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2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp

EP Energy Corp · Feb 19, 2015 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 1
    2014 Results and 2015 Outlook February 19, 2015
  2. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 2
    2014 Execution Sets Up 2015 Delivered on all 2014 goals 2015 outlook 51 percent growth in oil production 10 percent oil production growth 36 percent growth in Adjusted EBITDAX Continuing cost reductions improving program returns 18…
  3. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 3
    Delivered On 2014 Expectations 2014 Original Guidance 2014 Results Oil production growth 40% 51% Equivalent production growth 15% 20% Capital program 2.0 billion 2.0 billion Average drilling rigs 11 to 14 12 Wells completed 265…
  4. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 4
    4Q Highlights 75 total well completions Increased well performance Completion enhancements and drilling optimization Continued improvements in IP rates and cycle time Strong finish delivered results at or above 2014 targets 41…
  5. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 5
    4Q Operations Summary Equivalent Natural Completed Production Oil NGLs Gas Program Wells (MBoe/d) (MBbls/d) (MBbls/d) (MMcf/d) Eagle Ford 43 54.4 37.8 8.3 50 Eagle Ford Wolfcamp 282 171 Wolfcamp 21 17.2 9.2 3.9 24 Altamont Altamont…
  6. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 6
    Delivering Cost Savings Gross Well Cost Total Well Cost per Foot1 Rig Days Stimulation (MM) (/ft.) (Spud to Rig Release) (Stages per day) 8.3 569 Eagle Ford 7.4 7.2 8.8 6.8 498 14 6.9 489 12 10 6.5 441 9 4.7 2012 2013…
  7. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 7
    Increased Reserves and Inventory Proved Oil & Gas Reserves (MMBoe) Proved Oil and Gas Reserves 622 18 percent increase from 2013 103 MMBoe in additions 526 66 percent in Eagle Ford 16.93 per Boe reserve replacement cost 343…
  8. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 8
    Type Well Economics Eagle Ford Wolfcamp Altamont Haynesville Long Short Vertical Holly Non Holly 5 Year Inventory (2015- 2019) Pre-Tax IRR1 52% 25% 37% 46% 2 Breakeven Pricing (/BBl or /Mcf) : At 20% Deflation 40.00 47.00 38.98…
  9. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 9
    Financial Results 10
  10. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 10
    4Q14 Financial Highlights 32 percent growth in Adjusted EBITDAX 19 percent reduction in adjusted unit cash costs 43 per barrel adjusted unit cash margins Driven by growing oil production and reduced costs Sector-leading hedge…
  11. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 11
    4Q Summary Results 4Q 2013 4Q 2014 Volumes Oil (MBbls/d) 42.3 59.8 Natural gas (MMcf/d) 197 182 NGLs (MBbls/d) 7.8 12.2 Equivalents (MBoe/d) 82.9 102.4 % Oil 51% 58% % Liquids 60% 70% Adjusted EPS N/M 0.22 Discretionary Cash…
  12. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 12
    Continued Unit Margin Expansion Adjusted EBITDAX Margin Per Unit /Boe 57.93 58.17 Margin / Cost 4Q 2013 4Q 2014 Unit revenue 57.93 58.17 LOE (5.28) (5.39) Adjusted Net G&A (6.53) (3.43) 43.11 Production Taxes (2.69) (2.71) Other…
  13. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 13
    Solid Hedge Program Provides Multi-Year Price Protection 2015 2016 Oil Fixed Price Hedges Fixed Price Swap Oil volumes (MMBbls)1 21.0 15.1 Oil and Gas Pricing Sensitivity: Average floor price (/Bbl) 91.19 85.41 Percent hedged…
  14. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 14
    2015 Outlook Year/Year Change From 2014 Oil production (MBbls/d) 56 64 Up 10%1 Total production (MBoe/d) 94.5 109.5 Up 4%1 Capital program ( billion) 1.2 1.3 Down 40% Average drilling rigs Eagle Ford 34 Wolfcamp 1 Altamont 1…
  15. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 15
    Well-Positioned Financially Living within cash flow in 2015 Ample liquidity No increase in leverage No near-term debt maturities Hedges support cash flows Cost structure improvements support margins and returns 16
  16. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 16
    Program Update/Outlook 17
  17. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 17
    Oil & Gas Capital Allocation Wolfcamp Wolfcamp 33% 15% Altamont Eagle Ford 11% 53% Eagle Ford Haynesville 66% Altamont 8% 14% 2014: 2.0 billion1 2015E: 1.2 1.3 billion 2015 capital focused in most efficient areas of…
  18. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 18
    Eagle Ford: Franchise Oil Program Oil Production 4Q Highlights (MBbls/d) 35.9 37.8 Highest-return program with significant growth 33.7 31.6 Five rigs and three stimulation crews 27.3 26.1 43 wells completed 22.2 18.5 20.4…
  19. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 19
    Eagle Ford: 40-Acre Infill Pilot 40% Increase In Recoverable Reserves Per…
  20. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 20
    Wolfcamp: Continued Performance Improvement 600 Wolfcamp B&C IP 30 Results (BOPD) 4Q Highlights Largest resource base rapidly improving 500 Four rigs and two stimulation crews Oil Production, BOPD 400 21 wells completed Type…
  21. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 21
    Altamont: Steady Growth With Solid Returns Oil Production 4Q Highlights (MBbls/d) Step-change improvement in legacy asset 12.8 Three rigs and one stimulation crew 11.7 11.8 11 wells completed 9.5 9.8 8.1 8.3 8.9 Received…
  22. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 22
    Haynesville: Resume Drilling in High Return Program Peak Month Gas (Mcf/d) EPE acreage Highlights 10,000+ 7,500 to 9,999 Premier acreage in core of the play 5,000 to 7,499 0 to 4,999 Strategic location near Gulf Coast and…
  23. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 23
    2014 Execution Sets Up 2015 Delivered on all 2014 goals Operational outperformance Continued financial and capex funding flexibility Well-positioned entering 2015 Expect to be free cash flow neutral in 2015 with 1.2 to 1.3…
  24. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 24
    2014 Results and 2015 Outlook February 19, 2015
  25. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 25
    Appendix 26
  26. 2014 RESULTS AND 2015 OUTLOOK – EP Energy Corp – slide 26
    2014 Completed Wells By Quarter Program 1Q 2Q 3Q 4Q FY Eagle Ford 35 34 24 43 136 Wolfcamp 20 23 26 21 90 Altamont 11 11 14 11 47 Total company 66 68 64 75 273 27

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