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Johnson Rice Energy Conference – Plains Exploration & Production Company

Plains Exploration & Production Company · Oct 31, 2012 · 34 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. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 1
    Johnson Rice Energy Conference October 2012 PXP Plains Exploration & Production Company
  2. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 2
    PXP Asset Overview Plains Exploration & Production Company Core Asset Areas California Madden 482 MMBOE total resource potential 200 BCFE total resource potential 217 MMBOE proved reserves 141 BCFE proved reserves 2,300+ future…
  3. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 3
    PXP Plains Exploration & Production Company Leading Value Creating Characteristics PXP PXP Pre-Acquisition Post-Acquisition Increase oil production per share Strong cash flow growth Increase operating margin per share Strong…
  4. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 4
    PXP Plains Exploration & Production Company GOM Asset Acquisition Acquired 100% of BPs interest in Holstein, Horn Mountain, Marlin Hub, Ram Powell, Diana-Hoover oil fields and 100% of Shells interest in the Holstein oil field in the…
  5. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 5
    PXP Acquisition Strength Plains Exploration & Production Company 2012 PXP Compared to 2013 PXP (Pro Forma for Acquisition) % Change Production (MBOEPD) 40% Total Resource Potential (MMBOE) (1) 40% Oil Production 100%+ Cash…
  6. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 6
    PXP GOM Acquisition Plains Exploration & Production Company Operated Assets 100% Ownership Holstein Marlin Horn Mountain Capacity Capacity Capacity 113.5 MBO/D 60 MBO/D 75 MBO/D 142.3 MMCF/D 235 MMCF/D 72 MMCF/D 45.9 MBW/D 20…
  7. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 7
    PXP Production Target Profile Plains Exploration & Production Company Pro Forma Transaction 400 400 GOM Risked Exploration 350 62% Increase in 2013 Production; Success 350 87% of the Increase is Oil 300 300 Net MBOEPD Net…
  8. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 8
    PXP Locator Map Plains Exploration & Production Company Deepwater Gulf of Mexico Louisiana Texas Ram Powell Marlin Viosca Knoll Horn Mountain Mississippi Canyon Holstein Garden Banks Green Canyon Atwater Valley Diana…
  9. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 9
    PXP Holstein Hub Plains Exploration & Production Company Tieback Resource Potential Pony Ness Flying Dutchman Knotty Head Lyell Holstein Deep Holstein Hub Ligurian Parmer Silver Fox 10
  10. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 10
    PXP Horn Mountain / Marlin Hub Plains Exploration & Production Company Tieback Resource Potential Ram Powell Marlin Hub King M63 Horn Mtn. M56 Sand King West Deep Horn Mtn. Deep Horn Mtn. Field Ext. MC 162 MC 252 MC 300…
  11. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 11
    PXP Gulf of Mexico Plains Exploration & Production Company Operated Development Rig Plan 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Project Rig Type Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2…
  12. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 12
    PXP Offshore Oil Development Plains Exploration & Production Company Operational Plan PXP Net Production Oil & Gas Cash Flow(1)(2) 300 7,000 250 6,000 5,000 200 MBOE/D MM 4,000 150 3,000 100 2,000 50 1,990 1,963…
  13. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 13
    PXP Onshore Oil Development Plains Exploration & Production Company California and Eagle Ford Legend PXP ACREAGE OIL WINDOW GAS CONDENSATE WINDOW WILSON DRY GAS WINDOW ATASCOSA San Joaquin Valley Arroyo Grande Los…
  14. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 14
    PXP Onshore Oil Development Plains Exploration & Production Company Operational Plan PXP Net Production Oil & Gas Cash Flow(1)(2) 90 2,000 75 1,500 60 MBOE/D MM 1,209 45 1,156 1,000 1,086 1,028 984 30 500 15 470 314…
  15. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 15
    PXP Plains Exploration & Production Company Development Operational Plan PXP Net Production Oil & Gas Cash Flow(1)(2) 350 8,000 300 7,000 6,000 250 5,000 MBOE/D 200 MM 4,000 150 300 300 300 300 300 3,000 100 187…
  16. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 16
    PXP Plains Exploration & Production Company PXP Pro forma GOM Acquisition GOM Current PXP w/o Non-Op Natural Gas Acquisition Pro Forma (MMBOE) (MMBOE) (MMBOE) 2P Reserves 380 172 552 Resources 380 369 749 Near-term…
  17. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 17
    PXP Pro Forma Asset Intensity Plains Exploration & Production Company Substantially Larger Oil Exposure High Margins Durability 2P Reserves R/P 12 years (1) Total Resource R/P 40 years (1) 12/31/2011 Resource Gross Total…
  18. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 18
    PXP GOM Exploration Plains Exploration & Production Company Frontal Pliocene Trend Frontal Pliocene Trend Deepwater Leasehold Lucius Discovery Interest in 39 blocks 12 Exploration Prospects 224,640 gross acres / 122,877 net acres…
  19. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 19
    GOM Exploration PXP Plains Exploration & Production Company Lucius / Hadrian / Phobos Oil Complex 500 MMBOE of Discovered Resource; 1+ BBOE Exploration Upside ExxonMobil / Hadrian 2 KC 964 OCSG-21451 1 Lucius 1 Over 600 feet of net…
  20. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 20
    PXP GOM Exploration Plains Exploration & Production Company Near-Term Activity Plan Summary Lower Tertiary Emerging Pliocene Miocene Year of Resource Potential Prospect / Discovery / Working Operator (MMBOE) Discovery…
  21. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 21
    Operational Development + PXP Plains Exploration & Production Company Risked Exploration Success Plan PXP Net Production Oil & Gas Cash Flow(1)(2) 450 10,000 400 350 8,000 300 MBOE/D 6,000 MM 250 200 4,000 150…
  22. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 22
    Financial Section October 2012 PXP Plains Exploration & Production Company
  23. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 23
    PXP Corporate Return Drivers Plains Exploration & Production Company Cash margin per BOE up 60% (1) Revenue per BOE up 35% Production costs per BOE down 4% General and Administrative expense per BOE down 15% Active hedge…
  24. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 24
    PXP GOM Asset Acquisition Plains Exploration & Production Company Strong Returns Returns Analysis Purchase Price 6.1 Billion Base Case 110.00/3.00 Pre-Tax IRR 22% - 28% Strip Case (8/29/12) Pre-Tax IRR 17% - 23% Multiples…
  25. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 25
    PXP Financing and Leverage Plains Exploration & Production Company Reduction Plan Initial Funding Committed 7.0 Billion facilities to fund initial purchase price and provide liquidity Initial borrowing base for company increases from…
  26. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 26
    PXP Credit Metric Trend Targets Plains Exploration & Production Company Net Debt(1) to EBITDAX(2) Net Debt(1) to Production per BOEPD 3.0x 60,000 50,000 2.0x 39,000 1.5x 27,000 1.0x 2012E(1) 2013E 2014E 2015E 2012E 2013E…
  27. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 27
    PXP Targeting Investment Grade Plains Exploration & Production Company Credit Metrics in 2015 PXP Targets Large-Cap Mid-Cap 2015 Median(1) Median(1) % Oil Production 90% 42% 60% Net Debt / BOEPD (2) 27,000 13,000 22,000 Net Debt…
  28. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 28
    PXP Plains Exploration & Production Company Summary Strong Quarterly Operating Results Generating Significant Free Cash Flow for Debt Reduction (1) Both Onshore and Offshore Oil Development Growth Significant Exploration…
  29. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 29
    PXP Plains Exploration & Production Company Appendix 30
  30. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 30
    PXP Full-Year 2013-2014 Operating and Plains Exploration & Production Company Financial Guidance Year Ended Year Ended 12/31/2013 12/31/2014 Estimated Sales Volumes: Oil - mmbbls 40 - 42 43 - 46 NGL - mmbbls 3-4 3-4 Natural gas -…
  31. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 31
    PXP Updated Hedging Position Plains Exploration & Production Company Crude Oil Derivative Instruments (1) Average Instrument Daily Average Deferred Period Type Volumes Price Premium Index 2012 Oct Dec Three-way collars 40,000…
  32. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 32
    PXP Updated Hedging Position Plains Exploration & Production Company Natural Gas Derivative Instruments (1) Average Instrument Daily Average Deferred Period Type Volumes Price Premium Index 2012 Oct Dec Put options 120,000…
  33. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 33
    PXP Plains Exploration & Production Company GOM Acquisition Asset Overview Holstein Marlin Hub Horn Mountain Diana Hoover Ram Powell Area/Blocks GC 644,645, 688 VK 871, 915 MC 82, 126, 127 EB 945, 946, 989, VK 911, 912, 913, 955, MC…
  34. Johnson Rice Energy Conference – Plains Exploration & Production Company – slide 34
    Reconciliation on Non-GAAP Measure PXP EBITDAX to Cash Flow from Operating Activities Plains Exploration & Production Company EBITDAX is a non-GAAP measure calculated by adjusting net income to add back depreciation, depletion and…

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