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Year End 2014 Conference Call – Samson Resources Company

Samson Resources Company · Apr 1, 2015 · 23 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. Year End 2014 Conference Call – Samson Resources Company – slide 1
    Year-End 2014 Conference Call April 1, 2015 Supplemental Materials
  2. Year End 2014 Conference Call – Samson Resources Company – slide 2
    Key Strategic Initiatives Recent Actions 2015 Objectives Amended credit facility to preserve near- Retain key technical and professional term liquidity talent Creates runway from which to Further reduce costs implement a…
  3. Year End 2014 Conference Call – Samson Resources Company – slide 3
    2014 Financial & Operating Metrics 2014 2013 Q4'14 Q3'14 Production (MMcfe/d) 530 578 515 530 (1) Realized Price (/Mcfe) 5.43 5.32 5.12 5.61 Operating Expenses (/Mcfe) LOE 1.09 0.93 1.14 1.12 Production Tax 0.41 0.36 0.30 0.45…
  4. Year End 2014 Conference Call – Samson Resources Company – slide 4
    2014 Free Cash Flow & Net Debt (MM) 2014 2013 Q4'14 Q3'14 Cash Flow From Operations 488 689 124 103 Divestiture Proceeds 157 317 42 61 Total 644 1,005 167 164 Cash Capital Expenditures: Drilling and Completion 594 667 142 121…
  5. Year End 2014 Conference Call – Samson Resources Company – slide 5
    March 2015 RBL Amendment Detail Previous Current Borrowing Base (MM) 1,000 950 Commitment Amount (MM) 2,250 Borrowing Base (950) Drawn Pricing (LIBOR Spread) 150 - 250 bps 200 - 300 bps Going Concern Certification Requirement…
  6. Year End 2014 Conference Call – Samson Resources Company – slide 6
    Cost Reduction Initiatives Currently in the midst of comprehensive cost-reduction efforts to decrease headcount and non-headcount general and administrative expenses and operating costs One time costs offset current year efficiency…
  7. Year End 2014 Conference Call – Samson Resources Company – slide 7
    Divestiture Strategy Asset Sale Update 2013 Q1 2015 Divestitures Executed Arkoma divestiture for 48 MM(1)(2) No. of Year Proceeds Bakken, Wamsutter, San Juan, Permian Minerals Transactions and Non-Core Mid-Con assets marketed,…
  8. Year End 2014 Conference Call – Samson Resources Company – slide 8
    Current Hedge Position As of March 13, 2015 Mark to Market Value of Approximately 150 MM (100 MM associated with 2015) Natural Gas Swaps & Collars Oil Swaps NGL Swaps Wtd Avg Year Bbls/d(1) Swap Price Year Bbls/d(1) Swap Price…
  9. Year End 2014 Conference Call – Samson Resources Company – slide 9
    2014 Production and Capital Summary 2014 Production By Quarter 2014 Oil and Gas Capital By Type(3) (MMcfe/d) (MM) Non-D&C 41 543 6% 529 530 2014 Avg: 530 MMcfe/d 17 17 9 515 515 - 4 525 D&C 594 94% (1) Q1'14 Q2'14…
  10. Year End 2014 Conference Call – Samson Resources Company – slide 10
    2014 Reserve Summary Key Highlights: Total Proved Reserves Bridge Total Proved Reserves(1): 1.5 Tcfe (YE13 vs. YE14) 73% Gas 148 46 84% PDP 1,857 (51 ) Total PV-10(2): (315 ) 1,492 625 SEC Pricing: 2.6 billion (193 ) 240…
  11. Year End 2014 Conference Call – Samson Resources Company – slide 11
    Operated Well Results: 2014 Spuds Operated Well Results: 2014 Spuds Total capital incurred of approximately 80 345 MM PV10: 87 MM 70 Program PV10 of 87 MM 60 Core Assets added approximately 129 MM 50 Well Count Other…
  12. Year End 2014 Conference Call – Samson Resources Company – slide 12
    Operated Well Results: Core Assets East Texas Williston Operated Well Results: 2014 Spuds Operated Wells Results: 2014 Spuds 18 16 PV10: 95 MM 16 PV10: 34 MM 14 14 12 12 10 Well Count Well Count 10 8 8 6 6 4 4…
  13. Year End 2014 Conference Call – Samson Resources Company – slide 13
    Portfolio Characterization Three Key Categories Core Assess Upside Divest Bakken/Three Forks Ft. Union Non-Core Midcon Taylor Granite Wash San Juan Plays Cotton Valley Mowry Wamsutter Haynesville (Gas Permian Minerals Option)…
  14. Year End 2014 Conference Call – Samson Resources Company – slide 14
    Forward Focused Development Recent Highlights Williston - Bakken/Three Forks Changed to plug & perf completions Reduced number of laterals per DSU Resulted in +50% increase in IP30 and EURs East Texas - Taylor appraisal program…
  15. Year End 2014 Conference Call – Samson Resources Company – slide 15
    Operated Rates of Return: Lower Price Environment 30% Cotton Valley ROR % Taylor 20% Granite Wash Williston Fort Union 10% Haynesville Target Formations Note: Lower Price Environment Rates of Return (ROR)…
  16. Year End 2014 Conference Call – Samson Resources Company – slide 16
    Addressing Challenges and Improving Results Powder River Program Encouraging Mowry Pilot curtailed (3 rigs to 1 rig) Granite Wash Program Cotton Valley C1 Target due to inconsistent results selectively restarted success Granite Wash…
  17. Year End 2014 Conference Call – Samson Resources Company – slide 17
    East Texas Update Taylor Sand Highlights Cotton Valley Highlights Re-initiated CV / Taylor drilling program Transitioned from stacked Cotton Valley Top CNVL De-risked / Delineated future Taylor inventory laterals to single target…
  18. Year End 2014 Conference Call – Samson Resources Company – slide 18
    Williston Update Cumulative Fluid vs Producing Days Williston Highlights Plug & Perf Wells Avg Plug & Perf Increased spacing Sliding Sleeve Wells Avg Sliding Sleeve Changed completion design to plug & perf EUR & IP30 improved by…
  19. Year End 2014 Conference Call – Samson Resources Company – slide 19
    2015E Production and Capital Plan Capital By Type(1) Overview (MM) 2015 Production Guidance: 435 to 460 MMcfe/d 2015 Total Oil & Gas Capital Plan: 156 MM Non-D&C 63 40% Turning 30 wells to first sales in early 2015, primarily…
  20. Year End 2014 Conference Call – Samson Resources Company – slide 20
    Portfolio Resource Potential More Certainty Less Certainty Mowry Fort Union 1.1 1.7 2.6 4.2 Granite Tcfe Tcfe Wash 0.1 0.2 1.5 2.5 0.8 1.0 Tcfe Tcfe Tcfe 0.6 1.3 Tcfe Cotton Valley Taylor Bakken/Three Core…
  21. Year End 2014 Conference Call – Samson Resources Company – slide 21
    Key Takeaways RBL Amendment creates runway to implement more comprehensive restructuring Significant operational changes completed with further savings possible Meaningful growth opportunities if pricing improves modestly…
  22. Year End 2014 Conference Call – Samson Resources Company – slide 22
    PV-10 Reconciliation As of December 31, (dollars in thousands) 2014 PV-10 2,551,402 Present value of estimated ARO, discounted at 10% (34,011) PV-10 after ARO 2,517,391 Present value of future income tax, discounted at 10%…
  23. Year End 2014 Conference Call – Samson Resources Company – slide 23
    2014 Adjusted EBITDA Reconciliation Three Months Twelve Months Ended Ended December 31, 2014 December 31, 2014 Net income (loss) (949,924) (1,420,581) Interest expense, net 26,213 91,908 Provision (benefit) for income taxes…

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