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December 2013 Corporate Presentation – Kodiak Oil & Gas Corp.

Kodiak Oil & Gas Corp. · Dec 1, 2013 · 20 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. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 1
    Corporate Presentation December 2013 Exploring, developing and producing oil and natural gas in the Williston Basin. NYSE: KOG l www.kodiakog.com
  2. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 2
    Kodiak Overview Williston Basin Acreage: 192,000 net acres Drill-bit focused producer with large acreage position in oil-levered Williston Basin 2013E Rig Count: 7 Operated and 1-3 Non-Operated 2013E Capex: 1.0 B 2013…
  3. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 3
    Williston Asset Overview 192,000 Net Acre Position Polar, Koala, Ursid & WILDROSE Dunn County Smokey Divide 41,000 Net Acres 118,000 Net Acres Williams Burke EURs: 800 - 950+ EURs: 600 - 950+ MBOE MBOE 80% NRI Mountrail 82%…
  4. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 4
    Proved Reserve Summary 6/30/2013 Proved Reserves1 and PV-10 Proved Reserves 86% Crude Oil Kodiak Net Pro Forma Proved Reserves as of June 30, 2013 Reserve Category Oil Gas Total SEC PV-10 (MMbbls) (Bcf) (MMboe) (B) Proved Developed…
  5. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 5
    Reached Production Inflection Point Production Estimates 45,000 Actual Sales Boe/d Projected Sales Boe/d 40,000 35,000 2013 Guidance: 30,000 Boe/d 30,000 Boe/d 25,000 2012 Avg: 14,400 Boe/d 20,000 15,000…
  6. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 6
    Capital Investment Overview Capital Expenditures1 Completed Well Costs ( in millions) 14.0 1,000 Actual 12.0 Estimated 810 10.0 8.0 6.0 261 4.0 2.0 82 27 0.0 2009 2010 2011 2012 2013E 2012 Avg 1Q13 2Q13 3Q13 4Q13E 1 Capex…
  7. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 7
    Well Economics Overview Bakken Long Lateral 750 MBO Bakken Long Lateral 850 MBO Bakken Long Lateral 850 MBO WTI Differential Well Cost NPV-10 Payout WTI Differential Well Cost NPV-10 Payout (/bbl) (/bbl) (MM) (MM) IRR (m onths)…
  8. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 8
    Polar Pilot Project: Reservoir Well Spacing Pattern Pilot Program analyzing 12 wells per 1280-acre DSU 4 Well Pad 4 Well Pad 4 Well Pad 500 LODGEPOLE UPPER BAKKEN SHALE 11100 MIDDLE BAKKEN LOWER BAKKEN SHALE 800 70…
  9. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 9
    Polar Pilot Project In order to identify optimal well spacing density and maximize recovery, Kodiak completed two downspacing pilot programs in 2013 with 12-wells in each 1280-acre drilling spacing unit (DSU). Polar Pilot…
  10. December 2013 Corporate 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. December 2013 Corporate 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 6 Upper/Middle Three Forks wells 2 Lower…
  12. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 12
    Financial Strategy Strive to maintain conservative balance sheet which Hedges preserves financial flexibility Liquidity of 650 million Growth in EBITDA reducing long-term debt / EBITDA 30,000 96.35 93.29 125 25,000 88.76 towards…
  13. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 13
    Strong Margins and Increasing EBITDA Unhedged Cash Margin (/BOE) Adjusted EBITDA1 90.10 250 2.67 82.06 79.48 10.00 75.11 75.84 3.37 3.23 200 4.36 3.61 9.08 6.28 8.77 8.19 8.56 6.90 6.33 5.77 6.00 150 MM 100…
  14. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 14
    Williston Basin Today: Rig Count Steady Technology & Efficiency Improving 1,000,000 270 Oil Production (Bopd) Rigs 900,000 240 800,000 210 700,000 180 600,000 150 Bopd Rigs 500,000 120 400,000 90 300,000 60…
  15. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 15
    North Dakota Today: Gross Production by Operator (BOPD) September 2013 Gross Production 100,000 50,000 0 Hess Oasis Statoil Kodiak Whiting ExxonMobil Continental Marathon EOG ConocoPhillips…
  16. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 16
    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…
  17. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 17
    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…
  18. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 18
    Appendix Historical Completion Activities 18
  19. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 19
    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…
  20. December 2013 Corporate Presentation – Kodiak Oil & Gas Corp. – slide 20
    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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