Focused on Execution Delivering repeatable results Operations delivered efficient volume growth Strong cash flows from high-margin assets Proven track record of improved performance, lower costs and higher returns Completion…
3Q Highlights Growth 45% higher oil volumes all three oil programs continued on record pace 57.1 MBbls/d 3Q14 up from 39.3 MBbls/d 3Q13 Adjusted EBITDAX of 419MM up 36% from 3Q13 Adjusted EBITDAX Margin Per Unit up 13% from 3Q13…
Financial Strength Strong hedge position through 2016 90+ per barrel average floor price in 2015 and 2016 Increased RBL borrowing base by 10 percent 2.1 billion of liquidity at 9/30/14 No debt maturities until 2018 1…
3Q Operations Summary Equivalent Natural Completed Production Oil NGLs Gas Program Wells (MBoe/d) (MBbls/d) (MBbls/d) (MMcf/d) Eagle Ford 24 52.2 35.9 7.8 51 Wolfcamp 26 17.7 9.4 4.1 26 Altamont 14 16.1 11.8 - 25 Haynesville - 14.8 -…
Efficient Growth in Oil Programs MBbls/d Total company Capital allocation 57.1 focused on rapidly 39.3 growing oil programs Altamont 8.9 11.8 3Q 2013 3Q 2014 Eagle Ford Wolfcamp 3Q 2013 3Q 2014 35.9 Eagle Ford 234 175 26.1…
Eagle Ford: Franchise Oil Program High-return program continues rapid growth Current activity Oil Production Five rigs and three stimulation crews (MBbls/d) 35.9 33.7 24 wells completed in 3Q 31.6 Improved performance 26.1…
Eagle Ford: Improved Production Results IP 30 (BOPD) Continued to realize benefits from 800 completion optimization 700 Increased number of 600 762 stages 682 Increased proppant 500 525 volumes 400 Q1 '14 Q2 '14 Q3 '14…
Wolfcamp: Significant Growth in Evolving Program Rapid production growth continues Oil Production Current activity (MBbls/d) 9.4 Four rigs and two stimulation crews 7.9 26 wells completed in 3Q 7.2 Improved results in Crockett…
Wolfcamp: Improved Results with Experience Recent Crockett Co. B/C Wells (IP 30) Recent wells benefit from completion optimization 44-11 GH: 641 BOPD, 838 Boe/d HH: 259 BOPD, 418 Boe/d Average of recent wells IH: 432 BOPD, 634…
Altamont: Continued Growth Increasing performance with repeatable operations Three rigs now running Oil Production (MBbls/d) 14 wells completed in 3Q Continued focus on production optimization 11.8 11.7 Increased sales capacity…
Financial Results 13
3Q Financial Highlights Results continued to meet or exceed financial and operational estimates Significant growth in Adjusted EBITDAX and per unit margin Adjusted EBITDAX Margin Per Unit up 13% from 3Q13 Managing costs with…
Continued Unit Margin Expansion Adjusted EBITDAX Margin Per Unit /Boe 60.39 55.25 Margin / Cost (/BOE) 3Q 2013 3Q 2014 Unit revenue 55.25 60.39 LOE (4.75) (5.12) Adjusted G&A (4.46) (3.94) 45.12 Production Taxes (2.81) (3.60)…
Realized Oil Pricing Percent WTI Q214 Q314 LLS pricing versus WTI stabilized Eagle Ford 96% 97% Improved physical sales contracts with access to new markets Impacted by refinery downtime and pipeline delays Wolfcamp 91% 89% New…
Extremely Well Hedged With Strong Price Protection 2015 Oil Hedge Percentage 100% A EPE B 80% C 60% D E F G H I 40% 86% 85% 83% 71% 49% 46% 45% 44% 43% J K L M 20% 36% 18% 2% 0% 0% 0% 87.98 91.19 Average fixed/ 81.20 90.25…
Solid Hedge Program Provides Multi-year Price Protection 2014 2015 2016 Fixed Price Hedges1 Oil volumes (MMBbls) 5.0 21.0 16.9 Average floor price (/Bbl) 98.23 91.19 90.89 Oil Pricing Sensitivity: Percent hedged based on midpoint of…
Consistent 2014 Outlook Year/Year Growth Rate Oil production (MBbls/d) 54 56 52% Total production (MBoe/d) 96 100 21%2 Capital program ( billion) Total3 2.0 Average drilling rigs Rest of 2014 Eagle Ford 5 Wolfcamp 4…
Solid Execution Continues Strong, consistent performance Delivering on expectations Improving financial position Efficient growth Business built for success through cycles 21
Loading...
