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February 2014 Investor presentation – Kodiak Oil & Gas Corp.

Kodiak Oil & Gas Corp. · Feb 28, 2014 · 19 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 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 1
    Investor Presentation February 2014 Exploring, developing and producing oil and natural gas in the Williston Basin. NYSE: KOG l www.kodiakog.com
  2. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 2
    Kodiak Overview Williston Basin Acreage: 173,000 net acres1 Drill-bit focused producer with large acreage position in oil-levered Williston Basin 2014E Rig Count: 7 Operated and 1-3 Non-Operated 2014E Capex: 940MM 2014…
  3. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 3
    Williston Asset Overview 173,000 Net Acre Position1 Polar, Koala, Ursid & Dunn County Smokey Divide 40,000 Net Acres 111,000 Net Acres Burke EURs: 800 - 950+ Williams EURs: 600 - 950+ MBOE MBOE 80% NRI Mountrail 82% NRI 950 Net…
  4. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 4
    Consistent Production Growth 50,000 Actual Sales Boe/d 2014 Guidance: Projected Sales Boe/d 42,000-44,000 Boe/d 45,000 40,000 35,000 29,200 Boe/d 30,000 Boe/d 25,000 20,000 14,400 Boe/d 15,000 10,000 3,900…
  5. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 5
    Capital Investment Overview Capital Expenditures1 Completed Net Wells Per Year ( in millions) 1,020 100 100 Actual 940 Estimated 810 63 261 16 27 82 5 7 2009 2010 2011 2012 2013 2014E 2009 2010 2011 2012 2013 2014E 1…
  6. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 6
    Proved Reserve Summary 12/31/2013 Proved Reserves and PV-10 Proved Reserves 83% Crude Oil Kodiak Net Proved Reserves as of December 31, 2013 Reserve Category Oil Gas Total SEC PV-10 (MMbbls) (Bcf) (MMboe) (B) Proved Developed…
  7. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 7
    Well Economics Overview 30 Middle Bakken 400 Bakken Long Lateral 900 MBOE Dunn County Sample Three Forks 350 WTI Differential Well Cost NPV-10 Payout 25 (/bbl) (/bbl) (MM) (MM) IRR (m onths) 300 Cumulative Production (MBbls)…
  8. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 8
    Polar Pilot Project Kodiak completed two downspacing pilot programs in 2013 with 12-wells in each 1280-acre drilling spacing unit (DSU) testing 800 foot spacing between wellbores. Polar Pilot Production Rates Polar IP 24-hour 30…
  9. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 9
    Smokey Pilot Project Kodiak completed two downspacing pilot programs in 2013 with 12-wells in each 1280-acre drilling spacing unit (DSU) testing 800 foot spacing between wellbores. Smokey Pilot Production Rates IP 24-hour 30 Day…
  10. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 10
    Polar Pilot 2.0 Project: Optimizing Ultimate Development 4 Well Pad 4 Well Pad 4 Well Pad 4 Well Pad 500 500 LODGEPOLE UPPER BAKKEN SHALE 11100 MIDDLE BAKKEN LOWER BAKKEN SHALE 600 100 UPPER THREE 600 750 FORKS…
  11. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 11
    Polar Pilot Project 2.0: Tightening Up Spacing KOG Downspacing Test Downspacing program analyzing 16 wells per 1280-acre DSU 600-650 foot spacing between well bores 8 Middle Bakken wells Initial Kodiak Four Well Pad 6 Upper/Middle…
  12. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 12
    Financial Strategy Strive to maintain conservative balance sheet which Hedges preserves financial flexibility Liquidity of 650 million 93.29 30,000 88.47 100 Growth in EBITDA reducing long-term debt / EBITDA 25,000 towards 2.0x…
  13. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 13
    Strong Economics Protect Margins Unhedged Cash Margin (/BOE) Adjusted EBITDA1 250 90.10 2.67 82.06 79.48 10.00 75.84 3.37 75.11 3.23 200 3.61 9.08 6.28 4.36 8.77 8.19 8.56 6.90 6.33 5.77 6.00 150 MM 100 71.15…
  14. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 14
    Williston Basin Today: Rig Count Steady Technology & Efficiency Improving 1,200,000 270 Oil Production (Bopd) Rigs 240 1,000,000 210 800,000 180 150 Bopd Rigs 600,000 120 400,000 90 60 200,000 30 - -…
  15. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 15
    Moving Crude Out of North Dakota Rail to Anacortes 9-10/bbl 3,000,000 2,500,000 Pipe to Clearbrook 2-3/bbl Rail to E. Coast 14-17/bbl Rail to CA 2,000,000 13-15/bbl Rail Capacity Pipe to Cushing 5/bbl 1,500,000…
  16. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 16
    Key Investment Highlights Drill-bit Development Asset scale, Conservative focused of low-risk technical financial producer drilling knowledge philosophy with large inventory and and proactive acreage with infrastructure…
  17. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 17
    Appendix Historical Completion Activities 17
  18. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 18
    Cash Margin Reconciliation Reconciliation of Cash Margin (non-GAAP) to Gross Margin (GAAP) Three Months Ended 4Q12 1Q13 2Q13 3Q13 Unhedged Sales Price Oil (/Bbls) 83.27 90.80 88.88 98.19 Gas (/Mcf) 1 5.83 6.48 6.16 6.32 BOE…
  19. February 2014 Investor presentation – Kodiak Oil & Gas Corp. – slide 19
    Adjusted EBITDA Reconciliation Reconciliation of Adjusted EBITDA (non-GAAP) to Net Income (GAAP) 4Q12 1Q13 2Q13 3Q13 Net Income 33,292 19,444 44,250 31,150 Add back: Depreciation, depletion, amortization and accretion 51,430…

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