    Experienced Management Team Amplifys senior management team will operate the combined business The Amplify team, on average, has 23 years of experience successfully operating companies with diverse asset bases Name Position Prior…

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