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BAML Leveraged Finance Conference – Newfield Exploration Co.

Newfield Exploration Co. · Dec 1, 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 Leveraged Finance Conference – Newfield Exploration Co. – slide 1
    Newfield Exploration Bank of America Merrill Lynch 2017 Leveraged Finance Conference Larry S. Massaro Exec. Vice President & CFO
  2. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 2
    Who is Newfield Williston Independent E&P company headquartered in The Woodlands, Texas 800k net acres of U.S. resource plays focused in Oklahoma, Utah and North Dakota Uinta Unconventional, liquids-rich assets Total Company net…
  3. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 3
    Newfields Transformation THEN NOW Diversified asset base Focused asset base Unconventional, onshore Conventional, offshore Oil-weighted production Natural gas-weighted inventory production Deep, premier drilling Limited drilling…
  4. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 4
    Newfield is Focused on Value Creation Tomorrows Winners Sustainable Value Creation Premium Inventory Vast, High Quality Resource High-Grade Drilling Inventory 40% + IRR Combination of Returns and Growth Profitable Growth…
  5. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 5
    Key Messages 1. Solid capital structure 2. Cash flow per share growth 3. Margin expansion 4. Best-in-class execution 5. Premier resource inventory in World-class Anadarko Basin 5
  6. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 6
    Solid capital structure 1.8 bn unsecured credit facility maturing 2020 2.3 bn of total liquidity No fixed debt maturities until 2022 Weighted average fixed debt maturity of 6 years at 4.3% YTM1 Net debt / adj EBITDA2 Fixed debt…
  7. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 7
    Cash flow per share growth outpacing oil prices Cash flow per share growth outpacing WTI led by increased oil production1 Mbopd Disc CFPS WTI ( / bbl) 1.50 80 1.30 65.5 60 1.00 54.6 0.86 48 40 0.50 33 20 0.00 -…
  8. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 8
    Anadarko Basin driving NFX margin expansion Margin LOE Transportation & Prod tax1 NFX asset margin Anadarko asset margin / boe / boe 30 30 28 25 20 18 23 19 4 5 2 2 6 5 4 5 2015 YTD 2017 2015 YTD 2017 %…
  9. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 9
    Price volatility mitigated by hedging strategy Strategy & Objectives Set hedge targets based on price environment and shape of forward curve Underpin cash flow assumptions in current Plan Protect IRR for capital investments…
  10. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 10
    NFX is the Best-in-Class Driller Active drilling programs in several basins NFX Williston Avg. Ft/Day vs. Peers allows rapid transfer of lessons learned Constant benchmarking against peers encourages continual improvement…
  11. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 11
    World-class Anadarko Basin resource FORMATION Oswego/Big Newfield has 350,000 net acres in Anadarko Basin PENNSYLVANIAN Lime Multiple liquids-rich geologic horizons Atoka 8,000 gross locations & 2.4 bn boe of net unrisked…
  12. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 12
    Supplemental information
  13. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 13
    STACK Freeman & Stark Infill Wells vs. Type Curve Stark Pilot Freeman Pilot NEW Freeman pilot (9 infill wells in the Meramec) Average IP30: 1,278 BOEPD (70% oil, 84% liquids) Average IP60: 1,156 BOEPD (67% oil, 83% liquids) Stark…
  14. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 14
    Recent Strong STACK HBP Results and Record Setting Oil Well NANCY 1809 1H-32 JOLEE 1H-5 H&W 1H-28X NEW Hoile & HBP Wells vs. 440 MBO Oil TC IP30: 1,233 BOEPD IP30: 1,303 BOEPD IP30: 1,852 BOEPD 100 76% Oil 55% Oil 63% Oil GPI: 4,479…
  15. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 15
    SCOOP McClelland & Tina Comparison vs. Type Curve Tina Wells NEW McClelland development (8 infill wells in the Woodford) IP120: 1,465 BOEPD Average IP30: 1,966 BOEPD (36% oil, 70% liquids) Tina development (7 infill wells in the…
  16. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 16
    Data Analytics Is Changing The Game For Newfield & Industry Initiated in 2013 Thousands of Oklahoma wells catalogued in database dating back to 2010 6 billion usable data points impacting decisions Realized learnings enhance our…
  17. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 17
    3Q17 Average Production by Area Anadarko Williston Uinta China Production Basin Basin Basin (Liftings) 1 Oil (bopd) 36,910 14,068 14,458 2,598 -- NGL (boepd) 31,209 3,768 434 -- Gas (boepd) 36,689 4,072 3,110 Total (boepd) 104,808…
  18. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 18
    2017e Production, Cost and Expense Guidance Domestic China Total Production Oil % 40% 100% 42% NGLs % 21% -- 20% Natural Gas % 39% -- 38% Total (mboepd)1 150.0 154.0 4.7 154.7 158.7 Expenses (/boe)2 LOE3,5 3.48 15.65 3.84…
  19. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 19
    4Q17e Production, Cost and Expense Guidance Domestic China Total Production Oil % 39% -- 39% NGLs % 22% -- 22% Natural Gas % 39% -- 39% Total (mboepd) 162.0 174.0 -- 162.0 174.0 Expenses (/boe)1 LOE2,4 3.20 -- 3.30 Transportation3…
  20. BAML Leveraged Finance Conference – Newfield Exploration Co. – slide 20
    Non-GAAP reconciliation of Adjusted EBITDA Twelve Months Ended December 31, September 30, ( in millions) 2015 2016 2017 Net Income (3,362) (1,230) 345 Adjustments to derive EBITDA: Interest expense, net of capitalized interest 131 103…

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