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Q3 2012 Conference Call – Mcmoran Exploration Co.

Mcmoran Exploration Co. · Oct 19, 2012 · 27 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. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 1
    3rd Quarter 2012 Conference Call James R. Moffett Richard C. Adkerson Co-Chairman of the Board, Co-Chairman of the Board President & CEO October 19, 2012 www.mcmoran.com
  2. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 2
    McMoRan is Uniquely Positioned in the Ultra-Deep Trend Spent Over 185 MM to Develop Industry Leading Ultra-Deep Specialty Completion Acreage Position Equipment/Technologies Experienced Team McMoRans 385,000 Gross Acres in…
  3. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 3
    3Q12 Highlights Ultra-Deep Development Activities Davy Jones No.1 Preparing to Re-install Production Tubing Before Flow Testing Davy Jones No. 2 Completion/Testing Expected to Commence Following Review of Results of No. 1 Blackbeard…
  4. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 4
    3Q12 Financial Summary McMoRan 3Q12 Sales Stats Volumes Realization 3Q Production Rate Natural Gas 7.7 Bcf 3.12/Mcf of 134 MMcfe/d Oil 0.5 MM Bbls 103.43/Bbl Natural Gas Liquids 0.2 MM Bbls 36.42/Bbl Net Loss: 64.0 Million…
  5. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 5
    Davy Jones 1 Status Report Successfully Cleaned Out Wellbore to 28,630 Will Enable Testing of all 165 of Perforated Sands in Wilcox Operations to Clear Wellbore of Heavy Drilling Mud Used to Suppress Flow Took Longer than Expected…
  6. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 6
    Ultra-Deep Status Report Expanding Onshore Davy Jones Field Lomond North 1 Preparing to Re-install Onshore South Louisiana Production Tubing Before Flow 80,000 Gross Acre Area Testing Wilcox Sands Spud September 19, 2012 2 Expect…
  7. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 7
    June 2012 Central GOM Lease Sale 216/222 Results BOEM Awarded McMoRan all 14 Leases, Including 8 Blocks Bid Jointly with Chevron DAVY JONES WEST ENGLAND LAFITTE BARATARIA CALICO JACK CAPTAIN Joint Leases BLOOD with…
  8. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 8
    Prospect Acreage Under Control Post Lease Sale Including newly awarded leases, McMoRans leasehold inventory approximates 920,000 gross acres, including 385,000 gross acres in ultra-deep trend. Acreage Acreage Total Acreage Held…
  9. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 9
    Ultra-Deep Prospects/Potential Gross Unrisked Potential*: Shelf Prospects: 100 Tcfe; Onshore Prospects: 30 Tcfe DAVY JONES DAVY JONES WEST HIGHLANDER LINEHAM CREEK (in progress) (in progress) ONSHORE ENGLAND PROSPECT B BONNET…
  10. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 10
    Ultra-Deep Economic Model Value of Each 2 Tcfe Net (4 Tcfe Gross)* ( in billions) 5.8 6.0 F&D Cost: 1.50/Mcfe* Breakeven Price: 2.20/Mcf** 4.9 5.0 For 15% IRR Pre-tax PV-10 Value (Net) 3.9 4.0 3.0 3.0 2.1 2.0…
  11. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 11
    LNG Export Opportunity Filed Application with Department of Energy to Export LNG to Countries with Free Trade Agreements with the United States Preparation of a Non-free Trade Agreement Application is in Progress Modification of…
  12. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 12
    Conventional GOM Property Sales Agreed to Sell Two Conventional GOM Property Packages: 64.8 MM in Total Cash Consideration Buyers to Assume 43.4 MM in Related Abandonment Obligations West Delta/Mississippi Canyon Package 28.0 MM…
  13. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 13
    2012 Outlook Summary 2012 Production Estimate(1) Annual Average 137 MMcfe/d; 4Q12e 120 MMcfe/d Net of Asset Sales Excludes Potential Production from Davy Jones 1 Near-Term Production Expected to Increase Once Commercial Production…
  14. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 14
    Leveraging Success The Exploration & Technology Risk of the Ultra-Deep Play Have Been Significantly Reduced As Play Continues to be De-risked Through Flow Testing, McMoRan Will Have Opportunities to Advance Value Creation…
  15. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 15
    Ultra-Deep Overview & Perspectives www.mcmoran.com
  16. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 16
    Permeability at Davy Jones is Still Unknown, BUT Permeability a Measure of the Capacity of a Hydrocarbon Reservoir to Transmit Fluids. Positive Indicators of Permeability at Davy Jones, Include: 1. April 2012 Positive Surface…
  17. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 17
    Wilcox D Sand Perforating History Surface Pressure Readings psi Open downhole 10,000 valve Attempted to flow well; Positive Pressure Response blockage from drilling Close fluid associated with 9,000 downhole initial drilling…
  18. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 18
    Blackbeard West 2 Exploration Prospect 19
  19. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 19
    Evolution of the Sub-salt Ultra-Deep Play to Onshore In addition to Lineham Creek, McMoRan has Identified Multiple Major Sub-salt Structures Onshore South Louisiana Highlander Drilling in Progress Lineham Creek Drilling in…
  20. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 20
    Lineham Creek Onshore Sub-salt Exploration Prospect Located Onshore in Cameron Parish, LA Large Area of Potential Closure 33,000 Gross Acres Drilling Below 23,100 Targeting Eocene/Paleocene Objectives Below Salt Weld…
  21. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 21
    Lomond North Onshore Sub-salt Exploration Prospect Located Onshore in Iberia, St. Martin, Assumption and Iberville Parishes Control Exploratory Rights to 80,000 Gross Acres Spud September 19, 2012 Drilling Below 6,600 In…
  22. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 22
    Lomond North Cross Section 23
  23. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 23
    Deepwater vs Shelf Deep Play Lease Bonuses 24
  24. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 24
    West Cameron Block 73 Located in 33 of water MMR Farmed Out Portion of WC73 to 3rd Party Operator in 2010 MMR Retained 5% ORRI in Farm Out Acreage MMR Also Retained 70% WI in Various Depths Across 5,000-Acre Block Including…
  25. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 25
    Reference Slides www.mcmoran.com
  26. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 26
    3Q12 Average Production Rates For Top Fields (MMcfe/d) LA State Lease 18090 Long Point Gross: 23; Net: 6 Laphroaig Gross: 43; Net: 12 Main Pass 138 Gross: 3; Net: 2 South Marsh Island 212 Flatrock Field Gross: 112; Net:…
  27. Q3 2012 Conference Call – Mcmoran Exploration Co. – slide 27
    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…

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