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2017 Investor Update – EP Energy Corp

EP Energy Corp · May 4, 2017 · 22 slides

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Slides

  1. 2017 Investor Update – EP Energy Corp – slide 1
    Investor Update May 4, 2017
  2. 2017 Investor Update – EP Energy Corp – slide 2
    Brent Smolik Chairman, President and CEO 3
  3. 2017 Investor Update – EP Energy Corp – slide 3
    Continued Execution Delivered results ahead of expectations Continued oil production growth Operational Improved well results in all areas Increased activities in all areas Improved operating efficiencies and LOE Completed Wolfcamp…
  4. 2017 Investor Update – EP Energy Corp – slide 4
    1Q17 Operations Summary MM Equivalent Natural Completed Production Oil NGLs Gas Program Wells (MBoe/d) (MBbls/d) (MBbls/d) (MMcf/d) Eagle Ford Wolfcamp Eagle Ford 30 37.7 23.9 7.0 41 92 40 Wolfcamp 11 27.5 11.1 7.4 54…
  5. 2017 Investor Update – EP Energy Corp – slide 5
    Continued Oil Growth 2017 activities Oil Production (MBbls/d) 50.8 1H17: Increased Eagle Ford, 45.1 45.0 45.7 46.9 moderate Wolfcamp 2H17: Increase Wolfcamp, 32.4 22.2 23.9 moderate Eagle Ford 24.0 27.3 Full Year 2017 7.0…
  6. 2017 Investor Update – EP Energy Corp – slide 6
    Execution Efficiency Gross Well Cost1 (MM) Adjusted Cash Operating Costs (/Boe) Wolfcamp 6.2 5.3 4.9 4.6 Longer laterals 16.35 15.16 FY'14 FY'15 FY'16 2017E 2.78 2.61 3.28 3.19 4.20 Eagle Ford 7.2 3.99 5.8…
  7. 2017 Investor Update – EP Energy Corp – slide 7
    Asset Programs Clay Carrell Executive VP and COO 8
  8. 2017 Investor Update – EP Energy Corp – slide 8
    Eagle Ford: Capital Efficient Program 40 Efficient Capital Drives Oil Growth 250 225 32.4 30 27.3 200 Averaged 1 rig and 2 frac crews Capex (MM) 175 Oil (MBbls/d) 24.0 23.9 22.2 150 Resumed production growth 20 125 92…
  9. 2017 Investor Update – EP Energy Corp – slide 9
    Altamont: Consistent Results Oil Production Averaged 1 JV rig and picked up 2nd (MBbls/d) rig in late Feb. along with 1 frac crew 12.1 11.9 11.4 11.7 11.0 3 new well completions 16 recompletions Strong program returns…
  10. 2017 Investor Update – EP Energy Corp – slide 10
    Wolfcamp: Significant Performance Improvement Averaged 2 JV rigs and 2 frac crews Oil Production (MBbls/d) 11.4 11.1 Results supported by: 9.3 7.0 6.8 Latest generation wells beating 750 Mboe type curve Improved base…
  11. 2017 Investor Update – EP Energy Corp – slide 11
    Wolfcamp: Improved Drilling Efficiencies Proven drilling performance 16 9,000 9,500 8,900 2017E capex per foot: 297 Average Lateral Length (Ft.) Rig Days (Spud to Rig Release) 14 9,000 Best wells 12 11.0 8,500 Spud to…
  12. 2017 Investor Update – EP Energy Corp – slide 12
    Wolfcamp: Improved Frac Crew Efficiencies Frac Crew Performance Improved efficiency 20.0 20.0 19.0 Less time between stages 18.0 18.0 16.0 16.0 More stages per day 14.0 14.0 13.2 More pumping hours per day 12.0 12.0…
  13. 2017 Investor Update – EP Energy Corp – slide 13
    Financial Results Kyle McCuen VP, Interim CFO and Treasurer 14
  14. 2017 Investor Update – EP Energy Corp – slide 14
    1Q17 Financial Highlights 172MM Adjusted EBITDAX Adjusted cash operating costs down 3% from 1Q16 Oil price realizations improved 10% from 1Q16 Adjusted EPS of (0.10) - in line with expectations Operating cash flow in line with…
  15. 2017 Investor Update – EP Energy Corp – slide 15
    Increased Financial Flexibility Extended 940MM of 2019-2021 maturities to 2025 Refinanced higher interest secured and unsecured notes with 8% secured debt Successfully completed semi-annual borrowing base redetermination…
  16. 2017 Investor Update – EP Energy Corp – slide 16
    Hedge Program Summary Hedge Summary 2017 2018 Oil volumes (MMBbls) 7.7 8.9 Average floor price (/Bbl) 60.52 60.00 Natural Gas volumes (TBtu) 26.1 18.3 Average floor price (/MMBtu) 3.28 3.07 Added 2018 price support 2017: Oil:…
  17. 2017 Investor Update – EP Energy Corp – slide 17
    Solid Execution Consistently meeting or beating expectations Low-cost efficient business, offsetting inflation Continued improvement in asset programs Increased financial flexibility Well positioned for continued…
  18. 2017 Investor Update – EP Energy Corp – slide 18
    Investor Update May 4, 2017
  19. 2017 Investor Update – EP Energy Corp – slide 19
    Appendix 20
  20. 2017 Investor Update – EP Energy Corp – slide 20
    Updated Type Well Economics Drilling locations…
  21. 2017 Investor Update – EP Energy Corp – slide 21
    2017 Outlook Updated 2016 Outlook 2017 Oil production (MBbls/d) 45 49 Total production (MBoe/d) 75 82 Oil production growth from 2H16 Oil & gas capital (MM)1 Favorable cost performance Wolfcamp 245 325 below low end of guidance…
  22. 2017 Investor Update – EP Energy Corp – slide 22
    Current Financial Profile Maturity Profile (MM) As of 12/31/15 2,000 4.9 billion Reduced total debt by 1billion 1,500 since YE 2015 1,000 2,000 Significantly extended maturities 500 1,222 800 497 350 0 Retired or…

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