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Q3 2017 Presentation – WPX Energy, Inc.

WPX Energy, Inc. · Nov 2, 2017 · 25 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. Q3 2017 Presentation – WPX Energy, Inc. – slide 1
    3Q 2017 Investor Update Rick Muncrief, Chairman and CEO Nov. 2, 2017
  2. Q3 2017 Presentation – WPX Energy, Inc. – slide 2
    Recent Highlights Raising 2017 oil growth guidance from 40% to 45% year-over-year Current oil production averaging 75,000 BBL/D Increasing EURs in the Williston to 1,000 MBOE 67% increase unhedged margin per BOE past 12 months,…
  3. Q3 2017 Presentation – WPX Energy, Inc. – slide 3
    WPX Executing on Strategy ANNUALIZED ADJ. EBITDAX2 UNHEDGED DISCRETIONARY CASH FLOW (NET DEBT / ANNUALIZED ADJ. EBITDAX) ( PER BOE) 800 6.0 18 16.20 700 16 5.5x 5.0 14 600 ADJ. EBITDAX (MM) NET DEBT/ADJ. EBITDAX 4.0…
  4. Q3 2017 Presentation – WPX Energy, Inc. – slide 4
    WPX 2018 Guidance Highlights NET DEBT CASH FLOW TTM ADJ. EBITDAX NEUTRAL BELOW 2.5X 20181 4Q18 TOTAL FLAT RIG OIL CAPITAL COUNT COMMODITY GROWTH 1.1B - 1.2B 10 RIGS MIX 40% - 45% 60% OIL 80% LIQUIDS Free Cash Flow 2019 and…
  5. Q3 2017 Presentation – WPX Energy, Inc. – slide 5
    Operational Update Clay Gaspar, Chief Operating Officer
  6. Q3 2017 Presentation – WPX Energy, Inc. – slide 6
    Delaware Basin STRONG WELL PERFORMANCE GROWING OIL VOLUMES 1.5 MILE LATERALS 59% OIL GROWTH SINCE 3Q16 LINDSAY 10 15-15H 25 30-DAY AVG: 3,000 BOE (54% OIL) 20 LINDSAY 10 15-16H 30-DAY AVG: 3,128 BOE (53% OIL) 15 MBBL/D…
  7. Q3 2017 Presentation – WPX Energy, Inc. – slide 7
    Delaware Drilling More Lateral Feet in 2018 +20% MORE LATERAL FEET DRILLED WITH FLAT RIG COUNT 515,000 Average lateral drilled 6,150 2017 7 rig average Landed in 8 different zones LATERAL FEET DRILLED IN 2017 625,000…
  8. Q3 2017 Presentation – WPX Energy, Inc. – slide 8
    Delaware Completing More Lateral Feet in 2018 +50% MORE LATERAL FEET COMPLETED WITH FLAT RIG COUNT 350,000 2017 2 frac crews LATERAL FEET COMPLETED IN 2017 540,000 3 frac crews 2018 +50% MORE LATERAL LATERAL…
  9. Q3 2017 Presentation – WPX Energy, Inc. – slide 9
    Williston Basin 180 2016-2017 PERFORMANCE RAISING THE TYPE CURVE 160 VS. 1,000 MBOE TYPE CURVE MOVING TO 1,000 MBOE CURVE (81% OIL) 140 (BLENDED THREE FORKS AND MIDDLE BAKKEN) CUM MBOE 120 100 GROWING OIL VOLUMES 80 60…
  10. Q3 2017 Presentation – WPX Energy, Inc. – slide 10
    San Juan Basin UNITS FORMED FOR FUTURE DRILLING SIGNED PSA LEGACY SAN JUAN DRY GAS SAN JUAN COUNTY EXPECTED CLOSE BY YE 2017 WEST RIO ARRIBA COUNTY LYBROOK UNIT SANDOVAL COUNTY STRONG WELL PERFORMANCE RODEO UNIT WELL RESULTS…
  11. Q3 2017 Presentation – WPX Energy, Inc. – slide 11
    Financial Update Kevin Vann, Chief Financial Officer
  12. Q3 2017 Presentation – WPX Energy, Inc. – slide 12
    3Dollars rd Quarter Results in millions, except production numbers 3Q YTD 2017 2016 2017 2016 Average Daily Production Oil (Mbbl/d) 64.8 38.9 56.6 40.4 Gas (MMcf/d) 204 205 201 199 NGLs (Mbbl/d) 13.3 11.4 12.8 9.7 Equivalent…
  13. Q3 2017 Presentation – WPX Energy, Inc. – slide 13
    WPX Financial Transformation Underway 45% OIL (MBBLS/D) UNHEDGED DISCRETIONARY CASH FLOW UNHEDGED ADJUSTED EBITDAX 70 18 200 IN OIL VOLUMES 64.8 ( PER BOE) 16.20 ( IN MILLIONS) 174 58.6 16 180 60 14 160 67% 138 50 44.7…
  14. Q3 2017 Presentation – WPX Energy, Inc. – slide 14
    2018 Full-Year Guidance Production FY 2018 Expenses FY 2018 Oil Mbbl/d Natural Gas MMcf/d 82.0 88.0 170 190 per BOE LOE 5.25 5.75 COMMODITY MIX6 NGL Mbbl/d 21.5 23.0 GP&T 1.75 2.25 60% OIL Total MBOE/d 132 143 Production Tax…
  15. Q3 2017 Presentation – WPX Energy, Inc. – slide 15
    WPX Continued Focus on Shareholder Value Paying Off WILLISTON MULTI-YEAR STRATEGY SAN JUAN GALLUP HEADQUARTERS TULSA, OK AHEAD OF SCHEDULE EXECUTION DELAWARE 2018 DISCIPLINE FOCUS RETURNS MARGINS LEVERAGE 15
  16. Q3 2017 Presentation – WPX Energy, Inc. – slide 16
    Appendix
  17. Q3 2017 Presentation – WPX Energy, Inc. – slide 17
    Updated 2017 Full-Year Guidance (Includes Impact of San Juan Legacy Sale) Production FY 2017 Expenses FY 2017 Oil Mbbl/d 59.0 62.0 per BOE Natural Gas MMcf/d 200 215 LOE 5.25 5.75 NGL Mbbl/d 14.0 19.0 GP&T 2.00 2.50 Total MBOE/d 106…
  18. Q3 2017 Presentation – WPX Energy, Inc. – slide 18
    WPX Liquidity, Hedges and Debt Maturities STRONG LIQUIDITY STRONG HEDGE POSITION Liquidity 100% CREATES CERTAINTY FOR DRILLING3.93 PROGRAM % of Production Hedged1 80% Cash and Equivalents (10/31/2017) 75 2.97 60% 52.69…
  19. Q3 2017 Presentation – WPX Energy, Inc. – slide 19
    WPX Hedges Updated: October 31, 2017 Oct Dec 2017 2018 2019 Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price Crude Oil (bbl) Fixed Price Swaps1 50,638 50.23 55,500 52.69 22,000 50.85 Fixed Price Calls…
  20. Q3 2017 Presentation – WPX Energy, Inc. – slide 20
    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 43.60 44.24 3.01 2.65 2.60 22.14 18.98 24.31 Revenue…
  21. Q3 2017 Presentation – WPX Energy, Inc. – slide 21
    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 97 142 139 173 551 188 226 259 673 Natural gas sales 25 24 37 39 125 44 40 38 122…
  22. Q3 2017 Presentation – WPX Energy, Inc. – slide 22
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Non-GAAP) 2016 2017 (Dollars in millions) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Reconciliation of adjusted loss from continuing operations available to common stockholders:…
  23. Q3 2017 Presentation – WPX Energy, Inc. – slide 23
    Reconciliation Adjusted Diluted Loss Per Common Share 2016 2017 (Dollars in millions) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Reconciliation of adjusted diluted loss per common share: Income (loss) from continuing operations - diluted…
  24. Q3 2017 Presentation – WPX Energy, Inc. – slide 24
    Reconciliation EBITDAX (Non-GAAP) 2016 2017 (Dollars in millions) 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Reconciliation of Adjusted EBITDAX Net income (loss) - reported Net income (loss) - reported (12) (198) (219) (172) (601) 92 76 (146)…
  25. Q3 2017 Presentation – WPX Energy, Inc. – slide 25
    Disclaimer The information contained in this summary has been prepared to assist you in making your own evaluation of the Company and does not purport to contain all of the information you may consider important in deciding whether to…

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