Balance Sheet and Liquidity Well Positioned Liquidity 1 billion Coverage currently: Senior Secured Debt:TTM Adjusted EBITDAX at 0.3 times; max ratio allowed 2.75 times TTM Adjusted EBITDAX:Interest at 7.9 times; minimum ratio…
1st Quarter 2016 Performance Production 1Q16 Total Production (MMBOE) 13.4 Average Daily Production (MBOE/d) 147.5 Pre-Hedge Realized Price (/BOE) 15.78 Post-Hedge Realized Price (/BOE) 26.74 Costs LOE (/BOE) 3.79 Ad Valorem…
2016 Capital Program Capex cut 46% from 2015; plan to spend less than projected EBITDAX 705 MM TOTAL CAPITAL BUDGET: 2016 PLAN: Financial strategy to preserve liquidity and manage debt metrics Permian 30% Operating strategy to…
2016 Guidance(1) Capital FY 2016 Total Capital, before acquisitions (MM) 705 Production FY 2016 Total Production (MMBOE) 51 55 Costs LOE, including Ad Valorem (/BOE) 4.10 4.50 Transportation (/BOE) 6.10 6.30 Production taxes…
NGL Pricing Outlook Eagle Ford production has positive upside exposure to NGL pricing Operated Eagle Ford production is approximately 35% NGLs, with cost advantaged proximity to Mt. Belvieu Macro view projects increasing NGL prices…
Hedging Provides Cash Flow Stability 55% of expected 2Q-4Q 2016 production volumes hedged (at the midpoint of guidance) Approximately 40% of oil, 60% of natural gas and 65% of NGLs 35% of 2017 production hedged (assuming similar…
2016 Activity Reducing Rigs and Increasing Completions Driving capital efficiency in 2016 with more completions 8 160 7 140 Drilled but Uncompleted Gross Operated Wells 6 120 5 100 Operated Rigs 4 80 3 60 2 40…
Sweetie Peck 2016 YTD Summary MIDLAND UPTON Net Acreage: 16,440 *2016 YTD through 1Q16; Added nine flowing completions YTD FY estimate is 2016 avg. Acquired additional 1,255 net acres currently 16,440 net acres Well…
Well Performance Wolfcamp B December 2014 slickwater fracs: performance exceeds hybrid design & peer results 250 2014 Slickwater Fracs (2 wells) 2013-2014 Hybrid Fracs (17 wells) 200 Operator A Cumulative MBOE Operator B 150…
Better and better wells: Wolfcamp B Initial Production Rates 60 day IP comparison new wells keep getting better 1800 1600 1400 1200 BOEPD 1000 800 600 400 200 0 0 5 10 15 20 25 30 35 40 45 50 55 60 Days on Production…
Well Performance Lower Spraberry Early production data very positive 200 TXL-Jamie 3338H - Slickwater Frac 180 Holzgraf 3431H - Slickwater Frac 160 *2014 Jamie 4043H - Slickwater Frac Cumulative MBOE Operator A 140 120 100…
Lower Permian Costs Improved Drilling Execution Reduced costs and repeatable performance Rig move costs reduced via pad drilling Landing zone optimization leads to faster drill times Bottomhole assembly configuration optimized…
Lower Permian Costs Improved Completions Execution Improved frac and drill-out processes Zipper fracs on 3-well pads maximizes number of frac stages pumped per day Optimization during pumping operations reduces chemical usage and…
Lower Capital Costs Best in Class in Midland Basin 53% reduction in costs vs. 2014 Combination of efficiency gains and deflation in service costs 5.3MM for 7,600 lateral is among the best in the basin (drill, complete and…
Bakken/Three Forks DIVIDE 2016 NORTH DAKOTA Gooseneck wells in northern Divide County with 10,000 laterals drilled in 12- GOOSENECK 13 days (spud to rig release) with D&C 120,000 net acres costs now below 4MM RAVEN / BEAR DEN…
Operated Eagle Ford 2016 Major cost improvement and efficiency gains YTD Pumping 200 frac stages/month with one frac spread vs. 100 one NORTH AREA year ago EAST AREA D&C costs down to 600/lateral (1) Mexico foot vs. 900 last…
Managing to the Long-term Driving Shareholder Value 9 of 23 peers are expected to exceed 4 times debt:EBITDAX at year-end 2016 20 of 23 peers have issued equity, diluting long-term shareholders SM is the only company expected to be…
1Q16 Regional Realizations Pricing NYMEX WTI Oil (/Bbl) 33.41 NYMEX LLS Oil (/Bbl) 35.31 NYMEX Henry Hub Gas (/MMBTU) 1.96 Hart Composite NGL (/Bbl) 15.99 Production Volumes Eagle Ford Rocky Mountain Permian SM Total Oil (MBbls)…
Leasehold Summary(1) As of 12/31/15 Gross Acres Net Acres Eagle Ford Operated 166,951 161,474 Non-Operated 237,363 35,958 Rocky Mountain Divide 185,992 117,286 Raven/Bear Den 80,529 44,417 Powder River Basin 268,850 204,381…
Adjusted Net Income Reconciliation Reconciliation of net loss (GAAP) to adjusted net loss (Non-GAAP): Three Months Ended (in thousands, except per share data) March 31, 2016 Reported net loss (GAAP) (347,210) Adjustments net of tax:…
Adjusted EBITDAX(1) Reconciliation Reconciliation of net income (GAAP) to Adjusted EBITDAX (non-GAAP) Three Months Ended to net cash provided by operating activities (GAAP): (in thousands) March 31, 2016 Net income (GAAP) (347,210)…
Total Capital Spend Reconciliation Reconciliation of Cost Incurred in Oil and gas Activities (GAAP) to Total Three Months Ended Capital Spend (Non-GAAP)(1) (in thousands) March 31, 2016 Development costs (2) 178,204 Exploration costs…
Summary Derivative Positions By Quarter Through 2017 as of April 29, 2016(1) Oil Gas NGL(4) Volume Volume Volume Period (MBbls) (2) /Bbl (BBTU) /MMBTU (2) (MBbls) /Bbl(3) 2Q16 1,752 86.73 20,780 3.40 2,159 16.11 3Q16 1,840 71.80…
NGL Derivative Position Detail(1) NGL Swaps OPIS Eth Purity Mt Belv NGL Swaps OPIS IsoButane Mt Belv Non TET (2) (2) Period Volume (MBbls) /Bbl Period Volume (MBbls) /Bbl 2Q16 828 8.28 2Q16 174 24.68 3Q16 751 8.70 3Q16 155 22.42 4Q16…
NGL Realizations 1Q16 benefited 1.78/Bbl from propane, ethane, and butane hedges SM NGL price realizations are predominantly tied to Mont Belvieu, fee-based contracts Differential reflects NGL barrel product mix and transportation…
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