SandRidge Energy, Inc. · NYSE:SD
SandRidge Energy — Investor Presentation (May 2018)
19 slides from SandRidge Energy's investor presentation, May 2018
Slide 1: SandRidge Energy Investor Presentation May 2018
ZY SANDRIDGE energy Investor Presentation May 2018 ~~ __
Slide 2: Forward-looking statements
This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words
Slide 3: Market Cap vs PV-10 of reserves
• • $871 $749 $217 PUD • $514 $653 PDP • • Market Cap YE'17 PV-10 at SEC YE'17 PV-10 at (5/7/18) ($51.34/$2.98) 5/1/18 Strip •
Slide 4: Operational Highlights
aN Operational Highlights Solid First Quarter Performance * $37MM capital program delivering positive results * Two rig drilling program in NW STACK and North Park Basin * Revised 2018 drilling plan to include four wells in Mississippian Lime area * Q1'18 production of 35.6 MBoepd (51% liquids) * Re
Slide 5: WTI Oil Price sensitivity of returns
• • • • • 80% 60% 40% 20% 0% $50 $60 $70 WTI Oil Price $/Bbl & $2.75/Mcf
Slide 6: Production by quarter (MBoepd)
8 • 6.2 6 5.8 • MBoepd • 4 3.4 2.4 2.1 • 2 39% 37% 52% 53% 47% • Oil Oil Oil Oil Oil 0 • Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 60% 40% 20% 0% $50 $60 $70 WTI Oil Price $/Bbl & $2.75/Mcf SRL XRL
Slide 7: SandRidge Meramec Results
a) SandRidge Meramec Results First Quarter New Well Returns Exceed 30%! Audra Claire (SRL) 8/10/17 397 Boepd (88% Oil) Campbell 1 (XRL) 5/28/17 902 Boepd (81% Oil) Campbell 3 (SRL) 2/2/18 537 Boepd (78% Oil) Campbell 4 (SRL) 2/2/18 460 Boepd (67% Oil) Charleston 1 (SRL)12/26/17 751 Boepd (76% Oil) C
Slide 8: Well returns vs WTI Oil Price
• • • • • • • 120% 100% • 80% 60% 40% 20% 0% $50 $60 $70 WTI Oil Price $/Bbl & $2.75/Mcf SRL XRL
Slide 9: NPB Niobrara Well Spacing
AY NPB Niobrara Well Spacing Spacing Confirmation Establishes Field Development Profile Current Spacing Test Potential 16 wells per section spacing with full development of all four benches Eight well test - two existing wells & six new completions starting Q2'18 Testing three benches within 480 acr
Slide 10: Production forecast (MBopd)
8.0 6.0 MBopd 4.0 2.0 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2018 2019
Slide 11: Quarterly cost and margin comparison
• • $14 $11 • • • Q4 '17 Q1 '18 • $39 $36 • • Q4 '17 Q1 '18
Slide 12: SandRidge Investment Highlights
my SandRidge Investment Highlights * Unlevered Balance Sheet with Strong Liquidity * Strong Operating Cash Flow * Compelling Returns * Large Resource Base / Growth Inventory * Attractive Valuation vs. Peers * Adaptable / Experienced Technical Team SandRidge Energy, Inc. NYSE: SD
Slide 13: Appendix
FY SANDRIDGE energy APPENDIX ~~ __
Slide 14: 2018 Outlook
mY 2018 Outlook Guidance CAPEX GUIDANCE swM Mid-Continent D&C $17-$19 Oil (MMBbIs) 3.4-3.6 North Park D&C 65-73 Natural Gas Liquids (MMBbls) 2.6-2.8 Other D&C" 34 Total Liquids (MMBbls) 6.0- 6.4 Total Drilling & Completion $116 - $126 Natural Gas (Bcf) 31.5- 33.0 OTHER E&P $MM Total (MMBoe) 11.3-11.
Slide 15: Hedging Overview
=) Hedging Overview I SWAPS Total Volumes (MMBbis) 1.05 1.00 0.92 0.83 3.80 0.45 0.46 0.46 0.46 1.83 Daily Volumes (MBblspd) 11.7 11.0 10.0 9.0 10.4 5.0 5.0 5.0 5.0 5.0 Price ($/Bbl) $55.46 $55.50 $56.04 $56.12 $55.75 $54.29 $54.29 $54.29 $54.29 $54.29 FwaTuran cas [on aris fase ra SWAPS Total Volum
Slide 16: Reconciliation of Standardized Measure to PV-10
mY Reconciliation of Standardized Measure of Discounted Net Cash Flows to PV-10 PV-10 is anon-GAAP financial measure and generally differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does not include the effect of income taxes on discounted future net c
Slide 17: Reconciliation of Net Loss to Adjusted Net Income
aN Reconciliation of Net Loss (Income) Available to Adjusted Net Income Available ‘The Company defines adjusted net (loss) income as net (loss) income excluding items that the Company believes affect the comparability of operating results and are typically excluded from published estimates by the in
Slide 18: Reconciliation of G&A to Adjusted G&A
NY Reconciliation of G&A to Adjusted G&A The Company defines adjusted G&A as general and administrative expense adjusted for certain non-cash stock-based compensation and other non-recurring items, as shown in the following table. Three Months Ended March 31, 2018 Three Months Ended December 31, 201
Slide 19: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
=a aN Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA ‘The Company defines EBITDA as net (loss) income before income tax expense, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is E