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February 2020 Corporate Presentation – Panhandle Oil and Gas Inc.

Panhandle Oil and Gas Inc. · Feb 11, 2020 · 25 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. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 1
    Corporate Presentation February 2020
  2. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 2
    Company Snapshot Key Statistics 12% 24% Net Mineral Acres (000's) 12% Net Mineral Acres 258,768 Average Royalty Rate on Leased Acreage 18.75% 71% 259 52% 74 5% 1Q20 Net Production (Mmcfe/d) 27.8 10% Operational 2019…
  3. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 3
    Why Invest in PHX 1 Deal evaluation 2 Peer leading G&A underpinned on among mineral in-house players with technical minimal Management & expertise, incremental G&A Scalable Technical team engineering and required for a…
  4. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 4
    Corporate History PHX 1.0 Beginning as a Co-op PHX 2.0 Continued December 1926 Founded as Panhandle Cooperative Royalty Company in 2007 Oklahoma Name changed to Panhandle Oil and Gas, Inc 1926- 1969 Formed for the purpose of…
  5. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 5
    Differentiated Corporate Strategy Take advantage of Dedicated IR effort to current consolidation raise company profile opportunities in the within the minerals eco- minerals sector system Strengthen PHXs position in the Target oil…
  6. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 6
    Track Record of Return of Capital to Shareholders Total Return of Capital (mm) Legacy PHX New PHX 10.1 Improved capital return profile through increased FCF returned via dividends 3.9 3.1 3.3 2.8 2.8 2014 2015 2016 2017…
  7. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 7
    Diversified Mineral Position 24% 24% 71% 5% 5% 71% BAKKEN/THREE FORKS Producing Leased But Not Producing Open Over 70% of Panhandles net mineral position is currently open SCOOP/STACK PERMIAN BASIN FAYETTEVILLE…
  8. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 8
    Portfolio Overview SCOOP / STACK Bakken Arkoma STACK Permian Fayetteville Other 4% 10% 12% 10% 12% 52% Core NMA 1 74 ('000) 5% 22% 1% 19% 18% 25% 3 Production 27.8 (Mmcfe/d) Top Operators WIPs and Permit Locations…
  9. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 9
    Portfolio Overview (cont'd) SCOOP / STACK Bakken Arkoma STACK Permian Fayetteville Other Total 3,793 Gross Wells on Production 6,775 354 134 1,351 522 621 Net Wells 6.3 2.0 12.6 1.3 22.7 66.0 111.0 5 28 2 11 Gross Wells…
  10. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 10
    Inventory Overview Gross Gross Wells Undeveloped Locations Estimated Economic 2 Sub-region PDP Wells In Process Permits PUD PROB POSS Total Undeveloped Locations SCOOP / STACK 621 79 35 259 749 396 2,139 100% Bakken 522 2 13 105 204…
  11. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 11
    Selected Mineral Acquisitions 1 2 3 Bakken/ Three Forks Bakken/ Three Forks STACK - Acquisition - Acquisition - Acquisition - PHX Ownership - PHX Ownership - PHX Ownership - DI Rigs as of 2-3-20 - Bakken/Three Forks -…
  12. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 12
    SCOOP/STACK Position Net Mineral Acres2 Net Production (Mmcfe/d)2 Core NMA1 Prod. 25% 12% 12% 23% Portfolio 88% 75% 24% Contribution 23% 11,899 6.9 10% 21% 13% 65% 69% 13% 64% 64% Producing Leased But Not Producing Open…
  13. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 13
    Bakken/Three Forks Position Net Mineral Acres2 Net Production (Mmcfe/d)2 Core NMA1 Prod. 4% 5% 10% 36% 95% Portfolio 96% Contribution 23% 3,096 1.5 10% 21% 59% 90% 13% 69% 64% 5% Producing Leased But Not Producing Open Oil…
  14. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 14
    Financial Overview
  15. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 15
    Financial Overview Financial Philosophy Capital Structure and Liquidity Current capital structure 100% common equity and debt from RBL 12/31/2019 Total long term leverage 1.5x - 2.0x net debt / EBITDA target Cash (mm) 0.3…
  16. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 16
    Financial Highlights Production (mmcfe/d) Adjusted1 EBITDA (mm) Working Interest Royalty Interest 50 40 37.6 33.6 26 31.4 28 9.8 30.4 30 28.4 9.3 24 8.3 8.0 9.4 20 19 13 27.8 24.3 23.1 22.4 10 19.0…
  17. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 17
    Hedge Position as of December 31, 2019 Natural Gas Hedges (mcf) Crude Oil Hedges (bbl) Swap Price: 2.75 2.66 58.01 Collar Ceiling: 2.59 66.56 Collar Floor: 2.20 58.75 990,000 100,000 42,000 70,000 30,000 2020 2020…
  18. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 18
    Why Invest in PHX 1 Management & Technical team that understands the rocks 2 Scalable infrastructure for acquisitions 3 Track record of capital return and generating excess discretionary cash flow 4 Energy down-cycle…
  19. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 19
    Appendix
  20. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 20
    Active Portfolio Management Panhandle is focused on actively 1,369 managing its mineral portfolio through: Seeking out lessors for 125 4,057 135 open acreage generates 2,407 2,067 1,754 751 upfront bonus revenue and 715 217 149…
  21. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 21
    SEC Proved Reserves By Reserve Category By Product By Basin 5.7 Bcfe 5% 17.0 Bcfe 11.8 Bcfe 1.0 Bcfe 19.0 Bcfe 16% 11% 1% 18% 14.3 Bcfe 5.7 Bcfe 29.1 Bcfe 4.2 Bcfe 1.0 Bcfe 13% 19.0 5% Bcfe 27% 4% 1% 4.2 Bcfe 18% 29.1 Bcfe…
  22. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 22
    Arkoma Stack Position Net Mineral Acres2 Net Production (Mmcfe/d)2 Core NMA1 Prod. 22% 5% 10% Portfolio 90% 78% 33% Contribution 23% 11,620 6.1 10% 21% 95% 13% 3% 64% 64% 69% Producing Leased But Not Producing Open…
  23. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 23
    Permian Position Net Mineral Acres2 Net Production (Mmcfe/d)2 Core NMA1 Prod. 1% 8% 10% 12% 99% Portfolio 88% 15% 15% Contribution 77% 23% 10% 38,823 0.4 21% 75% 13% 69% 64% Producing Leased But Not Producing Open Oil NGL…
  24. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 24
    Fayetteville Position Net Mineral Acres2 Net Production (Mmcfe/d)2 Core NMA1 Prod. 19% 10% 28% Portfolio 90% 81% Contribution 23% 9,905 5.4 10% 21% 0% 13% 100% 69% 64% 72% Producing Leased But Not Producing Open Oil NGL…
  25. February 2020 Corporate Presentation – Panhandle Oil and Gas Inc. – slide 25
    Other Positions Net Mineral Acres2 Net Production (Mmcfe/d)2 Core NMA1 Prod. 18% 18% 19% Portfolio 48% 52% 82% Contribution 3% 23% 183,425 4.9 10% 21% 79% 20% 61% 13% 69% 64% Producing Leased But Not Producing Open Oil…

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