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Q2 2016 Investor Update – WPX Energy, Inc.

WPX Energy, Inc. · Aug 3, 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. Q2 2016 Investor Update – WPX Energy, Inc. – slide 1
    2Q 2016 Investor Update Rick Muncrief, President and CEO August 4, 2016
  2. Q2 2016 Investor Update – WPX Energy, Inc. – slide 2
    WPX Highlights 2Q ACTION ITEMS WILLISTON COMPLETED 538MM EQUITY OFFERING BASIN ACQUIRED 7,800 NET ACRES IN DELAWARE BASIN, CLOSED JULY REPURCHASED 179MM OF THE 2017 NOTES1 CLOSED SALE OF THE PICEANCE BASIN SUBSIDIARY…
  3. Q2 2016 Investor Update – WPX Energy, Inc. – slide 3
    Expanding WPXs Position in the Delaware BOLT-ON ACQUISITION DETAILS Puts WPX at 100,000+ net acres in Delaware Newly acquired Delaware acreage 7,800 net acres with multiple stacked Hz targets Wolfcamp and Bone Spring intervals…
  4. Q2 2016 Investor Update – WPX Energy, Inc. – slide 4
    WPXs Opportunity in the Delaware Grows Significantly TECHNICAL ACQUIRED AUGUST 2015 TOTAL AUGUST 2016 ADDITIONS LOCATIONS Gross Gross Gross Gross Formation Assumed Spacing Locations Locations Locations Locations Delaware Vertical…
  5. Q2 2016 Investor Update – WPX Energy, Inc. – slide 5
    Operational Update Clay Gaspar, Chief Operating Officer
  6. Q2 2016 Investor Update – WPX Energy, Inc. – slide 6
    Delaware Continuing Operational and Technical Momentum DELAWARE BASIN HIGHLIGHTS WOLFCAMP A WELLS2 Net resource potential increased 100%+ to 2.4 BBOE 140 Gross locations increased 50%+ to 5,500+ 120 Adding 3rd rig in October…
  7. Q2 2016 Investor Update – WPX Energy, Inc. – slide 7
    Delaware WPX Crude Gathering System Benefits of crude gathering system Future Oil Gathering Pipeline Fresh Water Pipeline Increase optionality to markets EDDY Gas Gathering Pipeline Produced Water Disposal Significantly reduce truck…
  8. Q2 2016 Investor Update – WPX Energy, Inc. – slide 8
    Williston Wells Outperforming Type Curve, Getting Back to Work WILLISTON BASIN HIGHLIGHTS Mandaree and Emma Owner Pads Recent results tracking above type curve 240 No completions in 2Q16 210 Start completing DUCs in August 180…
  9. Q2 2016 Investor Update – WPX Energy, Inc. – slide 9
    San Juan Continues to Achieve Efficiencies SAN JUAN GALLUP HIGHLIGHTS WPX record 1.5-mile lateral 88 per ft REDUCING DRILLING COSTS 140 LOE down 23%1 124 120 114 112 Reducing costs by self-sourcing sand 106 98 100 88 88 Direct…
  10. Q2 2016 Investor Update – WPX Energy, Inc. – slide 10
    Financial Update Kevin Vann, Chief Financial Officer
  11. Q2 2016 Investor Update – WPX Energy, Inc. – slide 11
    2nd Quarter and YTD Results 2Q YTD Dollars in millions, except production numbers 2016 2015 2016 2015 Average Daily Production Oil (Mbbl/d) 40.9 31.1 41.2 32.1 Gas (MMcf/d) 206 164 196 170 NGLs (Mbbl/d) 10.0 5.2 8.9 4.7 Equivalent…
  12. Q2 2016 Investor Update – WPX Energy, Inc. – slide 12
    WPX Liquidity, Hedges and Debt Maturities STRONG LIQUIDITY STRONG HEDGE POSITION 100% Pro-Forma Liquidity2 % of Production Hedged 3.93 80% Cash and Equivalents (6/30/16) 1,031 60.16 60% Undrawn Revolver 1,025 40% Transport…
  13. Q2 2016 Investor Update – WPX Energy, Inc. – slide 13
    2016 Full-Year Guidance (Excludes Piceance) Production May 2016 August 2016 Expenses May 2016 August 2016 Oil Mbbl/d 37.0 39.0 39.0 41.0 per BOE Natural Gas MMcf/d 175 - 185 175 - 185 LOE 5.75 - 6.25 5.25 - 5.75 NGL Mbbl/d 9.0 - 10.0…
  14. Q2 2016 Investor Update – WPX Energy, Inc. – slide 14
    Foundation in Place for Enhancing and Accelerating Value DELAWARE BASIN WILLISTON BASIN SAN JUAN BASIN 100,000+ net acres 85,000 net acres 225,000+ net acres 5,500+ gross locations1 575+ gross locations 3,900 gross locations1…
  15. Q2 2016 Investor Update – WPX Energy, Inc. – slide 15
    APPENDIX
  16. Q2 2016 Investor Update – WPX Energy, Inc. – slide 16
    WEST PEAK GUADALUPE CULBERSON COUNTY REEEVES COUNTY DELAWARE BASIN REEEVES COUNTY LOVING COUNTY 2 5 , 0 0 0 F T. WPX SANDS DELAWARE WOLFCAMP BONE SPRING LOVING COUNTY Map sourced from the West Texas…
  17. Q2 2016 Investor Update – WPX Energy, Inc. – slide 17
    WPX Hedges Updated: August 3, 2016 Q3 2016 Q4 2016 2017 2018 Volume Average Volume Average Volume Average Volume Average Per Day Price Per Day Price Per Day Price Per Day Price Crude Oil (bbl) Fixed Price Swaps 31,021 60.18 30,403…
  18. Q2 2016 Investor Update – WPX Energy, Inc. – slide 18
    Domestic Price Realization for 2016 Oil (/bbl) Gas (/Mcf) NGL (/bbl) 1Q 16 2Q16 3Q16 4Q 16 1Q 16 2Q 16 3Q 16 4Q 16 1Q 16 2Q 16 3Q 16 4Q 16 Weighted-Average Sales Price 26.78 39.81 1.77 1.63 11.60 15.02 1 Revenue Adjustments (1.16)…
  19. Q2 2016 Investor Update – WPX Energy, Inc. – slide 19
    Delaware Overview 100,000+ net acres1 Adding 3rd rig in October 5,500+ gross locations2 Commodity mix3 54% oil 29% natural gas 17% NGLs Available sales outlets Holley Frontiers Artesia, NM Refinery Westerns El Paso Refinery…
  20. Q2 2016 Investor Update – WPX Energy, Inc. – slide 20
    Williston Overview 85,000 net acres Currently operating 1 rig 575+ gross locations 510 operated locations 70 non-op locations Commodity mix1 85% oil 8% natural gas 7% NGLs Available sales outlets Clearbrook, Minn. (WTI)…
  21. Q2 2016 Investor Update – WPX Energy, Inc. – slide 21
    San Juan Overview 226,000 net acres Oil window: 96,000 acres1 Gas window: 130,000 acres 3,900 total gross locations2 Oil window: 4003 Gas window: 3,5002 DRY GAS Commodity mix4 Oil window Oil: 52% NGLs: 19% Gas: 29% WET GAS…
  22. Q2 2016 Investor Update – WPX Energy, Inc. – slide 22
    Non-GAAP
  23. Q2 2016 Investor Update – WPX Energy, Inc. – slide 23
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Unaudited) 2015 2016 (Dollars in millions, except per share amounts) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Income (loss) from continuing operations attributable to WPX Energy,…
  24. Q2 2016 Investor Update – WPX Energy, Inc. – slide 24
    Reconciliation EBITDAX (Unaudited) 2015 2016 (Dollars in millions) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Adjusted EBITDAX Reconciliation to net income (loss): Net income (loss) 68 (30) (230) (1,534) (1,726) (12) (198) (210) Interest…

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