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3Q 2014 EARNINGS SLIDES – WPX Energy, Inc.

WPX Energy, Inc. · Nov 5, 2014 · 22 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. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 1
    November 5, 2014 3rd Quarter Earnings Call Rick Muncrief, Chief Executive Officer
  2. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 2
    3rd Quarter Highlights Domestic oil production of 25.8 Mbbl/d, which grew 52% 3Q 14 vs. 3Q 13 Current domestic oil production rate of 29.0 Mbbl/d Oil and liquids accounted for 56% total domestic production revenues YTD 14 shows 40%…
  3. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 3
    Domestic Production Normalized Growth 4Q 14 Domestic Growth vs. 4Q 13 Equivalent production expected to be up by 9% Oil production expected to be up by +60% Production Growth Excluding Legacy, Powder River and International…
  4. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 4
    Williston Efficiencies Driving Performance Continued strong production growth Averaged 20.1 Mbbl/d in 3Q 14 Average Drilling Cost per Foot 350 Oil production up 44% 3Q 14 vs. 3Q 13 Larger stimulations exceeding blended infill 300 305…
  5. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 5
    Larger Completions Accelerating Production and Increasing Returns 80,000 70,000 60,000 Cumulative Barrels of Oil 50,000 40,000 30,000 20,000 10,000 0 0 30 60 90 Days After Clean Out RUBY 31-30HX (3F) RUBY…
  6. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 6
    San Juan Gallup Accelerating Production Growth Rapidly growing oil production Mancos Gallup Drilling Metrics by Quarter Averaged 3.9 Mbbl/d in 3Q 14 40 16 Oil production up 255% 3Q 14 vs. 38.9 35 Spud to Release 14 3Q 13 30 26.9 12…
  7. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 7
    Piceance: Ryan Gulch Efficiencies and Deep Resource Assessment 3rd quarter activity Spud 70 wells in 3Q Lower Spud 209 wells 3Q YTD Williams Fork (2,500 ft) 3rd quarter net production 640 MMcfe/d Iles Natural gas 542 MMcf/d (650 ft)…
  8. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 8
    Financial Results Kevin Vann, Chief Financial Officer
  9. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 9
    3rd Quarter Results 3Q YTD Avg Dollars in millions, except production numbers 2014 2013 2014 2013 Daily Production Gas (MMcf/d) 766 839 797 835 Oil (Mbbl/d) 32.3 22.3 28.6 21.0 NGLs (Mbbl/d) 17.5 20.1 18.0 21.0 Equivalent…
  10. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 10
    2014 Full-Year Domestic Guidance Excludes Powder River and International Production Previous Disc. Ops Current % of Net Realized Price3 Previous Current Natural Gas MMcf/d 920 - 950 (170) 755 - 775 Natural Gas - NYMEX 80% - 86% 80% - 86%…
  11. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 11
    WPX Executing on 20/20 Vision High-grading our portfolio continues Cash flow from operations grew 50% through YTD 3Q 14 vs. 3Q 13 Rockies Express transportation deal rolling off mid-November More than 100MM in EBITDAX improvement…
  12. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 12
    Appendix
  13. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 13
    2013-14 Daily Production 2013 Avg 2014 Avg 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q Total Domestic Production Gas (MMcf/d) 822 811 821 790 811 795 791 746 777 Oil (Mbbl/d) 13.8 15.1 17.1 18.9 16.2 19.3 23.7 25.8 23.0 NGLs (Mbbl/d) 21.2 20.8 19.7…
  14. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 14
    Hedging Overview As of 10/28/2014 Balance of 20141 2015 Volume/Day Average Price Volume/Day Average Price Natural Gas (MMBtu) Fixed Price Swaps2 315,000 4.19 272,055 4.31 Costless Collars 190,000 4.04 - 4.66 50,000 4.00 - 4.50…
  15. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 15
    Domestic Price Realization for 2014 Gas (/Mcf) NGL (/bbl) Oil (/bbl) 1Q 14 2Q 14 3Q 14 4Q 14 1Q 14 2Q 14 3Q 14 4Q 14 1Q 14 2Q 14 3Q 14 4Q 14 Weighted-Average Sales Price 4.84 4.00 3.30 49.14 44.18 43.42 88.40 88.94 84.76 Revenue…
  16. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 16
    Piceance Basin Mesaverde Rigs Niobrara Dedicated Rig WPX 3rd Quarter Earnings Call November 5, 2014 18
  17. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 17
    Williston Basin WPX-operated rig WPX 3rd Quarter Earnings Call November 5, 2014 19
  18. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 18
    Williston Netback Price Analysis Estimated Volume % Sales Outlets (Oct - Dec 2014) Basin-Priced Sales 58% Rail Deals 30% Enbridge Capacity 12% Total Sales Outlets 100% Assumed 4Q 2014 total netback of WTI less 12 - 13 per…
  19. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 19
    San Juan Basin WPX 3rd Quarter Earnings Call November 5, 2014 21
  20. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 20
    Non-GAAP
  21. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 21
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Unaudited) 2013 2014 (Dollars in millions, except per share amounts) 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q YTD Income (loss) from continuing operations attributable to WPX…
  22. 3Q 2014 EARNINGS SLIDES – WPX Energy, Inc. – slide 22
    Reconciliation EBITDAX (Unaudited) 2013 2014 (Dollars in millions) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Adjusted EBITDAX Reconciliation to net income (loss): Net income (loss) (113) 22 (116) (984) (1,191) 19 (133) 66 (48) Interest…

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