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June 2019 Corporate Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Jun 11, 2019 · 28 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. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 1
    Abraxas Caprito 98 201H; Ward Cty., TX Abraxas Petroleum Corporation June 2019
  2. June 2019 Corporate Presentation – 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) .... 167 mm NBV Non-Oil & Gas Assets(5)…
  3. June 2019 Corporate Presentation – 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 46.9 54.1% 7.0 6.7 LOE (/BOE) 4.00…
  4. June 2019 Corporate Presentation – 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. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 5
    Asset Base Overview 6
  6. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 6
    Delaware Basin Permian Basin Wolfcamp & Bone Spring Map Source: Investor presentations, Drilling Info and management estimates. 7
  7. June 2019 Corporate Presentation – 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. June 2019 Corporate Presentation – 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. June 2019 Corporate Presentation – 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. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 10
    Delaware Basin Caprito Development 1 mile = Original 15 wells 1320 spacing = Additional 15 wells 660 down spacing 11
  11. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 11
    Delaware Basin 3rd Bone Spring 3rd Bone Spring Average vs. Type BOE/D WELL COUNT DAYS 12
  12. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 12
    Delaware Basin Wolfcamp A1 Wolfcamp A1 Average vs. Type BOE/D WELL COUNT DAYS 13
  13. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 13
    Delaware Basin Wolfcamp A2 Wolfcamp A2 Average vs. Type BOE/D WELL COUNT DAYS 14
  14. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 14
    Delaware Basin Wolfcamp B Wolfcamp B Average vs. Type BOE/D WELL COUNT DAYS 15
  15. June 2019 Corporate Presentation – 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. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 16
    Down-spacing Observations Caprito 99 Down-Space Wells RATE vs TIME CUM BOE vs TIME Distance from 302H Parent 302H Parent Well 202H - 350 311H - 650 211H - 980 301H - 1,320 BOE/DAY CUM BOE 302H Parent Well DAYS…
  17. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 17
    Bakken/Three Forks Bakken / Three Forks (McKenzie Cty., ND) Asset Highlights: 3,500 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…
  18. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 18
    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)…
  19. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 19
    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…
  20. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 20
    Generational Uplift Middle Bakken North Fork Field Middle Bakken Completion Generations vs. Type Rav-Wiley 2H; Ravin 13H 200Mboe Cum/Well First 180 days BOEPD DAYS 21
  21. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 21
    Generational Uplift Three Forks North Fork Field Three Forks Completion Generations vs. Type Rav-Wiley 1H; Ravin 14H 187Mboe Cum/Well First 180 days BOEPD DAYS 22
  22. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 22
    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…
  23. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 23
    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…
  24. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 24
    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…
  25. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 25
    Appendix 26
  26. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 26
    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. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 27
    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…
  28. June 2019 Corporate Presentation – Abraxas Petroleum Corp. – slide 28
    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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