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BAML 2017 Global Energy Conference – Hess Corp

Hess Corp · Nov 16, 2017 · 20 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. BAML 2017 Global Energy Conference – Hess Corp – slide 1
    Hess Corporation BANK OF AMERICA MERRILL LYNCH GLOBAL ENERGY CONFERENCE November 16, 2017
  2. BAML 2017 Global Energy Conference – Hess Corp – slide 2
    Why Hess High graded, more focused portfolio and driving down costs Pro forma 10% annual production growth / 20% annual cash flow growth through 2020 Prefunded transformative Guyana oil developments, which will deliver…
  3. BAML 2017 Global Energy Conference – Hess Corp – slide 3
    Why Hess Focusing portfolio on lower cost, higher return assets - Guyana / Bakken (Growth Engines); Malaysia / Gulf of Mexico (Cash Engines) High Graded, Developing world class offshore Guyana oil discoveries Focused - Phase 1 35 per…
  4. BAML 2017 Global Energy Conference – Hess Corp – slide 4
    Year to Date Asset Monetizations: Exceeded Timing and Value Expectations Implied Production Production Avoided Value Sold Multiple Estimated (MM) Sales Price ARO Realized (MBOED) / BOED Completion 4Q 2017 / Norway 2,000 1,000 3,000…
  5. BAML 2017 Global Energy Conference – Hess Corp – slide 5
    High Graded, Focused Portfolio Lower Higher Cash Engines Growth Growth Growth Engines 70% of cash Cash costs flow from Lower Cost Malaysia…
  6. BAML 2017 Global Energy Conference – Hess Corp – slide 6
    Accelerating Cash Flows: Outpace Production Growth EBITDAX Margins at 50 Brent Production (MBOED) (/BOE) 10% Pro Forma CAGR (17-20) 30 Accelerating Margins Guyana Grows to Over 100Mboed 20% cash EBITDAX Margin (/Boe) 300…
  7. BAML 2017 Global Energy Conference – Hess Corp – slide 7
    Offshore Guyana: One of the Industrys Major Oil Discoveries in the Past Decade Hess 30% interest Liza Water Depth: 5,500 - 6,000 ft Drilling TD: 17,000 -18,000 ft (Operator: ) 6.6 million acres (equivalent to 1,150 GoM blocks) with…
  8. BAML 2017 Global Energy Conference – Hess Corp – slide 8
    Offshore Guyana: World Class Investment Opportunity Among industrys major offshore discoveries in the past decade - 2.5 to 2.8 BBOE gross discovered recoverable resource - Multi billion barrels of unrisked exploration upside…
  9. BAML 2017 Global Energy Conference – Hess Corp – slide 9
    Offshore Guyana: Liza Phase I First Production by 2020 With Multiple Future Phases Massive world class resource Exceptional reservoir quality expected to deliver high production rates and EUR per Strategic well Context Multi phase,…
  10. BAML 2017 Global Energy Conference – Hess Corp – slide 10
    Offshore Guyana: Low Development Costs and Outstanding Financial Returns Guyana Delaware Basin Liza Phase 1 - Cumulative Cash Flow Liza Illustrative Phase 1 50,000 Net Acre 60 Brent Development1 Development2 Peak Production 120,000…
  11. BAML 2017 Global Energy Conference – Hess Corp – slide 11
    Malaysia: Generating Stable Production and Free Cash Flow at 50/Bbl Brent Strategic / NMB leverages JDA development capabilities JDA Portfolio and strong Petronas relationship Thailand Context Growing pipeline supply/demand gap…
  12. BAML 2017 Global Energy Conference – Hess Corp – slide 12
    Deepwater Gulf of Mexico: Consistent Free Cash Flow from Strong Capabilities / Partnerships T-Bells Stable production with low cash costs and Conger (Hess) (Hess) Stampede (Hess) Strategic / strong cash flow Llano 2018 First Oil…
  13. BAML 2017 Global Energy Conference – Hess Corp – slide 13
    Bakken: Leading Acreage Position In the Core of the Play Leading acreage position in core Middle Divide Bakken and Three Forks Burke Strategic / Focus on efficiencies via Lean principles Tioga Rail Terminal Kenmare Portfolio to…
  14. BAML 2017 Global Energy Conference – Hess Corp – slide 14
    Bakken: Maximizing Value Through Lean Principles and DSU Optimization Drilling Cycle Time Drilling & Completions Cost (Spud to Spud) (Core Acreage D&C Cost / EUR) 50 45 14 40 12 35 10 30 Days / boe 25 50 8 500% 20 6 12.3…
  15. BAML 2017 Global Energy Conference – Hess Corp – slide 15
    Bakken: Competitively Advantaged Inventory in the Core of the Play Large-Scale Footprint in the Core of the Bakken More DSUs in Core of Middle Bakken Than Any Other Operator 30+ Stage Wells Drilled Since 2012 400 Hess Acreage Goliath…
  16. BAML 2017 Global Energy Conference – Hess Corp – slide 16
    Bakken: Strong Returns Even In a Low Oil Price Environment 2018 Bakken Drilling Program Avg. Well Cumulative Oil Forecast by Field MBO 120 Keene (Antelope/Blue Buttes) 100 East Nesson South Stony Creek Goliath 80 Capa Red Sky…
  17. BAML 2017 Global Energy Conference – Hess Corp – slide 17
    Bakken: Unlocking Midstream Value Material cash proceeds from Cash proceeds received to date 2.85 B for HESM IPO and HIP joint midstream JV formation and IPO venture transactions Value accretive JV and HESM IPO Implied EBITDA…
  18. BAML 2017 Global Energy Conference – Hess Corp – slide 18
    Financial Strength and Shareholder Focus Asset monetizations have Net Debt / Capitalization exceeded expectations 109% - 3.4 B proceeds in 2017 Robust Liquidity 9 B of pro forma liquidity Position - 2.5 B cash at September 30, 2017…
  19. BAML 2017 Global Energy Conference – Hess Corp – slide 19
    Why Hess High graded, more focused portfolio and driving down costs Pro forma 10% annual production growth / 20% annual cash flow growth through 2020 Prefunded transformative Guyana oil developments, which will deliver…
  20. BAML 2017 Global Energy Conference – Hess Corp – slide 20
    Appendix Reconciliations of Non-GAAP Measures Net Debt to Capitalization Ratio September 30, 2017 Hess Hess (in millions) Consolidated Pro forma* Total debt 6,714 6,714 Less: cash and cash equivalents 2,526 5,026 Net debt 4,188…

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