First Quarter 2015 Highlights Operational Financial Outlook Record quarterly production of Financial results affected by weak Raised FY15 production growth 132.2 MBoepd commodity price environment target range to 18% to 22% from 16%…
First Quarter 2015 Execution 1Q15 Total Production Growth Delaware Basin Growth Engine: OIL PRODUCTION 30% Growth 132.2 Horizontal Production Growth Year-over-Year Marks 21st 124.8 Consecutive Quarter 113.5 107.8 of Crude Oil…
2015 Capital Program Rig Program Progression Capital Program Allocation FY15 OUTLOOK Total Capital: 1.8 BN to 2.0 BN UPDATE 37 Raised Production 35 19 Rigs 12% Growth Target to 18% to 22% since 4Q14 30 12% Total Capital…
Northern Delaware Basin ACREAGE POSITION Significant resource captured from large 365,000 gross acreage position and multiple target zones (255,000 net) acres Continue to deliver industry-leading results in the northern Delaware…
Execution-Driven Capital Efficiency NORTHERN DELAWARE BASIN Operational Drilling Days Drilling Cost/Lateral Foot (/Ft) Efficiencies that 36 Lateral Length (39)% Improve Returns and Up 17% Withstand Price 27 589 Cycles (25)%…
Southern Delaware Basin ACREAGE POSITION LOVING Strong well results driven by enhanced geologic 275,000 gross model and completion design (170,000 net) acres Added 8 new horizontal wells with at least 30 WARD days of production…
Midland Basin HORIZONTAL CORE Targeting oil-prone, repeatable Wolfcamp and Spraberry zones ACREAGE POSITION Strong well results driven by drilling and completion optimization 200,000 gross (110,000 net) acres ANDREWS MARTIN Added 12…
New Mexico Shelf ACREAGE POSITION Deep inventory of high-return, low-cost 160,000 gross locations (110,000 net) acres 1,600 horizontal Yeso locations CHAVES 1,000 vertical Yeso locations CURRENT RIG Horizontal drilling and…
Key Takeaways Optimizing drilling and completion techniques, improving resource recovery and returns Executing a returns-based, disciplined capital program with operational flexibility Maintaining financial strength is a top…
Appendix
Resource and Results NORTHERN DELAWARE BASIN Deep Inventory of Identified Horizontal Locations Well Avg. Peak Rate (Boepd) Identified Wells per Formation Count1 30-Day (% Oil) 24-Hour Locations Section Brushy Canyon 19 632 (82%)…
2015 Operational & Financial Outlook Production 2Q15 OUTLOOK Year-over-year growth 18% - 22% Production: Oil mix 63% - 65% 138 - 142 MBoepd Price realizations, excluding commodity derivatives (% of NYMEX) Crude oil (per Bbl) 90% -…
Hedge Position 2Q15 - 4Q15 2015 OIL HEDGES Second Quarter Third Quarter Fourth Quarter Total 2016 2017 15.7 MMBbls Oil Swaps: (a) 65% Production1 Volume (Bbl) 5,114,000 5,719,000 4,904,000 15,737,000 12,499,000 3,948,000 Price (Bbl)…
Adjusted Net Income Reconciliation (Unaudited) Three Months Ended March 31, (in thousands, except per share amounts) 2015 2014 Net income - as reported 7,512 91,307 Adjustments for certain non-cash and unusual items: (Gain) loss…
EBITDAX Reconciliation (Unaudited) The Company defines EBITDAX as net income, plus (1) exploration and abandonments expense, (2) depreciation, depletion and amortization expense, (3) accretion expense, (4) non-cash stock-based…
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