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Q3 2016 Results – WPX Energy, Inc.

WPX Energy, Inc. · Nov 3, 2016 · 30 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 – WPX Energy, Inc. – slide 1
    3Q 2016 Investor Update Rick Muncrief, President and CEO November 3, 2016
  2. Q3 2016 Results – WPX Energy, Inc. – slide 2
    WPX 3Q Highlights Completed 1st Wolfcamp D and X/Y wells Commenced Upper/Lower Wolfcamp A density test Closed on additional attractive Delaware acreage Completing DUCs in the Williston Completed strongest Gallup wells to…
  3. Q3 2016 Results – WPX Energy, Inc. – slide 3
    Strong Returns Across Entire Portfolio STRONG & OIL GAS PORTFOLIO WELL ECONOMICS Flat 53.15 Oil and 3.03 Gas1 PROVIDES OPTIONALITY4 DELAWARE DELAWARE 100%+ LONG LATERALS3 NGL 16% ROR2 28% 80%+ GAS DELAWARE (WCA)…
  4. Q3 2016 Results – WPX Energy, Inc. – slide 4
    Executing on Long-Term Strategy WILLISTON SAN JUAN Deep Inventory of High Returns DELAWARE Free cashflow positive by YE18 Avg. well payout period 18-24 months Financial Flexibility Strong hedge book through 2018 Net debt to…
  5. Q3 2016 Results – WPX Energy, Inc. – slide 5
    Poised for Rapid Sustainable Growth ASSET QUALITY SUPPORTS RAPID OIL GROWTH ASSET QUALITY SUPPORTS RAPID EBITDAX GROWTH 160 FORECAST AT HIGH-END OF PREVIOUS RANGE 1,800 FORECAST AT HIGH-END OF PREVIOUS RANGE CAGR: 35% CAGR: 35% 140…
  6. Q3 2016 Results – WPX Energy, Inc. – slide 6
    Operational Update Clay Gaspar
  7. Q3 2016 Results – WPX Energy, Inc. – slide 7
    Continued Delineation of Vast Delaware Resource An abundant resource With near-term and long-term 11 Proven Productive Zones growth opportunity DELAWARE SANDS Thickness 4,000 Depth 5,500 Proven/Productive Bell, Cherry,…
  8. Q3 2016 Results – WPX Energy, Inc. – slide 8
    Delaware Basin: Delineation of the Wolfcamp D INITIAL RESULTS: WOLFCAMP D East Pecos 22-14H1 OIL RATE (BOPD), GAS RATE (MMCFD), FCP (PSI) Completed first Wolfcamp D wells GAS RATE (MMCFD)- 5,931 EAST PECOS-4,200 lateral FCP…
  9. Q3 2016 Results – WPX Energy, Inc. – slide 9
    Delaware Basin: Exciting Future Catalysts TESTING WOLFCAMP A & X/Y CBR 22 spacing test Wolfcamp A Testing 330 spacing Upper/Lower WCA WOLFCAMP X/Y WOLFCAMP D Primary target: Upper/Lower WCA Secondary target: WC X/Y UPPER…
  10. Q3 2016 Results – WPX Energy, Inc. – slide 10
    Williston Basin: Strong, Consistent Results GETTING BACK TO WORK REMAINING COMPLETIONS Added 2nd rig in October CHRONOLOGICAL ORDER Peterson Set new drilling record of 11.9 days1 Olive Mae NORTH SEGMENT Owl Comes Out Est. 1st Sales:…
  11. Q3 2016 Results – WPX Energy, Inc. – slide 11
    San Juan Basin: Growing Catalyst with Year-over-Year Improvement 250 YoY Improving Well Performance1 CONTINUING TO RAISE THE BAR 140% 200 INCREASE IN EUR SINCE 2013 Driving better well performance 65% Cum Production MBOE…
  12. Q3 2016 Results – WPX Energy, Inc. – slide 12
    2017 Operational Guidance 2017 Activity Plan 2017 Capital Expenditures Spuds/First Avg. Lateral Areas of Basin Rigs D&C Sales Length Focus Williston Delaware 5 70-80 410-430 6,230+ WC XY, A, C, D 30% Delaware 51% Williston 2…
  13. Q3 2016 Results – WPX Energy, Inc. – slide 13
    Financial Update Kevin Vann
  14. Q3 2016 Results – WPX Energy, Inc. – slide 14
    3rd DollarsQuarter in millions, exceptand YTD production Results numbers 3Q YTD 2016 2015 2016 2015 Average Daily Production Oil (Mbbl/d) 38.9 33.9 40.4 32.7 Gas (MMcf/d) 205 184 199 175 NGLs (Mbbl/d) 11.4 8.0 9.7 5.8…
  15. Q3 2016 Results – WPX Energy, Inc. – slide 15
    WPX Liquidity, Hedges and Debt Maturities STRONG LIQUIDITY STRONG HEDGE POSITION Pro-Forma Liquidity 100% CREATES CERTAINITY FOR DRILLING3.93 PROGRAM % of Production Hedged 80% Cash and Equivalents (9/30/16) 623 3.02 60%…
  16. Q3 2016 Results – WPX Energy, Inc. – slide 16
    2017 Full-Year Guidance Production FY17 Expenses FY17 OIL PRODUCTION5 25% GROWTH Oil Mbbl/d 49.0 - 53.0 per BOE Natural Gas MMcf/d 210 - 220 LOE 4.75 - 5.25 NGL Mbbl/d 12.5 17.5 GP&T 2.00 2.50 Total MBOE/d 97 - 107 Production Tax…
  17. Q3 2016 Results – WPX Energy, Inc. – slide 17
    Foundation in Place for Enhancing and Accelerating Value POSITIONED WILLISTON BASIN PRUDENT SAN JUAN BASIN FLEXIBLE HEADQUARTERS: TULSA DELAWARE BASIN DISCIPLINED 17
  18. Q3 2016 Results – WPX Energy, Inc. – slide 18
    Appendix
  19. Q3 2016 Results – WPX Energy, Inc. – slide 19
    WPX Hedges Updated: October 31, 2016 Q4 2016 2017 2018 Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price Crude Oil (bbl) Fixed Price Swaps 30,403 60.13 34,554 51.45 20,000 56.96 Crude Oil Basis (bbl)…
  20. Q3 2016 Results – WPX Energy, Inc. – slide 20
    2016 Full-Year Guidance Production August 2016 November 2016 Expenses August 2016 November 2016 Oil Mbbl/d 39.0 41.0 40.0 42.0 per BOE Natural Gas MMcf/d 175 - 185 195 205 LOE 5.25 - 5.75 5.25 - 5.75 NGL Mbbl/d 9.0 - 10.0 9.5 - 10.5…
  21. Q3 2016 Results – WPX Energy, Inc. – slide 21
    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 39.15 1.77 1.63 2.44 11.60 15.02 14.92 1 Revenue…
  22. Q3 2016 Results – WPX Energy, Inc. – slide 22
    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…
  23. Q3 2016 Results – WPX Energy, Inc. – slide 23
    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…
  24. Q3 2016 Results – WPX Energy, Inc. – slide 24
    Delaware Overview 100,000+ net acres 1 5,500+ gross locations 2 Commodity mix3 56% oil 28% natural gas 16% NGLs Available sales outlets Holley Frontiers Artesia, NM Refinery Westerns El Paso Refinery Gulf Coast Cushing…
  25. Q3 2016 Results – WPX Energy, Inc. – slide 25
    Williston Overview 85,000 net acres 575+ gross locations 510 operated locations 70 non-op locations Commodity mix1 83% oil 9% natural gas 8% NGLs Available sales outlets Clearbrook, Minn. (WTI) Guernsey, Wyo. (WTI) Local…
  26. Q3 2016 Results – WPX Energy, Inc. – slide 26
    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: 46% NGLs: 23% Gas: 31% WET GAS…
  27. Q3 2016 Results – WPX Energy, Inc. – slide 27
    Non-GAAP
  28. Q3 2016 Results – WPX Energy, Inc. – slide 28
    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,…
  29. Q3 2016 Results – WPX Energy, Inc. – slide 29
    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) (219) (429)…
  30. Q3 2016 Results – WPX Energy, Inc. – slide 30
    Disclaimer The information contained in this summary has been prepared to assist you in making your own evaluation of the Company and does not purport to contain all of the information you may consider important in deciding whether to…

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