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Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Mar 6, 2014 · 24 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. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Capital Link MLP Investing Forum March 6, 2014 Financial information as of March 5, 2014 NASDAQ: MCEP www.midconenergypartners.com 1
  2. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 2
    Mid-Con Energy Partners, LP Operational Highlights(1) o The Waterflood Guys Core strength in waterflooding, a form of secondary Proved Reserves: 15.5 MMBoe oil recovery % Proved Developed: 76% Employees have prior experience in over…
  3. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 3
    Partnership Profile Asset Overview 2013 Year End Total Proved Reserves: (1) MMBoe% Total Southern Oklahoma 6.4 41% Northeastern Oklahoma 4.4 28% Hugoton 4.7 31% Total 15.5 100% Tulsa Office Additional Information:(2) o 99%…
  4. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 4
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% o Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  5. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 5
    Waterflooding Overview o Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells o Historically, the success of waterfloods has been attributable to the quality of the…
  6. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 6
    Waterflood Response & Growth Reservoir Fill-Up Start Production Water Response Injection BOPD Primary Secondary Production Production Time Elapsed Waterflood Life NASDAQ: MCEP www.midconenergypartners.com 7
  7. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 7
    Operating Strategy Exploit Potential o Increase production and recovery from existing reserve portfolio (99% Oil) Of Existing Property Base o Average daily production in 4Q 2013 increased over 33% YoY Maintain Operational o Our…
  8. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 8
    Borrowing Base and Liquidity Revolving Credit Facility o 150 Million Borrowing Base ( in millions) Increased Borrowing Base from 160.0 130.0 million to 150.0 million on November 5, 2013 140.0 38.0 Extended maturity by 2 years to…
  9. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 9
    1Q 2014 Drop-Down Mid-Con Energy Partners, LP acquired mature, oil-weighted properties from Mid-Con Energy III, LLC for 41.0 million(1) Closing date: February 28, 2014 / Effective date: January 1, 2014 Funded with (i) 7.0 million in…
  10. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 10
    Hedging Strategy o Mid-Con Energy has commodity derivatives covering approximately 82% and 19% of estimated oil production in 2014 and 2015, respectively, based on the mid-point of 2014 oil production guidance 2014 2015 Oil…
  11. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 11
    Distribution History o Approximate 8% Growth in Quarterly Rate Since IPO Since completing its initial public offering in December 2011, Mid-Con Energy has paid 4.037 in cumulative cash distributions per unit o MCEP provided an…
  12. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 12
    Historical Returns Mid-Con Energy Returns Since IPO (1) 70% 2012 MCEP Total Annual Return(2): 10% 2013 MCEP Total Annual Return(2): 33% 60% 55% 50% 40% 42% 35% 30% 32% 20% 10% 0% Dec-11 Mar-12 Jun-12 Sep-12…
  13. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 13
    2014 Growth Plan o Mid-Con Energy remains focused on return to unitholders Cultivate maturing legacy assets Make accretive acquisitions from affiliates and third parties Target 4% distribution growth in 2014 while maintaining healthy…
  14. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 14
    2014 Capital Budget Total CapEx By Core Area Growth & Maintenance CapEx ( in millions) 16.0 12.0 Maintenance CapEx 12.0 9.0 Million 11.0 8.0 4.0 7.0 30.0 - Million Hugoton Southern Northeastern Oklahoma Oklahoma New…
  15. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 15
    Investment Highlights The Right Assets The Right Team o Long-life, low decline o Experienced management team and deep staff of o Relatively low risk waterflood projects over 100 employees with significant experience o Significant…
  16. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 16
    Contact Information Headquarters Investor Relations Contact 2501 N. Harwood Jeffrey Olmstead Suite 2410 President and CFO jolmsteadmidcon-energy.com Dallas, TX 75201 972.479.5980 972.479.5980 Krista McKinney Investor Relations…
  17. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 17
    Appendix: Organizational Structure Founders(1) Yorktown(2) 100% Public Mid-Con Energy Ownership(3) Private Affiliates Mid-Con Energy GP, 7.0% LLC LP Interest 1.7% 73.6% GP Interest Mid-Con Energy LP Interest 6.1% Operating,…
  18. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 18
    Appendix: Waterflood History Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 19
  19. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 19
    Appendix: Waterflood Opportunity Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 20
  20. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 20
    Appendix: Opportunity POTENTIAL Increased Geological Complexity = Increased Opportunities NASDAQ: MCEP www.midconenergypartners.com 21
  21. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 21
    Appendix: Hedge Detail Months Settlement Instrument Total Bbls. NYMEX Outstanding Price Floor Ceiling Type Per Month Index Jan-Dec 2014 96.10 Swap 5,000 WTI Jan-Dec 2014 100.00 Swap 5,000 WTI Jan-Dec 2014 97.40 Swap 5,000 WTI…
  22. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 22
    Appendix: Earnings Summary Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 (in thousands, except per unit data) Production: Oil (MBbl) 230 203 907 678 Natural gas (MMcf) 23 31 128 122 Total (MBoe) (1)…
  23. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 23
    Appendix: 2013 Coverage Ratio 2013 Coverage Ratio Calculation Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, 2013 2013 2013 2013 2013 Adjusted EBITDA (1) 14,591 16,054 14,935 14,393…
  24. Capital Link MLP Investing Forum – Mid-Con Energy Partners Lp – slide 24
    Appendix: Non-GAAP Measures o This presentation includes Adjusted EBITDA and Distributable Cash Flow, each of which are non- generally accepted accounting principles (Non-GAAP) measures, and should not be considered an alternative to…

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