Focused Execution Drives Improved Performance Delivered oil and equivalent production growth above expectations Operational Performance Improved operating efficiencies Reduced annual base production decline rate Reduced adjusted…
2Q17 Operations Summary Gross Equivalent Natural Completed Production Oil NGLs Gas MM Program Wells (MBoe/d) (MBbls/d) (MBbls/d) (MMcf/d) Wolfcamp Eagle Ford 9 41.5 26.4 7.8 44 73 Eagle Ford Wolfcamp 21 25.4 9.9 7.4 49 30…
Reduced Adjusted Cash Operating Costs Higher production volumes Adjusted Cash Operating Costs (/Boe) Lower adjusted G&A expenses 14.24 Managing business with reduced 1.84 13.42 headcount 1.97 3.82 2.63 Lower non-payroll…
Asset Programs Clay Carrell Executive VP and COO 7
Eagle Ford: Improved Efficiencies and Program Returns Averaged one drilling rig Production continues to benefit from 1Q activities Base production beating expectations Improved operational efficiencies Drilled longest lateral to…
Wolfcamp: Ramping Up Activities Averaged two drilling rigs Gross production relatively flat to 1Q17 Net production impacted by Greater number of 50% working interest JV wells Higher royalty impact from sliding scale (April/May)…
Wolfcamp: Operating Efficiencies Offsetting Inflation Costs Drilling Set new spud to total depth record of 2.8 days Spud first Upton County well with lower cost design Completions Frac Crew Pumping Hours/Day Achieved a record of…
Altamont: Improved Results Averaged two drilling rigs Record 2Q production results Achieved record daily production levels in May All five new well completions in 2Q IPs 1,000 BOPD 16 recompletions averaged above type curve…
Financial Results Kyle McCuen VP, Interim CFO and Treasurer 12
2Q17 Financial Highlights 179MM Adjusted EBITDAX Exceeded expectations with adjusted EPS of (0.10) Executed open market debt repurchases 157MM face value (125MM: 2020 Notes, 32MM: 2023 Notes) for 118MM cash in June and July…
Hedge Program Summary Hedge Summary 2017 2018 2019 Oil volumes (MMBbls) 5.0 8.9 - Average floor price (/Bbl) 60.34 60.00 - Natural Gas volumes (TBtu) 17.5 25.6 7.3 Average floor price (/MMBtu) 3.28 3.04 2.97 Added 2019 natural…
Updated 2017 Outlook Previous Guidance Current Guidance Oil production (MBbls/d) 45 49 46 48 Total production (MBoe/d) 75 82 80 85 Maintained full year oil production guidance while Oil & Gas capital (MM)1 lowering expected…
Investor Update August 3, 2017
Appendix 17
Altamont Drilling JV Improves Returns & Financial Flexibility Completed JV Drilling Program Agreement with Tesoro in May17 Enhances program economics Creates capex allocation options with capital carry…
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