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2016 Year End Results – WPX Energy, Inc.

WPX Energy, Inc. · Feb 23, 2017 · 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. 2016 Year End Results – WPX Energy, Inc. – slide 1
    2016 Year-End Results Rick Muncrief, Chairman & CEO February 23, 2017
  2. 2016 Year End Results – WPX Energy, Inc. – slide 2
    WPX 4Q Highlights Record oil production, up 15% vs. 3Q16 Delaware: Third Wolfcamp D and second X/Y delineation wells online Delaware: Oil started flowing on crude gathering system San Juan: 6-well West Lybrook pad surpassed 1…
  3. 2016 Year End Results – WPX Energy, Inc. – slide 3
    Expanding WPXs World-Class Delaware Position PANTHER ACQUISITION OVERVIEW EDDY 18,000+ acres in core of Delaware 920 gross locations, including 150+ long lateral locations Significant current production of 6,500 Boe/d (55% oil)…
  4. 2016 Year End Results – WPX Energy, Inc. – slide 4
    Panther Acquisition Enhances Sustained Growth Outlook ASSET QUALITY SUPPORTS RAPID GROWTH ASSET QUALITY SUPPORTS RAPID GROWTH 160 2,500 CAGR: 30%-40% CAGR: 30%-40% 140 2,000 120 MILLIONS () OIL MBBL/D 100 1,500 80…
  5. 2016 Year End Results – WPX Energy, Inc. – slide 5
    Operational Update Clay Gaspar, Chief Operating Officer
  6. 2016 Year End Results – WPX Energy, Inc. – slide 6
    Contracted Service Cost Mitigates Potential Inflation 2017 D&C COST BREAKDOWN Fluids/Cuttings/Solids Control Directional Equipment & Services Chemicals Other (Completions) Other (Drilling) of D&C costs are Sand Stimulation…
  7. 2016 Year End Results – WPX Energy, Inc. – slide 7
    Delaware Basin: Delineation of the Wolfcamp XY C-STATE 16-1H IP 30: 1,635 BOE/D (65% OIL) DELINEATING WOLFCAMP ACROSS POSITION 90 DAY CUM: 114,338 BOE/D LEA WOLFCAMP XY-PECOS STATE 46-6H E. PECOS FED COM 22-14H IP 30: 1,736 BOE/D…
  8. 2016 Year End Results – WPX Energy, Inc. – slide 8
    Williston Basin: Strong, Consistent Results WILLISTON HIGHLIGHTS 90 DAYS CUM OIL PRODUCTION FOR 2016 NEW WELLS2 100,000 90,000 39% oil growth 4Q16 vs 3Q16 80,000 70,000 4Q production 28.8 MBOE/d 60,000 50,000 Set new drilling…
  9. 2016 Year End Results – WPX Energy, Inc. – slide 9
    San Juan Basin: Continued Strong Well Results CONTINUING TO RAISE THE BAR 21% oil growth 4Q16 vs 3Q16 300 2016 SAN JUAN GALLUP WELLS Set new basin record 250 Drilled 1.5 mile lateral in 5.8 days Strong performance on 6-well pad…
  10. 2016 Year End Results – WPX Energy, Inc. – slide 10
    Financial Update Kevin Vann, Chief Financial Officer
  11. 2016 Year End Results – WPX Energy, Inc. – slide 11
    4Dollars th Quarter and in millions, except Full-Year production numbers Results 4Q Full-Year 2016 2015 2016 2015 Average Daily Production Oil (Mbbl/d) 44.7 38.6 41.5 34.2 Gas (MMcf/d) 200 202 199 181 NGLs (Mbbl/d) 10.7 9.0 10.0…
  12. 2016 Year End Results – WPX Energy, Inc. – slide 12
    WPX Liquidity, Hedges and Debt Maturities STRONG LIQUIDITY STRONG HEDGE POSITION Liquidity 100% CREATES CERTAINITY FOR DRILLING3.93 PROGRAM % of Production Hedged 80% Cash and Equivalents (12/31/16) 496 3.02 60% 50.93…
  13. 2016 Year End Results – WPX Energy, Inc. – slide 13
    2017 Pro Forma Full-Year Guidance Production FY17 Pro Forma Expenses FY17 Pro Forma Oil Mbbl/d 49.0 53.0 52.0 56.0 per BOE Natural Gas MMcf/d 210 220 220 230 LOE 4.75 5.25 4.75 5.25 NGL Mbbl/d 12.5 17.5 14.0 19.0 GP&T 2.00 2.50 2.00…
  14. 2016 Year End Results – WPX Energy, Inc. – slide 14
    Foundation in Place for Enhancing and Accelerating Value POSITIONED WILLISTON BASIN PRUDENT SAN JUAN BASIN FLEXIBLE HEADQUARTERS: TULSA DELAWARE BASIN DISCIPLINED 14
  15. 2016 Year End Results – WPX Energy, Inc. – slide 15
    WPX Hedges Updated: February 22, 2017 2017 2018 2019 Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price Crude Oil (bbl) Fixed Price Swaps 39,554 50.93 30,000 54.61 - - Fixed Price Calls 4,500 56.47 13,000…
  16. 2016 Year End Results – WPX Energy, Inc. – slide 16
    Proved Reserves Reconciliation Chart 700 +3 600 +110 -40 500 -295 400 +34 MMBOE -49 300 583 200 346 100 0 YE2015 SEC Case Production Extensions & Acquistions Divestitures Technical Price Revisions YE2016 SEC…
  17. 2016 Year End Results – WPX Energy, Inc. – slide 17
    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 42.93 1.77 1.63 2.44 2.69 11.60 15.02 14.92…
  18. 2016 Year End Results – WPX Energy, Inc. – slide 18
    Delaware WPX Crude Gathering System Future Oil Gathering Pipeline Phase one underway Fresh Water Pipeline Gas Gathering Pipeline Initial oil flows began late 4Q 2016 EDDY Produced Water Disposal 5-10 miles of pipe WPX Leasehold…
  19. 2016 Year End Results – WPX Energy, Inc. – slide 19
    Delaware Overview 120,000+ net acres 1 6,420+ gross locations 2 CHAVES Commodity mix3 54% oil 30% natural gas LEA 16% NGLs Available sales outlets EDDY Holley Frontiers Artesia, NM Refinery Westerns El Paso Refinery Gulf…
  20. 2016 Year End Results – WPX Energy, Inc. – slide 20
    Williston Basin 85,000 net acres 570 gross locations DIVIDE BURKE 500 operated locations 70 non-op locations Commodity mix1 WILLIAMS 83% oil 9% natural gas 8% NGLs MOUNTRAIL Available sales outlets Clearbrook, Minn.…
  21. 2016 Year End Results – WPX Energy, Inc. – slide 21
    San Juan Basin 235,000 net acres LA PLATA Oil window: 105,000 acres ARCHULETA Gas window: 130,000 acres1 COLORADO 4,635 total gross locations1 NEW MEXICO Oil window: 3352 Gas window: 4,300 GAS WINDOW1 130,000 acres 4,300…
  22. 2016 Year End Results – WPX Energy, Inc. – slide 22
    Consolidated Statement of Operations (GAAP) 2015 2016 (Dollars in millions) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Revenues: Product revenues: Oil sales 112 138 120 124 494 97 142 139 173 551 Natural gas sales 41 26 37 34 138 25 24 37 39…
  23. 2016 Year End Results – 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. 2016 Year End Results – 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) (219) (172) (601)…

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