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Q1 2015 EARNINGS CALL – California Resources Corp.

California Resources Corp. · Apr 30, 2015 · 20 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. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 1
    First Quarter 2015 Earnings Review Todd Stevens President & CEO Los Angeles, CA April 30, 2015 Mark Smith Sr. EVP & CFO
  2. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 2
    Management Priorities in Response to Commodity Downturn 1. Adjust Activity Levels for Current Environment Live within means and bring capital investments in line with projected cash flow 2. Address Balance Sheet Seek an amendment…
  3. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 3
    Swift Execution Adjusted 2015 capital investment plan to 440 million, down 80% from 2014 level Reduced rig count from 27 rigs in November to 3 Invested only 133 million in 1Q15 which was slightly below the low end of guidance…
  4. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 4
    2015 Strategic Focus Maintaining base production via higher margin, higher return, low decline crude oil projects Balancing capital spending with cash flows Right-sizing the capital structure Focusing on cash margins and controllable…
  5. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 5
    Targeting Higher-Margin, Higher Return, Low Decline Crude Oil Projects 2015 Capital Budget (MM) By Drive Unconventional Other 20 Primary 40 Total: 440 million Focus on steamflood and waterflood 35 8% 5% 9% Exploration projects,…
  6. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 6
    Focus on Oil Enhances Base & Margins Production By Stream (MBoe/d) Average Total Production 159 Mboe/d Average Oil Production 99 MBbl/d 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15E FY 2014 FY 2015E Oil NGL Gas Guidance 7
  7. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 7
    Defending Margins Through Efficiencies and Focus on Costs Production Costs /Boe 19.00 18.43 18.46 18.50 18.00 17.74 17.50 17.20 12% yoy 17.00 16.50 16.07 16.20 16.70 16.00 15.50 15.00 14.50 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15E…
  8. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 8
    Protecting Capital Investment Program with Hedges 2015 Crude Oil Brent Hedges 80 30,000 Bbl/d call 30,000 Bbl/d call 30,000 Bbl/d call 70 30,000 Bbl/d put 60 30,000 Bbl/d put 100,000 Bbl/d put 50 40,000 Bbl/d put 40 30 20…
  9. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 9
    Reducing Freshwater Use 4% 2% WATER USED IN CRCS OPERATIONS Produced Water Fresh Water Non-Fresh Water In 2014, CRCs steamflood operations supplied more than 2 billion gallons or over 6,200 acre-feet of water for agricultural…
  10. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 10
    Focus on Balance Sheet Capitalization as of 3/31/15 (MM) Deleveraging is a priority Senior Unsecured RCF 1 570 Senior Unsecured Term Loan 1,000 In discussions with various Senior Unsecured Notes 5,000 parties; considering a full…
  11. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 11
    1Q15 Results Summary Comparison 1Q14 4Q14 1Q15 Adjusted EPS 0.57 (0.02) (0.25) Oil Production 95 MBbl/d 105 MBbl/d 108 MBbl/d Total Production 154 MBoe/d 165 MBoe/d 166 MBoe/d Realized Oil Price (/Bbl) 102.32 68.54 46.44 Realized…
  12. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 12
    Strong Oil Volumes Drive Record Quarterly Production Boe/d 170,000 -1,000 165,000 160,000 +13,000 155,000 166,000 150,000 154,000 145,000 1Q14 Oil Gas NGL 1Q15 13
  13. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 13
    CRC Price Realizations Oil Price Realization Gas Price Realization WTI Realizations Brent NYMEX Realizations 120 110.90 111.70 108.76 110 5.0 4.31 4.39 99.51 4.5 100 103.80 104.02 3.73 93.00 4.0 90 95.12 94.21 97.97 104.16 3.5…
  14. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 14
    Cost Variance 1Q14 4Q14 1Q15 Production costs 18.43 16.07 16.20 (/Boe) Taxes other than on income 52 54 55 (MM) Exploration 31 68 17 expense (MM) Interest expense NA 72 79 (MM) 15
  15. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 15
    Cash Flow Reflects Changes in Commodity Prices and CRC Response 900 800 700 600 500 MM 400 740 300 200 100 115 0 1Q14 Volume Price Costs Interest Working 1Q15 Capital and Other 16
  16. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 16
    2Q15 Guidance Anticipated Realizations Against the Prevailing Index Prices for 2Q15 Oil 84% to 89% of Brent NGLs 32% to 36% of Brent Natural Gas 90% to 94% of NYMEX Production, Capital and Income Statement Guidance Production 158…
  17. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 17
    Poised to take advantage of a commodity price recovery Sacramento Basin World-Class Resource Base: 19 MMBoe Proved Reserves 9 MBoe/d production Large inventory of assets across basins and drive mechanisms that provide strong returns…
  18. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 18
    California Resources Corporation Appendix 19
  19. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 19
    Non-GAAP Reconciliation for Adjusted EBITDAX For the For the Fourth First Quarter Quarter Ended Ended March 31, December 31, ( in millions) 2015 2014 2014 Net Income/(loss) (100) 223 (2,091) Interest Expense 79 - 72 Income…
  20. Q1 2015 EARNINGS CALL – California Resources Corp. – slide 20
    Non-GAAP Reconciliation for PV-10 At December 31, ( in millions) 2014 PV-10 16,091 Present value of future income taxes discounted at 10% (5,263) Standardized Measure of Discounted Future Net Cash 10,828 Flows PV-10 is a…

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