EnVen s Characteristics
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1 Investor Presentation September 2018
2 Disclaimer This presentation, the information contained herein and the materials accompanying it (collectively, this Presentation ) does not purport to contain all of the information that may be required by the recipients (the Recipients ) to evaluate EnVen Energy Corporation (together with its direct and indirect subsidiaries, EnVen, we or the Company ), and the Recipients rely on their own independent analysis and should seek their own legal, accounting and other relevant professional advice to assess the accuracy and completeness of the Presentation. Acceptance of this Presentation further constitutes your acknowledgement and agreement that none of the Company, the Company s investors, and their respective affiliates and their and their affiliates directors, officers, employees, partners, shareholders, controlling persons, agents or advisers (collectively, their respective Representatives ) (i) makes any express or implied representation or warranty as to, or in relation to, the accuracy or completeness of the information contained in the Presentation, errors therein or omissions therefrom or any other written or oral communication transmitted to any interested party in the course of its evaluation of the Company or (ii) shall have any liability to the Recipients or their respective Representatives relating to or arising from the information contained in the Presentation, errors therein or omissions therefrom, or any other written or oral communication transmitted to any interested party in the course of its evaluation of the Company. The information in this presentation includes forward-looking statements. All statements, other than statements of historical fact, included in this presentation regarding the Company s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, are forward-looking statements. When used in this presentation, the words could, believe, anticipate, intend, estimate, expect, project and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Forward-looking statements may include statements about business strategy, reserves, exploration and development drilling prospects, inventories, projects and programs, the integration of assets purchased in prior acquisitions, future acquisitions and the impact of any such acquisitions, future production rate or life of our proved reserves, operating costs, the Company's ability to replace the reserves we produce through drilling and property acquisitions, financial strategy, liquidity and capital required for our development program, realized oil and natural gas prices, timing and amount of future production of oil and natural gas, hedging strategy and results, future drilling plans, geographic concentration of our assets, disruption of operations and damages due to capsizing, collisions, hurricanes or tropical storms, environmental risks, competition and government regulations, ability to obtain permits and governmental approvals, pending legal or environmental matters, marketing of oil and natural gas, leasehold or business acquisitions, costs of developing properties, retention of key employees, general economic conditions, terrorist and cybersecurity risks, credit markets, uncertainty regarding our future operating results; and plans, objectives, expectations and intentions contained in this presentation that are not historical. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ( GAAP ) including, but not limited to, Adjusted EBITDA and PV-10 and certain ratios and other metrics derived therefrom. These non-gaap financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations, discounted future net cash flows or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In the Appendix to this presentation, we provide a reconciliation of Adjusted EBITDA to net income, which should be reviewed in all instances where we refer to Adjusted EBITDA herein. 2
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4 EnVen s Characteristics Low-Risk, High- Impact Production Growth Leverage existing company-owned deepwater infrastructure to execute on 70+ identified drill-bit projects and consistently grow production Estimated >15% production growth from 2018 to 2019 while generating FCF Premium Quality Oil Production ~90% of revenue generated from oil with differentials near or above WTI Adjusted EBITDA margin of $40/BOE (1) Capital Efficiency Recycle ratio of 4.2x (2) driven by attractive FD&A of $9.50/BOE (1) >140% reserve placement achieved from December 2017 to July 2018 Quality of Balance Sheet 0.6x Net Debt / LTM Adjusted EBITDA (3) and liquidity of ~$363MM (4) Realized FCF/Adjusted EBITDA of ~30% (1) Award-Winning Safety Record Recipient of 2018 National Ocean Industries Association ( NOIA ) Safety in Seas Culture of Safety Award (1) Represents 1H2018 metric (2) Recycle Ratio calculated as 1H18 Adjusted EBITDA margin per BOE divided by 1H18 FD&A cost 4 (3) As of 6/30/18 (4) Includes borrowing base of $275MM, less outstanding LOCs of $3.6MM, as of 6/30/18
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22 Experienced Management and Technical Team Key technical and operations members careers focused on Deepwater GoM Substantial executive officer experience creating and running public E&P companies Name Title Offshore Experience (Years) Experience Steve Weyel CEO & Co-Founder 35+ David Dunwoody Jr. President & Co-Founder 12+ John Wilkirson EVP & CFO 35+ David Carmony COO 35+ Jeff Starzec EVP, GC, & Secretary 17+ Nick Gibbens SVP Land & Business Development 17+ David Williams SVP Exploration & Development 20+ >$25 billion in successful energy transactions with ~25 years average industry experience 22
23 Low Risk, High Return Project Inventory Nature of Our Project Inventory 70+ identified drill bit projects, over 50 of which target unbooked reserves Inventory consists primarily of operated projects in and around existing fields, mainly Lobster and Cognac Broad inventory of lower-geologic-risk projects allows high-grading Most projects supported by proprietary 3D seismic and information from numerous offset well penetrations Expect to expand existing inventory with ongoing field reviews, lease sale acreage, and farm-in opportunities Low-Risk High-Impact Quick Cash Flow Stacked-Pay Many projects target NSAI proved reserves or low-risk and 3D seismic amplitude and supported projects Mix of behind-pipe recompletions and sidetracks (low mechanical / operations risk, not subsalt) Brutus program added 7.7 MMBOE of PDP reserves (1) 5 Lobster projects added 1.9 MMBOE of PDP reserves (1) 142% reserve replacement achieved from December 2017 to July 2018 (1) Drilling and recompletion operations conducted primarily from existing production facilities (immediate tie-in to production) Lobster, Brutus, and Cognac programs targeting stacked-pay which provides incremental proved reserve adds, with upside of finding additional unbooked field-pays Projects with unbooked reserves advance the Company to larger opportunities while maintaining core reserve base, production, and cash flow (1) Based on NSAI reserve report as of 7/31/2018 using SEC pricing 23
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35 EnVen s Financial Strategy Maintain Conservative Leverage (except on a temporary basis to fund acquisitions) Net Debt / LTM Adjusted EBITDA of 0.6x (1) Generate Positive Cash Flow and Maintain Strong Liquidity Expect to fully fund production-growing capital program while generating positive cash flow (2) Liquidity ~$363MM (3) ; RBL provides capacity for additional opportunities Pursue Disciplined Financial Policy to Maintain Strong Asset Coverage Strong asset coverage of 2.5x on 1P PDP PV10 and 3.6x on 1P PV10 (4) Maintain Robust Risk Mitigation Proactive ARO management offsets exposure Dynamic hedging protects the balance sheet while maintaining optionality and upside Comprehensive insurance coverages protect value and cash flow (1) As of 6/30/2018 (2) Assumes strip pricing as of 6/29/2018; $68 36/BBL and $65.97/BBL WTI in 2018 and 2019, respectively; $2.93/MMBTU and $2.81/MMBTU HH in 2018 and 2019, respectively 35 (3) Includes borrowing base of $275MM, less outstanding LOCs of $3.6MM at 6/30/18 (4) Based on NSAI reserve report as of 7/31/2018 using SEC pricing and outstanding debt balance at 6/30/2018
36 Solid Capital Structure Debt Equity $275MM 1 st lien borrowing base as of June 2018 Preferred Equity Undrawn as of 8/31/2018 $325MM 11% senior notes due 2023 Senior secured Callable February 2020 Equity clawback allowing redemption of up to 35% of the notes at a premium of 11% with the proceeds of an equity issue through February 15, 2020 ~$363MM in total liquidity as of 6/30/2018 (3) 10MM fully diluted shares outstanding, including cumulative PIK dividends 15% annual dividend; PIK d quarterly to date Mandatory conversion upon consummation of a Qualified IPO Liquidation preference of $24 per share Convertible into common stock at the option of the holder at $12 per share 55% Bain and 14% Adage Common Equity 24MM fully diluted shares outstanding, which includes 2MM warrants at $12.50 and $ /30/2018 Capital Structure ($MM) Cash $92 Undrawn Revolving Credit Facility % Senior Notes due 2023 $325 Total Debt $325 Preferred Equity (1) $120 Common Equity (2) $195 Total Capitalization $640 Liquidity (3) $363 (1) $12/share issuance price; includes cumulative PIK dividends. (2) 19.5MM undiluted Class A & Class B shares outstanding at $10/share (original issue price). 36 (3) Includes borrowing base of $275MM, less outstanding LOCs of $3.6MM, as of 6/30/18
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38 Gulf of Mexico: Significantly Advantaged Differentials Realizing favorable crude price differential given US export capability and ongoing global constraints June 30, 2018 YTD average monthly premium between Poseidon and WTI of $0.06/BBL June 30, 2018 YTD average monthly premium between Mars and WTI of $0.48/BBL GOM Realizes Favorable Differentials Extensive Midstream Infrastructure $10.00 GoM Crudes Better than WTI $5.00 $0.00 ($5.00) ($10.00) ($15.00) Midland Crude ($20.00) 1/2/18 3/2/18 5/2/18 7/2/18 Worse than WTI Mars Poseidon Midland Investments made in terminal and storage infrastructure along the Gulf Coast will facilitate increased US crude oil export, which would further support Gulf Coast differentials relative to WTI e.g. Enterprise s July 18, 2018 announcement to invest $1.2-2B in crude oil export terminal along Texas coast Source: Bloomberg. Market Data as of 8/7/
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40 EnVen is the Premier Pure-Play Deepwater-Focused Gulf of Mexico Operator High-Quality, Low-Risk Asset Base Low risk asset base with significant development and exploitation opportunities with exploration upside Cash flow from long-life, lower-decline producing reserves; 3P reserve life of 10 years Oil-dominant production stream with consistently high oil-weighted projects Ownership of Extensive Infrastructure Acquired infrastructure in transactions that cost original owners ~$4 billion Infrastructure ownership allows for enhanced returns, cost efficiencies, and reduced time to production Optionality to pursue organic growth opportunities (recompletions / sidetracks from existing wellbores) Multi-year Inventory of Lower-Risk Projects Over 70 organic drill-bit projects provide years of inventory and potential for production growth Ample sources of low-geologic-risk reserve additions Extensive library of proprietary 3D seismic reduces geologic risk of potential projects Operational Control with Track Record of Safety Operated properties generating >80% of production (1) and accounting for 86% of proved reserves (2) Operational control dictates the selection and pace of projects, allows for the management of costs and institution of company-specific safety and environmental practices Recipient of the 2018 National Ocean Industries Association Safety in Seas Culture of Safety Award Best-in-Class Management with Significant Deepwater Expertise Average of over 25 years of industry experience, predominately all with offshore Gulf of Mexico companies Management has executed over $25 billion in successful energy transactions to date focused offshore Strong Financial Position Total debt to LTM Adjusted EBITDA <1.0x with commitment to maintain leverage at or below this level ~$363MM of liquidity (3) Active hedging program to protect balance sheet (1) Represents 1H18 metric (2) Based on NSAI reserve report as of 7/31/2018 using SEC pricing (3) Includes borrowing base of $275MM, less outstanding LOCs of $3.6MM, as of 6/30/18 40
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42 Historical Financial Information Balance Sheet ($ in thousands) As of June 30, 2018 As of December 31, 2017 $ Cash and cash equivalents (1) $ 91,515 28,848 Accounts receivable 76,183 68,305 Other current assets 40,421 28,373 Total current assets 208, ,526 Property and equipment, net 682, ,490 Other non-current assets 133, ,025 Total assets 1,023, ,041 Current liabilities 166, ,375 Other non-current liabilities 627, ,281 Total liabilities 794, ,656 Total equity 229, ,385 Total liabilities and equity $ 1,023,754 $ 943,041 (1) Does not include current portion of restricted cash of approximately $9.4 million and $6.8 million as of June 30, 2018, and December 31, 2017, respectively, reserved as cash collateral for certain bonding requirements and amounts held in escrow for plug and abandonment obligations. 42
43 Adjusted EBITDA Reconciliation Six Months Ended Year Ended 6/30/2018 6/30/ /31/ /31/2016 Net income (loss) $ 3,463 $ 31,221 $ 9,036 $ (75,466) Depreciation, depletion, and amortization 96,473 88, , ,584 Income tax expense ,504 14,095 - Accretion of asset retirement obligation 17,136 15,198 31,392 21,669 Non-cash stock-based compensation 3,668 2,491 6,066 3,057 Interest expense 37,551 29,835 60,307 31,545 Loss on extinguishment of long-term debt 4, Loss on fair value of 11.00% Senior notes due , Loss (gain) on derivatives, net 37,649 (41,141) (5,020) 9,153 Cash (paid) received for derivative settlements, net (13,771) 16,010 18,047 1,601 Non-cash interest income (2,237) (2,036) (4,170) (3,793) Other expenses Adjusted EBITDA $ 212,191 $ 151,993 $ 300,125 $ 92,707 43
EnVen s Characteristics
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