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YE 2016 Update and Outlook – Newfield Exploration Co.

Newfield Exploration Co. · Feb 22, 2017 · 25 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. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 1
    NFX YE16 Update and Outlook 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. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 2
    Todays key messages What you need to know Our plans include: 1. transitioning STACK to development and creating additional efficiencies 2. using cash on hand to accelerate development in the Anadarko Basin 3. testing more than 1…
  3. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 3
    2016 highlights Superior High-graded Anadarko Basin Execution Portfolio Outperforms Consolidated and STACK Acquisition Production grew 38% domestic production expands footprint Y-o-Y (61% liquids); Oil exceeds initial guidance…
  4. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 4
    2016 Production and capital investments by area Domestic Production by Area1 Domestic Capital Investments2 18% Other 38% Other Anadarko Basin Anadarko Basin 62% 82% 138,800 boepd 749 million High-graded investments with 82%…
  5. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 5
    2017e Production and capital investments by area Domestic Production by Area Domestic Capital Investments1 15% Other 33% Other Anadarko Basin Anadarko Basin 67% 85% 142,500 145,500 boepd 1.0 billion 2017e domestic…
  6. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 6
    Domestic growth outlook Domestic Production (Mboepd) Anadarko Basin Production (Mboepd) 190 210 170 180 150 160 35% 150 170 137 125 135 105 115 35% Gas 88 65% Gas 65% Liquids Liquids 1 4Q16 4Q17e 4Q18e 4Q19e 4Q16 4Q17e…
  7. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 7
    NFX to deliver double-digit domestic CAGRs (2017 19e) Domestic Total Production Domestic Oil Production 2017e 2018e 2019e 2017e 2018e 2019e 50/3 60/3 Domestic oil growth forecast driven by the Anadarko Basin Plan assumes an…
  8. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 8
    Shift to Anadarko Basin leads to lower costs Anadarko Basin as a % of Domestic Production 32% 67% 2014 2017e 16.05 Domestic Costs (/boe) Tax 11.95 1 LOE Net G&A Transportation Production Tax TOTAL 2014 2017e Anadarko…
  9. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 9
    Solid capital structure 1.8 bn unsecured credit facility maturing 2020 2.4 bn of total liquidity No fixed debt maturities until 2022 Weighted average fixed debt maturity of 7 years at 4.9% YTM1 Net debt / adj EBITDA2 Fixed debt…
  10. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 10
    Anadarko Basin overview Recent 400,000 net acres in the Anadarko Extensional Leasing Basin 90% HBP on legacy STACK acreage Acquired 40,000 net acres in STACK in 2016 Expanded STACK footprint to the north STACK 8,000 gross…
  11. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 11
    STACK results from recent upsized completions 120 Recent Upsized Completions1 10 80% liquids 60% oil 80 Well Count MBOE 5 40 0 0 0 20 40 60 80 100 STACK Days Online Current completion design: 2,100 lbs/ft &…
  12. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 12
    STACK spacing pilots outperforming type curve 150 150 Chlouber Pilot vs Type Curve1 Dorothy Pilot vs Type Curve1 80% liquids 80% liquids 60% oil 60% oil 100 100 MBOE MBOE 50 50 0 0 0 20 40 60 80 100 0 20 40 60 80 100…
  13. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 13
    Efficiencies and the move to pad drilling enhance productivity STACK Wells Rig Year1 Days to Drill STACK SXL Lateral (10,000) 21-24 14 17 14 8.8 11 5.9 2014 2015 2016 2017 e 2014 2016 AVG Lateral Days BIC Lateral Days…
  14. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 14
    Appendix
  15. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 15
    YE16 proved reserves Proved Reserves by Area Anadarko Basin Proved Reserves 330 1% 12% China 269 13% 181 Mmboe Uinta 64% 116 10% Anadarko Basin 35 2012 2013 2014 2015 2016 513 Mmboe Liquids Gas Domestic proved…
  16. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 16
    2016 Production and costs pro forma for divestitures Domestic 2015 FY 2016 FY Gas (mmcf/d) 339.7 369.5 Crude (mbls/d) 58.5 57.3 NGL (mbls/d) 23.4 29.3 Total Production (mboepd) 138.5 148.2 LOE (/boe) 4.75 3.86 Transportation…
  17. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 17
    2016 Average production by area Anadarko Williston Uinta China Production Basin Basin Basin (Liftings) 1 Oil (bopd) 28,932 12,344 13,104 14,673 NGL (boepd) 23,309 3,675 456 -- Gas (boepd) 33,711 3,615 2,779 -- Total (boepd)…
  18. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 18
    2017 Planned Activity Assumptions1 STACK SCOOP Operated Wells Spud: 85 90 50 Average Gross CWC: 7.5 8.0 million 7.5 8.0 million Average Completion: 2,100 lbs/ft & 2,100 gals/ft 1,500 lbs/ft & 2,000 gals/ft Average WI/NRI: 77%/62%…
  19. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 19
    2017e Production, cost and expense guidance Domestic China Total Production Oil % 40% 100% 43% NGLs % 20% -- 19% Natural Gas % 40% -- 38% Total (mboepd)1 142.5 145.5 5.7 6.0 148.2 151.5 Expenses (/boe)2 LOE3 3.43 17.48 3.97…
  20. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 20
    1Q17e Production, cost and expense guidance Domestic China Total Production Oil % 40% 100% 44% NGLs % 19% -- 18% Natural Gas % 41% -- 38% Total (mboepd) 132.0 134.2 6.5 7.5 138.5 141.7 Expenses (/boe)1 LOE2 3.80 13.33 4.28…
  21. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 21
    OIL HEDGING DETAILS AS OF 02/21/17 WEIGHTED-AVERAGE PRICE VOLUME SWAPS W/ PURCHASED COLLARS W/ PERIOD SWAPS (BBL/D) SHORT PUTS1 CALLS2 SHORT PUTS3 17,000 45.43 -- -- -- 15,000 -- 73.73/89.23 -- -- 1Q 2017 28,000 -- -- 74.29 --…
  22. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 22
    OIL HEDGING DETAILS AS OF 02/21/17 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…
  23. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 23
    GAS HEDGING DETAILS AS OF 02/21/17 WEIGHTED-AVERAGE PRICE PERIOD VOLUME (MMBTU/D) SWAPS COLLARS 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 2.73 -- 3Q 2017 140,000 --…
  24. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 24
    GAS HEDGING DETAILS AS OF 02/21/17 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…
  25. YE 2016 Update and Outlook – Newfield Exploration Co. – slide 25
    Non-GAAP reconciliation of Adjusted EBITDA Twelve Months Ended December 31, ( in millions) 2014 2015 2016 Net Income 900 (3,362) (1,230) Adjustments to derive EBITDA: Interest expense, net of capitalized interest 147 131 103…

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