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YE 2015 Update and 2016 Outlook – Newfield Exploration Co.

Newfield Exploration Co. · Feb 24, 2016 · 23 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. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 1
  2. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 2
    ? ~50% YoY growth in production and proved reserves ? Increased footprint to >315k net acres with additional 20k net acres in play fairways ? 2+ billion boe net unrisked resource and 6,000+ gross potential drilling locations2 Strong…
  3. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 3
    2015 capital investments Total Company ($ in millions) Q1 Q2 Q3 Q4 2015 Exploration & development $346 $274 $253 $239 $1,112 Acquisitions -- -- $125 $3 $128 Leasehold $29 $48 $60 $39 $176 Pipeline $2 $1 -- -- $3 Total1 $377 $323…
  4. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 4
    Outperformed in each focus area Focus Area 2014 Production (Mmboe) 2015 Original Guidance (Mmboe) 2015 Final Production (Mmboe) Anadarko Basin 15.4 22.2 22.8 Uinta Basin 9.4 8.0 8.1 Williston Basin 6.6 6.4 7.2 Eagle Ford 4.3…
  5. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 5
    4Q15 Average production by area Production Anadarko Basin Uinta Basin Williston Basin Eagle Ford China (Liftings) 1 Oil (bopd) 26,340 16,500 13,290 4,610 15,470 NGL (boepd) 19,450 500 2,960 2,890 -- Gas (boepd) 29,050 3,070…
  6. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 6
    YE 2015 Proved reserves ? Total proved reserves of 509 Mmboe ? Pre-tax PV-10 $2.9 bn ? Liquids proved reserves 291 Mmboe or 57% of total proved reserves ? 64% of proved reserves are proved developed ? 98% of total proved reserves…
  7. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 7
    Solid capital structure ? $2.0 bn liquidity at YE 2015 ? $1.8 bn unsecured credit facility maturing 2020 ? No fixed debt maturities until 2022 ? Hedge portfolio value ~$360 mm2 1 Please see reconciliation of adj. EBITDA in appendix…
  8. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 8
    STACK 50% SCOOP 31% Eagle Ford 5% Williston 6% Uinta 4% Other 4% Capital plan $625-675 mm total capex1 (80%+ D&C) ~65% of NFX?s STACK footprint HBP?d by YE 2016 Maintain balance sheet strength HBP STACK leasehold Further…
  9. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 9
    Anadarko Basin key messages Newfield acreage Meramec Woodford SCOOP STACK ? Grew 4Q15 average net production to 74,800 boepd ? > ? of 4Q net domestic production ? Proved reserves 269 Mmboe ? > ? of total company proved reserves ?…
  10. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 10
    Anadarko Basin ? growth of a premier asset 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Net BOEPD Initial STACK well $300MM assessment planned Signed SCOOP gas gathering agreement Acquired 70,000 net acres;…
  11. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 11
    2015 Anadarko Basin SXL well results (3-stream) Well Type # Wells Avg. Lateral Length Avg. Gross 30-Day Rate Avg. 30-Day Oil % Avg. 30-Day Liquids % Avg. Gross 60-Day Rate Avg. 60-Day Oil % Avg. 60-Day Liquids %…
  12. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 12
    Peoples 1-29H (4,768?) IP30: 1,758 boepd (48% oil) Cimarex Vessels 1H-3526X (9,937?) IP30: 2,238 boepd (45% oil) Cimarex Ludwig 1-22-15XH (9,711?) IP24: 2,782 boepd (76% oil) Continental Olive Lee 1H-22 (4,594?) IP30: 1,798…
  13. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 13
    Delivering solid STACK well productivity 14 Improved results driven by: ? Increased fracture stages ? Tighter cluster spacing ? Higher proppant volumes Additional future upside: ? Lateral placement within vertical section ?…
  14. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 14
    2015 Avg 2015 Best-in-class 2016E Development CWC ($ mm) $8.6 $7.4 $7.32 $6.0 Avg GPI (ft) 9,944 9,897 10,000 10,000 # Wells 60 1 30 Cost benefits in development Preset operations Well design Completion design Pad operations…
  15. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 15
    0% 20% 40% 60% 80% 100% $35/$2.50 $45/$3.00 $55/$3.50 $65/$4.00 Lateral length (ft) 10,000? Gross EUR (Mboe)1 950 % Oil 40% % NGLs 30% 2016 estimates Gross CWC ($ mm)2,3 $7.3 LOE ($ / Boe) $1.89 Oil transportation ($ / Bbl)…
  16. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 16
    2016e Production, cost and expense guidance Domestic China Total Production Oil (Mmbls) 19.5 ? 20.5 4.3 23.8 ? 24.8 NGLs (Mmbls) 8.8 ? 9.2 -- 8.8 ? 9.2 Natural Gas (Bcf) 125 ? 129 -- 125 ? 129 Total (Mmboe) 49.0 ? 51.0 4.3 53.3 ?…
  17. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 17
    1Q16e Production, cost and expense guidance Domestic China Total Production Oil (Mmbls) 5.0 ? 5.2 1.7 6.7 ? 6.9 NGLs (Mmbls) 2.3 ? 2.5 -- 2.3 ? 2.5 Natural Gas (Bcf) 33 -- 33 Total (Mmboe) 12.8 ? 13.2 1.7 14.5 ? 14.9 Expenses ($…
  18. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 18
    Oil hedging details as of 02/19/16 20 Q116 Q216 Q316 Q416 Swaps + Short Puts $89.90 / $74.35 2.116 MMBbl or 23,000 Bbl/d 3-Way Collars $75 / $90 - $95.98 1.472 MMBbl or 16,000 Bbl/d Long Calls $73.02 2.484 MMBbl or 27,000…
  19. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 19
    Oil hedging details as of 02/19/16 21 Q117 Q217 Q317 Q417 Swaps + Short Puts $88.01 / $73.09 1.012 MMBbl or 11,000 Bbl/d 3-Way Collars 0 Long Calls $73.09 1.012 MMBbl or 11,000 Bbl/d Total Covered: 1.012 MMBbl (11,000/d)…
  20. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 20
    Oil hedging details as of 02/19/16 Oil Prices Period $20 $30 $40 $50 $60 $70 $80 $90 1Q 2016 $71 $71 $71 $71 $71 $70 $51 $11 2Q 2016 $62 $62 $62 $62 $62 $62 $47 $11 3Q 2016 $57 $57 $57 $57 $57 $57 $53 $38 4Q 2016 $51 $51 $51 $51 $51…
  21. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 21
    Gas hedging details as of 02/19/16 23 Q116 Q216 Q316 Q416 Collars $4.00 - $4.54 2,760 BBtu or 30,000 MMBtu/d Total Covered: 2,760 Bbtu or 30,000 MMBtu/d Swaps $3.39 4,550 BBtu or 50,000 MMBtu/d Swaps 0 Swaps 0 Swaps 0…
  22. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 22
    Non-GAAP reconciliation of Adjusted EBITDA Adjusted EBITDA ($ mm) Year Ended December 31, 2013A 2014A 2015A Net Income $147 $900 ($3,362) Adjustments to derive EBITDA: Interest expense, net of capitalized interest $152 $147 $131…
  23. YE 2015 Update and 2016 Outlook – Newfield Exploration Co. – slide 23
    Non-GAAP reconciliation of Adjusted EBITDA Adjusted EBITDA ($ mm) Year Ended December 31, 2013A 2014A 2015A Net Income $147 $900 ($3,362) Adjustments to derive EBITDA: Interest expense, net of capitalized interest $152 $147 $131…

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