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GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Jan 8, 2015 · 28 slides

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Slides

  1. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 1
    Thursday, January 8, 2015 1
  2. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 2
    SANDRIDGE COMPANY OVERVIEW MARKET VALUE ( in millions) SD Quick Facts Focus Area Asset Map Market Cap (1/5/2015) 742 Fractured Carbonate Focus Net Debt(a) 2,605 Mid-Continent, Horizontal Preferred Stock 565 Mississippian Leader…
  3. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 3
    LOWER PRICES INFLUENCE 2015 Activity, Tactics, and Costs FOCUSED Finalizing 2015 Capital Budget Plans, Will Announce in February Strong liquidity and hedging plus reduced capital spending 900MM credit facility fully undrawn; material…
  4. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 4
    SANDRIDGE ENERGY SCALE & OPERATION Scale, Focus, Discipline FOCUS Activity Q3 2014 total company production of 80 MBoe/d, with 67 MBoe/d in Midcontinent Mississippian position of 670,000 core acres, 55% HBP 30 active rigs, 400…
  5. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 5
    SANDRIDGE ENERGY STRATEGY & Midcontinent Scale, Capability and Upside ASSET OVERVIEW Mississippian development leader: high capacity to execute on large scale stacked pay acreage footprint Cost focus (per lateral, with facility and…
  6. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 6
    GROWTH PLATFORM WITH UPSIDES FOCUSED Significant Acreage Position Stacked Oily Pay Zones Improving Already Strong Returns www.SandRidgeEnergy.com 8 8
  7. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 7
    MATERIAL WELL COST AND LOE REDUCTION Mississippian Leader FOCUSED Best in class Mid-Continent drilling and completion (D&C) lateral costs 2.9MM per Mid-Continent single lateral 700M decrease in well cost since 2012 100% electric…
  8. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 8
    WELL COSTS CONTINUE TO IMPROVE Plan 2.8mm For 2015 and Lower In 2016 FOCUSED Continuous improvement has reduced well costs from 3.6MM in 2012 to 2.9MM in 2014 Multilaterals are now 20% of the program, recently at 2.4MM per lateral…
  9. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 9
    TARGETING BREAKOUT ECONOMICS INNOVATION Ahead of Schedule, Reducing Well Costs Hedges maintain strong well economics that are improving as costs come down Breakout innovations on well design could both: Enhance returns Expand focus…
  10. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 10
    2014 MISSISSIPPIAN PUD TYPE CURVE Actual Performance Consistently Above Type Curve FOCUSED Oil: 118 MBo 30 Day IP (Bo/day) 176 1st Year Decline(a) 80% B Factor 1.41 NGL: 64 MBbls Yield (Bbls/MMcf) 47.5 Shrink 87.3% GAS: 1.2…
  11. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 11
    MISSISSIPPIAN WELL PERFORMANCE MULTI-YEAR Continued Improvement GROWTH Type Curve 849 Mcf/d Type Curve 176 Bbl/d www.SandRidgeEnergy.com 13 13
  12. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 12
    MIDCONTINENT FOCUS AREA Deep Understanding of the Play FOCUSED 650,000 Acres in Focus Area 3D Required to Define Fracture Trends Highest 30 Day Gas IPs Positive Multi Lateral Results Low H2O Cut Upside as Gas Prices Rise…
  13. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 13
    MULTIZONE DRILLING LOCATIONS Many Years of Drilling Ahead FOCUSED High-Graded Locations to Drill 4,510 wells Emerging Un-Risked Locations 8,000 wells development Marmaton Upper Miss HZ Wells to Sales 1 HZ Wells to Sales 1,150…
  14. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 14
    NEW VENTURES CASE STUDY INNOVATION Chester Oil Development Horizontal development of legacy vertical production Fine grained silty sandstone, 2 distinct pay intervals Existing infrastructure in area Higher oil cut and less water…
  15. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 15
    APPLYING SEISMIC TECHNOLOGY INNOVATION Understanding the Rock +25% of core counties with 3d coverage +45% of ok core counties with 3d coverage 2013 - 730 square miles of 3D data acquired 2014 - 1,070 square miles of new 3D data…
  16. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 16
    MULTILATERAL APPROACH IS SUCCESSFUL Changing How Carbonates are Developed INNOVATION Achieving Breakthrough Cost Upsides with Production Uplift Dual Stacked Lateral Multilateral success achieved on three dual stacked laterals and one…
  17. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 17
    INNOVATION / UPSIDE FSD Offers Up to 34% More Section for 26% less INNOVATION capex Full Section Development Fracture stimulates 34% more interval: 22,000 vs typically 16,400 with four single Full Section Development laterals Rock…
  18. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 18
    FULL SECTION DEVELOPMENT CASE STUDY INNOVATION 2.1 MM Per Lateral, Over 4x Type Curve From 4 Laterals Kirkpatrick Farms: First FSD Well, 8.32MM Well Cost Peak 30-Day IP: 1,086 Boe/d (60% Oil) Development Model: Full section development…
  19. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 19
    SALTWATER GATHERING & DISPOSAL (SWG) UPSIDES Produced Water Gathered and Sequestered into Arbuckle Through Cost Effective Infrastructure Most Efficient SWG Operator in Produce 1.2 million barrels of water gathered and disposed per day…
  20. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 20
    Q314 CONTINUED STRONG WELL RESULTS APPENDIX Focus and Innovation Yield Exceptional Operating Results Operational Update Third quarter total company production 80 Mboe/d, 14% growth quarter-over-quarter Mid-Continent production grew…
  21. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 21
    2014 PRODUCTION GUIDANCE UPDATE APPENDIX (A) 2013: 11.3 MMBoe of non-recurring production related to divested Permian and GoM assets (B) 2014: 1.3 MMBoe of non-recurring production related to divested GoM assets (2/25/2014…
  22. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 22
    CREDIT PROFILE APPENDIX Ability to Maintain Adequate Liquidity, Reasonable Leverage 1.5 Bln liquidity at Q314 590MM cash Fully undrawn credit facility of 900MM(c) 3.4x Q314 leverage ratio Significant oil hedges at strong prices…
  23. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 23
    CAPITAL STRUCTURE OVERVIEW APPENDIX No Principle Currently Due until 2020 Senior Notes ( in millions) Preferred Stock ( in millions) 8.75% Sr Notes due 2020 445 8.5% Convertible Perpetual Preferred (a) 265 7.5% Sr Notes due 2021 1,179…
  24. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 24
    HEDGING OVERVIEW APPENDIX Liquids Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 2016 Swaps Volumes (MMBbls) 2.29 To be updated 1.73 1.01 0.55 5.59 1.46 Price (/Bbl) 92.71 91.55 92.43 94.11 92.44 88.36 Three-way Collars Volumes (MMBbls) 0.72…
  25. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 25
    2013 RESERVE METRICS APPENDIX Focused on the Mississippian Play Pro Forma 2013 Excluding Gulf of Mexico Proved Reserves* SEC Pricing - 93.42 / 3.67 RESERVES PV10 434% Reserve Replacement Liquids Gas Equivalent % MM % MMBbls Bcf…
  26. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 26
    2014 MISSISSIPPIAN PUD TYPE CURVE APPENDIX 380 MBoe, 48% Liquids 350 200 Oil: 118 MBo 30 Day IP (Bo/day) 176 180 1st Year Decline(a) 80% 300 B Factor 1.41 Cumulative Production (Mboe) 160 NGL: 64 MBbls 250 140 Yield (Bbls/MMcf)…
  27. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 27
    2014 OPERATIONAL GUIDANCE UPDATE APPENDIX a) EBITDA from Oilfield Services and Other is a non-GAAP financial measure as it excludes from net income interest PRODUCTION PRICE REALIZATIONS expense, income tax expense and depreciation,…
  28. GOLDMAN SACHS GLOBAL ENERGY CONFERENCE – Sandridge Energy, Inc. – slide 28
    Our Mission at SandRidge is to create the premier, high-return, growth-oriented, resource conversion company, focused in the Midcontinent region of the United States. SANDRIDGE INVESTOR RELATIONS 123 Robert S. Kerr Avenue, Oklahoma…

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