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Q2 2015 Operations Update – Newfield Exploration Co.

Newfield Exploration Co. · Aug 4, 2015 · 25 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. Q2 2015 Operations Update – Newfield Exploration Co. – slide 1
    NFX 2Q15 Update August 4, 2015
  2. Q2 2015 Operations Update – Newfield Exploration Co. – slide 2
    Table of Contents 2Q15 Highlights 3 Capital Investments and Production by Area 4 2Q15 Production by Area 5 Anadarko Basin 6 Recent Anadarko Basin Well Results 7 STACK Update 8 Strong Balance Sheet 16 Guidance 17 Derivative…
  3. Q2 2015 Operations Update – Newfield Exploration Co. – slide 3
    2Q15 Company highlights Strong Y-o-Y domestic, liquids and total company production growth1 Domestic production +13% 2Q15 NET PRODUCTION (MMBOE) Domestic liquids production +22% Oil 7.18 Total production +27% Total liquids…
  4. Q2 2015 Operations Update – Newfield Exploration Co. – slide 4
    Capital investments and production by area Increased Anadarko Basin capital NEW 2015E Capital budget China budget by 200MM Uinta 3% Other 6% 7% Added 20,000 NEW acres in the Anadarko Basin Williston 10% Company expects to drill 15…
  5. Q2 2015 Operations Update – Newfield Exploration Co. – slide 5
    2Q15 Average production by area Anadarko Uinta Williston Eagle China Production Basin1 Basin2 Basin Ford (Liftings) 2 Oil (BOPD) 17,200 21,200 14,200 7,300 18,044 NGL (BOEPD) 15,600 500 1,900 3,200 -- Gas (BOEPD) 21,800 3,900…
  6. Q2 2015 Operations Update – Newfield Exploration Co. – slide 6
    Anadarko Basin key messages We have expanded our Anadarko Basin position by 20,000 acres Our well results in STACK continue to improve We are rapidly production-delineating our acreage Our STACK wells are oil wells We are rapidly…
  7. Q2 2015 Operations Update – Newfield Exploration Co. – slide 7
    YTD Anadarko Basin SXL well results Avg. Avg. Avg. Avg. Avg. Avg. Avg. Well Type Wells Lateral Gross 30-Day Gross 60-Day Gross 90-Day Length 30-Day Rate Oil % 60-Day Rate Oil % 90-Day Rate Oil % SCOOP Wet Gas 5 7,340 1,451 BOEPD…
  8. Q2 2015 Operations Update – Newfield Exploration Co. – slide 8
    STACK production delineation continues (30-day avg. rates) 33 Miles JULIE KAY GRUNTMEIR 559 BOEPD CHLOUBER 980 BOEPD DAN CORBIN 916 BOEPD (avg.) 1,138 BOEPD SCHEMMER 561 BOEPD WILLMS 36 Miles 1,006 BOEPD MAYBEL…
  9. Q2 2015 Operations Update – Newfield Exploration Co. – slide 9
    NFX is in the oil window (30 Day Avg. Oil % 2-Stream) 33 Miles 36 Miles NFX STACK is in the oil window Oil cuts increase from SW to NE Average 30-day production from 46 SXL wells: 80% oil (2-stream) Legend Legend NFX…
  10. Q2 2015 Operations Update – Newfield Exploration Co. – slide 10
    Anadarko Basin production 70,000 Avg. Daily Production (BOEPD) 60,000 50,000 Gas NGLs Oil 40,000 30,000 2016e 20,000 35% 40% Oil 10,000 25% 0 25% 2013 2014 2015e 2015e Anadarko Basin net production to grow 45% NEW…
  11. Q2 2015 Operations Update – Newfield Exploration Co. – slide 11
    Tighter frac clusters enhancing STACK oil production 350 STACK SXL oil type curve 80% 46 total STACK SXL wells released to-date 21 STACK SXL wells with tighter frac clusters 300 60% 250 Cumulative Oil Production (MBO)…
  12. Q2 2015 Operations Update – Newfield Exploration Co. – slide 12
    Multiple STACK intervals tested NFX Tested Intervals Whole Cores Regional Top Seal 700 Oil Saturated Interval Upper Lower MERAMEC SHALE Reservoir WOODFORD SHALE Source Rocks STACK STACK Woodford SCOOP Williston Eagle…
  13. Q2 2015 Operations Update – Newfield Exploration Co. – slide 13
    Recent STACK spacing pilots are encouraging Meramec Upper TESTS MRMCU-MRMCU Horizontal Avg. Avg. Avg. Avg. Avg. Avg. Avg. Spacing Spacing Lateral Gross 30-Day Gross 60-Day Gross 90-Day 880 Tests Length 30-Day Rate Oil %…
  14. Q2 2015 Operations Update – Newfield Exploration Co. – slide 14
    NFX STACK drilling days continue to improve Spud to TD 10,000 Lateral 60 51 50 40 37 35 33 Days 30 25 21 20 16 12 10 0 NFX 2011 NFX 2012 NFX 2013 NFX 2014 NFX 2015 NFX 2015 NFX 2015 2015 OBO Average Average…
  15. Q2 2015 Operations Update – Newfield Exploration Co. – slide 15
    STACK IRRs increasing1 50% Future 40% 2Q15 1Q15 30% Rate of return 20% 10% 0% 8.5…
  16. Q2 2015 Operations Update – Newfield Exploration Co. – slide 16
    Strong balance sheet with financial flexibility Highlights Strong capitalization MM YE 2014A YE 2015E2 1.9 B of pro forma liquidity1 Cash 14 5 Credit facilities 446 130 2.0x debt / Adj EBITDA1 Senior Notes 2,446 2,450 Total Debt…
  17. Q2 2015 Operations Update – Newfield Exploration Co. – slide 17
    2015e Production, cost and expense guidance Domestic China Total Production Oil (Mmbls) 20.9 21.5 5.0 25.9 26.5 NGLs (Mmbls) 7.8 8.1 -- 7.8 8.1 Natural Gas (Bcf) 119 123 -- 119 123 Total (Mmboe) 48.5 50.0 5.0 53.5 55.0 Expenses ( mm)1…
  18. Q2 2015 Operations Update – Newfield Exploration Co. – slide 18
    3Q15e Production, cost and expense guidance Domestic China Total Production Oil (Mmbls) 5.3 1.3 6.6 NGLs (Mmbls) 2.1 -- 2.1 Natural Gas (Bcf) 31 -- 31 Total (Mmboe) 12.4 12.6 1.3 13.7 13.9 Expenses ( mm)1 LOE2 66 17 83 Transportation…
  19. Q2 2015 Operations Update – Newfield Exploration Co. – slide 19
    Oil hedging details as of 07/31/15 Effective WTI Hedge Price: 2H15 Effective WTI Hedge Price: 2016 105.00 105.00 100.00 Intrinsic Value 100.00 Intrinsic Value 95.00 186.1 MM 95.00 243.9 MM 90.00 90.00 Realized Price Realized…
  20. Q2 2015 Operations Update – Newfield Exploration Co. – slide 20
    Oil hedging details as of 07/31/15 Volume/day Weighted-Average Price Swaps w/ Short Collars w/ Short Period Bbls Swaps Purchased Calls2 Puts1 Puts3 7,000 90.00 3Q 2015 41,000 71.65/89.95 2,000 75.00/90.00-104.00 1,000 90.00 4Q…
  21. Q2 2015 Operations Update – Newfield Exploration Co. – slide 21
    Oil hedging details as of 07/31/15 Volume/day Weighted-Average Price Swaps w/ Short Collars w/ Short Period Bbls Swaps Purchased Calls Puts1 Puts2 15,000 73.73/89.23 1Q 2017 13,000 75.00/90.00-95.52 10,000 73.10/88.09 2Q 2017…
  22. Q2 2015 Operations Update – Newfield Exploration Co. – slide 22
    Oil hedging details as of 07/31/15 The following table details the expected impact to pre-tax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various NYMEX oil…
  23. Q2 2015 Operations Update – Newfield Exploration Co. – slide 23
    Gas hedging details as of 07/31/15 Effective NG Hedge Price: 2H15 Effective NG Hedge Price: 2016 6.00 6.00 Intrinsic Value Intrinsic Value 5.50 5.50 58.6 MM 10.1 MM 5.00 5.00 Realized Price Realized Price 4.50 Hedged Price…
  24. Q2 2015 Operations Update – Newfield Exploration Co. – slide 24
    Gas hedging details as of 07/31/15 Volume/day Weighted-Average Price Swaps w/ Short Collars w/ Short Period MMBtus Swaps Collars Puts Puts 185,000 3.94 3Q 2015 105,000 3.93 - 4.74 151,800 4.14 4Q 2015 105,000 3.93 - 4.74 1Q…
  25. Q2 2015 Operations Update – Newfield Exploration Co. – slide 25
    Gas hedging details as of 07/31/15 The following table details the expected impact to pre-tax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various NYMEX gas…

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