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Corporate Update – RSP Permian Inc.

RSP Permian Inc. · Mar 31, 2014 · 30 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. Corporate Update – RSP Permian Inc. – slide 1
    Corporate Update March 31, 2014
  2. Corporate Update – RSP Permian Inc. – slide 2
    Corporate Update 3
  3. Corporate Update – RSP Permian Inc. – slide 3
    RSP Overview Market Snapshot Permian Basin Pure Play NYSE Symbol: RSPP Market Cap(1): 2.1 billion Long-term Debt(2): 0.1 billion Enterprise Value: 2.2 billion Dawson Area 2013 Pro Forma Production and Reserves(3) Average Daily…
  4. Corporate Update – RSP Permian Inc. – slide 4
    RSP Permians Strategy Focused on Maximizing Returns to Shareholders Acquire Contiguous Delineate Acreage Position Liquids-Rich Assets Across Multiple Zones - Oil-weighted - Utilize data from legacy vertical - Contiguous acreage…
  5. Corporate Update – RSP Permian Inc. – slide 5
    Company Highlights Overview RSP Multiple Target Zones Provide Substantial Horizontal Inventory(1) Attractively positioned asset base Large, concentrated acreage blocks in core of Midland Basin Oil-weighted (65% oil, 84%…
  6. Corporate Update – RSP Permian Inc. – slide 6
    Financial Update Financial Update Pro Forma Daily Production Boe/d Production on a pro forma basis increased 43% in 2013 over 12,000 2012, averaging approximately 7.3 MBoe/d 2013 production exit rate of approximately 8.2 MBoe/d…
  7. Corporate Update – RSP Permian Inc. – slide 7
    Current Activity Operations Update Recent Well Results Lateral 30-Day IP 3rd operated horizontal rig added in January Well Name County Length (ft) Zone (Boe/d) Status Kemmer 4210LS Midland 5,247 Lower Spraberry 979 Producing 2nd…
  8. Corporate Update – RSP Permian Inc. – slide 8
    Recent Acquisition Overview Bolt-On Acquisitions East Cowden Acquisition Dude Acquisition Since IPO, RSP has closed on 3 separate transactions adding horizontal inventory Combined purchase price of 79 million funded by borrowings…
  9. Corporate Update – RSP Permian Inc. – slide 9
    Reserves, Hedging, Liquidity and 2014 Outlook Pro Forma Proved Reserves as of 12/31/13(1) Liquidity (as of February 28, 2014) 53.9 MMBoe Cash 26.0 Natural Gas Credit Facility 95.0 16% Net Debt 69.0 PD 40% Revolver Borrowing Base…
  10. Corporate Update – RSP Permian Inc. – slide 10
    Asset Overview 11
  11. Corporate Update – RSP Permian Inc. – slide 11
    RSPs Focus Area Is in One of the Most Prolific Areas of the Midland Basin RSPs Acreage Midland Basin Historical Oil Production Heat Map Best-month oil Borden production (bbl) Dawson Area Dawson Area 6,000 4,000-6,000 3,000-4,000…
  12. Corporate Update – RSP Permian Inc. – slide 12
    Strong Vertical Operator Performance Compared to Midland Basin Peers Operator Well Distribution by Peak Month Production (2010-2012) 100% 90% 80% 70% 60% Top 10% 75-90% 50% 50-75% 40% 25-50% 10-25% 30% Bottom 10%…
  13. Corporate Update – RSP Permian Inc. – slide 13
    Leader in Multiple Pay Zones in the Midland Basin RSP Permian and other industry players have unlocked multiple target zones for horizontal drilling RSP Success / Industry Commentary Industry Horizontal Drilling Targets Formations…
  14. Corporate Update – RSP Permian Inc. – slide 14
    Extensive Multi-Year Drilling Inventory with Strong Rates of Return Identified Vertical Highlights Identified Horizontal Locations Locations Multi-year inventory of horizontal and 2,500 vertical drilling projects Operated horizontal…
  15. Corporate Update – RSP Permian Inc. – slide 15
    Horizontal Drilling Driving Production Growth Experienced Midland Basin technical team has a proven track record of production growth - 80% of D&C capex directed to horizontal drilling - Targeting 40% production growth in 2014…
  16. Corporate Update – RSP Permian Inc. – slide 16
    Large, Concentrated Acreage Blocks Provide Operating Advantages Large, Concentrated Acreage Blocks Map of Focus Area RSP leasehold ideally situated for horizontal development North to South blocked-up position, which lays out…
  17. Corporate Update – RSP Permian Inc. – slide 17
    Wolfcamp B Horizontal Results Remain Strong RSP Activity Wolfcamp A/B Type Curve 24 producing Wolfcamp B wells (8 operated) 7,000' Lateral 11 waiting on completion (10 non-op) and 3 drilling Well Cost (MM) 7.5 (2 non-op) EUR (MBoe)…
  18. Corporate Update – RSP Permian Inc. – slide 18
    Early Spraberry Results Above Expectations RSP Activity Lower Spraberry Type Curve 5 producing Lower Spraberry wells (all operated) 7,000' Lateral 1 waiting on completion and 2 more drilling (1 non-op) Well Cost (MM) 7.0 Kemmer…
  19. Corporate Update – RSP Permian Inc. – slide 19
    Spraberry Horizontal Potential Provides Significant Upside Leader in the Spraberry Substantial Horizontal Spraberry Inventory - Net Locations First operator to drill horizontal Lower Spraberry and 500 479 horizontal Middle Spraberry…
  20. Corporate Update – RSP Permian Inc. – slide 20
    Consistent Pay Intervals Across RSPs Contiguous Acreage Position Midland to Dawson Co. Stratigraphic Cross Section West to East Geologic Analog All target intervals are present across RSPs acreage Similar log characteristics with…
  21. Corporate Update – RSP Permian Inc. – slide 21
    Horizontal Spraberry Activity Strong Early Results Map of Spraberry Activity RSP Permian Pioneer University 7-43 16H (Lower Spraberry) Cross Bar Ranch 2017MS (Middle Spraberry) 24-hr IP: 1,660 Boe/d Drilling 7,502 lateral length…
  22. Corporate Update – RSP Permian Inc. – slide 22
    Midland Basin Horizontal Wells Industry Activity RSPs successful Wolfcamp results are complemented by nearby operators announcements Map of Midland Basin Activity RSP Permian Garza Pioneer Lynn Kent University 7-43 10H (Wolfcamp D /…
  23. Corporate Update – RSP Permian Inc. – slide 23
    RSPs Horizontal Success Horizontal Well Locator RSP Operated Horizontal Wells Summary 3-Stream 90-day Lateral Martin Well Name County Well Zone 30-day IP Cumulative Length (ft) (Boe/d) (MBoe) Andrews 3 13 12 1 1 Cross Bar Ranch…
  24. Corporate Update – RSP Permian Inc. – slide 24
    RSPs Key Horizontal Development Pilot Projects For 2014 Commentary 2014 Planned Horizontal Wells 1. Johnson Ranch 1018 & 1019 2-well stacked offsetting pads for Wolfcamp B Wolfcamp A spacing pattern test. Project 1 on production by…
  25. Corporate Update – RSP Permian Inc. – slide 25
    Development Scheme and Multi-Zone Well Pads 5 horizontal laterals per zone on each 960-acre unit 5 target pay zones 25 horizontal long laterals with potential upside from additional stacked pay zones Horizontal Fairway…
  26. Corporate Update – RSP Permian Inc. – slide 26
    Horizontal Well Costs Coming Down Capital costs decreasing due to experience, efficiencies, completion / well design optimization, and pad development Operated Horizontal Actual Drilling & Completion Costs Per Lateral Foot (by Spud…
  27. Corporate Update – RSP Permian Inc. – slide 27
    Low-Cost Operator with Strong Margins Pre-G&A Cash Margin (Twelve Months Ended 12/31/2013) / boe 80.00 64.75 60.20 60.00 55.43 54.41 48.45 43.61 39.70 40.00 20.00 0.00 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6…
  28. Corporate Update – RSP Permian Inc. – slide 28
    RSPs Pro Forma Capitalization and Hedging Pro Forma Capitalization Hedging Weighted Weighted Weighted ( in millions) 2/28/2014 Average Average Average Floor price Ceiling price Swap price (3) (3) (3) Description & Production Period…
  29. Corporate Update – RSP Permian Inc. – slide 29
    EBITDAX Reconciliation EBITDAX Reconciliation ( in thousands) RSP Permian, Inc. Pro Forma Quarter Ended Year Ended Year Ended December 31, December 31, December 31, 2013 2013 2012 (Unaudited) Adjusted EBITDAX reconciliation to…
  30. Corporate Update – RSP Permian Inc. – slide 30
    Identified Opportunities for Future Upside RSPs well costs are decreasing and IP rates outperforming type curves, leading to Increased Economics/ increasing economics Locations RSP evaluating increasing lateral density and drilling…

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