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Q4 2014 Earnings Release – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Feb 26, 2015 · 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. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 1
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  2. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 2
    ACTIONS TO THRIVE IN LOWER PRICE ENVIRONMENT SUCCESS DEMONSTRATED BY HITTING GROWTH GUIDANCE AND ADDING RESERVES Reserves up 37%, PUD type curve up 27% 2014 production of 29 MMBoe, 1% over guidance; MidCon grew 47% YOY to Q414 76…
  3. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 3
    27% MORE EUR FOR 80% OF THE COST returns are preserved drilling location count grows. At lower well costs Development inventory is preserved with lower costs and expanded with oil price recovery Type curve returns at target…
  4. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 4
    2015 CAPEX OF 700MM VS. 1.6B IN 2014 PLANNED SPEND AND RESULT PRINCIPLES 700MM Capex budget Drilling projects must generate hurdle returns at strip pricing 28.0-30.5 MMBoe guided production Unlock value in this market 6%…
  5. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 5
    YEAR END PROVED RESERVES +37% 516 MMBoe (+37% YOY) All-in F&D 9.00/Boe RESERVES GROWTH 5.5B SEC PV-10(a)(+34% YOY) 42% Liquids Mix 3.3B PV-10(b) at Strip 10.69 Proven Value/Boe(a) 604% All-in Reserve Replacement 18.7 Years Reserve…
  6. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 6
    2015 MISSISSIPPIAN PUD TYPE CURVE 484 MBoe, 44% Liquids 2015 OIL: 118 MBo 30 Day IP (Bo/d) 190 1st Year Decline(a) 80% B Factor 1.26 2015 NGL: 97 MBbls Yield (Bbls/MMcf) 51.6 Shrink 86.1% 2015 GAS: 1.6 Bcf (b) 30 Day IP…
  7. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 7
    MEANINGFUL WELL COST REDUCTIONS EFFICIENCY GAINS Rig efficiency Location high-grading Wellbore + completion design SERVICE COSTS Rig rates Directional drilling Stimulation Liner packer system ESPs MULTILATERAL EXPANSION 40%…
  8. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 8
    NEW COSTS AND EURs PRESERVE PRIOR RETURNS 27% More EUR for 80% of the Cost At target lateral cost of 2.4MM and 2015 type curve, wells generate 45% IRRs at recent strip, hedges excluded Returns for these new costs and type curve are…
  9. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 9
    CAPITALIZING ON PROVEN INNOVATION 100% of 90-Day Type Curve Production for 85% of the Cost of a Single Lateral ACTIVITY AND SUCCESS IN 2014 Sole multilateral operator in the Midcontinent Multilateral program consisted of 28 projects…
  10. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 10
    MULTI-ZONE DRILLING LOCATIONS AND 2015 ACTIVITY Ramp Down to 6 Development Rigs + 1 Committed to Appraisal New Ventures DRILLING LOCATION INFORMATION MISS CHESTER WOODFORD* Producing Laterals 1375 35 5 ( As of February 2015)…
  11. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 11
    CAPITAL STRUCTURE FOCUS FINANCIAL POSITION Ample Liquidity 900MM borrowing base CAPITAL DISCIPLINE New senior secured covenant (2.25x EBITDA beginning 3/31/15) Capex Set at 700MM No bond maturities before 2020 Capital Efficiency…
  12. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 12
    Change look 13
  13. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 13
    2015 PRODUCTION GUIDANCE (a) 2014: 1.3 MMBoe of non-recurring production related to divested GOM assets Note: Totals may not foot due to rounding SandRidgeEnergy.com 14 14
  14. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 14
    CAPITAL STRUCTURE OVERVIEW Senior Notes ( in millions) Preferred Stock ( in millions) 8.75% Sr Notes due 2020 450 8.5% Convertible Perpetual Preferred (a) 265 7.5% Sr Notes due 2021 1,175 7.0% Convertible Perpetual Preferred (b) 300…
  15. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 15
    STRONG HEDGE POSITION As of 02.25.2015 Positions displayed include royalty trusts, but are exclusive of basis hedges. Liquids hedged to NYMEX WTI; Natural Gas hedged to NYMEX Henry Hub; NGL barrels hedged at 3:1 ratio to WTI.…
  16. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 16
    SALTWATER GATHERING & DISPOSAL (SWG) PRODUCE MOST EFFICIENT SWG OPERATOR 1.3 million barrels of water gathered and disposed per day IN THE MIDCONTINENT: during Q414 in the Mid-Continent and Permian Basin Average capacity of 15,000…
  17. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 17
    LARGEST SALTWATER GATHERING SYSTEM IN THE NATION Hydraulic Modeling and Engineered Process Achieved 99% Pipe Efficiency 1,260 MBw/d current volumes 191 SWG wells 1,049 miles of installed pipelines Advanced hydraulic simulation…
  18. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 18
    2015 OPERATIONAL GUIDANCE PRODUCTION PRICE REALIZATIONS a) EBITDA from Oilfield Services and Other is a non-GAAP Oil (MMBbls) 9.0 10.0 Oil (differential below WTI) 3.75 financial measure as it excludes from net income interest expense,…
  19. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 19
    2015 CAPEX GUIDANCE 2015 CAPEX GUIDANCE 2015 GUIDANCE LATERAL COUNTS 2015 GROSS 2015 NET Development D&C 306 Development 182 116 Appraisal & New Ventures D&C 29 Appraisal & New Ventures 11 8 Carryover 102 Total Laterals 193 124 Total…
  20. Q4 2014 Earnings Release – Sandridge Energy, Inc. – slide 20
    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,…

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