FIRST QUARTER 2016 Financial and Operational Review May 4, 2016
First Quarter Highlights Strengthened balance sheet provides substantial flexibility Total Company net production averaged 388,000 net BOED, at upper end of guidance U.S. resource play production averaged 204,000 net BOED Reduced…
Reduced Capital Program Consistent With Plan U.S. resource plays 80% of 1Q capex 2016 Capital, Investment and Exploration Total MRO U.S. Resource Plays 1,400 1,000 1,200 800 1,000 600 800 MM MM 600 871 1,151 400…
Production at Upper End of 1Q Guidance Sequential decrease from planned EG downtime and reduced resource play activity Available for Sale Volumes 500 Guidance 435* OSM: 40 - 45 422* 387* E&P: 335 - 355 400 50 49 49 MBOED/…
Adjusted and Reported Results Lower 1Q price realizations & volumes offset by lower exploration & impairments Adjusted Net Loss per Diluted Share Reported Net Loss per Diluted Share 0.00 0.00 (0.10) (0.20) (0.41) (0.56)…
Total Company Cash Flow 5.4B of liquidity; including 2.1B of cash 2,500 (18) 2,000 1,500 1,232 55 19 MM (359) 1,000 2,072 (95) 17 1,221 500 0 12/31/15 Operating Working Additions to PP&E Disposal Common…
N.A. E&P Costs Continue to Drop Both on an absolute and total unit basis Production & Other Operating Expenses Unit Production & Other Operating Expenses 350 (21%) reduction 16 (8%) reduction 300 14 117 12 250 140 10 4.60…
Eagle Ford Increasing Efficiencies & Lowering Costs Activity levels trending down per plan Production Volumes and Wells to Sales Production averaged 120 net MBOED; 160 120 down 6% from 4Q 2015 50 gross operated wells to sales (32…
Increased Stage Density in Eagle Ford Wells 200 stage spacing yields promising results Wilson Labus Pittman 4 well pad LEF/UEF Co-dev 1,107-1,235 BOED 200 SS Karnes Hemby B Atascosa 4 well pad LEF/AC/UEF Stack 1,088-1,544…
Protecting and Delineating Oklahoma Leasehold Testing phase window boundaries Kingfisher Production Volumes and Wells to Sales Completing Irven John 1-27XH 40 12 Olive June 1-27XH Co-Op Wells to Sales 30 9 Blaine Voss 1-24H…
Bakken Base Production Outperforming Strong reliability while continuing to lower costs Production Volumes and Wells to Sales Production averaged 57 net MBOED; 80 40 flat with 4Q 2015 Co-Op Wells to Sales 60 30 6 gross operated…
Intl E&P Production High End of Guidance 1Q planned downtime in EG and repairs at UK Brae Alpha; 2Q volumes set to rise Intl E&P Segment Income Intl E&P Production & Sales Volumes 25 150 125 20 100 15 MBOED MM 75 23…
OSM Maintains Low Costs and Reliability Strong operating performance offset by lower realizations OSM Segment Loss OSM Synthetic Crude Oil Sales Volumes 0 70 (6) (10) (19) 60 50 (20) (48) MSCOD 40 MM (30) 30 60 59…
Key Takeaways Capital Discipline Operations Balance Sheet Strength Provides Flexibility 1Q 2016 Total Company Production 5.4B 1Q liquidity, 388 MBOED including 2.1B cash upper end of guidance Ongoing Portfolio Management Eagle Ford…
Volumes, Exploration Expenses & Effective Tax Rate 2016 (excluding Libya) 1Q 2Q 3Q 4Q Year North America E&P Net Sales Volumes: - Liquid Hydrocarbons (MBD) 186 - Natural Gas (MMCFD) 315 - North America E&P Total (MBOED) 239…
2016 Estimates Volumes Available for Sale 2QE Available for Sale Year Estimate North America E&P Total (MBOED) 220 230 - Liquid Hydrocarbons (MBD) 171 179 - Natural Gas (MMCFD) 295 305 International E&P Total (MBOED)* 115 125 -…
2016 Estimates Exploration expenses & annual production operating costs per BOE 2QE Year Estimate Exploration Expenses (Pre-tax): North America E&P ( millions)* 15 30 International E&P ( millions) 5 10 Effective Consolidated Tax…
2016 1Q Production Mix U.S. resource plays 80% liquids Eagle Ford Oklahoma Resource Basins Bakken 7% 19% 10% 21% 58% 55% 26% 21% 83% Total U.S. Resource Plays 22% 60% 18% Crude Oil/Condensate NGLs Natural Gas…
2016 North America Activity U.S. resource plays Bakken Gross Gross Average Total Operated Operated Net Wells Net Wells 2016 Rig CAPEX Wells Wells to Drilled to Sales Count Drilled Sales 193MM 0.5 8 10 13 15 10 12 19 22 YTD…
North America E&P Crude Oil Derivatives As of March 31, 2016 Crude Oil (Benchmark to WTI)(a) 2Q 2016 3Q 2016 4Q 2016 YE 2017 Three-Way Collars(b) Volume (Bbls/day) 39,000 37,000 37,000 - Weighted Average Price: Ceiling 55.47…
North America E&P Natural Gas Derivatives As of March 31, 2016 Natural Gas (Benchmark to HH)(a) 2Q 2016 3Q 2016 4Q 2016 YE 2017 Three-Way Collars(b) Volume (MMBtu/day) 20,000 20,000 20,000 20,000 Weighted Average Price: Ceiling…
Capital, Investment & Exploration Budget reconciliation MM 2016 2016 YTD Budget Actual Capital expenditures, including acquisitions 1,401 357 M&S Inventory 0 (4) Investments in equity method investees & others 0 0 Exploration…
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