2015 Year-End Conference Call Presentation March 10, 2016 Page 1
Stock price has moved in correlation with oil price rather than other drivers Source: CNN Page 3
US Onshore Oil Production Declined By 158,000 BBLS In December 2015 Alone Description November 2015 December 2015 Change Total US Production 9,305 9,262 (43) Less Offshore 1,539 1,654 115 Onshore US Production 7,766 7,608…
Argentina Well Stimulation Spending 2016 By Type of Reservoir Spending by type of reservoir Minimum 24,000 HHP Minimum 24,000 HHP 19% 29% 50% 56% 25% Minimum 16,600 HHP 21% Minimum 16,600 HHP Conventional Tight Gas…
Unconventional wells drilled Vertical vs Horizontal Unconventional Wells Drilled YPF & Partners now 250 have 11 rigs drilling 9 -12 horizontal wells For 2016, YPF confirmed 54 wells in Vaca each per year; 20 wells Meurta in the…
Unconven(onalstagespermonthforecast (impliesdoublingofcapacityin2018) Average of 60 stages per month Unconventional Stages Per Month per crew Average of 900 50 stages 833 per month 800 Average of per crew 45 stages 700 per…
Unconven(onalhorizontalwellstobedrilledForecast(assumesdrilling eciencies&morerigsdedicated) Unconventional Wells 450 400 400 YPF confirmed that EURs on their horizontal VM wells is now at 560,000 350 350 300 300 250 200…
DrillingEciencyGainsEagleFordvsVacaMuerta Drilling days per horizontal well 120 100 80 60 40 20 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Eagle Ford Vaca Muerta Source: Management Estimates Page 9
Argen(nafollowingpathexperiencedinUSshaleplays 2yearsbehindouroriginalforecast Represents 13% of peak Horizontal Wells - Argentina Eagle Ford wells 500 400 300 Note that generally, the Eagle 200 Ford play had 7 to 10 times 100…
Drilling efficiency is solved within first 3-5 years; completion efficiency is driven by activity first & then by technology Technically Recoverable Reserves are defined as a function of the volume of oil produced from each well, the…