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Q2 2012 Investor Update – EP Energy Corp

EP Energy Corp · Aug 29, 2012 · 16 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. Q2 2012 Investor Update – EP Energy Corp – slide 1
    2 ndQuarter 2012 Investor Update August 29, 2012
  2. Q2 2012 Investor Update – EP Energy Corp – slide 2
    Overview Closed transaction, smooth transition Capital program on track Ample liquidity position Issued 350 MM of unsecured bonds Robust hedge program Continuing portfolio high grading with recent divestitures 3
  3. Q2 2012 Investor Update – EP Energy Corp – slide 3
    2Q Highlights Total production averaged 905 MMcfe/d 10% growth vs. prior year Oil production averaged 24 Mbbl/d 51% growth vs. prior year Liquids represented 20% of production in 2Q Adjusted Cash Costs of 1.62/Mcfe 3% lower vs.…
  4. Q2 2012 Investor Update – EP Energy Corp – slide 4
    2Q Operations Review Program Production Oil NGL Capital Wells Wells Rigs1 (Mmcfe/d) (Mbbl/d) (Mbbl/d) (MM) Drilled1 Completed1 Eagle Ford 98 10.9 2.2 218 20 19 4 Altamont 60 7.0 - 43 5 5 2 Wolfcamp 10 1.2 0.2 64 5 4 1 Wilcox 15…
  5. Q2 2012 Investor Update – EP Energy Corp – slide 5
    2nd Quarter Financial Results 6
  6. Q2 2012 Investor Update – EP Energy Corp – slide 6
    Basis of Presentation Acquisition by Apollo and other sponsors closed on May 24, in the middle of Q2 2012 The 2Q 2012 information reflected in this summary combines the results of: El Pasos E&P business (the predecessor) from April…
  7. Q2 2012 Investor Update – EP Energy Corp – slide 7
    Summary Financials ( in millions, unless otherwise stated) 2Q 2011 2Q 2012 % Change Production Natural Gas (MMcfe) 64,092 66,090 3.1% Oil/Condensate (MBbls) 1,425 2,151 51.0% NGL (MBbls) 373 555 48.8% Combined production (MMcfe)…
  8. Q2 2012 Investor Update – EP Energy Corp – slide 8
    Strong Oil Growth Production (MMcfe/d) By Product (MMcfe/d) 905 905 823 35 823 37 37 98 24 22 142 94 125 116 656 705 726 639 2Q 2011 2Q 2012 2Q 2011 2Q 2012 Central Southern Eagle Ford International Natural Gas…
  9. Q2 2012 Investor Update – EP Energy Corp – slide 9
    Adjusted Cash Operating Costs /Mcfe 1.67 1.62 0.04 0.04 0.31 0.33 0.61 0.55 0.71 0.70 2Q 2011 2Q 2012 Lifting Costs G&A Production Taxes Other Taxes 10
  10. Q2 2012 Investor Update – EP Energy Corp – slide 10
    Robust Hedge Position Natural Gas Hedges 2012 2013 2014 2015 Volume Average Price Volume Average Price Volume Average Price Volume Average Price (Tbtu) (MMbtu) (Tbtu) (MMbtu) (Tbtu) (MMbtu) (Tbtu) (MMbtu) Average Floor 103 4.47 152…
  11. Q2 2012 Investor Update – EP Energy Corp – slide 11
    Recent Financing Activity On August 8, 2012, we issued 350 MM of Senior Unsecured Notes, due in 2022 Notes were issued at Par, 7.75% coupon Use of net proceeds to repay a portion of our RBL Facility, and for general corporate…
  12. Q2 2012 Investor Update – EP Energy Corp – slide 12
    Divestiture Update Closed sale of all Gulf of Mexico assets on July 19 79 MM sales proceeds Gross sales price of 103MM, less 24MM purchase price adjustment EBITDA of 13 MM (2Q12) Production of 43 MMcfe/d, 74% natural gas (2Q12)…
  13. Q2 2012 Investor Update – EP Energy Corp – slide 13
    Appendix 14
  14. Q2 2012 Investor Update – EP Energy Corp – slide 14
    Adjusted EBITDA Reconciliation Millions 2Q 2011 2Q 20121 Reported net income (loss) 170 13 Income tax expense (benefit) 77 95 Interest expense 3 63 DD&A 146 152 Reported EBITDA 396 323 MTM (gains)/losses on financial derivatives…
  15. Q2 2012 Investor Update – EP Energy Corp – slide 15
    Reconciliation of Adjusted Cash Operating Costs 2012 2Q1 Total (MM) Per-Unit (/Mcfe) Total operating expenses 517 6.69 Depreciation, depletion and amortization (152) (1.98) Transportation costs (34) (0.43) Exploration expense (6)…
  16. Q2 2012 Investor Update – EP Energy Corp – slide 16
    Additional Non-GAAP Information EP Energy uses the non-GAAP financial measures of Reported EBITDA, Adjusted EBITDAX and Adjusted Cash Operating costs. We believe these supplemental measures provide meaningful information to our…

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