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1Q2017 Investor Update – WPX Energy, Inc.

WPX Energy, Inc. · May 4, 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. 1Q2017 Investor Update – WPX Energy, Inc. – slide 1
    1Q 2017 Investor Update Rick Muncrief, Chairman and Chief Executive Officer May 4, 2017
  2. 1Q2017 Investor Update – WPX Energy, Inc. – slide 2
    Foundation in Place for Enhancing and Accelerating Value POSITIONED WILLISTON BASIN PRUDENT SAN JUAN BASIN FLEXIBLE HEADQUARTERS: TULSA DELAWARE BASIN DISCIPLINED 2
  3. 1Q2017 Investor Update – WPX Energy, Inc. – slide 3
    1Q Highlights CONTINUING TO EXECUTE: Production growth on track Panther wells exceeding expectations Acquired Delaware acreage at attractive prices with significant upside Drilling and completion spending as expected, no change to…
  4. 1Q2017 Investor Update – WPX Energy, Inc. – slide 4
    WPX Exploration Team at Work in the Delaware WPX completed another acquisition in the Delaware Basin for acreage that is exploratory in nature TAYLOR RANCH: WHY WE LIKE IT EDDY CONTIGUOUS POSITION LEA 17,900 contiguous acres in…
  5. 1Q2017 Investor Update – WPX Energy, Inc. – slide 5
    Operational Update Clay Gaspar, Chief Operating Officer
  6. 1Q2017 Investor Update – WPX Energy, Inc. – slide 6
    Delaware Basin: Encouraging Early Results from CBR Spacing Test CBR 9 WELL SPACING TEST: LOVING COUNTY, TX CBR 10H SPACING 11H 12H 13H 15HTEST 17H UPDATE Best representation of full section development and the tightest…
  7. 1Q2017 Investor Update – WPX Energy, Inc. – slide 7
    Central Reeves Wolfcamp A Outperforming NEW MEXICO TEXAS LOVING 1 3 2 4 WARD REEVES 1. MAC STATE: 30 DAY AVG: 2,234 BOE/D1,2 (56% OIL) 2. LOUIS STATE: 30 DAY AVG: 2,173 BOE/D1,2 (55% OIL) 3. FIVER STATE: 30 DAY AVG:…
  8. 1Q2017 Investor Update – WPX Energy, Inc. – slide 8
    Williston Basin: Strong, Consistent Results FIRST QUARTER WELL RESULTS 140 120 STRONG INITIAL RESULTS1 100 BEHR PAD AVG 30 DAY RATE: 1,375 BOE/D (80% oil) CUM MBOE 80 CARIBOU PAD AVG 30 DAY RATE: 2,145 BOE/D (80% oil)…
  9. 1Q2017 Investor Update – WPX Energy, Inc. – slide 9
    San Juan Basin: Getting Back to Work SAN JUAN GALLUP ACTIVITY UPDATE Focused development in 2017 in the West Lybrook Unit 58 approved drilling permits in Gallup Oil 2 additional units (12,000 acres) in the approval process 26…
  10. 1Q2017 Investor Update – WPX Energy, Inc. – slide 10
    Financial Update Kevin Vann, Chief Financial Officer
  11. 1Q2017 Investor Update – WPX Energy, Inc. – slide 11
    1Dollars st Quarter Results in millions, except production numbers 1Q YTD 2017 2016 2017 2016 Average Daily Production Oil (Mbbl/d) 46.1 41.5 46.1 41.5 Gas (MMcf/d) 196 185 196 185 NGLs (Mbbl/d) 11.3 7.8 11.3 7.8 Equivalent…
  12. 1Q2017 Investor Update – 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 (3/31/2017) 142 3.02 60% 50.84…
  13. 1Q2017 Investor Update – WPX Energy, Inc. – slide 13
    TRACK RECORD OF EXECUTION 13
  14. 1Q2017 Investor Update – WPX Energy, Inc. – slide 14
    Appendix
  15. 1Q2017 Investor Update – WPX Energy, Inc. – slide 15
    2017 Full-Year Guidance Production FY 2017 Expenses FY 2017 Oil Mbbl/d 52.0 56.0 per BOE Natural Gas MMcf/d 220 230 LOE 4.75 5.25 Williston NGL Mbbl/d 14.0 19.0 GP&T 2.00 2.50 27% Total MBOE/d 103 113 Production Tax 2.25 2.75…
  16. 1Q2017 Investor Update – WPX Energy, Inc. – slide 16
    First Quarter Cash Roll-Forward 600 500 496MM 400 132MM MM 300 70MM 218MM 200 76MM 142MM 76MM 100 0 Cash balance 12/31 Panther purchase price Land/crude line/other Normalized cash Adjusted cash balance…
  17. 1Q2017 Investor Update – WPX Energy, Inc. – slide 17
    WPX Hedges Updated: May 3, 2017 Apr Dec 2017 2018 2019 Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price Crude Oil (bbl) Fixed Price Swaps 39,392 50.84 42,000 54.36 - - Fixed Price Calls 4,500 56.47…
  18. 1Q2017 Investor Update – WPX Energy, Inc. – slide 18
    Domestic Price Realization for 2017 Oil (/bbl) Gas (/Mcf) NGL (/bbl) 1Q 17 2Q17 3Q17 4Q 17 1Q 17 2Q17 3Q17 4Q 17 1Q 17 2Q17 3Q17 4Q 17 Weighted-Average Sales Price 46.38 3.01 22.14 Revenue Adjustments1 (1.07) (.50) (1.29) Net Price2…
  19. 1Q2017 Investor Update – WPX Energy, Inc. – slide 19
    Delaware Overview 135,000 net acres 6,400+ gross locations1,2 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. 1Q2017 Investor Update – 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. 1Q2017 Investor Update – 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. 1Q2017 Investor Update – WPX Energy, Inc. – slide 22
    Consolidated Statement of Operations (GAAP) 2016 2017 (Dollars in millions) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Revenues: Product revenues: Oil sales 97 142 139 173 551 188 188 Natural gas sales 25 24 37 39 125 44 44 Natural gas…
  23. 1Q2017 Investor Update – WPX Energy, Inc. – slide 23
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Unaudited) 2016 2017 (Dollars in millions, except per share amounts) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Income (loss) from continuing operations available to WPX Energy,…
  24. 1Q2017 Investor Update – WPX Energy, Inc. – slide 24
    Reconciliation EBITDAX (Unaudited) 2016 2017 (Dollars in millions) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Adjusted EBITDAX Reconciliation to net income (loss): Net income (loss) (12) (198) (219) (172) (601) 92 92 Interest expense 57 53 49…

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