FOURTH QUARTER 2015 Financial and Operational Review February 17, 2016
Full-Year Highlights Reduced capital spend while exceeding annual production targets Full-year 2015 capital program at 3.0B, 500MM below original budget Achieved 8% production growth from total Company cont. ops (excl. Libya) and 21%…
Quarter Highlights Flat sequential volumes with lower capital spend Fourth quarter capital program decreased to 564MM Total Company net production averaged 432,000 net BOED, flat with prior quarter U.S. Resource play production…
Capturing Durable Expense Savings Continued reduction in cost structure 2,000 (24%) reduction 1,000 1,800 900 1,600 800 1,400 700 1,200 600 MM MM (31%) reduction 1,000 500 800 400 600 300 400 200 200 100 0 0…
Total MRO Production Above 2015 Guidance FY15 up 8% year-over-year MRO Available for Sale Volumes 8% increase 500 500 431 430 434 432 399 400 45 400 42 57 49 41 MBOED/ MSCOD MBOED/ MSCOD 300 300 200 386 200 388 383…
U.S. Resource Production Increased 21% in 2015 4Q Eagle Ford flat, ORB growth offsets reduced Bakken activity Eagle Ford, Bakken & Oklahoma Resource Basins Available for Sale Volumes 250 21% increase 250 200 200 150 150…
157% Organic Reserve Replacement in 2015 Estimated net proved reserves 2.2 BBOE, flat with 2014 Reserve Replacement F&D Costs per Ratio BOE Excluding acquisitions, dispositions & revisions 157% 12 Excluding dispositions 89% 20…
Adjusted and Reported Results Lower 4Q crude realizations with higher exploration expenses Adjusted Net Income (Loss) per Diluted Share Reported Net Income (Loss) per Diluted Share 0.10 1.50 1.37 0.00 0.00 1.00 (0.13) (0.10)…
Total Company Cash Flow 4Q15 4.2B of liquidity at 12/31/15 2,500 74 2,000 700 278 (1,035) (561) 33 120 1,500 (68) MM 1,000 1,680 1,221 500 0 9/30/15 Operating Working Additions to Capital Disposal Maturities…
Lower N.A. E&P Crude Realizations vs 3Q Relatively flat volumes with higher GOM exploration expenses N.A. E&P Segment Loss N.A. E&P Sales Volumes 0 400 (61) (50) 300 (143) (100) MBOED (219) MM 200 (150) 262 261…
Eagle Ford Sustaining Execution Efficiency Low cost, efficient drilling and completion performance Production Volumes and Wells to Sales Production averaged 128 net MBOED; flat 160 120 with 3Q 2015 76 gross operated wells to sales (44…
Eagle Ford Co-Development Results Continuing to appraise and refine development strategy Stack Potential 30 day IPs AC/LEF Co-Development **Curtailed UEF/LEF Co-Development Yosko Kinkler** Bailey Retzloff 40-Acre LEF Development 5…
Oklahoma: 22% Sequential Production Increase First operated Springer oil well Production Volumes and Wells to Sales Production averaged 28 net MBOED; 22% 40 12 above 3Q 2015 Co-Op Wells to Sales 30 9 4 gross operated wells to…
Protecting and Delineating Leasehold in Oklahoma Continuing testing of phase window boundaries Kingfisher MRO Operated Well OBO Well Schenk 1H-18 30 Day IP 668 BOED 85% Liquids Blaine Alta 1-3H Canadian 30 Day IP 619 BOED 76%…
Bakken Focused on Base Business Lowering costs and protecting margins Production Volumes and Wells to Sales Production averaged 58 net MBOED; 80 40 5% below 3Q 2015 Co-Op Wells to Sales 60 30 5 gross operated wells to sales (5…
OSM Reliability Continuing to Improve 4Q unit operating expense down 35% from a year ago OSM Segment Income (Loss) OSM Synthetic Crude Oil Sales Volumes 25 70 20 60 15 50 23 10 MSCOD 40 MM 5 65 30 59 0 55 (6) 20…
Intl E&P Volumes Finish Year Strong Full quarter benefits from EG well campaign & high uptime, offset by lower realizations Intl E&P Segment Income Intl E&P Production & Sales Volumes 90 175 80 150 70 22 22 125 60 MBOED…
EG Compression Project Achieves Major Milestone Field life to be extended beyond 2030 B3 Compression Platform Alba B3 Compression topsides and jacket installed in January; on budget and on schedule for a mid-2016 start-up Extends…
Key Takeaways Capital Discipline Operations Full-year 2015 CAPEX of 3.0B 2015 Production Growth Rates 500MM 8% Total Company from original target 21% U.S. Resource plays Balance Sheet Strength Top Priority Oklahoma Springer Oil…
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) 223 213 205 200 210 - Natural Gas (MMCFD) 359 361 338 345 351 - North…
2016 Estimates Volumes Available for Sale 1QE Available for Sale Year Estimate North America E&P Total (MBOED) 230 240 - Liquid Hydrocarbons (MBD) 180 187 - Natural Gas (MMCFD) 300 315 International E&P Total (MBOED)* 90 100 -…
2016 Estimates Exploration expenses & annual production operating costs per BOE 1QE Year Estimate Exploration Expenses (Pre-tax): North America E&P ( millions) 15 30 International E&P ( millions) 5 15 Effective Consolidated Tax…
157% Organic Reserve Replacement in 2015 Estimated net proved reserves 2.2 BBOE, flat with 2014 North America International OSM TOTAL E&P E&P Category (MMBOE) (MMBOE) SCO (MMBBL) (MMBOE) As of Dec 31, 2014 986 564 648 2,198…
2015 4Q Production Mix U.S. resource plays 80% liquids Eagle Ford Oklahoma Resource Basins Bakken 8% 19% 7% 22% 57% 52% 21% 29% 85% Total U.S. Resource Plays 22% 60% 18% Crude Oil/Condensate NGLs Natural Gas…
2015 North America Activity U.S. Resource Plays Bakken Gross Gross Average Net Total Operated Operated Net Wells 2015 Rig Wells CAPEX Wells Wells to to Sales Count Drilled Drilled Sales 574MM 2 32 56 42 66 Oklahoma…
North America E&P Crude Oil Derivatives As of December 31, 2015 Term Bbls per day Weighted Average Price per Benchmark Bbl Three-Way Collars Jan 2016 Mar 2016(a) 10,000 60.03 Ceiling WTI 50.20 Floor 41.60 Sold Put Jan 2016 Dec…
Capital, Investment & Exploration Budget reconciliation MM 2015 Original 2015 Budget Actual Capital expenditures, including acquisitions 3,381 2,913 M&S Inventory 0 (9) Investments in equity method investees & others 0 0…
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