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4Q 2017 Financial and Operational Supplement – Apache Corp

Apache Corp · Feb 22, 2018 · 38 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. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 1
    FINANCIAL AND OPERATIONAL SUPPLEMENT
  2. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 2
    TABLE OF CONTENTS Fourth-Quarter 2017 Financial and Operational Results..... 4 Fourth-Quarter 2017 Regional Summary....... 11 2018 Guidance.... 18 2018-2020 Production Outlook .... 22 Open Commodity Derivative Positions.....…
  3. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 3
    4Q17 FINANCIAL AND OPERATIONAL RESULTS 4
  4. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 4
    FOURTH-QUARTER 2017 KEY METRICS Reported Production 440 Mboe/d Adjusted Production(1) 362 Mboe/d Oil and Gas Capital Investment(2) 862 Million Adjusted EBITDAX(2) 1.1 Billion Earnings Per Share 1.19 Adjusted Earnings Per…
  5. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 5
    PRODUCTION AND REVENUES BY PRODUCT 4Q 2017 Reported Production Oil and Gas Revenue 440 MBOE/D 1.64 Billion 55% 80% Oil Production Oil Revenue Oil Natural Gas NGLs Note: Reported volumes include noncontrolling interest…
  6. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 6
    ADJUSTED PRODUCTION RECONCILIATION 4Q 2017 Mboe/d 500 450 440 400 37 362 350 41 300 250 200 150 100 50 - (1) 4Q '17 Reported Production Egypt Tax Barrels Noncontrolling Interest 4Q '17 Adjusted Production…
  7. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 7
    OPERATING CASH MARGINS 4Q 2017 Egypt North Sea Permian Other NA 70.00 60.00 58 / Boe 50.00 40.00 44 / Boe 40 Per Boe 37 35 / Boe 30.00 Per Boe 25 27 / Boe 20.00 18 / Boe Per Boe 19 Per Boe 10 / Boe 10.00 7 / Boe 8 /…
  8. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 8
    NET DEBT RECONCILIATION 4Q 2017 ( in millions) 9,000 8,000 95 100 36 142 727 7,000 6,637 6,816 810 111 6,000 5,000 4,000 3,000 2,000 1,000 0 (2) Net Debt (1) E&P and GTP Leasehold & Changes in Dividends…
  9. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 9
    OIL AND GAS CAPITAL INVESTMENT (in millions) 1Q17 (1) 2Q17 (1) 3Q17 (1) 4Q17 (1) E&P and GTP Investment: Permian . 298 358 466 478 MidCon / Gulf Coast . 17 26 47 69 Midstream ... 142 128 119 143 Gulf of Mexico 6 10 11 15 Canada 38…
  10. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 10
    FOURTH-QUARTER 2017 REGIONAL SUMMARY 11
  11. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 11
    FOURTH-QUARTER 2017 GLOBAL OPERATIONS GLOBAL KEY STATS Reported Production: 440,201 Boe/d Drilled & Completed Wells*: 87 gross, 72 net Rigs: Avg 36 rigs NORTH AMERICA STATS Reported Production: 222,199 Boe/d Drilled &…
  12. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 12
    4Q 2017 PERMIAN REGION SUMMARY Midland Basin PERMIAN KEY STATS FOURTH-QUARTER 2017 Reported Production: 176,969 Boe/d Averaged 5 rigs and 2 frac crews in the quarter Drilled & Completed Wells*: 57 gross, 45 net Placed on…
  13. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 13
    NORTH AMERICAN ONSHORE WELL HIGHLIGHTS Average Avg 30-Day IP Well Name Formation Area County Lateral 30-Day Boepd / 1,000 % Oil IP/Well Lateral Ft MIDLAND BASIN CC 4144 EAST/WEST (8 Wells) Wolfcamp B-1 & B-3 Powell Upton 7,731…
  14. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 14
    4Q 2017 INTERNATIONAL SUMMARY EGYPT KEY STATS NORTH SEA KEY STATS FOURTH-QUARTER 2017 FOURTH-QUARTER 2017 Reported Production: 159,864 Boe/d Reported Production: 58,138 Boe/d Drilled & Completed Wells*: 25 gross, 23 net Drilled &…
  15. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 15
    4Q 2017 INTERNATIONAL WELL HIGHLIGHTS Q4 2017 Egypt Well Highlights Program Success Rate 30-Day Well Name Basin % Oil Average IP WKAN CHELSEA S-1X ST Matruh 7,792 Boe/d(1) 54% HERUNEFER W-4X Matruh 6,348 Boe/d(1) 62% 92%…
  16. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 16
    EGYPT: PRODUCTION DETAIL 3Q 2017 4Q 2017 Liquids Gas Liquids Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 202,677 818,350 339,069 203, 820 780,545 333,911 Reported Production 94,665 378,426 157,737 97,150…
  17. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 17
    2018 GUIDANCE 18
  18. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 18
    APACHE 2018 CAPITAL BUDGET 3.0 Billion Other U.S.(1) 7% Permian (ex Alpine High) 70% of total 2018 oil International(2) 31% and gas capital 22% investment allocated to Permian Basin Alpine High Midstream 16% Alpine High…
  19. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 19
    FY 2018 GUIDANCE Production & Capital 2018 Daily Production (MBOE/D) Guidance Range Reported Production United States.................................................................................... 245 - 255…
  20. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 20
    FY 2018 GUIDANCE Other Income Statement Items 2018 Income Statement Items Guidance Range Operating Costs Lease Operating Expenses ( in millions)...................................... 1,450 - 1,500 Lease Operating Expenses ( per…
  21. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 21
    2018 2020 PRODUCTION OUTLOOK 22
  22. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 22
    APA ADJUSTED PRODUCTION AND RETURNS 2018-2020 Outlook (Mboe/d) 475 - 510 410 - 440 375 - 395 350 20% 22% 18% CROIC CROIC CROIC 2017A 2018E 2019E 2020E See Glossary of Referenced Terms on page 29 for a definition of…
  23. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 23
    U.S. PRODUCTION 2018-2020 Outlook (Mboe/d) 350 - 370 285285 - 300 245 - 255 206 2017A 2018E 2019E 2020E 24
  24. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 24
    PERMIAN PRODUCTION 2018-2020 Outlook (Mboe/d) 315 - 335 245 - 260 195 - 205 158 2017A 2018E 2019E 2020E 25
  25. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 25
    ALPINE HIGH PRODUCTION 2018-2020 Outlook (Mboe/d) 160-180 85 85 - 100 40 - 50 9 2017A 2018E 2019E 2020E 26
  26. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 26
    INTL ADJUSTED PRODUCTION 2018-2020 Outlook (Mboe/d) Shallow Decline 144 130 - 140 125 - 140 125 140 2017A 2018E 2019E 2020E Note: Adjusted production excludes Egypt tax barrels and noncontrolling interest. Comprises North Sea…
  27. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 27
    OPEN COMMODITY DERIVATIVE POSITIONS As of February 21, 2018 Oil Hedges Volume Instrument Index Period (bbls/d) Strike Put Option WTI Jul - Dec 2018 30,000 53.00 Put Option Dated Brent Feb - Dec 2018 10,000 50.00 Put Option Dated…
  28. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 28
    GLOSSARY OF REFERENCED TERMS Capital Budget: Includes exploration and production capital, gathering, transportation and processing capital, capitalized general and administrative expenses, capitalized interest; excludes non-oil & gas…
  29. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 29
    NON-GAAP RECONCILIATIONS 30
  30. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 30
    NON-GAAP RECONCILIATION Adjusted Earnings Reconciliation of income (loss) attributable to common stock to adjusted earnings Our presentation of adjusted earnings and adjusted earnings per share are non-GAAP measures because they exclude…
  31. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 31
    NON-GAAP RECONCILIATION Adjusted EBITDAX Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDAX Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and…
  32. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 32
    NON-GAAP RECONCILIATION Regional Cash Flows Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Continuing Operations before Changes in Operating Assets and Liabilities Cash flows from continuing operations…
  33. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 33
    NON-GAAP RECONCILIATION Cash Flow From Operations Before Changes in Operating Assets and Liabilities Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Continuing Operations before Changes in Operating…
  34. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 34
    NON-GAAP RECONCILIATION Net Debt Reconciliation of Debt to Net debt Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company's…
  35. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 35
    NON-GAAP RECONCILIATION Oil and Gas Capital Investment Reconciliation of Costs Incurred and GTP Capital Investments to Oil and Gas Capital Investment Management believes the presentation of oil and gas capital investments is useful for…
  36. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 36
    APPENDIX 37
  37. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 37
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE Apache is an Industry Leader in Prioritizing ESG Methane Water Safety Emissions Usage We seek to use alternatives to potable fresh watersuch as recycled produced waterin all By 2025, Apache is…
  38. 4Q 2017 Financial and Operational Supplement – Apache Corp – slide 38
    APACHE INCENTIVE COMPENSATION STRUCTURE Short and Long-Term Compensation Aligned for Returns-Focused Outcomes Annual Incentive Long-Term Incentive(1) 2018 Plan Performance Shares Drilling Rate of Return Health, Safety,…

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