1Q16 Improved Performance Increased Financial Flexibility Improved well results in spite of lower capital spending and activity levels Operational Excellence Significantly reduced well costs Reduced adjusted cash operating costs…
1Q16 Operations Summary (MM) Equivalent Natural Completed Production Oil NGLs Gas Eagle Ford Wolfcamp Program Wells (MBoe/d) (MBbls/d) (MBbls/d) (MMcf/d) 75 37 Eagle Ford 16 50.8 32.4 9.2 55 Altamont 17 Wolfcamp 5 18.3 7.0 5.3…
Assets Performing Well Maintaining focus in all programs Eagle Ford One drilling rig currently running Continued to realize cost reductions Increased modeling capabilities (landing zones and and efficiencies completion optimization)…
Maintaining Efficiency Reduced Well Cost (MM)1 Eagle Ford Wolfcamp Altamont 7.2 6.2 5.8 5.3 5.2 4.4 4.5 4.1 4.2 FY'14 FY'15 2016E 2 FY'14 FY'15 2016E 2 FY'14 FY'15 2016E 2 Reduced Operating Cost Total Company LOE…
Favorable Cash Costs Trend Adjusted Cash Operating Costs Per Unit (/Boe) Increased operating efficiencies drive down LOE 11.44 10.74 8.87 3.71 8.72 8.71 Reduced G&A costs 3.73 consistent with lower 2.13 2.58 2.80 2.78 activity…
Financial Results 8
1Q16 Financial Highlights 122MM free cash flow in 1Q16 Received compelling value for Haynesville divestiture 278MM Adjusted EBITDAX Redetermined RBL borrowing 0.19 Adjusted EPS base and amended debt covenants 0.80 Discretionary…
Haynesville Divestiture Completed Announced agreement with Covey Park Gas LLC on March 18 420MM sales price 10x LTM EBITDAX 34,167 net acres1 205 Bcf proved developed reserves1 Closed May 3rd Proceeds paid down RBL Eliminates…
RBL Redetermination and Covenant Amendment Semi-annual borrowing base redetermination completed May 2 New RBL borrowing base of 1.65B Primarily due to lower bank commodity price forecasts and hedge roll-off 200MM reduction from…
Significant Debt Reduction Executed open-market repurchases of outstanding debt periodically since February 609MM face amount for 287MM cash1 322MM discount captured Weighted average price of 47 Yield-to-maturity of 30% 50MM…
Year-to-Date Financial Improvements Successful first steps Haynesville divestiture RBL redetermination and covenant amendment Open-market debt repurchases Reduced leverage 4.0B1 vs 4.8B at YE15 Given new borrowing base, liquidity…
Favorable Hedge Program 2016 2017 Total Fixed Price Hedges Oil volumes (MMBbls)1 10.5 5.1 Average floor price (/Bbl) 80.29 65.87 Natural Gas volumes (TBtu) 5.5 - Average floor price (/MMBtu) 4.20 - 212MM realized from…
Updated 2016 Outlook Original Guidance Updated Guidance Oil production (MBbls/d) 45 50 45 50 Total production (MBoe/d) 91 97 81 88 Capital program (MM) 500 900 500 900 Well completions 75 160 75 160 Adjusted cash operating costs (per…
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