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Raymond James Conference – Apache Corp

Apache Corp · Mar 7, 2016 · 24 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. Raymond James Conference – Apache Corp – slide 1
    03.07.2016 37TH INSTITUTIONAL INVESTOR CONFERENCE GARY CLARK, VP INVESTOR RELATIONS
  2. Raymond James Conference – Apache Corp – slide 2
    KEY MESSAGES Apache is successfully navigating the difficult price environment Proactively sold non-core assets, reduced capital spending, attacked cost structure Completed more than 10 billion of non-core asset sales in 2014 and…
  3. Raymond James Conference – Apache Corp – slide 3
    BALANCE SHEET STATUS (in billions) 12 3.2 billion net debt reduction in 10 2015 8 Eliminated 900 million of 30% 2017/2018 maturities 6 Only 700 million of debt maturing 4 through 2020 2 5 billion of liquidity (cash and 0…
  4. Raymond James Conference – Apache Corp – slide 4
    APACHE DELIVERED IN 2015 Significantly exceeded initial 2015 production guidance Pro forma International and Offshore production of 176 Mboe/d, up 13% YOY Pro forma North America Onshore production of 309 Mboe/d; up 3% YOY…
  5. Raymond James Conference – Apache Corp – slide 5
    MIRRORED ACTIVITY LEVEL WITH FALLING PRICE ENVIRONMENT Rig Count Price per Bbl WTI Oil Price Apache International Rigs 120 120 Apache North American Rigs 100 100 70% Capital reduction 80 80 3Q15 from 3Q14 60 60 40 40 86…
  6. Raymond James Conference – Apache Corp – slide 6
    QUARTERLY COST DECREASES: 4Q14 TO 4Q15 Average Well Cost Gross Overhead - Lease Operating North America Cash Cost Expense Per Boe(1) 10% 0% -10% -20% -30% -40% North American Capital General and Lease Operating Expense…
  7. Raymond James Conference – Apache Corp – slide 7
    STREAMLINED PORTFOLIO Well balanced portfolio with diversified opportunity set Extensive resource base in North America, anchored by Permian, will drive future growth Free cash flow generating assets with years of exploration and…
  8. Raymond James Conference – Apache Corp – slide 8
    PRODUCTION AND REVENUE BY PRODUCT 4Q 2015 Reported Production Oil and Gas Revenue 493 MBOE/D 1.2 Billion 51% Oil Production 74% Oil Revenue Oil Natural Gas NGLs Note: Reported volumes are consistent with production…
  9. Raymond James Conference – Apache Corp – slide 9
    PRIORITIZING OPPORTUNITIES Opportunities ranked by: Permian Unconventional ROR/NPV North Sea Impact (size, repeatability, scale) Canada Unconventional Increasing Impact Portfolio includes exposure Scoop / Woodford Egypt…
  10. Raymond James Conference – Apache Corp – slide 10
    APACHE CONVENTIONAL PERMIAN PLAYS Central Basin Platform 180 60% Annual Decline Rates 46% Permian Production 150 50% 120 14% (Boe/d) 40% of total Permian production 90 30% base decline 20% 60 CBP / 10% NW Shelf 30 0%…
  11. Raymond James Conference – Apache Corp – slide 11
    FY 2015 REGIONAL CASH MARGINS North Sea Egypt Permian Other NA 50.00 49 / Boe 45.00 40.00 37 / Boe 35.00 33 30.00 Per Boe 31 / Boe 25.00 26 20.00 Per Boe 20 22 / Boe 15.00 16 / Boe Per Boe 10 11 / Boe 11 / Boe 12 / Boe Per…
  12. Raymond James Conference – Apache Corp – slide 12
    INTERNATIONAL CASH FLOW SENSITIVITY Egypt and North Sea fiscal regimes offer less down-cycle cash flow deterioration, while more upside price leverage lies in North America Base Oil Price: 50 - 5 - 10 - 15 - 20 0% Percent Change in…
  13. Raymond James Conference – Apache Corp – slide 13
    UNCONVENTIONAL NORTH AMERICAN CORE Well costs were down in 4Q of 2015 over 40% from 4Q of Midland…
  14. Raymond James Conference – Apache Corp – slide 14
    APACHE 2016 CAPITAL PROGRAM Other 7% 1.4 to 1.8 billion Canada & Other L48 11% Permian More than 60% YOY 29% reduction North Sea 30% Egypt Only 35% allocated 23% to development drilling 21
  15. Raymond James Conference – Apache Corp – slide 15
    PERMIAN: THE PREMIER U.S. OIL BASIN Industrys 3rd largest acreage position (3.2 MM gross) 4Q production of 174 Mboe/d, third largest in the Permian Relatively low decline rate of 22% reduces capital needed to replace…
  16. Raymond James Conference – Apache Corp – slide 16
    PERMIAN: 4Q 2015 REGION SUMMARY Midland Basin PERMIAN KEY STATS FOURTH-QUARTER 2015 Averaged three rigs and completed 30 operated wells Reported Production: 173,691 Boe/d Completed Wells: 57 gross, 52 net Completions focused in the…
  17. Raymond James Conference – Apache Corp – slide 17
    FOURTH-QUARTER NORTH AMERICAN ONSHORE WELL HIGHLIGHTS Peak 30-Day IP / Play / Area Well Name County Lateral Peak 30-Day IP % Oil / Liquids 1,000 Lateral Ft MIDLAND WOLFCAMP Wildfire June Tippet 17 1HM Midland 5,054 1,372 Boe/d 271 69%…
  18. Raymond James Conference – Apache Corp – slide 18
    INTERNATIONAL U.K. NORTH SEA EGYPT Most efficient operator 20+ year track record of success Apache operating costs half of industry Strong free cash flow generation 12 year track record of strong returns at Forties Multiple…
  19. Raymond James Conference – Apache Corp – slide 19
    NORTH SEA: 4Q 2015 SUMMARY Forties Field NORTH SEA KEY STATS Completed four successful wells during quarter, including the T254 which FOURTH-QUARTER 2015 Reported Production: 71,598 Boe/d produced an initial production rate of 1,643…
  20. Raymond James Conference – Apache Corp – slide 20
    NORTH SEA: 2015 DRILLING RECAP 2015 Program Success 2015 Forties Development Rate On Production Wells Connected Peak 30-Day Avg IP 1Q 0 NA 2Q 5 1,623 Boe/d 80% 3Q 4 2,389 Boe/d 4Q 2 1,081 Boe/d 2015 Program Success 2015 Beryl…
  21. Raymond James Conference – Apache Corp – slide 21
    EGYPT: 4Q 2015 SUMMARY Development EGYPT KEY STATS FOURTH-QUARTER 2015 Ptah and Berenice fields current oil production approximately 30,000 gross bo/d Reported Production: 105,782 Boe/d Completed Wells: 23 gross, 20 net 12 wells…
  22. Raymond James Conference – Apache Corp – slide 22
    EGYPT: PRODUCTION DETAIL 4Q 2015 3Q 2015 Liquids Gas Liquids Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 213,135 831,421 351,705 216,503 873,418 362,073 Net Production 60,592 271,142 105,782 92,129 365,552…
  23. Raymond James Conference – Apache Corp – slide 23
    APACHE: OFFSHORE SURINAME POSITION 32
  24. Raymond James Conference – Apache Corp – slide 24
    2015 ASSET SALES: EXCEEDED 6 BILLION Proceeds Assets Divested (MM) Wheatstone LNG Project 2,800 Australia E&P Assets 1,900 Kitimat LNG 854 Yara Pilbara Fertilizer Plant 391 Other noncore assets 268 6,213 33

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