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Saturday, April 14, 2012

MDU With A New Corporate Presentation

A PDF file: http://files.shareholder.com/downloads/MDU/1408063649x0x559719/52989124-3e4d-470c-8d67-a53fa4272ccf/IPAA%20Presentation%20UPDATED%20FINAL.pdf

Four divisions:
  • E&P (Fidelity, headquartered in Denver)
  • Construction
  • Electric and Natural Gas Utilities
  • Pipeline & Energy Services
E&P
  • Predominantly natural gas (34% oil)
  • 4Q11 production: 30,000 boepd (compare with Whiting: 70,000 boepd)
  • Presentation says 3 rigs in the Bakken, but I thought we saw 4 recently (?)>
  • Key operating areas in Montana and North Dakota: Bakken (124,000 net acres); Heath Shale (90,000 acres -- Montana); and, Cedar Creek Anticline ("net profits interest" -- Montana)
Mountrail County: Bakken
  • 16,000 net acres
  • production sets new record: >5,000 net bopd operated and non-operated
  • EURs of 250 - 500,000 (compare with Whiting approaching 1 million bbls EUR)
Stark County: Three Forks
  • 51,000 net acres
  • EURs of 250 - 400,000 bbls
Richland County (Montana): Bakken
  • 57,000 net acre block adjacent to prolific Elm Coulee field
  • EURs of 250 - 400,000 bbls
Heath Shale play in Montana
  • 90,000 net acres
  • EURs of 165 - 220,000 bbls
Materials and Services
  • "unprecedented NDDOT budget at $1.73 billion for 2011 - 2013, $800,000 more than last biennium"
  • Ports of Southern California
  • Long Beach: $25 million contract for Phase I
  • Los Angeles: 1.2 million tons of aggregate; contract through 2012
Miscellaneous
  • ND diesel consumption increased 51% in past three years; Bakken area consumption -- 50,000 bpd; ND's sole refinery produces 17,000 bpd
  • Will lay 13 miles of pipeline from ONEOK's Stateline I and Stateline II to Northern Border Ppeline
  • Completed construction of 12 miles of pipeline from Bear Paw Energy's Garden Creek facility (ONEOK) to Northern Border Pipeline in December, 2011
With all that:
  • Continuing operations in 2010: $243 million; in 2011: $225 million

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