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INVESTOR DAY MEETING – Stone Energy Corp.

Stone Energy Corp. · May 20, 2014 · 76 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. INVESTOR DAY MEETING – Stone Energy Corp. – slide 1
    Strategic Growth Strategic Growth Investor Day Meeting New Orleans, La. May 2014 1
  2. INVESTOR DAY MEETING – Stone Energy Corp. – slide 2
    Investor Day Schedule Strategic Growth 7:30-8:30 Breakfast 8:30-8:45 Overview Dave Welch 8:45-9:25 Deep Water Exploration John Leonard 9:25-9:55 Deep Water Development Keith Seilhan 9:55-10:10 Break 10:10-10:50 Appalachia Rick…
  3. INVESTOR DAY MEETING – Stone Energy Corp. – slide 3
    Strategic Growth Agenda Items Overview Deep Water Exploration Development Appalachia Marcellus Utica Deep Gas / Shelf Exploration Development Financial Update Q&A 4
  4. INVESTOR DAY MEETING – Stone Energy Corp. – slide 4
    Stone Energy Board of Directors Strategic Growth Robert S. Murley Richard A. Pattarozzi Phyllis M. Taylor Peter D. Kinnear Credit Suisse Taylor Energy Company LLC FMC Technologies, Inc Shell Oil Company Former Chairman of…
  5. INVESTOR DAY MEETING – Stone Energy Corp. – slide 5
    Strategic Growth Corporate Governance Process Jan Updates and Adjustments Capital Dec CA Allocation Feb CA Monthly Meeting Meeting Production Meeting (CA) Price LOE Nov CA Mar CA Project Economics Meeting Meeting Project…
  6. INVESTOR DAY MEETING – Stone Energy Corp. – slide 6
    Strategic Growth Executive Team Kenneth H. Beer J. Kent Pierret E.J. Louviere Richard L. Toothman Jr. Lisa S. Jaubert Executive Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice…
  7. INVESTOR DAY MEETING – Stone Energy Corp. – slide 7
    Mission: Top Quartile Return to Shareholders 1 Strategic Growth as of December, 2013 1 Year Average 3 Year Stock Performance 5 Year Stock Performance 2013 2011 2013 CAGR% 2009 2013 CAGR % -50% 0% 50% 100% 150% -40% -20% 0% 20% 40%…
  8. INVESTOR DAY MEETING – Stone Energy Corp. – slide 8
    Strategy Results: Stock Performance vs. Peer Group 1 Strategic Growth 1 Year Stock Performance 3 Year Stock Performance 5 Year Stock Performance 2014 YTD CAGR% 2012 2014 YTD CAGR% 2010 2014 YTD CAGR% -40.0% -20.0% 0.0% 20.0%…
  9. INVESTOR DAY MEETING – Stone Energy Corp. – slide 9
    Strategic Growth Industry Transformational Breakthroughs Deep Water Exploration Horizontal Drilling and and Production Technologies Fracturing 10
  10. INVESTOR DAY MEETING – Stone Energy Corp. – slide 10
    Strategic Growth Growth Areas Now Significantly Contributing 1 Activity Update Deep Water Successful Discovery at Amethyst Success at Cardona, Cardona South Appalachia Accelerated Cardona Development Project 90,000 acres…
  11. INVESTOR DAY MEETING – Stone Energy Corp. – slide 11
    Strategic Growth Strategic Growth Significant Exploration Exposure 2 Impactful Deep Water prospects Production Forecast Quick to Market liquids rich Deep Gas prospects 120 Utica Shale potential within existing infrastructure Range…
  12. INVESTOR DAY MEETING – Stone Energy Corp. – slide 12
    1 Strategic Growth Top 5 Fields: Reserve Growth and Diversification YE 2013 Proved Reserves By Volume MARY YE 2009 Proved Reserves POMPANO By Volume AMBERJACK AMBERJACK 21% SHIP SHOAL 113 HEATHER 19% EWING BANK 305 LA…
  13. INVESTOR DAY MEETING – Stone Energy Corp. – slide 13
    Strategic Growth Capital Projects for 2014 825 Million 10% 3% 12% 18% 26% 58% 70% Deep Water Business Development Data & Capture 3% Marcellus Shale Exploration Conventional Shelf Development Deep Gas Capital by Focus Area 1…
  14. INVESTOR DAY MEETING – Stone Energy Corp. – slide 14
    Management Team Capital Allocation Process Strategic Growth Inputs Project Economic Analysis Financial Information SG&A Analysis Interest DD&A Hedges Outputs Additional Data Reserves Bookings Starting Reserves 5 Year…
  15. INVESTOR DAY MEETING – Stone Energy Corp. – slide 15
    Stone Energy Investment Thesis Strategic Growth Estimated Capital Expenditures 2 Significant 2014 Exploration Exposure 1400 Deep Water: Amethyst, Mica Deep , Harrier, Goodfellow Base Range High Side 1200 Deep Gas: Tomcat,…
  16. INVESTOR DAY MEETING – Stone Energy Corp. – slide 16
    Agenda Items Strategic Growth Overview Deep Water Exploration Development Appalachia Marcellus Utica Deep Gas / Shelf Exploration Development Financial Update Q&A 17
  17. INVESTOR DAY MEETING – Stone Energy Corp. – slide 17
    Deep Water Exploration Team Strategic Growth John Leonard Vice President Exploration Michael D. Deville Director of Land 28 Years Industry Experience 35 Years Industry Experience General Manager Deepwater, Stone Energy Senior…
  18. INVESTOR DAY MEETING – Stone Energy Corp. – slide 18
    1 5 Year Plan: Deep Water Strategic Growth Capital 5 Year Plan MM 700 Range 600 500 400 2014 Goals 300 Meet HSE, Production, Expense and Capital targets 200 Enhance Process Safety in Deep Water Operations 100 Complete…
  19. INVESTOR DAY MEETING – Stone Energy Corp. – slide 19
    Strategic Growth Deep Water Exploration: Large Visible Portfolio 1 Legend Stone Leases 2014 2015 2016+ 119 Deep Water leases, 3 apparent high bid 20 High potential prospects 17 Tie back exploration projects 12…
  20. INVESTOR DAY MEETING – Stone Energy Corp. – slide 20
    Prospect Maturation Process Strategic Growth Prospect Characterization P10 30% (4 Well Tieback) Range of Resource Size Success Case 40% (Pc%) Drilling and Completion P50 Mean Chance of Success Plan Development Scenarios (2…
  21. INVESTOR DAY MEETING – Stone Energy Corp. – slide 21
    Strategic Growth Regional View of Mississippi Canyon Area Sand Depositional Map Harrier Mica Deep 22
  22. INVESTOR DAY MEETING – Stone Energy Corp. – slide 22
    MC Area Amethyst Sand Depositional Model Strategic Growth 23
  23. INVESTOR DAY MEETING – Stone Energy Corp. – slide 23
    MC Area Amethyst Sand Depositional Model Strategic Growth Amethyst Schematic Wellbore Depositional Environment 24
  24. INVESTOR DAY MEETING – Stone Energy Corp. – slide 24
    Deep Water Exploration: Miss Canyon Channel Strategic Growth Amethyst Derbio Harrier Mica Deep Neidermeyer N Neidermeyer Marmalard N Macondo Marmalard 25
  25. INVESTOR DAY MEETING – Stone Energy Corp. – slide 25
    1 Amethyst Exploration: Mississippi Canyon 26 Strategic Growth 0 A BP NEMC KIR - Fars A 0 Amethyst Pompano 5,000 Discovery February 2014 5,000 Operator SGY 100% working interest 10,000 10,000 90 feet of pay in main…
  26. INVESTOR DAY MEETING – Stone Energy Corp. – slide 26
    1 Deep Water Exploration: Projected 2014 Wells Strategic Growth Planned Rig Schedule (Subject to change) 2014 2015 January April July October January April Prospect Operator Amethyst MC26 SGY Mica Deep MC211 XOM Goodfellow…
  27. INVESTOR DAY MEETING – Stone Energy Corp. – slide 27
    MC Area Harrier M56 Structure Map Strategic Growth Macondo MC252 Rampart Harrier M-56 Mica Deep Neidermeyer N Neidermeyer Macondo LLOG Delta House Marmalard N Marmalard 28
  28. INVESTOR DAY MEETING – Stone Energy Corp. – slide 28
    Strategic Growth MC 118 Harrier - Macondo Tie Line Deep Gulf BP 162-1 162-1 BP 252-1 Macondo Nirvana Armstrong SE NW Harrier Sand Package 29
  29. INVESTOR DAY MEETING – Stone Energy Corp. – slide 29
    Goodfellow Prospect: Walker Ridge 89 Strategic Growth S KC173 WR133 WR89 WR90 WR46 WR47 N Shenandoah Surface Loc C projected 10,000' Salt Salt 20,000' 30,000' wilcox 40,000' wilcox Salt Goodfellow Image…
  30. INVESTOR DAY MEETING – Stone Energy Corp. – slide 30
    1 Strategic Growth Deep Water Wells 2015- 2017 Planned Rig Schedule (Subject to change) 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept…
  31. INVESTOR DAY MEETING – Stone Energy Corp. – slide 31
    Lamprey Prospect: Alaminos Canyon 943 Strategic Growth Near Great White field Possible tie-back to Perdido Hub Lamprey WM-12 Perdido Hub Great White Field Silver Tip Triden Tiger t 2 Billion Barrels OOIP Great White…
  32. INVESTOR DAY MEETING – Stone Energy Corp. – slide 32
    Walker Ridge - Apple, Parmer Prospect Area Strategic Growth UM-B Structure Salt Luling Apple Parmer Salt 33
  33. INVESTOR DAY MEETING – Stone Energy Corp. – slide 33
    Access to Farm-in Opportunities Strategic Growth Legend SGY Leases 2013 Lease Sale 2014 Lease Sale Farm-in Opportunities 34
  34. INVESTOR DAY MEETING – Stone Energy Corp. – slide 34
    Deep Water Operations Team Strategic Growth Keith Seilhan - VP Deep Water Steve Bodden - Deep Water Operations Manager Deep Water Projects Mgr, Stone Energy 27 Years Industry Experience 23 Years Operations and Development Amoco…
  35. INVESTOR DAY MEETING – Stone Energy Corp. – slide 35
    Strategic Growth Deep Water - Potential Stone Operated Rig Line Deep Water Drilling Rig Market Market has softened New-Build Rigs Seeking Contracts Record number of existing rigs with Expiring Contracts in 2014 Rig Rate…
  36. INVESTOR DAY MEETING – Stone Energy Corp. – slide 36
    Deep Water : Infrastructure Leverage Strategic Growth Pompano Platform Capacity (current) Legend 1 60,000 bopd (4,000 bopd) Stone Leases 200 mmcfpd (20 mmcfpd) 2014 2015 2016+ Carrick Viosca Knoll Mississippi…
  37. INVESTOR DAY MEETING – Stone Energy Corp. – slide 37
    Deep Water: Pompano Platform Strategic Growth 60,000 bpd capacity (4,000 bpd current) 200 mmcfpd capacity (20 mmcfpd current) 1,300 water depth 3rd party processing fees Maintain optimal access Aggressive maintenance capital…
  38. INVESTOR DAY MEETING – Stone Energy Corp. – slide 38
    Strategic Growth Pompano Field Cross Section - Main Pays Fixed Platform Pompano Platform Hub Facility Template tie-back Platform well production Cardona, Amethyst tie-backs A-24 Pompano Subsea Template A-25 4 5 A-34…
  39. INVESTOR DAY MEETING – Stone Energy Corp. – slide 39
    1 Pompano - MC 29 Cardona Discovery Strategic Growth Cardona MC 29 Stone Energy 4 M83A 65% Working Interest Net Pay 96 Ft. Est. EUR Range: 4 - 8 mmboe gross Est. Initial Rate: 6,000 boepd gross On line: Est. Jan 2015 Shale…
  40. INVESTOR DAY MEETING – Stone Energy Corp. – slide 40
    1 Pompano - MC 29 Cardona South Discovery Strategic Growth Cardona MC 29 Stone Energy 5 65% Working Interest Net Pay 275 Ft. Est. EUR Range: 5 - 20 mmboe gross Est. Initial Rate: 6,000 boepd gross On line: Est. Jan 2015…
  41. INVESTOR DAY MEETING – Stone Energy Corp. – slide 41
    1 GOM Deep Water: Cardona Tieback Development Strategic Growth Pompano Cardona Sand Detector Long Term Operability Future capability and flexibility Multiple flow options Optimize access Cardona South Available Hub 2013…
  42. INVESTOR DAY MEETING – Stone Energy Corp. – slide 42
    1 GOM Deep Water: Amethyst Tieback Development Strategic Growth Flexible Line supports optimal schedule and operability CRA Flexible Line 15 kpsi Tree Additional Hub 2014 2015 2016 Sanction Detailed Design…
  43. INVESTOR DAY MEETING – Stone Energy Corp. – slide 43
    1,2 Strategic Growth Deepwater Capital for High Return Platform Wells Amberjack Pompano Pompano Platform A-25 ST M Sr. SGY 100% SGY 100% Operator SGY Operator SGY PUD Pliocene A-15 ST2 Brutus M Sand SGY 100% SGY 100%…
  44. INVESTOR DAY MEETING – Stone Energy Corp. – slide 44
    Strategic Growth Pompano Field Net MMBoe Proved Reserves 1 Pompano Platform 35 PUD Reserves Capacity (current) PDNP Reserves 60,000 bopd (4,000 bopd) 30 PDP Reserves 200 mmcfpd (20 mmcfpd) 2013 Production 2012 Production 25 20…
  45. INVESTOR DAY MEETING – Stone Energy Corp. – slide 45
    Strategic Growth Amberjack - Mississippi Canyon 109 Net mmboe 1 20 Proved Reserves PUD Reserves PDNP Reserves PDP Reserves 2013 Production 2012 Production 15 2011 Production 2010 Production Viosca Knoll 10 Mississippi…
  46. INVESTOR DAY MEETING – Stone Energy Corp. – slide 46
    Strategic Growth Agenda Items Overview Deep Water Exploration Development Appalachia Marcellus Utica Deep Gas / Shelf Exploration Development Financial Update Q&A 47
  47. INVESTOR DAY MEETING – Stone Energy Corp. – slide 47
    Appalachia Operations Team Strategic Growth Richard L. Toothman Jr. Senior VP Appalachia Dave Lovett Drilling & Completion Manager 28 Years Industry Experience 19 Years Industry Experience 25 Years Unconventional Resource…
  48. INVESTOR DAY MEETING – Stone Energy Corp. – slide 48
    1 5 Year Plan: Appalachia Marcellus Plan Strategic Growth Capital 5 Year Plan MM 300 Range 250 200 2014 Goals 150 Drill 32 top-holes & 30 horizontal Marcellus laterals 100 Complete 30 Marcellus laterals (approx. 600 frac…
  49. INVESTOR DAY MEETING – Stone Energy Corp. – slide 49
    Strategic Growth Liquids Rich Marcellus Development 1,2 Marcellus Reserves & Resources Forecast 1000 Range Projected Actual Katie Field 900 1,100 acres 800 equivalent reserves - bcfe 2 producing wells 2 mmcfepd net 700…
  50. INVESTOR DAY MEETING – Stone Energy Corp. – slide 50
    Mary Field Marcellus Development 1,2 Strategic Growth Total Reserves (Bcfe) Net Wells PDP/PNP 164 61 PUD 232 70 Probable 100 16 Possible 478 188 Remaining Potential Well Locations: 274 Multi Year Drilling Inventory…
  51. INVESTOR DAY MEETING – Stone Energy Corp. – slide 51
    Mary Field Marcellus Development 1,2 Strategic Growth Upward reserve revisions Over 50% Cash Margin Theoretical Per Well Mary Economics YE 2011 YE 2012 YE 2013 Stone estimated EUR 6 - 8 bcfe/well 1 Estimates of…
  52. INVESTOR DAY MEETING – Stone Energy Corp. – slide 52
    Heather Field Marcellus Development 1,2 Strategic Growth YE 2011 YE 2012 YE 2013 On line 7/14 PDP PNP PUD Mills Wetzel 1H PDP YE Net Exit Rate* Heather Field fully developed Wells (Dec. Avg. MMcfe/d) Water, Road,…
  53. INVESTOR DAY MEETING – Stone Energy Corp. – slide 53
    Appalachia: Marcellus Mid-Stream Upgrades Strategic Growth MOUNDSVILLE OAK GROVE FT. BEELER Planned Williams Mid-Stream Projects Oak Grove Cryogenic Plant TEXAS Eastern Pipeline 1st stabilizer expected May 2014 De-ethanizer…
  54. INVESTOR DAY MEETING – Stone Energy Corp. – slide 54
    Appalachia Exploration: Utica Shale Update Strategic Growth Mary Field Utica Potential Gulfport IP: 30 mmcfed 28,500 net acres High rate offset wells Chevron IP: 23 mmcfed Additional permitted wells Existing Mary…
  55. INVESTOR DAY MEETING – Stone Energy Corp. – slide 55
    Regional Utica Structure and Cross Section Strategic Growth 10,800 11,700 TVD Interval Thickness 95-120 Mary Pressure Gradient 0.8 psi/ft Heather 56
  56. INVESTOR DAY MEETING – Stone Energy Corp. – slide 56
    Utica Thermal Maturity & Porosity Strategic Growth Calculated Ro Btu Gas phase % Expect dry gas Mary Field, NGL/Cond phase % possibly Heather Field Oil phase % Eastern boundary undefined Total Mmboe/d, 0-6,000 Increase in…
  57. INVESTOR DAY MEETING – Stone Energy Corp. – slide 57
    Preliminary Utica Test Well Strategic Growth Pribble pad Wetzel County Vertical depth 10,800 Lateral length 3,700 Potential Utica Exposure Frac Spacing 200 per stage 25 Assumptions: Propant 400,000 lbs per stage 28,500 net…
  58. INVESTOR DAY MEETING – Stone Energy Corp. – slide 58
    Major Pipeline Trunklines & Proposed Expansion Strategic Growth Proposed Project Expansions NE Penn WV Hub 59
  59. INVESTOR DAY MEETING – Stone Energy Corp. – slide 59
    Strategic Growth Agenda Items Overview Deep Water Exploration Development Appalachia Marcellus Utica Deep Gas / Shelf Exploration Development Financial Update Q&A 60
  60. INVESTOR DAY MEETING – Stone Energy Corp. – slide 60
    Deep Gas Operations Team Strategic Growth Kevin Hurst - VP GOM Conventional Shelf/Deep Gas Brett Heath Director Deep Gas Exploration 31 years industry experience 32 years industry experience GOM Shelf Asset Mgr, Stone Energy GOM…
  61. INVESTOR DAY MEETING – Stone Energy Corp. – slide 61
    1 5 Year Plan: Deep Gas Strategic Growth Capital 5 Year Plan MM 70 Range 60 50 2014 Goals 40 Complete Tom Cat and Commence production by July 1 30 Drill 1 - 2 Deep Gas prospects 20 Cayenne 10 Market and drill La…
  62. INVESTOR DAY MEETING – Stone Energy Corp. – slide 62
    1 Strategic Growth Deep Gas Exploration: Quick-to-Market Portfolio 2014 2015 Planned Rig Schedule (Subject to Change) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug…
  63. INVESTOR DAY MEETING – Stone Energy Corp. – slide 63
    1 Strategic Growth Deep Gas: Cayenne Prospect Cayenne La Cantera Cayenne Tom Cat LaCantera SGY 50% Operator SGY 25 - 150 bcfe gross Gas condensate DHC 12 mm net 1 Estimates of ultimate recovery (EUR), resource…
  64. INVESTOR DAY MEETING – Stone Energy Corp. – slide 64
    1 Pumpkin Ridge - Yegua Structure Map Strategic Growth Pumpkin Ridge Prospect 8,500 acres Pumpkin Ridge East High potential prospect SGY 100% 44 - 800 bcfe gross DHC 57 mm Chevron Lineham Creek Large 3 way 8,500 ac (Drilling…
  65. INVESTOR DAY MEETING – Stone Energy Corp. – slide 65
    Deep Gas La Cantera 1 Strategic Growth Net bcfe 40 PUD Reserves Total Proved Reserves PDNP Reserves 35 PDP Reserves PDP 2013 Production PUD 35% La Cantera 30 2012 Production 37% PDNP 25 28% 20 15 10 5 0 2011 2012…
  66. INVESTOR DAY MEETING – Stone Energy Corp. – slide 66
    1 Strategic Growth Conventional Shelf: Harvest Value 25.0 Conventional Shelf Production Oil NGL Gas 20.0 Ongoing Market Test Divested Sold Onshore package for 95 mm 15.0 properties boepd State and federal offshore market…
  67. INVESTOR DAY MEETING – Stone Energy Corp. – slide 67
    1 Strategic Growth Ship Shoal 113 Field Net mmboe Total Proved Reserves 10.0 PUD PDNP Reserves 9.0 11% PDP PDP Reserves 28% 8.0 2013 Production 2012 Production PDNP 61% 7.0 2011 Production 2010 Production 6.0 5.0 4.0…
  68. INVESTOR DAY MEETING – Stone Energy Corp. – slide 68
    Agenda Items Strategic Growth Overview Deep Water Exploration Development Appalachia Marcellus Utica Deep Gas / Shelf Exploration Development Financial Update Q&A 69
  69. INVESTOR DAY MEETING – Stone Energy Corp. – slide 69
    Strategic Growth Balance Sheet Flexibility 1 Market Capitalization 2.3 Billion Enterprise Value 1 3.0 Billion Trailing 12 Month EBITDA 2 611 Million EV/EBITDA 4.9x Liquidity: 203 Million in Cash Another 200 Million from Equity…
  70. INVESTOR DAY MEETING – Stone Energy Corp. – slide 70
    Strategic Growth Cash Margin Revenue per (Includes Hedges) Cash Margin /boe Current Taxes Interest Expense 80 Production Taxes G&A LOE & Processing 66.03 61.36 60 57.34 55.17 51.24 49.28 38.31 40 37.18 33.05 33.54…
  71. INVESTOR DAY MEETING – Stone Energy Corp. – slide 71
    1 Strategic Growth Production Outlook 120 Range Forecast Actual 100 Attractive production growth rate Tomcat Cardona, Cardona South 80 Amberjack, Pompano platform program Amethyst Marcellus growth (Utica not included)…
  72. INVESTOR DAY MEETING – Stone Energy Corp. – slide 72
    Strategic Growth Multiple Options to Fund Projects Exploration and Development Projects 2014 Funding Alternatives Deep Water Exploration Cash flow Amethyst, Mica Deep, Harrier, Goodfellow Cash position Deep Water Development…
  73. INVESTOR DAY MEETING – Stone Energy Corp. – slide 73
    Strategic Growth Agenda Items Overview Deep Water Exploration Development Appalachia Marcellus Utica Deep Gas / Shelf Exploration Development Financial Update Q&A 74
  74. INVESTOR DAY MEETING – Stone Energy Corp. – slide 74
    Strategic Growth Appendix 75
  75. INVESTOR DAY MEETING – Stone Energy Corp. – slide 75
    1 EBITDA Reconciliation Strategic Growth 12 Months Ending 3/31/14 Net Income 103 Interest expense 31 Income taxes 61 DD&A 358 Accretion& Other 58 EBITDA 611 (In Millions) 1 - EBITDA is defined as net earnings plus…
  76. INVESTOR DAY MEETING – Stone Energy Corp. – slide 76
    Strategic Growth Hedging Transactions Oil Natural Gas Daily Volume Daily Volume (Bbl/d) Price (Mmbtu/d) Price 2014 1,000 90.06 Swap Contract 2014 10,000 4.00 Swap Contract 2014 1,000 90.25** Swap Contract 2014 10,000 4.04 Swap…

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