1Q13 Highlights Oil production averaged 33 MBbls/d Up 41% from prior year Liquids represented 30% of production and 65% of revenue1 Adjusted EBITDAX of 330 MM Enhanced hedge position and liquidity In April, launched process to…
Significant Oil Growth Continues Oil Production by Program (MBbls/d)1 Production by Product (MBoe/d)2 33 151 In-line with 3 guidance 2 134 23 8 4 Haynesville 1 decline & 122 GOM sale 93 8 20 8 10 +108% 6 23 +41% 33 1Q 2012…
Increasing Oil Revenues Revenue by Commodity 1 1Q 2011 1Q 2012 1Q 2013 29% 35% 45% 51% 61% 67% 4% 4% 4% Oil & Condensate NGL Natural Gas 1 Total operating revenues before impact from financial derivatives. Note: Total…
1Q Operations Summary Production Oil NGL Capital Wells Rigs at Program (MBoe/d)1 (MBbls/d)1 (MBbls/d)1 (MM) Completed2 3/31/13 Eagle Ford 31.0 20.4 4.5 271 30 6 Wolfcamp 2.4 1.5 0.4 104 6 3 Altamont 11.0 7.9 - 49 7 3…
Eagle Ford: Generating Exceptional Growth MBoe/d Oil NGL Natural Gas Northern Added 6th rig in February Area 30 Running two dedicated 25 Central Area stimulation crews 20 Added 16,000 BOPD of incremental production 15…
Eagle Ford: Focus on Oil Development Developing on 60 acre1 79,000 acres in Central area spacing performing well 14,000 acres in Northern area Well cost reduction and completion optimization Northern Gas acreage sale and…
Wolfcamp: Recent Developments Continue to Build Value Added 3rd rig in January Development plan on 140 acre1 spacing in upper Wolfcamp (B) 330 sq. mi. 3D seismic acquired/processing Encouraging well results from lower Wolfcamp…
Multiple Horizons in the Midland Basin Wolfcamp A Dean (60 MMBO/Sec) Gross Thickness Wolfcamp A 300400 Feet Wolfcamp B Largely Untested (51 MMBO/Sec) Upper Gross Thickness Wolfcamp C Wolfcamp B Landing Zone 300+ Feet (48…
Wolfcamp (East): Efficient Development Illustration Existing central production facilities (CPF) Irion Existing frac ponds Reagan Existing water wells EP Energy pipelines Pipelines to be completed in 2013 Completed To Be…
Wolfcamp: Completion Evolution Cumulative Production Comparison 60,000 Completion approach is evolving to achieve higher returns 50,000 Evolution Generation 1: Crosslink fluids 40,000 Cumulative Production, BOE Generation…
Wolfcamp: Continued Improvement 12 8,000 Optimizing completions and cost 10 7,000 8 6,000 savings from shared infrastructure MM Feet 6 5,000 Continued reduction in well cost 4 4,000 2 3,000 0 2,000 Days spud to…
Operating Efficiencies Higher activity while 2013 capex 3000 Total Well Per Foot Lateral Per Feet remaining at 1.7 billion - 1.8 billion 2500 2000 Now expecting an incremental 1500 10-15 completed wells in 2013 1000 500 Will…
Financial Results 15
1Q Financial Highlights Underlying business performing well Upsized RBL facility from 1.8 billion to 2.5 billion Supported by 28 financial institutions Rate: LIBOR +150 b.ps to +250 b.p. (based on utilization) Expanded hedge…
1Q Summary Results ( in millions, unless otherwise stated) 1Q 2012 1Q 2013 Average Realized Sales Prices Oil/Condensate (/Bbl) 101.81 96.43 Natural Gas (/Mcf) 2.90 3.40 NGL (/Bbl) 40.96 31.78 Average Realized Sales Prices,…
Favorable Crude Oil Hedges Percentage of hedged volumes for 2013, 2014, and 2015 are based on 2013 expected domestic liquids volumes 18 90% 16 100.88 99.47 100 14 60% 100.01 12 97.41 96.18 MMBOE 10 95.85 95.42 /Bbl…
Natural Gas Hedges Protect Cash Flow Percentage of hedged volumes for 2013, 2014, and 2015 are based on 2013 expected domestic volumes 30 95% 5 4.28 4.25 4.10 25 4 4.03 4.23 20 3.57 70% 3 /MMBtu MMBOE 15 2 10 20%…
Accelerating Portfolio Shift Initiated marketing process to sell significant portion of natural gas assets CBM (Raton, Black Warrior, Arkoma) and Arklatex (non-Haynesville) South Texas Profile of properties 25-30% of estimated 2013…
Looking Ahead Successful results drive strong financial performance Higher margins and returns from growing oil volumes Benefit from concentrated portfolio Continuing operational efficiencies Repeatable activities in consistent…
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