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Q3 2016 Results – Newfield Exploration Co.

Newfield Exploration Co. · Nov 1, 2016 · 19 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. Q3 2016 Results – Newfield Exploration Co. – slide 1
    NFX 3Q16 November 1, 2016 NFX is periodically published to keep stockholders aware of current operating activities at Newfield. It may include estimates of expected production volumes, costs and expenses, recent changes to hedging…
  2. Q3 2016 Results – Newfield Exploration Co. – slide 2
    2016Priorities and YTD Actions Priorities Actions 1 Maintain strong balance sheet Reduced capex, high graded investments, reduced costs & expenses 2 HBP STACK leasehold Active drilling substantially holds legacy acreage by…
  3. Q3 2016 Results – Newfield Exploration Co. – slide 3
    2016 YTD Capital investments Total Company ( in millions) Capital Expenditures: Q1 Q2 Q3 Q4 YTD16 Exploration & development 221 146 135 -- 502 Leasehold 11 14 24 -- 49 Pipeline -- -- 1 -- 1 Total Capital Expenditures1 232 160 160…
  4. Q3 2016 Results – Newfield Exploration Co. – slide 4
    3Q16 Average production by area Anadarko Williston Uinta China Production Basin Basin Basin (Liftings) 1 Oil (bopd) 31,500 11,152 12,598 10,141 NGL (boepd) 25,489 3,685 500 -- Gas (boepd) 36,413 3,303 2,678 -- Total (boepd)…
  5. Q3 2016 Results – Newfield Exploration Co. – slide 5
    Anadarko Basin highlights Grew 3Q16 average net production 38% Y-o-Y to record 93,402 boepd or 60% of total domestic production Strong results from both SXL and XL wells across legacy fairway Raptor-X pilot (4 wells) IP120 averaged…
  6. Q3 2016 Results – Newfield Exploration Co. – slide 6
    Recent strong STACK SXL performance Raptor-X SXL pad (4 wells) 1 Castonguay SXL well IP24: 1,843 boepd (89% liquids) Harrison SXL well IP24 rate: 1,501 boepd (82% liquids) IP24: 1,511 boepd (82% liquids) IP30 rate: 1,203 boepd (80%…
  7. Q3 2016 Results – Newfield Exploration Co. – slide 7
    Recent strong STACK XL performance Dorothy XL well Dorothy XL well IP24: 1,322 boepd (90% liquids) Ruhl XL well IP24 rate: 1,322 boepd (90% liquids) IP24: 1,525 boepd (74% liquids) IP30 rate: 1,175 boepd (87% liquids) IP60 rate:…
  8. Q3 2016 Results – Newfield Exploration Co. – slide 8
    Operational Improvements Continue to Enhance Returns Newfield Drilling Evolution (10,000 lateral length) 1 Industry Completions Evolution 2 40 39 2,500 Fluid (lbs/ft) Proppant (gal/ft) 35 31 2,000 30 25 25 1,500 21 20 Days…
  9. Q3 2016 Results – Newfield Exploration Co. – slide 9
    Solid capital structure 1.8 bn unsecured credit facility maturing 2020 No fixed debt maturities until 2022 Net debt / adj EBITDA1 Fixed debt maturity schedule millions 1.9x 1.9x 1.9x 1,000 750 700 No maturities for 5+…
  10. Q3 2016 Results – Newfield Exploration Co. – slide 10
    Appendix
  11. Q3 2016 Results – Newfield Exploration Co. – slide 11
    2016e Production, cost and expense guidance Domestic China Total Production Oil (Mmbls) 20.8 21.0 5.1 25.9 26.1 NGLs (Mmbls) 10.6 10.7 -- 10.6 10.7 Natural Gas (Bcf) 134 135 -- 134 135 Total (Mmboe) 53.7 54.1 5.1 58.8 59.2 Expenses (…
  12. Q3 2016 Results – Newfield Exploration Co. – slide 12
    4Q16e Production, cost and expense guidance Domestic China Total Production Oil (Mmbls) 4.7 4.9 0.9 5.6 5.9 NGLs (Mmbls) 2.4 2.5 -- 2.4 -2.5 Natural Gas (Bcf) 30 31 -- 30 31 Total (Mmboe) 12.2 12.6 0.9 13.1 13.5 Expenses ( mm)1 LOE2 45…
  13. Q3 2016 Results – Newfield Exploration Co. – slide 13
    2016e Guidance pro forma for divestitures 2015 2015 2016E Domestic Guidance 1QA 2QA 3QA 4QE 4QA FYA FY Gas (Bcf) 33 124 34 34 36 30 - 31 134 - 135 Crude (Mmbls) 5.6 21.3 5.3 5.2 5.4 4.7 - 4.9 20.8 - 21.0 NGL (Mmbls) 2.4 8.6 2.5 2.8…
  14. Q3 2016 Results – Newfield Exploration Co. – slide 14
    Oil hedging details as of 10/25/16 WEIGHTED-AVERAGE PRICE VOLUME SWAPS W/ SHORT PURCHASED COLLARS W/ SHORT PERIOD SWAPS (BBL/D) PUTS1 CALLS2 PUTS3 37,000 41.84 23,000 74.35/89.90 4Q 2016 39,000 73.63 16,000 75.00/90.00-95.98…
  15. Q3 2016 Results – Newfield Exploration Co. – slide 15
    Oil hedging details as of 10/25/16 WEIGHTED-AVERAGE PRICE VOLUME SWAPS W/ SHORT PURCHASED COLLARS W/ SHORT PERIOD SWAPS (BBL/D) PUTS1 CALLS2 PUTS3 17,000 45.43 15,000 73.73/89.23 1Q 2017 28,000 74.29 13,000 75.00/90.00-95.52…
  16. Q3 2016 Results – Newfield Exploration Co. – slide 16
    Oil hedging details as of 10/25/16 The following table details the expected impact to pre-tax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various NYMEX oil…
  17. Q3 2016 Results – Newfield Exploration Co. – slide 17
    Gas hedging details as of 10/25/16 WEIGHTED-AVERAGE PRICE VOLUME PERIOD SWAPS COLLARS (MMBTU/D) 200,000 2.28 4Q 2016 30,000 4.00 - 4.54 75,000 2.73 1Q 2017 140,000 2.79 - 3.20 75,000 2.73 2Q 2017 140,000 2.79 - 3.20 75,000…
  18. Q3 2016 Results – Newfield Exploration Co. – slide 18
    Gas hedging details as of 10/25/16 The following table details the expected impact to pre-tax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various NYMEX gas…
  19. Q3 2016 Results – Newfield Exploration Co. – slide 19
    Non-GAAP reconciliation of Adjusted EBITDA Twelve Months Ended December 31, September 30, ( in millions) 2014 2015 2016 Net Income 900 (3,362) (1,906) Adjustments to derive EBITDA: Interest expense, net of capitalized interest 147…

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