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Q2 2015 Earnings Call – Hess Corp

Hess Corp · Jul 29, 2015 · 44 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 Earnings Call – Hess Corp – slide 1
    Second Quarter 2015
  2. Q2 2015 Earnings Call – Hess Corp – slide 2
    OPERATING RESULTS 1
  3. Q2 2015 Earnings Call – Hess Corp – slide 3
    Reported Net Income (Loss), Items Affecting Comparability & Adjusted Net Income (Loss) by Operating Activity In millions, except per share data 2Q 2Q 1Q 2015 2014 2015 Net Income (Loss) Attributable to Hess Corporation (U.S. GAAP)…
  4. Q2 2015 Earnings Call – Hess Corp – slide 4
    Reported Net Income (Loss), Items Affecting Comparability & Adjusted Net Income (Loss) by Operating Activity In millions, except per share data 2Q 2Q 1Q 2015 2014 2015 Adjusted Net Income (Loss)* Exploration and Production (96)…
  5. Q2 2015 Earnings Call – Hess Corp – slide 5
    Items Affecting Comparability of Earnings Between Periods (Amounts are after income taxes) 2Q 2015 Exploration and Production Results include: A noncash goodwill impairment charge of 385 million associated with the Corporations E&P…
  6. Q2 2015 Earnings Call – Hess Corp – slide 6
    Items Affecting Comparability of Earnings Between Periods (Amounts are after income taxes) 2Q 2014 Exploration and Production Earnings include: A gain of 706 million from the sale of the Corporations assets in Thailand and a gain of…
  7. Q2 2015 Earnings Call – Hess Corp – slide 7
    Items Affecting Comparability of Earnings Between Periods (Amounts are after income taxes) 1Q 2015 Exploration and Production Results include: A charge of 67 million to write-off a previously capitalized exploration well and…
  8. Q2 2015 Earnings Call – Hess Corp – slide 8
    Consolidated Adjusted Net Income (Loss) Millions 2Q 2015 vs. 2Q 2014 2Q 2015 vs. 1Q 2015 500 432 (571) 500 400 400 300 300 200 200 100 100 (147) (279) (147) - - 25 (10) (23) (100) (100) 125 5 2 (200) (200) (300) (300)…
  9. Q2 2015 Earnings Call – Hess Corp – slide 9
    Analysis of Consolidated Adjusted Net Income (Loss) 2Q 2015 vs. 2Q 2014 Exploration and Production The decrease in earnings was primarily attributable to lower realized selling prices and higher depreciation, depletion and…
  10. Q2 2015 Earnings Call – Hess Corp – slide 10
    Exploration and Production Adjusted Net Income (Loss) Millions 2Q 2015 vs. 2Q 2014 2Q 2015 vs. 1Q 2015 550 550 475 (737) 500 500 450 450 400 400 350 350 300 300 250 250 200 200 150 150 100 100 50 231 (155) 95 (5) (96) 50…
  11. Q2 2015 Earnings Call – Hess Corp – slide 11
    Worldwide Oil & Gas Production MBOEPD 2Q 2015 vs. 2Q 2014 2Q 2015 vs. 1Q 2015 450 450 5 (3) 6 391 33 5 (4) (4) 391 400 64 400 361 350 319 350 9 300 300 250 250 200 200 150 310 150 100 100 50 50 - - 2Q 2014 United…
  12. Q2 2015 Earnings Call – Hess Corp – slide 12
    Capital and Exploratory Expenditures Millions Three Months Ended June 30, 1,300 2015 2014 48 1,200 52 United States 1,100 Bakken 331 385 65 210 Other Onshore 110 186 1,000 Total Onshore 441 571 141 Offshore 188 157 900…
  13. Q2 2015 Earnings Call – Hess Corp – slide 13
    Capital and Exploratory Expenditures Millions Six Months Ended 2,600 June 30, 2015 2014 2,400 121 105 96 United States 2,200 Bakken 765 765 290 2,000 392 Other Onshore 190 355 Total Onshore 955 1,120 1,800 356 Offshore…
  14. Q2 2015 Earnings Call – Hess Corp – slide 14
    2015 & 2014 FINANCIAL INFORMATION 13
  15. Q2 2015 Earnings Call – Hess Corp – slide 15
    Recast E&P Financial Information 2015 & 2014 Basis of Presentation Prior to the second quarter of 2015, the results of the Bakken Midstream operations were included in the Exploration and Production (E&P) segment. In the second…
  16. Q2 2015 Earnings Call – Hess Corp – slide 16
    Exploration and Production Q2 2015 Reconciliation Millions Three Months Ended June 30, 2015 E&P Bakken Current E&P Pro Forma Midstream Eliminations Presentation A B C A- B + C Revenues and Non-operating Income Sales and other…
  17. Q2 2015 Earnings Call – Hess Corp – slide 17
    Exploration and Production Q1 2015 Reconciliation Millions Three Months Ended March 31, 2015 E&P Previously Bakken Current E&P Reported Midstream Eliminations Presentation A B C A- B + C Revenues and Non-operating Income Sales and…
  18. Q2 2015 Earnings Call – Hess Corp – slide 18
    Exploration and Production Q1 2014 Reconciliation Millions Three Months Ended March 31, 2014 E&P Previously Bakken Current E&P Reported Midstream Eliminations Presentation A B C A- B + C Revenues and Non-operating Income Sales and…
  19. Q2 2015 Earnings Call – Hess Corp – slide 19
    Exploration and Production Q2 2014 Reconciliation Millions Three Months Ended June 30, 2014 E&P Previously Bakken Current E&P Reported Midstream Eliminations Presentation A B C A- B + C Revenues and Non-operating Income Sales and…
  20. Q2 2015 Earnings Call – Hess Corp – slide 20
    Exploration and Production Q3 2014 Reconciliation Millions Three Months Ended September 30, 2014 E&P Previously Bakken Current E&P Reported Midstream Eliminations Presentation A B C A- B + C Revenues and Non-operating Income Sales…
  21. Q2 2015 Earnings Call – Hess Corp – slide 21
    Exploration and Production Q4 2014 Reconciliation Millions Three Months Ended December 31, 2014 E&P Previously Bakken Current E&P Reported Midstream Eliminations Presentation A B C A- B + C Revenues and Non-operating Income Sales…
  22. Q2 2015 Earnings Call – Hess Corp – slide 22
    Exploration and Production Full Year 2014 Reconciliation Millions Year Ended December 31, 2014 E&P Previously Bakken Current E&P Reported Midstream Eliminations Presentation A B C A- B + C Revenues and Non-operating Income Sales…
  23. Q2 2015 Earnings Call – Hess Corp – slide 23
    Bakken Midstream Average Throughput 2015 YTD 4Q 3Q 2Q 1Q PROCESSING Tioga Gas Plant MMSCFD 191 202 179 EXPORT Terminal Throughput MBPD 81 82 79 Tioga Rail Terminal Crude Loading MBPD 51 51 50 Rail Services MBPD 42 44 40…
  24. Q2 2015 Earnings Call – Hess Corp – slide 24
    Exploration and Production Adjusted Results 2015 Millions QUARTER Q1 Q2 Q3 Q4 TOTAL Net Revenues 1,243 1,550 - - 2,793 Costs and Expenses Operating costs and expenses 422 435 - - 857 Production and severance taxes 36 45 - - 81…
  25. Q2 2015 Earnings Call – Hess Corp – slide 25
    Bakken Midstream 2015 Millions QUARTER Q1 Q2 Q3 Q4 TOTAL Net Revenues 130 145 - - 275 Costs and Expenses Operating costs and expenses 63 68 - - 131 General and administrative expenses 2 3 - - 5 Cash costs 65 71 - - 136…
  26. Q2 2015 Earnings Call – Hess Corp – slide 26
    Exploration and Production Adjusted Results 2014 Millions QUARTER Q1 Q2 Q3 Q4 TOTAL Net Revenues 2,284 2,355 2,256 2,004 8,899 Costs and Expenses Operating costs and expenses 438 495 455 422 1,810 Production and severance taxes…
  27. Q2 2015 Earnings Call – Hess Corp – slide 27
    Bakken Midstream 2014 Millions QUARTER Q1 Q2 Q3 Q4 TOTAL Net Revenues 48 81 89 101 319 Costs and Expenses Operating costs and expenses 57 47 54 61 219 General and administrative expenses 2 2 3 4 11 Cash costs 59 49 57 65 230…
  28. Q2 2015 Earnings Call – Hess Corp – slide 28
    OTHER INFORMATION 27
  29. Q2 2015 Earnings Call – Hess Corp – slide 29
    2015 Guidance to Investors Guidance**** Actual Full Year 3Q 2Q 1Q Production (MBOEPD) Total 360 - 370 355 - 365 391 361 Bakken 105 - 110 105 - 110 119 108 Unit Cost (/BOE)* Cash Costs 16.00 - 17.00 16.50 - 17.50 15.65 16.74…
  30. Q2 2015 Earnings Call – Hess Corp – slide 30
    BAKKEN OPERATIONAL DATA 29
  31. Q2 2015 Earnings Call – Hess Corp – slide 31
    Bakken Production - 2015 Net Production by Product 2015 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 82 85 79 NGL MBBLPD 21 22 19 Gas MMCFPD 65 71 58 Total MBOEPD* 114 119 108 Net Production by Operatorship 2015 YTD Avg 4Q 3Q 2Q 1Q…
  32. Q2 2015 Earnings Call – Hess Corp – slide 32
    Bakken Production - 2014 Net Production by Product 2014 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 66 78 63 64 58 NGL MBBLPD 10 16 15 8 2 Gas MMCFPD 40 50 46 48 15 Total MBOEPD* 83 102 86 80 63 Net Production by Operatorship 2014 YTD…
  33. Q2 2015 Earnings Call – Hess Corp – slide 33
    Bakken Operational Well Statistics - 2015 Hess Operated Wells 2015 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 10 8 12 Drilling Days Spud-to-Spud 20 18 21 2015 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 105 45 60…
  34. Q2 2015 Earnings Call – Hess Corp – slide 34
    Bakken Operational Well Statistics - 2014 Hess Operated Wells 2014 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 17 17 17 17 17 Drilling Days Spud-to-Spud 22 22 22 22 23 2014 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 261…
  35. Q2 2015 Earnings Call – Hess Corp – slide 35
    Hess Operated Bakken Wells Brought on Production by County and Formation Bakken Wells 110 Dunn_3F Dunn_MB McKenzie_3F McKenzie_MB 100 Mountrail_3F Mountrail_MB Williams_3F Williams_MB 9 90 4 80 16 70 14 60 18 17 4 9 3…
  36. Q2 2015 Earnings Call – Hess Corp – slide 36
    Bakken Well Costs, Working Interest and Acreage - 2015 Average Well Cost - Hess Operated 2015 YTD 4Q 3Q 2Q 1Q Drilling MM/Well 3.7 3.5 3.9 Completion MM/Well 2.5 2.1 2.9 Total MM/Well 6.2 5.6 6.8 Average Working Interest of…
  37. Q2 2015 Earnings Call – Hess Corp – slide 37
    Bakken Well Costs, Working Interest and Acreage - 2014 Average Well Cost - Hess Operated 2014 YTD 4Q 3Q 2Q 1Q Drilling MM/Well 4.3 3.9 4.2 4.5 4.7 Completion MM/Well 3.0 3.2 3.0 2.9 2.8 Total MM/Well 7.3 7.1 7.2 7.4 7.5…
  38. Q2 2015 Earnings Call – Hess Corp – slide 38
    UTICA OPERATIONAL DATA 37
  39. Q2 2015 Earnings Call – Hess Corp – slide 39
    Utica Production - 2015 Net Production by Product 2015 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 2 2 2 NGL MBBLPD 5 7 4 Gas MMCFPD 73 82 65 Total MBOEPD* 19 22 17 Net Production by Operatorship 2015 YTD Avg 4Q 3Q 2Q 1Q Operated MBOEPD…
  40. Q2 2015 Earnings Call – Hess Corp – slide 40
    Utica Production - 2014 Net Production by Product 2014 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 1 1 2 - - NGL MBBLPD 2 4 2 1 1 Gas MMCFPD 36 45 39 37 23 Total MBOEPD* 9 13 11 7 5 Net Production by Operatorship 2014 YTD Avg 4Q 3Q 2Q…
  41. Q2 2015 Earnings Call – Hess Corp – slide 41
    Utica Operational Well Statistics - 2015 Hess/CNX Operated Activities 2015 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 2 2 2 2014 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 15 10 5 Completion by Qrtr 19 15 4 On…
  42. Q2 2015 Earnings Call – Hess Corp – slide 42
    Utica Operational Well Statistics - 2014 Hess/CNX Operated Activities 2014 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 4 3 4 4 4 2014 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 38 10 10 10 8 Completion by Qrtr 36 10 11…
  43. Q2 2015 Earnings Call – Hess Corp – slide 43
    Utica Well Costs, Working Interest and Acreage - 2015 Average Well Cost - Hess Operated 2015 YTD 4Q 3Q 2Q 1Q Drilling MM/Well 5.7 4.8 6.5 Completion MM/Well 4.0 4.2 3.9 Total MM/Well 9.7 9.0 10.4 Drilling /Ft 354 288 420…
  44. Q2 2015 Earnings Call – Hess Corp – slide 44
    Utica Well Costs, Working Interest and Acreage - 2014 Average Well Cost - Hess Operated 2014 YTD 4Q 3Q 2Q 1Q Drilling MM/Well 6.8 6.6 6.7 6.7 7.4 Completion MM/Well 6.9 7.0 7.4 7.4 5.9 Total MM/Well 13.7 13.6 14.1 14.1 13.3…

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