SECOND QUARTER 2015 Financial and Operational Review August 5, 2015
Quarter Highlights Lower costs and capital reflect efficiencies and moderated activity 2Q capital program down 40% to 680MM; full-year budget at or below 3.3B Total Company net production from cont. ops (excl. Libya) averaged 407,000…
2Q Capital Program Down 40% On pace to deliver at or below 3.3B budget 3,500 3,000 2,500 2,000 MM (42%) reduction 1,500 1,000 500 0 1Q 2015 2Q 2015 YTD 2015 FY 2015 Budget Capital, Investment and…
Continuing to Drive Costs Lower Downward trend continues despite growing production (18%) reduction 1000 800 600 (22%) reduction MM 400 200 0 2Q 2014 2Q 2015 YTD 2014 YTD 2015 E&P Production G&A excl Special…
Total MRO Production Growth of 5-7% in 2015 Growth of 6% over year-ago quarter; stable 2H15 production Total MRO Available for Sale Volumes 500 OSM: 43 - 48 OSM: 35 - 45 E&P: 365 - 385 E&P: 375 - 390 400 25 41 36 MBOED /…
U.S. Resource Play Growth of 20% in 2015 Growth of 30% over year-ago quarter; planned activity reduction achieved Eagle Ford, Bakken & Oklahoma Resource Basins Available for Sale Volumes 250 200 MBOED 150 220 100 170…
Improved 2Q Realizations vs 1Q Production volumes lower on activity reduction Adjusted Net Income (Loss) per Diluted Share Reported Net Income (Loss) per Diluted Share 1.10 1.10 0.89 0.90 0.80 0.80 0.27 0.70 0.27 per share…
Total Company Cash Flow 2Q15 5.5B of liquidity at quarter end 3,000 2,500 (925) 2,000 1,996 MM (112) (143) 1,500 (22) 520 (678) 1,000 (190) 1,572 500 1,126 0 3/31/15 Operating Working Additions to Capital…
Higher 2Q Realizations and Lower Expenses Offset by lower production vs 1Q N.A. E&P Segment Income (Loss) N.A. E&P Sales Volumes 400 400 300 300 200 MBOED 302 MM 100 200 0 283 274 (45) 227 100 (161) -100 -200…
Eagle Ford Activity Moderated Pacesetter drilling performance improving capital efficiency Production Volumes and Wells to Sales Production averaged 135 net MBOED; 160 32% increase 2Q14:2Q15 120 32% above 2Q 2014 Gross Co-Op…
Advancing Eagle Ford Co-Development Focused on stacked resource in highest value area for 2015 2Q 30-Day IP 3 Horizon Stack and Frac Upper Eagle Ford / Lower Eagle Ford Austin Chalk / Lower Eagle Ford Carter Holm 3 Horizon Stack and…
Redeploying Capital to Oklahoma Resource Basins Leveraging higher OBO activity Production Volumes and Wells to Sales Production averaged 24 net MBOED; 33% increase 2Q14:2Q15 40 8 33% above 2Q 2014 Gross Co-Op Wells to Sales 30 6…
Leveraging OBO Results in SCOOP & STACK Operated Springer well and Smith pilot in 3Q MRO Operated Well SCOOP MRO Future Well Kingfisher OBO Well STACK County 2 operated wells to sales in 2Q Cana Woodford SCOOP STACK Meramec…
Bakken Efficiency and Completions Delivering Results Top quartile driller in basin Production Volumes and Wells to Sales 22% increase 2Q14:2Q15 Production averaged 61 net MBOED; 80 40 22% above 2Q 2014 Gross Co-Op Wells to…
Bakken Completion Designs Sustain Performance Enhanced completions reach 180 day cumulative production 30-Day IP MRO Operated Well Mountrail Results driven by enhanced Spacing Pilot County Middle Bakken completion design First 23…
Mine and Base Upgrader Turnarounds Completed Offset by unplanned downtime at expansion upgrader OSM Segment Income (Loss) OSM Synthetic Crude Oil Sales Volumes 80 70 60 60 40 55 50 20 40 MSCOD 0 MM (19) -20 30 60…
Improved 2Q vs 1Q Earnings on Higher Realizations EG turnarounds completed on time and under budget Intl E&P Segment Income Intl E&P Production & Sales Volumes 180 150 160 125 140 120 100 MBOED MM 100 75 80 160 120…
Intl E&P and Exploration Highlights Delivering value from the base business; funding select high-return projects Equatorial Guinea Completed planned maintenance at EG LNG and MEGPL in 2Q Successfully concluded EG drilling campaign;…
Taking Action in Challenging Price Environment Adjusting activity and spend Capital discipline and portfolio management Expect 2015 CAPEX program at or below 3.3B Signed agreements for 100MM in non-core asset sales 5.5B liquidity…
APPENDIX
Volumes, Exploration Expenses & Effective Tax Rate 2015 (excluding Libya) 1Q 2Q 3Q 4Q Year North America E&P Net Sales Volumes: - Liquid Hydrocarbons (MBD) 223 213 - Natural Gas (MMCFD) 359 361 - North America E&P Total (MBOED)…
2015 Estimates Volumes Available for Sale 3QE Available for Sale Year Estimate North America E&P Total (MBOED) 260 270 - Liquid Hydrocarbons (MBD) 203 211 - Natural Gas (MMCFD) 340 355 International E&P Total (MBOED)* 105 115 -…
2015 Estimates Exploration expenses & annual production operating costs per BOE 3QE Year Estimate Comments Exploration Expenses (Pre-tax): North America E&P ( millions) 25 - 150 International E&P ( millions) 25 - 50 Effective…
2015 2Q Production Mix U.S. resource plays 80% liquids Eagle Ford Oklahoma Resource Basins Bakken 6% 20% 5% 20% 61% 19% 55% 25% 89% Total U.S. Resource Plays 20% 16% 64% Crude Oil/Condensate NGLs Natural Gas 26
2015 North America Activity U.S. resource plays Bakken Gross Gross Average Net Operated Operated Net Wells CAPEX 2015 Rig Wells Wells Wells to to Sales Count Drilled Drilled Sales 645MM 2 26-36 53-63 31-42 58-70 YTD 6/30/15…
North America E&P Crude Oil Derivatives As of June 30, 2015 Term Bbls per day Weighted Average Price per Benchmark Bbl Three-Way Collars July 2015 Dec 2015* 35,000 55.57 Floor WTI 70.34 Ceiling 41.29 Sold Put Jan 2016 Dec 2016…
Capital, Investment & Exploration Budget reconciliation MM 2015 YTD 2015 Budget Actual Capital expenditures, including acquisitions 3,130 1,780 M&S Inventory 16 (12) Investments in equity method investees & others 0 0…
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