FIRST QUARTER 2017 Financial and Operational Review May 4, 2017
Raising 2017 Production Guidance Exit rate momentum positions for a strong 2018 Total E&P Available for Sale Volumes Guidance 2017 total E&P annual production growth 400 329* E&P: 340 - 360 of 6% at the midpoint, divestiture 300…
First Quarter Highlights Strong operational results; entered N. Delaware and exited Canadian Oil Sands Operations Well Results E&P production 338 MBOED STACK Yost pilot avg IP30 of 990 BOED, in line with N.A. E&P production 208…
Positive 1Q Cash Flow From Continuing Operations Cash on hand remains 2.5B; liquidity at 5.8B 3,500 3,000 (359) 513 (180) 2,500 (42) 64 6 2,000 MM 1,500 2,488 2,490 1,000 500 0 12/31/16 Cash Operating Cash…
Continued Cost Reductions in N.A. E&P 20% YoY reduction in absolute production expenses N.A. E&P Production Expenses 20% reduction 150 9.00 125 7.50 100 6.00 / BOE MM 75 4.50 134 128 113 111 109 50 3.00 25…
N.A. E&P Production Above Top End of 1Q Guidance Positioned to resume quarterly resource play growth in 2Q Available for Sale Volumes N.A. E&P 250 Guidance: 217* 210 - 220 209* 208 13* 200 18* 17 MBOED 150 100 204 191…
Northern Delaware Integration On Track Closed BC Operating May 1st Current Focus: 5 BC gross operated wells to sales in 1Q Closing transactions Western step-out Red Light Wolfcamp XY well IP 24 of 1,443 BOED (72% oil) Standing up a…
Northern Delaware Well Performance Play extension continues; impressive well results being reported CHAVES COUNTY Mewbourne: Gobbler 1H 2nd Bone Spring IP24: 1,300 BOED (86% Oil) Matador: Mallon 3 Well Pad 8,554 LL 3rd Bone…
Oklahoma Progressing Strategic Objectives Focused on delineation, leasehold and infill pilots Yost Meramec Infill Pilot Cum Production Production averaged 44 net MBOED; 100 EXTERNAL BO SL Oil SL Type TC Curve down 2% from 4Q 2016…
STACK & SCOOP Infill Spacing Pilots Significant component of 2017 activity preparing for full field development Hansens Black Oil Infill Pilot 2Q wells to sales MRO Yost 6-well infill pilot Blaine Kingfisher Meramec Avg: 990 BOED (57%…
Eagle Ford Execution Delivers Strong 1Q Sequential production increase with fewer wells to sales Production Volumes and Wells to Sales Production averaged 99 net MBOED; up 160 120 5% from 4Q 2016 Co-Op Wells to Sales 120 90 Oil…
Eagle Ford 1Q Activity Overview Excellent performance from southeast Atascosa County Franke May A Wilson Medina Jonas A 3 well pad 3 well pad LEF LEF Avg: 1,140 BOED (79% oil) Avg: 1,450 BOED (84% oil) 200 SS 200 SS Karnes…
Bakken Returning to Production Growth in 2Q Response to high intensity completions supports increased drilling activity Production Volumes and Wells to Sales Production averaged 48 net MBOED; down 80 20 8% from 4Q 2016 Co-Op Wells…
Bakken East Myrmidon Well Performance Latest Maggie North pad exceeding expectations 1Q 2017 Pad: Maggie North Cum Production 100 Anton (TF) MRO well Goldberg (TF) Mountrail 80 Drilling Gaynor (MB) Ronald (TF2) Type Curve…
International E&P Highlights EG continuing to deliver substantial free cash flow Intl E&P Production Volumes (Excl. Libya) International E&P production 122 net Intl E&P 150 Guidance: MBOED, in-line with guidance 120 - 130 125 Down…
Key Takeaways Raising Production Guidance 340 - 360 MBOED Full-year E&P production* 20 - 25% 2017 Resource play exit rate production (oil & boe) STACK Yost Pilot In Line With Expectations Execution Ramp on Plan 990 BOED 20 rigs…
Appendix
Volumes, Exploration Expenses & Effective Tax Rate 2017 (excluding Libya) 1Q 2Q 3Q 4Q Year North America E&P Net Sales Volumes: - Liquid Hydrocarbons (MBD) 158 - Natural Gas (MMCFD) 304 - North America E&P Total (MBOED) 208…
2017 Estimates Volumes Available for Sale Available for Sale Comments 2QE Year Estimate North America E&P Total (MBOED) 210 220 - Liquid Hydrocarbons (MBD) 159 167 - Natural Gas (MMCFD) 306 320 International E&P Total (MBOED)*…
2017 Estimates Exploration expenses & annual production operating costs per BOE 2QE Year Estimate Exploration Expenses (Pre-tax): North America E&P ( millions) 25 35 International E&P ( millions) 24 North America E&P Cost Data…
E&P Production Performance 1Q volumes down due to planned and unplanned downtime N.A. E&P Divestiture-Adj. Sales Volumes Intl E&P Production & Sales Volumes 300 175 150 10 8 125 8 200 12 MBOED 100 MBOED 75 217 129…
2017 1Q Production Mix Eagle Ford Oklahoma Resource Basins Bakken 7% 11% 21% 27% 44% 20% 59% 82% 29% Total U.S. Resource Plays 23% 57% 20% Crude Oil/Condensate NGLs Natural Gas 23
North America E&P Crude Oil Derivatives As of March 31, 2017 Crude Oil (Benchmark to WTI) 2Q 2017 3Q 2017 4Q 2017 Three-Way Collars Volume (Bbls/day) 53,000 50,000 50,000 Price per Bbl: Ceiling 58.45 60.37 60.37 Floor 50.51…
North America E&P Natural Gas Derivatives As of March 31, 2017 Natural Gas (Benchmark to HH) 2Q 2017 3Q 2017 4Q 2017 2018 Three-Way Collars(a) Volume (MMBtu/day) 120,000 120,000 120,000 90,000 Price per MMBtu: Ceiling 3.58 3.58…
Capital, Investment & Exploration 2017 budget reconciliation MM 2017 Revised 2017 YTD Budget* Actual Capital expenditures 2,396 359 M&S Inventory 0 9 Investments in equity method investees & others 0 0 Exploration costs other…
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