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December 2019 Investor Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Dec 13, 2019 · 29 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 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporation December 2019 1
  2. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.................... San Antonio EV/BOE(2)... 3.44 Shares outstanding(1).......... 167mm Proved Reserves(3) 68.3 mmboe Market cap(1) .... 43mm NBV Non-Oil & Gas Assets(4) 20.1 mm Net…
  3. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 3
    2020 Operating and Financial Guidance Prelim 2020 Capex Budget Allocation Prelim 2020 Operating Guidance Capital % of Gross Net Low High Area Operating Costs (MM) Total Wells Wells Case Case Permian - Delaware 21 26-44% 3 2.4 LOE…
  4. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 4
    Revised Guidance 2019 Switching to barrels oil from barrels of oil equivalent format Gas & NGL have become insignificant revenue generators compared to percent of production Gas & NGL are tied to 3rd party gathering and processing,…
  5. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 5
    Historical Reserve & Production Growth Proved Reserves Summary (1) Oil Gas NGL Total PV10 YE18 total proved reserves up 3% YoY YE 2018 (MBbl) (MMcf) (MBbl) (MMBoe) (M) 55% increase over last 3 years PDP 12,788 39,177 3,679 22,996…
  6. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 6
    The Abraxas Advantage Basin / Geologic Benefit Core acreage positions in the Bakken and WTX (Delaware Basin) 11,500 net mineral acres in WTX (95% Operated, HBP) Deep inventory of high quality locations in WTX providing 20 years of…
  7. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 7
    Asset Base Overview 8
  8. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 8
    Delaware Basin Permian Basin Wolfcamp & Bone Spring Map Source: Investor presentations, Drilling Info and management estimates. 9
  9. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 9
    Evolution in the Delaware Basin 2012 2012 2015 2015 2019 2019 Abraxas Operated Acreage Abraxas Operated Acreage Abraxas Operated Acreage Abraxas Non-Operated Acreage Abraxas Non-Operated Acreage Abraxas Non-Operated…
  10. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 10
    Delaware Basin Inventory Abraxas has identified 404 net potential drilling locations assuming 880 ft spacing between wells in the same zone Approximately 33% of these locations could be combined in the future for long lateral…
  11. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 11
    Delaware Basin Caprito Development 12
  12. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 12
    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…
  13. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 13
    Delaware Basin 3rd Bone Spring 3rd Bone Spring Average vs. Type Caprito 82-101H Dec 17 Mesquite 102H Oct 18 Mesquite U103H Oct 18 Woodberry 101H Jul 19 BOE/D WELL COUNT DAYS 14
  14. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 14
    Delaware Basin Wolfcamp A1 Wolfcamp A1 Average vs. Type Caprito 98-201H Jul 17 Caprito 82-202H Dec 17 Caprito 99 202H Jun 18 Caprito 99 211H Jun 18 Greasewood 201H Aug 18 Pecan 47 201H Dec 18 Creosote 201H Mar 19 Hackberry…
  15. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 15
    Delaware Basin Wolfcamp A2 Wolfcamp A2 Average vs. Type Caprito 99-302H Nov 16 Caprito 98-301H Jul 17 Caprito 83-304H Oct 17 Caprito 99-301H Jun 18 Caprito 99-311H Jun 18 Greasewood 301H Aug 18 Creosote 302H Mar 19 BOE/D WELL…
  16. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 16
    Delaware Basin Wolfcamp B Wolfcamp B Average vs. Type Caprito 83-404H Dec 17 BOE/D WELL COUNT DAYS 17
  17. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 17
    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 curve…
  18. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 18
    Bakken/Three Forks Bakken / Three Forks (McKenzie Cty., ND) Asset Highlights: 3,500 net acres in the heart of McKenzie Cty. 69 wells drilled by Abraxas (37MB / 31TF1, 1TF2) 63 completions, 6 DUCs (Jore Federal extension pad) Cum…
  19. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 19
    Bakken/Three Forks Remaining Inventory Remaining Locations Three Forks 2nd Bench (19 Total - 8 MB, 11 TF1, includes 6 DUCs) (20 TF2 PRUDs booked) Jore Federal WI 98% (3MB, 7TF1) (includes 6 DUCs) AXAS book type curve = 555 MBOE…
  20. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 20
    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…
  21. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 21
    Generational Uplift Middle Bakken North Fork Field Middle Bakken Completion Generations vs. Type Rav-Wiley 2H; Ravin13H 200Mboe Cum/Well First 180 days BOEPD DAYS 22
  22. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 22
    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 23
  23. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 23
    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…
  24. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 24
    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…
  25. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 25
    Abraxas Hedging Profile Current Hedge Book 2019 2020 2021 Oil Swaps (bbls/day) 5,438 3,779 2,809 Swap Price (/Bbl) (1) 56.69 55.23 57.83 Mid-Cush Basis Swaps (bbls/day) 4,000 4,000 - Swap Price (/Bbl) (2) (3.00) (3.00) -…
  26. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 26
    Appendix 27
  27. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 27
    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. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 28
    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…
  29. December 2019 Investor Presentation – Abraxas Petroleum Corp. – slide 29
    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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