4th Quarter 2011 Conference Call James R. Moffett Richard C. Adkerson Co-Chairman of the Board, Co-Chairman of the Board President & CEO January 17, 2012 www.mcmoran.com
2011 Highlights Completion Activities of the Davy Jones Discovery in Advanced Stage Advanced Industry Leading Sub-Salt Drilling on GOM Shelf/Gulf Coast Area - Blackbeard East Encountered 1st Frio Sand Section Offshore Central LA -…
4Q11 Summary McMoRan 4Q11 Sales Stats Volumes Realization Natural Gas 10.4 Bcf 3.57/Mcf 4Q Production Rate Oil 0.6 MM Bbls 111.46/Bbl of 170 MMcfe/d Natural Gas Liquids 1.8 Bcfe 9.48/Mcfe Net Income: 28.4 Million (0.16/diluted…
Reserve Data as of 12/31/11 Excludes Pending Results from Ultra-Deep Activities Bcfe Ryder Scott Proved Reserves at 12/31/10 279.8 2011 Production (68.2) Net Revisions (1) 44.2 Preliminary Proved Reserves at 12/31/11 255.8 PV…
Flatrock Update Favorable Production Performance & Inclusion of NGLs Resulted in Positive Reserve Additions in 2011 of 64 Bcfe Gross (27 Bcfe Net to MMR) Flatrock Ryder Scott Flatrock Ryder Scott Ultimate Recovery of Proved Reserves…
Proved Reserves as of 12/31/11 Excludes Pending Results from Ultra-Deep Activities By Commodity By Commodity By Category 6:1 Ratio Relative Revenue %* PUD 15% PDP Oil 28% Oil 64% 34% PDSI 3% Gas PDNP 59% Gas 54% 7% 7%…
Resource Potential Identified to Date From Drilling Results Gross Resource MMR Prospect Sand Age Potential Share (Tcfe) (Tcfe) (1) Blackbeard West Miocene 2.4 1.3 (2) Oligocene 2.0 1.1 Blackbeard East Miocene 0.8 0.4 Frio 0.5…
Ultra-Deep Well Status Report Davy Jones Field WI: 63.4%; NRI: 50.2% Lineham Creek 2 Successful Sub-salt Wells WI: 36% Rig on Location; Completion Operations Commenced Operations for 1 Well Under Way 12/31/11 PTD: 29,000…
Davy Jones Major Ultra-Deep Discovery 2011 Drilling Results Expand Resource Potential Located in 20 Feet of Water What Have We Learned 2 Wells Confirmed Presence of Wilcox Age Sands on Shelf & Structural Continuity Confirmed…
Davy Jones Field Development McMoRan Has Advanced the Technology, Equipment and Processes Needed to Develop This Field Installation of Production Platform for DJ No. 1, Central Processing Facility and Sales Pipelines Substantially…
Lineham Creek Ultra-Deep Exploration Prospect 55 miles away Lineham Creek Prospect Davy Jones Discovery Located Onshore in Cameron Parish, LA Large Area of Potential Closure Operations Commenced 12/31/11 Targeting…
Ultra-Deep Prospects/Potential Unrisked Potential for Ultra-Deep Focus Area: 30+ Tcfe Gross, 14+ Tcfe Net* Gross Unrisked Potential Could Exceed 100 Tcfe DAVY JONES (1 completion under way) JOHN PAUL JONES LINEHAM CREEK (in…
2012 Outlook Summary 2012 Production Estimate* - Annual Average 130 MMcfe/d - Excludes Production from DJ 1 - Expect to Increase 2012 Estimate Following Successful Flow Test - 1Q12e 155 MMcfe/d 2012 Capital Expenditures Estimate…
Cash Flow Sensitivities ( in millions) 2012e EBITDAX Models Based on Varying Production Levels (1) 250 215 190 130 150 180 Mmcfe/d Mmcfe/d Mmcfe/d Impact to EBITDAX +/- 1/Mmbtu 38 MM 45 MM 55 MM +/- 10/Bbl 22 MM 23 MM 24…
Reference Slides www.mcmoran.com
Blackbeard Ultra-Deep Exploration Area Located in 80 Feet of Water Blackbeard West No. 2 (SS 188) Blackbeard West No. 1 (ST 168) Blackbeard East (ST 144) Spud on November 25, 2011 Identified 4 Hydrocarbon Bearing 178 Net Feet of…
Blackbeard East Cross Section Upper Miocene Middle Miocene Frio 18
Other Ultra-Deep Prospects with Similar Characteristics to Blackbeard Velocity Anomaly Seen at Blackbeard East May be Visible at Other Nearby Prospects Drilling Drilling West East Velocity Anomalies Below Salt Weld 19
Lafitte Ultra-Deep Exploration Prospect Located in 140 Feet of Water MMR WI: 72.0% MMR NRI: 58.3% Spud Date: October 3, 2010 Drilling Below 32,400 Identified 211 Net Pay, Including 56 in Cris-R and 40 in Frio Deepening…
Lafitte Cross Section 21
Lafitte/Barataria/Captain Blood Cross Section Results at Lafitte Enhance Potential of Lafitte Strategic Area Including McMoRans Barataria and Captain Blood Prospects 22
4Q11 Average Production Rates For Top Fields (MMcfe/d, except MP 299) LA State Lease 18090 Breton Sound 33 Long Point Gross: 16; Net: 5 Gross: 25; Net: 7 Laphroaig Gross: 51; Net: 15 South Marsh Island 212 Flatrock Field…
Reconciliation of Non-GAAP Measure EBITDAX is a financial measure commonly used in the oil and natural gas industry but is not a recognized accounting term under accounting principles generally accepted in the United States of America…
Loading...
