Lilis Energy — Q2 2019 Earnings Presentation
15 slides from Lilis Energy's earnings presentation, Aug 8, 2019
Slide 1: 2nd Quarter 2019 Earnings Presentation
2nd Quarter 2019 Earnings Presentation NYSE American | LLEX
Slide 2: Disclaimer – Forward-Looking Statements
Disclaimer – Forward-Looking Statements This presentation contains forward-looking statements. The use of words such as “believes”, “expects”, “anticipates”, “intends”, “plans”, “estimates”, “should”, “likely” or similar expressions, indicates a forward-looking statement. These statements and all th
Slide 3: Second Quarter 2019 Highlights & Achievements
LLEX Second Quarter 2019 Highlights & Achievements • 2Q’19 oil production of 3.9 MBbls/d (+50% YoY), total production of 6.3 MBOE/d (+32% YoY) • 2Q’19 oil, natural gas, and NGL sales revenue increased 23% YoY to $21.9MM Improving Financial Metrics • Sales volumes were 73% liquids, including 62% crud
Slide 4: 2019 Outlook & Guidance
2019 Outlook & Guidance Demonstrating Production and EBITDAX Growth • Increased EBITDAX 38% YoY • Maintaining full-year 2019 CapEx guidance of $60-70MM • Completed 3 of the 5 2018 DUC wells (Haley #1H, Haley #2H, and NE Axis #2H) in 2Q’19 • Additional production from scheduled completions activity i
Slide 5: Second Quarter 2019 Review
Second Quarter 2019 Review CapEx Breakdown ($MM) Average Daily Liquids Production (MBbls/d) • Despite temporarily suspending the D&C operations, production during Full Yr 2019 CapEx Proj. 2Q’19 Actual the quarter increased by 5% Boe/d and 11% Bo/d, as compared to $60MM – $70MM $14.7MM 1Q’19. Facilit
Slide 6: Operations / Technical Update
Operations / Technical Update 6
Slide 7: Operations / Technical Update
Operations / Technical Update • LLEX completed 3 of 5 2018 DUC’s to date – Haley #1H and #2H began flowing to sales in April 2019, the NE Axis #2H began flowing to sales in June 2019 • The 2 Kudu wells are scheduled for completion in September 2019 and are expected to flow to sales in 4Q’19 • NE Axi
Slide 8: Upcoming Well Status & Recent Well Results
Upcoming Well Status & Recent Well Results Upcoming Well Status Well Status Target Count Well Name Lateral Length WCA 1 NW Axis #1H – Wolfcamp A 1.5 mile Completions 2 Kudu A #2H – Wolfcamp B 1.5 mile Operations WCB 3 Kudu B #2H– Wolfcamp B 1.1 mile 4 Grizzly A #2H – Wolfcamp B 1.9 mile Drilling Ope
Slide 9: Appendix
Appendix @LILIS
Slide 10: Total Proved Reserves
Total Proved Reserves 2Q’19 Reserve Report Summary (SEC Pricing) 1 2Q'19 Total Net Reserves PV-10 ($MM) $359.7 Oil Gas NGL Total % of PV10 $337.3 Category $327.8 (Mbbl) (MMcf) (Mbbl) Mboe Total (SEC) PDP: 5,988 27,585 1,865 12,451 29% $176,295 PNP: 976 2,600 224 1,633 4% $22,952 PUD: 15,985 50,745 4
Slide 11: Pro Forma Capitalization – Reducing Leverage and Increasing Liquidity
Pro Forma Capitalization (unaudited) – Reducing Leverage and Increasing Liquidity Pro Forma Capitalization ($MM) Sources Uses • Transaction proceeds have been used to reduce July '19 WI & ORRI Sale Proceeds$ 39.0 RBL Repayment$ 18.0 debt and give LLEX flexibility to carefully manage WI Conveyance Pr
Slide 12: Current Hedging Schedule - July 26, 2019
Current Hedging Schedule(1,2) - July 26, 2019 Jul '19 - Dec '19 2020 2021 Approximately 80%, 75%, and 75% of WTI Oil Hedges PDP crude oil volumes are hedged in Current Swap Volume (Bbl) 15,915 376,153 135,068 4Q’19, 2020, & 2021 respectively Average Daily Swap Volume (Bbl/d) 173 1,028 370 Average
Slide 13: Consolidated Statements of Operations
Consolidated Statements of Operations For Three Months Ended June 30, 2019 2018 ($ in thousands, except share and per share data) Oil and gas revenue $ 21,572$ 17,483 Operating expenses: Production costs 3,859 2,984 Gathering, processing and transportation 1,235 872 Production taxes 1,119 821 Genera
Slide 14: Non-GAAP Adjusted EBITDAX Reconciliation
Non-GAAP Adjusted EBITDAX Reconciliation (Unaudited) The following table provides a reconciliation of Net Income to the non-GAAP Adjusted EBITDAX for the three months ended June 30, 2018 and 2019 (please see the Disclaimer on slide 2): For the Three Months Ended June 30, 2019 2018 Reconciliation of
Slide 15: Wobbe Ploegsma VP of Capital Markets & Investor Relations ir@lilisenergy.com 210.999.5400 NYSE American |
Wobbe Ploegsma VP of Capital Markets & Investor Relations ir@lilisenergy.com 210.999.5400 NYSE American | LLEX