Miller Energy Resources provides an overview of its Alaska assets and operations. It highlights four distinct oil and gas fields in Alaska with over 11 million barrels of proved reserves. Miller benefits from favorable Alaskan tax policies including tax credits that reduce exploration and production risks. It also receives attractive pricing for its Alaska North Slope oil and legacy gas contracts. Recently, Miller has accessed increasing capital at a decreasing cost through a revolving bank facility, reflecting improvements to its asset quality and production growth.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation discusses the companies' repositioning strategy in 2016 to strengthen their balance sheet through cost cutting, reduced capital expenditures, mergers, and debt reduction. It highlights the companies' asset portfolio, contract mix, customer base, and financial outlook. The presentation aims to position the companies for long-term growth potential through competitive assets leveraged to improving commodity prices.
The document provides an overview of Antero Resources Corporation. It discusses forward-looking statements and risks associated with the estimates and projections. It also highlights key aspects of Antero's recent acquisition including the addition of 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million. The acquisition significantly increases Antero's drilling inventory in the Marcellus shale play with attractive well economics.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is dependent on Antero Resources' annual capital budget and development plan, which is dependent on commodity prices and Antero Resources' financial resources and liquidity. Any forward-looking statements speak only as of the date of the document and the company undertakes no obligation to update such statements.
The document summarizes an asset acquisition by Antero Resources Corporation of 55,000 net acres of core Marcellus and Utica shale assets for $450 million. The acquisition significantly increases Antero's acreage position and drilling inventory in the core of the Marcellus and Utica plays. Specifically, the acquisition adds over 4.1 trillion cubic feet of estimated reserves and over 1,000 new drilling locations. The acquired acreage will also be dedicated to Antero Midstream Partners for gathering and processing, providing additional growth opportunities. The acquisition enhances Antero's position in the top producing regions and improves the economic returns of its drilling program.
Company website presentation (c) october 2014AnteroResources
- The company overview document discusses Antero Resources, a natural gas exploration and production company focused on the Marcellus and Utica Shale plays.
- Antero has significant reserves of 37.5 trillion cubic feet of gas equivalents across its acreage, along with high growth production that increased 91% year-over-year in the third quarter of 2014.
- The company has invested heavily in midstream infrastructure like processing plants and pipelines to efficiently develop its production and access favorable gas markets.
This presentation from Phillips 66 discusses the company's strategy and outlook across its business segments. The key points are:
1) Phillips 66's strategy focuses on operating excellence, growth, returns and distributions through a high-performing organization.
2) The company sees opportunities for growth in its midstream business by expanding its transportation network and utilizing Phillips 66 Partners LP.
3) In chemicals, Phillips 66 aims to grow its joint venture CPChem and capitalize on the advantage of low-cost North American feedstocks for ethylene production.
4) The refining business will enhance returns by processing more advantaged crudes, expanding export capacity, and decreasing costs.
Company website presentation (b) september 2016AnteroResources
The document provides an overview of a company acquisition that will significantly increase the company's core drilling inventory. Specifically:
- The acquisition adds 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million, increasing the company's core inventory by over 1,000 drilling locations.
- The new acreage provides opportunities for improved well economics and type curves above 2 billion cubic feet per 1,000 feet, with estimated returns of 51-77% at current strip prices.
- The acquisition significantly increases the company's dry gas and condensate inventory, adding over 225 dry gas locations and enhancing over 300 condensate locations.
- The document provides an overview of Antero Resources Corporation, a company focused on developing natural gas and oil resources from the Marcellus and Utica Shales.
- Antero has significant reserves and acreage positions in the Marcellus and Utica Shales, with over 37 trillion cubic feet of reserves across both plays.
- The company has invested heavily in midstream infrastructure like gathering lines and processing facilities to support its production and growth.
- Antero has also secured long-term firm transportation and processing agreements to achieve premium realized prices for its natural gas and natural gas liquids.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation discusses the companies' repositioning strategy in 2016 to strengthen their balance sheet through cost cutting, reduced capital expenditures, mergers, and debt reduction. It highlights the companies' asset portfolio, contract mix, customer base, and financial outlook. The presentation aims to position the companies for long-term growth potential through competitive assets leveraged to improving commodity prices.
The document provides an overview of Antero Resources Corporation. It discusses forward-looking statements and risks associated with the estimates and projections. It also highlights key aspects of Antero's recent acquisition including the addition of 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million. The acquisition significantly increases Antero's drilling inventory in the Marcellus shale play with attractive well economics.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is dependent on Antero Resources' annual capital budget and development plan, which is dependent on commodity prices and Antero Resources' financial resources and liquidity. Any forward-looking statements speak only as of the date of the document and the company undertakes no obligation to update such statements.
The document summarizes an asset acquisition by Antero Resources Corporation of 55,000 net acres of core Marcellus and Utica shale assets for $450 million. The acquisition significantly increases Antero's acreage position and drilling inventory in the core of the Marcellus and Utica plays. Specifically, the acquisition adds over 4.1 trillion cubic feet of estimated reserves and over 1,000 new drilling locations. The acquired acreage will also be dedicated to Antero Midstream Partners for gathering and processing, providing additional growth opportunities. The acquisition enhances Antero's position in the top producing regions and improves the economic returns of its drilling program.
Company website presentation (c) october 2014AnteroResources
- The company overview document discusses Antero Resources, a natural gas exploration and production company focused on the Marcellus and Utica Shale plays.
- Antero has significant reserves of 37.5 trillion cubic feet of gas equivalents across its acreage, along with high growth production that increased 91% year-over-year in the third quarter of 2014.
- The company has invested heavily in midstream infrastructure like processing plants and pipelines to efficiently develop its production and access favorable gas markets.
This presentation from Phillips 66 discusses the company's strategy and outlook across its business segments. The key points are:
1) Phillips 66's strategy focuses on operating excellence, growth, returns and distributions through a high-performing organization.
2) The company sees opportunities for growth in its midstream business by expanding its transportation network and utilizing Phillips 66 Partners LP.
3) In chemicals, Phillips 66 aims to grow its joint venture CPChem and capitalize on the advantage of low-cost North American feedstocks for ethylene production.
4) The refining business will enhance returns by processing more advantaged crudes, expanding export capacity, and decreasing costs.
Company website presentation (b) september 2016AnteroResources
The document provides an overview of a company acquisition that will significantly increase the company's core drilling inventory. Specifically:
- The acquisition adds 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million, increasing the company's core inventory by over 1,000 drilling locations.
- The new acreage provides opportunities for improved well economics and type curves above 2 billion cubic feet per 1,000 feet, with estimated returns of 51-77% at current strip prices.
- The acquisition significantly increases the company's dry gas and condensate inventory, adding over 225 dry gas locations and enhancing over 300 condensate locations.
- The document provides an overview of Antero Resources Corporation, a company focused on developing natural gas and oil resources from the Marcellus and Utica Shales.
- Antero has significant reserves and acreage positions in the Marcellus and Utica Shales, with over 37 trillion cubic feet of reserves across both plays.
- The company has invested heavily in midstream infrastructure like gathering lines and processing facilities to support its production and growth.
- Antero has also secured long-term firm transportation and processing agreements to achieve premium realized prices for its natural gas and natural gas liquids.
The document provides an overview of Antero Resources Corporation and contains forward-looking statements regarding estimates, plans, expectations and guidance. It notes that actual results may differ materially from forward-looking statements due to risks and uncertainties in the exploration and development of natural gas and oil. These risks include commodity price volatility, inflation, operational risks, regulatory changes, reserve estimation uncertainties, and other factors discussed in Antero's SEC filings.
The document provides an overview of Antero Resources Corporation. It notes that the company has a market capitalization of $8.5 billion and net production of 1,875 MMcfe/d. It also contains forward-looking statements regarding Antero's estimates and plans. These include estimates of reserves, production growth targets, drilling plans, and expected realized natural gas prices. The document highlights Antero's leading well economics in the Marcellus, including lower costs and higher estimated ultimate recoveries. It also summarizes Antero's substantial natural gas hedge portfolio, which locks in prices significantly above current strip.
The document discusses Crestwood Midstream Partners' growth strategy and organic expansion projects focused on its core assets. It highlights several projects in the Bakken and Delaware Basin that will increase gathering, processing, and transportation capacity to support increasing production volumes from dedicated acreage. These projects are expected to generate over $120 million in additional annual EBITDA by 2021 and be self-funded through retained cash flow and joint venture partnerships while maintaining financial strength.
el paso 03_27Leland_CreditSuisse_FINAL(Web)finance49
The document provides an overview of El Paso Corporation, including its two core businesses of interstate pipelines and exploration and production. It summarizes El Paso's leading pipeline network in North America, well-positioned assets, committed growth backlog approaching $4 billion, and focus on sustainable long-term growth through pipeline infrastructure investments and 8-12% annual production growth from E&P. The document also reviews El Paso's leveraged finance position and management of capital costs for major projects.
Antero Midstream Partners LP provides a forward-looking statement regarding its partnership overview presentation from February 2016. The statement indicates that projections in the presentation are based on certain assumptions by Antero Midstream and Antero Resources that could prove inaccurate. Actual results may differ due to risks including commodity price volatility, development and drilling plans, and factors discussed in regulatory filings. Future distributions are dependent on Antero Resources' annual budget approval by its board of directors.
Sandridge Energy presented its operational plan and investment thesis. Key points include:
- Focus on high-grading its Mid-Continent assets and appraising new zones while developing its North Park Niobrara acreage position.
- North Park Niobrara drilling is showing encouraging early results and potential upside through extended laterals and additional benches.
- The company has a strong balance sheet, $536 million in liquidity, and minimal covenants following its restructuring providing financial flexibility.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. Key details include a $1.05 billion initial payment for Antero's water delivery business and 20-year agreement for fluid handling and disposal services. Minimum volume commitments are expected to support revenues. Earn out payments over the next few years provide incentives for Antero to meet long-term volume targets. The partnership is expected to be accretive and integrate Antero's water and gathering businesses to create one of the highest growth midstream MLPs.
Company website presentation (a) december 2016AnteroResources
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements and describes various risk factors that could affect Antero's actual results. It then provides highlights of Antero's profile, including its market capitalization, enterprise value, reserves, production rates, and acreage position. The document emphasizes Antero's strong balance sheet, leading realized prices and margins, improving well economics, and large drilling inventory.
The document summarizes Arex Energy's second quarter 2016 results. It discusses:
- Low operating costs of $4.56 per barrel of oil equivalent and record low drilling and completion costs of $3.7 million per well.
- Average production of 12.6 thousand barrels of oil equivalent per day, exceeding guidance. New wells are outperforming type curves.
- Revenues of $22.4 million and EBITDAX of $13.7 million. Capital expenditures were $6.9 million, aligned with cash flow. The company has $51 million in liquidity.
The document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures regarding the risks of relying on such statements. It then highlights Antero's balance sheet strength, hedging position through 2018, production growth targets, and flexibility to adjust activity levels. Finally, it summarizes Antero's leading position in the Appalachian basin in terms of reserves, production, core acreage, and inventory of drilling locations.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements regarding plans and expectations. It also cautions that actual results could differ materially from what is stated due to risks and uncertainties inherent in the natural gas and oil business. The document highlights that Antero is the most active operator in Appalachia with large reserves and production, low development costs, significant hedging positions, and firm transportation agreements to favorable markets.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key risks and assumptions, including dependence on Antero Resources' development plans, commodity price volatility, and other operational risks. It also notes that future distributions are dependent on Antero Resources' annual capital budget and factors such as commodity prices and Antero Resources' financial resources and liquidity.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is projected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building new midstream assets itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
Cliffs Natural Resources reported first quarter 2014 earnings. While sales volumes were down slightly from weather impacts, the company maintained its full-year 2014 guidance. Cash costs and expenses were reduced through cost savings initiatives. Total liquidity increased 32% to over $1.9 billion compared to the prior year through debt refinancing. The company continues to focus on improving operations and extracting highest value from its assets in a challenging pricing environment.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is expected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building new midstream assets itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
Denbury Resources reported operational and financial results for 3Q17. Production was impacted by Hurricane Harvey but no long-term damage occurred. Denbury is focusing on reducing costs, maximizing asset value, and improving its balance sheet. It has identified opportunities to develop horizontal wells in the Mission Canyon interval of the Cedar Creek Anticline, which could unlock significant resource potential with attractive economics. Total operating costs for the quarter were $21.22 per BOE.
El Paso Corporation provides natural gas and related energy products across North America. It has two core businesses: interstate pipelines and exploration and production. The company has a $3 billion growth backlog for its pipeline business and expects 6-8% annual EBIT growth. Its E&P business is focused on resource plays in the US and exploration internationally. El Paso expects 8-12% annual production growth through high-grading its portfolio and $1.7 billion capital investment in 2008. It enters the year with solid hedge positions on natural gas and oil.
- The document discusses forward-looking statements and risks associated with Antero Resources Corporation's estimates, plans and projections. It notes the use of certain assumptions and factors that could cause actual results to differ from expectations.
- It provides an overview of Antero Resources' large production base, low costs, substantial long-term hedge position, strong liquidity, and increasing percentage of sales volumes going to favorable markets.
- It highlights Antero's leading position in the lowest cost U.S. basin and peer-leading metrics including production growth targets, well costs, hedge book, and liquidity.
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding Antero's estimates, plans, strategies, objectives, anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties. The document also cautions that forward-looking statements are subject to difficulties in predicting Antero's exploration, development and production activities, as well as broader economic and market factors.
Company website presentation (c) october 2014AnteroResources
- Antero Resources is a pure play company focused on developing natural gas and oil resources in the Marcellus and Utica Shales.
- As of June 30, 2014, Antero reported net proved reserves of 9.1 Tcfe and net 3P reserves of 37.5 Tcfe across its acreage positions.
- Antero has invested over $1.6 billion in midstream infrastructure including gathering lines, compressor stations, and fresh water distribution systems to support its production and operations.
Working Together as a Leadership Team in a Downturn - part 1WorkforceNEXT
This document summarizes a presentation about managing a downturn in the oil and gas industry. It discusses how increased U.S. production led to oversupply and lower prices. Companies have responded by cutting capital expenditures by 46% on average and reducing rig counts and staffing. The presentation outlines Continental Resources' specific actions, including reducing its 2015 capex budget by 41% and prioritizing high-return projects to maintain growth while lowering costs. HR and operations are working closely to navigate the downturn through efficiency gains and workforce adjustments.
The document provides an overview of Antero Resources Corporation and contains forward-looking statements regarding estimates, plans, expectations and guidance. It notes that actual results may differ materially from forward-looking statements due to risks and uncertainties in the exploration and development of natural gas and oil. These risks include commodity price volatility, inflation, operational risks, regulatory changes, reserve estimation uncertainties, and other factors discussed in Antero's SEC filings.
The document provides an overview of Antero Resources Corporation. It notes that the company has a market capitalization of $8.5 billion and net production of 1,875 MMcfe/d. It also contains forward-looking statements regarding Antero's estimates and plans. These include estimates of reserves, production growth targets, drilling plans, and expected realized natural gas prices. The document highlights Antero's leading well economics in the Marcellus, including lower costs and higher estimated ultimate recoveries. It also summarizes Antero's substantial natural gas hedge portfolio, which locks in prices significantly above current strip.
The document discusses Crestwood Midstream Partners' growth strategy and organic expansion projects focused on its core assets. It highlights several projects in the Bakken and Delaware Basin that will increase gathering, processing, and transportation capacity to support increasing production volumes from dedicated acreage. These projects are expected to generate over $120 million in additional annual EBITDA by 2021 and be self-funded through retained cash flow and joint venture partnerships while maintaining financial strength.
el paso 03_27Leland_CreditSuisse_FINAL(Web)finance49
The document provides an overview of El Paso Corporation, including its two core businesses of interstate pipelines and exploration and production. It summarizes El Paso's leading pipeline network in North America, well-positioned assets, committed growth backlog approaching $4 billion, and focus on sustainable long-term growth through pipeline infrastructure investments and 8-12% annual production growth from E&P. The document also reviews El Paso's leveraged finance position and management of capital costs for major projects.
Antero Midstream Partners LP provides a forward-looking statement regarding its partnership overview presentation from February 2016. The statement indicates that projections in the presentation are based on certain assumptions by Antero Midstream and Antero Resources that could prove inaccurate. Actual results may differ due to risks including commodity price volatility, development and drilling plans, and factors discussed in regulatory filings. Future distributions are dependent on Antero Resources' annual budget approval by its board of directors.
Sandridge Energy presented its operational plan and investment thesis. Key points include:
- Focus on high-grading its Mid-Continent assets and appraising new zones while developing its North Park Niobrara acreage position.
- North Park Niobrara drilling is showing encouraging early results and potential upside through extended laterals and additional benches.
- The company has a strong balance sheet, $536 million in liquidity, and minimal covenants following its restructuring providing financial flexibility.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. Key details include a $1.05 billion initial payment for Antero's water delivery business and 20-year agreement for fluid handling and disposal services. Minimum volume commitments are expected to support revenues. Earn out payments over the next few years provide incentives for Antero to meet long-term volume targets. The partnership is expected to be accretive and integrate Antero's water and gathering businesses to create one of the highest growth midstream MLPs.
Company website presentation (a) december 2016AnteroResources
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements and describes various risk factors that could affect Antero's actual results. It then provides highlights of Antero's profile, including its market capitalization, enterprise value, reserves, production rates, and acreage position. The document emphasizes Antero's strong balance sheet, leading realized prices and margins, improving well economics, and large drilling inventory.
The document summarizes Arex Energy's second quarter 2016 results. It discusses:
- Low operating costs of $4.56 per barrel of oil equivalent and record low drilling and completion costs of $3.7 million per well.
- Average production of 12.6 thousand barrels of oil equivalent per day, exceeding guidance. New wells are outperforming type curves.
- Revenues of $22.4 million and EBITDAX of $13.7 million. Capital expenditures were $6.9 million, aligned with cash flow. The company has $51 million in liquidity.
The document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures regarding the risks of relying on such statements. It then highlights Antero's balance sheet strength, hedging position through 2018, production growth targets, and flexibility to adjust activity levels. Finally, it summarizes Antero's leading position in the Appalachian basin in terms of reserves, production, core acreage, and inventory of drilling locations.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements regarding plans and expectations. It also cautions that actual results could differ materially from what is stated due to risks and uncertainties inherent in the natural gas and oil business. The document highlights that Antero is the most active operator in Appalachia with large reserves and production, low development costs, significant hedging positions, and firm transportation agreements to favorable markets.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key risks and assumptions, including dependence on Antero Resources' development plans, commodity price volatility, and other operational risks. It also notes that future distributions are dependent on Antero Resources' annual capital budget and factors such as commodity prices and Antero Resources' financial resources and liquidity.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is projected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building new midstream assets itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
Cliffs Natural Resources reported first quarter 2014 earnings. While sales volumes were down slightly from weather impacts, the company maintained its full-year 2014 guidance. Cash costs and expenses were reduced through cost savings initiatives. Total liquidity increased 32% to over $1.9 billion compared to the prior year through debt refinancing. The company continues to focus on improving operations and extracting highest value from its assets in a challenging pricing environment.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is expected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building new midstream assets itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
Denbury Resources reported operational and financial results for 3Q17. Production was impacted by Hurricane Harvey but no long-term damage occurred. Denbury is focusing on reducing costs, maximizing asset value, and improving its balance sheet. It has identified opportunities to develop horizontal wells in the Mission Canyon interval of the Cedar Creek Anticline, which could unlock significant resource potential with attractive economics. Total operating costs for the quarter were $21.22 per BOE.
El Paso Corporation provides natural gas and related energy products across North America. It has two core businesses: interstate pipelines and exploration and production. The company has a $3 billion growth backlog for its pipeline business and expects 6-8% annual EBIT growth. Its E&P business is focused on resource plays in the US and exploration internationally. El Paso expects 8-12% annual production growth through high-grading its portfolio and $1.7 billion capital investment in 2008. It enters the year with solid hedge positions on natural gas and oil.
- The document discusses forward-looking statements and risks associated with Antero Resources Corporation's estimates, plans and projections. It notes the use of certain assumptions and factors that could cause actual results to differ from expectations.
- It provides an overview of Antero Resources' large production base, low costs, substantial long-term hedge position, strong liquidity, and increasing percentage of sales volumes going to favorable markets.
- It highlights Antero's leading position in the lowest cost U.S. basin and peer-leading metrics including production growth targets, well costs, hedge book, and liquidity.
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding Antero's estimates, plans, strategies, objectives, anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties. The document also cautions that forward-looking statements are subject to difficulties in predicting Antero's exploration, development and production activities, as well as broader economic and market factors.
Company website presentation (c) october 2014AnteroResources
- Antero Resources is a pure play company focused on developing natural gas and oil resources in the Marcellus and Utica Shales.
- As of June 30, 2014, Antero reported net proved reserves of 9.1 Tcfe and net 3P reserves of 37.5 Tcfe across its acreage positions.
- Antero has invested over $1.6 billion in midstream infrastructure including gathering lines, compressor stations, and fresh water distribution systems to support its production and operations.
Working Together as a Leadership Team in a Downturn - part 1WorkforceNEXT
This document summarizes a presentation about managing a downturn in the oil and gas industry. It discusses how increased U.S. production led to oversupply and lower prices. Companies have responded by cutting capital expenditures by 46% on average and reducing rig counts and staffing. The presentation outlines Continental Resources' specific actions, including reducing its 2015 capex budget by 41% and prioritizing high-return projects to maintain growth while lowering costs. HR and operations are working closely to navigate the downturn through efficiency gains and workforce adjustments.
This document provides an overview of Antero Resources Corporation, a company focused on developing natural gas and oil resources from the Marcellus and Utica Shales in the Appalachian Basin. It outlines Antero's large acreage position and drilling inventory across these plays, with an emphasis on liquids-rich areas. Antero has significantly grown production and reserves through an active drilling program while maintaining strong capital efficiency metrics. The company is also building out infrastructure like gathering lines and processing facilities to support its growing scale of operations.
- Antero Resources is a pure play company focused on developing natural gas and oil resources in the Marcellus and Utica Shales located in the Appalachian Basin.
- They have significant reserves of 37.5 trillion cubic feet of gas equivalent and are the most active driller in the region, operating 22 rigs.
- Antero has invested heavily in midstream infrastructure like processing plants and pipelines to efficiently develop their production and handle increased liquids.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shales, including natural gas gathering and compression. The presentation outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand further into other midstream services like fresh water distribution, processing, and pipelines.
Magma Energy Corp is a global geothermal power company that provides concise summaries in 3 sentences or less.
Magma has geothermal power plants and exploration properties around the world, including Iceland, the United States, Chile, Peru, and Argentina. It is pursuing a strategy of building a broad portfolio of assets to reduce risk and improve margins through scale. Magma's goal is to become a leading global geothermal power company by growing its existing operations and discoveries.
Magma Energy Corp is a global geothermal power company with operations in Iceland, the United States, Chile, Peru and Argentina. The company has a strategy of building a broad portfolio of geothermal assets to reduce risk and improve margins. Magma has grown rapidly since 2008 and now has 175 MW of operating capacity in Iceland and a 23 MW plant in the US. The company is pursuing expansion plans in Iceland and developing a major 320 MW discovery in Chile. Magma aims to become a leading global geothermal power producer through continued growth of its balanced portfolio.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is projected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building midstream infrastructure itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
Magma Energy Corp is a global geothermal power company that aims to build a leading pure play geothermal portfolio. It currently has 175 MW of geothermal capacity in Iceland with 80 MW of expansions underway and additional 150 MW of defined expansion plans. In the US, it has a 23 MW power plant in Nevada with expansion potential. It also recently discovered a huge 320 MW inferred resource in Chile. Magma believes its balanced portfolio approach of global exploration and operations will provide both discovery and utility returns to reduce risk and improve margins and multiples over time.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including natural gas gathering and compression. The document outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand into additional midstream services such as fresh water distribution, processing, and pipelines.
Scotia Howard Weil 43rd Annual Energy Conference PresentationApproachResources
The document discusses forward-looking statements and cautions that actual results may differ substantially from estimates. It provides an overview of Arena Energy, including its enterprise value, asset base in the Midland Basin with over 1 billion barrels of estimated resource potential, and capital program focused on flexibility and returns. Arena has a low-risk, oil-rich asset base and a strong financial and liquidity position to withstand commodity price volatility.
Capital Power April Investor PresentationCapital Power
Capital Power is an independent power producer with over 3,100 MW of generation capacity across Canada and the US. They have a well-positioned fleet mix including gas, wind and coal assets. Capital Power has a proven track record of operational excellence with high plant availability. They also have a strong financial position and investment grade credit ratings. Capital Power is well positioned to deliver consistent dividend growth going forward as they expand their contracted cash flows.
This document is a marketing presentation by Lakeshore Gold Corp. summarizing the company's performance and growth plans. It highlights that Lakeshore is a growing gold producer generating cash flow. It provides details on production levels and costs achieved to date in 2014 at its Timmins West and Bell Creek mines. Lakeshore's plan is to increase production and cash flow from its current operations, advance projects, reduce debt, and grow resources to increase valuation and extend mine life.
Antero Midstream Partners provides midstream services to its sponsor Antero Resources in the Marcellus and Utica shale plays. It owns natural gas gathering pipelines, compression infrastructure, and condensate gathering lines. Significant organic growth is expected in 2015 through capital expenditures that will add over 60 miles of new pipelines and increase compression capacity by 545 MMcf/d. Antero Midstream is also pursuing opportunities to expand its services across the full midstream value chain through options to acquire water handling assets and participate in processing and pipeline projects with its sponsor.
The document provides an overview of Antero Midstream Partners LP, a growth-focused midstream MLP. It discusses Antero's organic growth strategy of building rather than acquiring assets, with an estimated $875 million spent through 2014 and another $587 million forecast for 2015. This organic approach provides attractive returns compared to precedent drop down acquisition multiples. The MLP owns gathering and compression assets in the Marcellus and Utica shale plays that are supported by long-term, fee-based agreements with its sponsor Antero Resources, which expects 90% production growth in 2014 and 45-50% in 2015-2016.
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3. 3
Executive Summary
Company Highlights
Alaska Assets
Miller Resources, Inc. Highlights (1)
Stock Ticker (NYSE)
MILL
Common StockPrice
$4.78
Market Capitalization
$221.3 million
Total Capitalization
$535.9 million
Ryder Scott Total Proved Oil Reserves
11.7 MMBOE (2)
$447.6 million (2)
Proved Reserves % Oil
62%
Company Operated %
ofNet Production
100%
AK Lease and Exploratory Acres
~600,000 gross acres(4)
(1) As of 8/15/2014 unless otherwise noted(3) Acquisition of Savant pending regulatory approval
(2) Source: Ryder Scott reserve report dated 7/31/14(4) Includes ~168,000 acres under the IniskinPeninsula exploration license, which is pending acceptance.
AK, Cook Inlet –North Fork
AK, Cook Inlet – WMRU& Redoubt
AK, North Slope –Savant(3)
4. 4
Miller Energy Value Proposition
State-Of-the-ArtInfrastructure
Large Undeveloped Oil Potential
Near-term Value Catalysts
Favorable Alaska Tax & Commodity Price Environment
5. 5
Four Distinct Fields in Alaska
(1)Acquisition pending regulatory approval
(2)Approximate as of 8/15/14, before fuel gas
(3)Statements regarding reserves are based on Ryder Scott reserve report dated 7/31/14
Redoubt
West McArthur River (WMRU)
North Fork
Badami (Savant)(1)
Current net production of approximately 900 BOE/D(2)
P1: 2.8 MMBOE(3)
P1+P2: 3.5 MMBOE(3)
P1+P2+P3: 4.0 MMBOE(3)
RU-9 included as a PUD as logged to TD and about to be completed and put online
Redoubt 3P total reserves do not include credit for RU-12 and other step out wells, these are incremental
Osprey platform has capacity for 21 wells producing 25,000 BOE/D
Current net production of approximately 1,600 BOE/D(2)
P1: 4.9 MMBOE(3)
P1+P2: 6.5 MMBOE(3)
P1+P2+P3: 8.25 MMBOE(3)
WMRU 3P total reserves do not include credit for Sabre, these are incremental
12,000 BBLS of storage and processing capacity at the West McArthur River processing facility
Included West Forelands in reserves for WMRU
Current net production of approximately 7.4 MMCF/D(2)
P1: 24.0 BCF(3)
P1+P2: 59.5 BCF(3)
P1+P2+P3: 118.4 BCF(3)
Production increased in the short term as wells were choked back
Net production of 600 BOE/D as of the effective date
Midstream assets located in the Alaska North Slope with a design capacity of 38,500 BOPD and 50 miles of pipeline
Approximately $6 MM of PDP PV-10 at the effective date with significant additional drilling opportunities
Anticipated closing December 2014
Cook Inlet, AK
North Slope, AK
6. 6
Favorable Alaskan Tax Policy and Pricing
Tax credits substantially reduce risks
associated with exploration and production
These credits allow 20% to 65% of
development costs to be reimbursed by the
state of Alaska and can be applied against its
tax liability with the state or converted to cash
Received well over 90% of its requests to date
Notwithstanding tax credits, Miller’s wells are
economic
$80.0
$90.0
$100.0
$110.0
$120.0
Alaskan North Slope Crude WTI Crude Brent Crude
The majority of Miller’s oil contracts are
based on Alaskan North Slope pricing, which
typically prices at a premium to WTI
The Company also benefits from an
attractive multi-year gas contract with
ENSTAR
– Average price of $7.03/MCF
– 2.9 BCF remaining as of April 2014
Attractive Commodity Pricing Commodity Price History
Cook Inlet Tax Credits Tax Credit Receipts
$21.8
$30.0
$0.0
$7.0
$14.0
$21.0
$28.0
$35.0
June September (Est.)
$mm
7. 7
Increasing Capital Availability at a Decreasing Cost
Quality and quantity of institutions who have performed due diligence on all aspects of the
company and invested in Miller underscores company improvements
• Apollo, HighBridge, KeyBank, CIT, Mutual of Omaha, and OneWest
Decreasing cost of debt reflects the company’s asset quality and production growth
With recently closed revolving bank facility at L+300 to L+400 pricing, Miller has reduced its
expected average interest rate to below 10%
Decreasing Cost of Capital
Guggenheim: 1st Lien Apollo: 1st Lien
$75mm
Apollo / HighBridge 2nd
Lien
$175mm
Apollo / HighBridge
2nd Lien: 11.75%
$175mm
KeyBank, CIT, Mutual of
Omaha, OneWest
RBL: L+300 to L+400
$60mm
25.00%
18.00%
11.75%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
Cost (Interest Rate)
June 2011 June 2012 February 2014 June 2014
~10.00%
8. 8
Pro Forma Capitalization Table
$250 million facility
$60 million initial borrowing base
$36mm drawn as of 8/15/14
Key credit facility terms include:
L+300 to L+400 pricing
Three (3) year maturity
Undrawn commitment fee of 50bps to 75bps
Led and arranged by KeyBanc Capital
Markets
Other Lenders include: CIT Finance LLC,
Mutual of Omaha Bank, and OneWest
Bank N.A.
(in $000s) Pro Forma Revolving Credit Facility
4/30/2014(1)
Revolving Credit Facility ( L+300 - L+400 ) 36,000.0
Second Lien Term Loan ( 11.75% ) 175,000.0
Rig 36 Capital Lease 3,250.0
Series B Preferred Stock 2,575.0
Total Debt 216,825.0
Series C Preferred Stock 67,760.0
Series D Preferred Stock 30,041.0
Common Equity(2) 221,266.2
Total Capitalization 535,892.2
(1) Capital lease does not account for a small amount of principal paid in the period under the lease payment, revolving
credit facility and common equity data are as of 8/15/14
(2) As of 8/15/2014
9. 9
573
899
3,070
0
1,000
2,000
3,000
4,000
2012 2013 2014
Proven Acquisition & Development Success
RU-7 re-perforate and work-over
RU-1A sidetrack
RU-2A sidetrack
RU-5B sidetrack
Sword-1– new well
WMRU-8: new well
WMRU-2B: new well
Completed a work-over on the RU-
1 crude oil well with an initial
production of 482 BOE/D,
exceeding the previous average
flow rate under its previous
operator of 125 BOE/D
Completed a work-over on the RU-
7 crude oil well with an initial
production of 250 BOE/D,
exceeding the projected flow rate
of 120 BOE/D.
Purchased Rig-35
FY2012 FY2013 FY2014 FY2015E
$34.0 million
invested in capital
expenditures
$37.9 million
invested in capital
expenditures
RU-4 gas well was brought online
with a four point flow test of 1.7
million MMCF/D, exceeding the
prior operator’s production rate
of 1.4 MMCF/D
RU-2 sidetrack completed with
an initial production rate of 1,281
BOE/D
RU-3 began production with a
peak flow rate of 3.7 MMCF/D
RU-1 sidetrack completed with
an initial production rates of over
700 BOE/D
$139.3 million
invested in capital
expenditures
Estimate $160 million net capital
expenditures (after tax credits and
including Savant)
Production Growth (Net BOE/D)
RU-9 (in progress) – South Step Out
RU-12 – Northern Fault Block
Sabre-1 – Oil step out adjacent to WMRU
field
North Fork PUDs – gas targets
Badami (Savant) – 2 potential fracs and 2
sidetracks
WF-3 (in progress) – gas target
Olson/Otter – gas target
436% Increase
11. 11
$108
$265
$271
0.0
50.0
100.0
150.0
200.0
250.0
300.0
$ million
4/30/13 R.E.Davis 4/30/14 Ryder Scott 8/1/14 Ryder Scott
1.6
6.1
6.4
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
mmboe
4/30/13 R.E.Davis 4/30/14 Ryder Scott 8/1/14 Ryder Scott
Proved Developed Reserve PV-10 & Volume
Proved Developed PV-10 ($mm) Proved Developed Volume (mmboe)
4/30/13
R.E. Davis
4/30/14
Ryder Scott
7/31/14
Ryder Scott
4/30/13
R.E. Davis
4/30/14
Ryder Scott
7/31/14
Ryder Scott
12. 12
Total Reserves
Total 3P Reserves
PV-10: $829.2mm, 32.2 MBOE
$448mm
$184mm 1P
2P
$198mm
3P
Total 1P Reserves
PV-10: $447.6mm, 11.7 MBOE
3P total reserves do not include credit for RU-12 and other step out wells at Redoubt
and do not include credit for Sabre
1P, 2P & 3P per 7/31 Ryder Scott Report.
$271mm
PD
$176mm
PUD
13. 13
Large Reserve Base & Strong Asset Coverage
Sources: PV-10 values based on the Ryder Scott reserve report dated 7/31/14
Includes tax receivables current estimate of $30 million, expected to be received in September, 2014
Source:10/31/13 HADCO International appraisal report; infrastructure value represents the orderly liquidation value and management estimates of rig acquisition and upgrade cost
($ in millions)
$536MM current EV at $4.78/share
Significant asset coverage above corporate capitalization
$216.8Debt$97.8Preferred$221.3Equity Market Capitalization$498.3$30.0Tax Credit$175.0Infrastructure & Rigs$447.6P1$183.6P2$198.0P3$0.0$200.0$400.0$600.0$800.0$1,000.0$1,200.0$1,034.2
14. 14
Redoubt Shoal Hemlock Structure
Step out drilling commenced with
RU-9 and we expect to have drilled
into four new fault blocks by end of
2015
Positive DST tests in North & South
Step Outs in 1960s
RU-1 drilled in Central fault in 2001 –
1,089 BOE/D IP & 10 mmbbls PUD
RU-2 drilled in South fault 2002 –
1,954 BOE/D IP & 40 mmbbls PUD
Wells have initial production
characteristics of other fields in Cook
Inlet
100% working interest
Highlights
Osprey
Platform
15. 15
Redoubt Shoal Hemlock Structure
RU-9 drilled logged and cased to TD and now included as PUD, about to complete and bring online
RU-9 in the Southern Step out of the Redoubt Shoal structure
Large four way structure located approximately 2.5 miles Southwest of the Osprey platform
Two wells have previously been drilled on the structure with positive indications of oil accumulation
Highlights
RU#9
S/L 22064 #1
S/L 36465 #1
a.) Well 36465, DST-1-3 flowed approximately 429 bopd
b.) Well S/L 22064 #1, Held ultra- tight but designated by the state as a well capable of producing in paying quantities at a time when oil was approximately $2 per barrel
17. 17
Redoubt Shoal Hemlock Structure
Initial Steep decline as a result of well not yet reaching radial flow
Well has nearly reached radial flow, decline rates flat, good pressure support
18. 18
West McArthur River Unit
13.3 MMBblsrecovered from WMRU to date
Greater than 20% primary recovery based on estimated oil in place
Positive initial results from WMRU-2B with indications of additional primary recovery potential from fault block
Sword step out well successfully drilled in November of 2013
Sabre drilling expected to begin drilling in fall of 2014, which has successful DSTs from the 1960s and 3-D seismic, expected to be significantly larger than Sword
Proved, producing field with existing infrastructure
100% working interest
Highlights
19. 19
North Fork Unit
Includes six (6) natural gas wells, production and processing equipment and 15,464 acres
Multi-year firm natural gas sales contract with ENSTAR (Alaska Utility) currently at $7.03/mcf
Expected to add $20MM in annual revenue, with high operating margins
Full field development of up to 24 additional wells (29 total locations), at an expected cost of approximately $8 million per well
Onsite natural gas well brought online in 2010 to power the facility
In addition to North Fork, company has identified additional gas opportunities of a similar size
Miller Energy
North Fork Unit
(Closed February 2014)
20. 20
North Slope Savant Acquisition –Badami
Binding agreement to acquire Savant Alaska, LLC subject to due diligence and regulatory approval, for $9.0 MM
Savant to become wholly-owned subsidiary of MILL
MILL to indirectly own 67.5% working interest in the Badami Unit, with ASRC Exploration, LLC remaining as a 32.5% working interest partner
Will obtain a 100% working interest in nearby exploration leases
Assets would bring approx. 1,100 BOPD gross and 600 BOPD net of current production and ownership of midstream assets located in the Alaska North Slope with a design capacity of 38,500 BOPD and 50miles of pipeline
Initial field development cost potential of $300 MM
Following regulatory approval, the transaction is expected to close by December 2014, with a May 1 economic effective date
Badami Unit Production and Forecast Since November 2010 Restart
BP Oil
21. 21
Alaska Drilling Rig Status
Rig Terms Size/Type Location Status Future Plans Mgmt. Est. Value
Rig-34 Company
Owned
~750Hp, land
based, ~6,000'
depth
Nikiski Stacked Possibly use to drill Susitna
well
$5 million
Rig-35 Company
Owned
~2,000Hp,
platform based,
~21,000' depth
Osprey Drilling RU-9 Drill RU-12 post RU-9 $25 million
Rig-36 Company
Owned
~2,400Hp,
platform based,
~24,000' depth
Nikiski Undergoing modifications
to drill extended reach
wells
Mobilize to WMRU,
sidetrack WMRU-8 in
October followed by spud
Sabre No.1 in Nov/Dec
$8 million
Rig-37 Company
Owned
~1,000Hp, land
based, ~11,000'
depth
Homer/North
Fork
Being mobilized to North
Fork fields
Side-track NF-23-25 in
October-November
$7 million
Rig-191 On contract
with Patterson
through
October 2014
~2,000Hp, land
based, ~21,000'
depth
West Forelands Drilling WF-3 Mobilize to Beluga and
spud Olson No. 2 in August
N/A
Rig 35 on Osprey Rig 36 Rig 37
22. 22
Drilling Inventory –FY 2015 Outlook
Redoubt
West McArthur River (WMRU)
North Fork
Badami (Savant)
Cook Inlet, AK
North Slope, AK
RU 9: South Step Out
RU 12: Northern Fault Block
RU 6: Behind Pipe Location
RU 3: sidetrack of existing gas well
RU 4: sidetrack of existing gas well
Estimated FY 2015 CAPEX Total (after tax credits): $75 million
WF 3
WMRU-8 side-track
Sabre 1
Estimated FY 2015 CAPEX Total (after tax credits): $35 million
Multiple PUD locations
Re-works of existing wells
Estimated FY 2015 CAPEX Total (after tax credits): $15 million
2 potential fracs
2 sidetracks this winter
Estimated FY 2015 CAPEX Total (after tax credits): $25 million
Other Areas
Olsen and Otter
Estimated FY 2015 CAPEX Total (after tax credits): $10 million
23. 23
Miller Energy Value Proposition
Large UndevelopedOil Plays
Step out drilling programwith potential to significantly increase 1P reserves
4 distinct, world-class producingfields (Redoubt, WMRU, NorthFork, Badami(acquisition pending))
32.2 MMBOE of P1, P2 and P3 Reserves (per Ryder Scott 7/31/14 report)
$829 Million of PV-10(per Ryder Scott 7/31/14 report)
State-Of-the-ArtInfrastructure
Equipment and infrastructure in place to support significantly higher production volumes
Able to maintain low operating costs + low incremental lifting costs
$175mmof infrastructure and drilling rigs (not including Savant)
Additionof new rigs for development activities
Near-term Value Catalysts
Step out drilling programat Redoubt and WMRU in FY 2015
Developmentof natural gas opportunity at North Fork
Production increases from $160mm net fiscal year capital budget
Significantupside potential from Savant acquisition
Favorable Alaska Tax & Commodity Price Environment
Favorable oil and natural gas prices (pricing based on Brent index)
Significant state tax incentives for exploration and development
24. 24
Contact Information
Miller Energy Resources, Inc. 9721 Cogdill Road, Suite 302Knoxville, TN 37932-3425Phone: 865-223-6575
info@millerenergyresources.comwww.millerenergyresources.com
Investor Relations
MZ Group -North AmericaDerek GradwellSVP, Natural ResourcesPhone: 512-270-6990dgradwell@mzgroup.uswww.mzgroup.us
25. 25
Appendix: Management Biographies
DeloyMiller-Mr.Miller,ourfounder,hasbeenChairmanoftheBoardofDirectorssinceDecember1996,andwasCEOfrom1967toAugust2008,andCOOfromAugust2008toJuly2013.Sincethen,Mr.MillerhasbeenExecutiveChairmanoftheBoardofDirectors.Heisaseasonedgasandoilprofessionalwithmorethan40yearsofexperienceinthedrillingandproductionbusinessintheAppalachianbasin. Duringhisyearsasadrillingcontractor,heacquiredextensivegeologicalknowledgeofTennesseeandKentuckyandreceivedtraininginthereadingofwelllogs.Mr.MillerservedtwotermsaspresidentoftheTennesseeOil&GasAssociationandin1978theorganizationnamedhimtheTennesseeOilManoftheYear.Hecontinuestoserveontheboardofthatorganization.In2011,Mr.MillerwasappointedtotheFederalReserveBankofAtlanta'sEnergyAdvisoryCouncilforatwo-yearterm.
ScottM.Boruff-Mr.BoruffhasservedasadirectorandCEOsinceAugust2008.Priortojoiningourcompany,Mr.Boruffwasalicensedinvestmentbanker.Heservedasadirectorfrom2006to2007ofCrestaCapitalStrategies,LLC,aNewYorkinvestmentbankingfirmthatwasresponsibleforclosingtransactionsinthe$150to$200Mcategory.Mr.Boruffspecializedininvestmentbankingconsultingservicesthatincludedstructuringofdirectfinancings,recapitalizations,mergersandacquisitions,andstrategicplanningwithanemphasisinthegasandoilfield.Asacommercialrealestatebrokerforover20years,Mr.Boruffdevelopedcondominiumprojects,hotels,conventioncenters,golfcourses,apartmentsandresidentialsubdivisions.Mr.BoruffholdsaBachelorofScienceinBusinessAdministrationfromEastTennesseeStateUniversity.
DavidM.Hall-Mr.HallhasservedasourChiefOperatingOfficersinceJuly2013.HehasbeentheChiefExecutiveOfficerofourCookInletEnergysubsidiarysinceDecember2009,andservedonourBoardofDirectorsfromDecember2009toApril2014.Mr.HallwastheformerVicePresidentandGeneralManagerofAlaskaOperations,PacificEnergyResourcesLtd.fromJanuary2008toDecember2009.Beforethattime,from2000to2008,heservedastheProductionForemanandLeadOperatorinAlaskaforForestOilCorp,risingtoProductionManagerforallofAlaskaoperationforForestOil.
John M. Brawley -Mr. Brawley was hired as our Chief Financial Officer in February 2014. He has significant experience in corporate finance, specializing in the energy industry. Mr. Brawley was previously a consultant for the Company, starting in November of 2013 and he managed the refinancing of our Apollo Credit Facility in February 2014. From 2010 to 2013 Mr. Brawley was a consultant with Guggenheim Partners, a diversified financial services firm with more than $190 billion of assets under management, where he managed their mezzanine energy portfolio as the co-head of the Houston office and provided energy expertise for Guggenheim's high yield and syndicated loan portfolios. Prior to Guggenheim Partners, Mr. Brawley worked directly for the CFO of ATP Oil & Gas as a consultant from 2007 to 2009, andwas a financial analyst at Lehman Brothers in their energy investment banking practice in 2006. Mr. Brawley received a B.A. in Economics and Biological Sciences and an M.B.A., with a concentration in accounting and finance, from Rice University.
26. 26
Appendix: Hedging
Hedging Summary
Hedge Summary
Over 90% of current net oil production hedged
Charge for novation of hedges to KeyBanc reduced price by $0.30/bbl
The North Fork Unit has the vast majority of its gas production effectively hedged through ENSTAR gas delivery contracts
– Contract price currently $7.03/mcf
– 2.9 BCF remaining as of April 2014
Current Hedging Schedule
$88
$90
$92
$94
$96
$98
$100
$102
$104
0
500
1,000
1,500
2,000
2,500
Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16
Hedge Volumes Avg. Hedge Price
Crude Oil (Brent Swaps)
Contract Volumes Wtd. Avg.
Period Type (Mbbls) Swap Price
FY 2014 Swap 785.0 $100.75
FY 2015 Swap 787.6 95.66
FY 2016 Swap 232.6 94.27