Stone Energy — Presentation (December 2016)
10 slides from Stone Energy's investor presentation, Dec 14, 2016
Slide 1: Stone Energy
Exhibit 99.3 PRELIMINARY DRAFT SUBJECT TO REVISION | SUBJECT TO FRE408 AND CONFIDENTIALITY AGREEMENT STONE ENERGY
Slide 2: Disclaimer
STONE ENERGY Disclaimer None of Stone Energy Corporation (“Stone” or the “Company”), Lazard and Alvarez & Marsal Holdings, LLC (“A&M”), and each of their subsidiaries, affiliates, officers, directors, shareholders, employees, consultants, advisors, agents and representatives of the foregoing (collec
Slide 3: Sources & Uses and Pro Forma Capitalization at Assumed Effective Date
STONE ENERGY Sources & Uses and Pro Forma Capitalization at Assumed Effective Date The below sources & uses and pro forma capitalization assume the latest noteholder proposal dated December 4, 2016 Assumes a reorganization effective date of February 28, 2017 and NYMEX strip pricing as of December 2,
Slide 4: Pro Forma Liquidity Projections - Without Amethyst
STONE ENERGY Pro Forma Liquidity Projections - Without Amethyst Projections assume NYMEX strip pricing as of December 2, 2016 Assumes Company pays all interest in cash SUMMARY OF PROJECTIONS ($ in millions, unless stated otherwise) 10 Months Mar 17 – Dec 17 (a) FY’18 FY’19 FY’20 FY’21 Total Producti
Slide 5: Illustrative PV-10 Roll-Forward - GOM Assets Without Amethyst
STONE ENERGY Illustrative PV-10 Roll-Forward - GOM Assets Without Amethyst The illustrative PV-10 roll-forward of proven reserves below is based on NYMEX strip pricing as of December 2, 2016; also includes a sensitivity at strip pricing less 10%; the PV-10 roll-forward analyses below are based on th
Slide 6: Illustrative PV-10 Roll-Forward - GOM Assets Without Amethyst (cont'd)
STONE ENERGY Illustrative PV-10 Roll-Forward - GOM Assets Without Amethyst (cont’d) 12/2/16 STRIP PRICING ($ in millions) Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 PV-10 Proved Developed Producing (PDP) (a) $431 $537 $388 $256 $181 $110 (+) PV-10 Proved Developed Non-Producing (PDNP) (a) 91 79 68 76
Slide 7: Appendix
STONE ENERGY Appendix Appendix 7 PRELIMINARY DRAFT SUBJECT TO REVISION | SUBJECT TO FRE408 AND CONFIDENTIALITY AGREEMENT
Slide 8: Modified Case Overview - Price Deck as of 12/2/16
STONE ENERGY Modified Case Overview - Price Deck as of 12/2/16 HENRY HUB PRICING ($/Mmbtu) $4.00 $3.41 $3.35 3.00 $3.03 $2.89 $2.90 $2.93 2.00 Spot (12/2/16) 2017 2018 2019 2020 2021 Strip WTI PRICING ($/bbl) $58.00 56.00 $54.57 $56.11 54.00 $54.81 $54.92 $55.42 52.00 $51.68 50.00 Spot (12/2/16) 201
Slide 9: Non-GAAP Reconciliation of Modified Case with Appalachia Sale—12/2 Strip
STONE ENERGY Non-GAAP Reconciliation of Modified Case with Appalachia Sale—12/2 Strip RECONCILIATION OF EBITDA TO NET INCOME ($ in millions) Mar 17 - Dec 17 FY’18 FY’19 FY’20 FY’21 EBITDA $121 $158 $128 $165 $202 (-) DD&A (48) (64) (63) (79) (99) (-) Accretion (11) (10) (10) (10) (10) (-) Provision
Slide 10: Long-Term Forecast - Assumptions Overview
STONE ENERGY Long-Term Forecast - Assumptions Overview In addition to the assumptions set forth on page 28 of Stone’s May 2016 Presentation (publicly disclosed in Stone’s Current Report on Form 8-K filed on June 3, 2016), as such assumptions are supplemented and modified by the assumptions set forth