Building a flexible cash generator 7 February 2017 Torgrim Reitan - Executive Vice President, Development & Production USA (DPUSA) Classification: Internal 2012-10-24
Portfolio of high-quality assets Scale of US portfolio US onshore US offshore 4 bn boe in resources Producing 212 mboe/d1 Producing 58 mboe/d1 270 mboe/d1 Attractive portfolio in core plays 6 producing fields 604,000 onshore acres2…
On track to make money 90 to 50 Oil price needed for positive earnings (NOI = 0)1 Achievements 20163 Unit Production Cost: -34% 90 4 Onshore recovery (EUR) : +41% Offshore production: +45% 80 79 70 66 Improvements towards…
Stepping up efficiency targets to improve Current progress Reduced capex/well and improved 2015 Old 2018 EUR baseline targets1 Capitalising on full operatorship in Onshore op capex /boe -39% Eagle Ford2 - UPC reduced by 36% -…
Growing with quality Cash margin1 Production potential Increasing cash margin targets USD 50 WTI mboe/d 150% increase from 2014-2018 Old Target: 360 Double from USD 5 to 10/boe New target: USD 12.50/boe New Target: USD 12.50/boe…
Strong cash generation - flexible investments Growing CFFO while capex is flexible1 Increasingly attractive investments 6 Sanctioned BE < USD 50/bbl US onshore BE USD 50/bbl Non-sanctioned 90/bbl 4 USD billion 70/bbl 2…
Building a flexible cash generator 90-50 on track Performance Stepping up efficiency targets Increasing cash margin target to USD 12.50/boe Vary activity with price Flexibility Ability to leverage cycles Significant free cash…
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