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4Q 2017 Earnings Call – WPX Energy, Inc.

WPX Energy, Inc. · Feb 22, 2018 · 21 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 Earnings Call – WPX Energy, Inc. – slide 1
    FOURTH QUARTER 2017 EARNINGS CALL FEBRUARY 22, 2018
  2. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 2
    Recent Highlights OPERATIONAL Oil grew 68%1 Set well productivity records in the Williston2 Strong long-lateral results in the Delaware FINANCIAL Unhedged discretionary cash flow per BOE growth of 84%1 Unhedged adj. EBITDAX…
  3. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 3
    Midstream: Flow Assurance and Value Creation 50% owned gas processing facility through JV 50% owned Stateline crude 100% owned gas gathering gathering system through system JV Atmos WAHA takeaway agreement OIL Stateline takeaway…
  4. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 4
    Operational Update Clay Gaspar, President & Chief Operating Officer
  5. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 5
    Delaware Operations: Long Laterals Outperform SHIFT TO 400 LONG LATERALS EDDY LEA CBR 375 6-7 PAD RESULTS 350 NM 325 TX 300 275 LOVING CUM MBOE 250 225 REEVES 200 175 150 125 STRONG RESULTS 100 75 50 25…
  6. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 6
    Delaware: Continued Strong Long-Lateral Results SHIFT TO 400 LONG LATERALS EDDY LEA LINDSAY 375 10-15 PAD RESULTS 350 325 NM 300 TX 275 250 CUM MBOE LOVING 225 200 REEVES 175 150 125 100 75 50 STRONG RESULTS 25 0…
  7. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 7
    Midstream Update and Timeline COMPLETE ANNOUNCED JV 2nd TRAIN OF GAS CRUDE GATHERING SYSTEM WITH HOWARD (50% INTEREST) PROCESSING PLANT ONLINE (2019) ENERGY PARTNERS (50% INTEREST) (50% INTEREST) 1ST TRAIN OF GAS PROCESSING…
  8. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 8
    Williston Operations: Execute and Outperform MOUNTRAIL BEST WELLS IN THE BASIN 90-day & 120-day cum production1 Continued strong results from NORTH SUNDAY ISLAND 350 120-day cum: 576 MBOE (81% OIL) DUNN Averaging 1,980 barrels of…
  9. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 9
    4Q & Full-Year 2017 Actual Results 4Q FULL-YEAR 2017 2016 2017 2016 Average Daily Production Oil (Mbbl/d) 75.2 44.7 61.3 41.5 Gas (MMcf/d) 231 200 209 199 NGLs (Mbbl/d) 16.8 10.7 13.8 10.0 Equivalent (MBOE/d) 130.6 88.7 109.8…
  10. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 10
    WPX Executing on Strategy ANNUALIZED ADJ. EBITDAX2 (NET DEBT/ANNUALIZED ADJ. EBITDAX) UNHEDGED ADJ. EBITDAX 1200 6.0 300 274 5.5 195% 1000 5.0 250 IN UNHEDGED ADJ. NET DEBT/ANNUALIZED ADJ. EBITDAX EBITDAX ADJ. EBITDAX…
  11. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 11
    2018 Full-Year Guidance6 Production FY 2018 Avg. Price Differentials3 FY 2018 Oil Mbbl/d 75 80 Oil WTI per barrel (4.50) (5.50) Natural Gas MMcf/d 145 155 NYMEX Nat. Gas (Mcf) (1.00) (1.25) NGL Mbbl/d 18 20 Total MBOE/d 117 126 Net…
  12. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 12
    WPX Delaware Midstream Infrastructure Overview ASSETS INCLUDED IN JV ACREAGE DEDICATION 50,000 ACRES Crude Gathering System: RETAINED BY WPX No drilling or volume commitment 125,000 Bbl/d WATER SYSTEM GAS GATHERING Gas Processing…
  13. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 13
    WPX Asset Overview DELAWARE BASIN WILLISTON BASIN 131,000 net acres1 85,000 net acres1 6,600+ gross locations2,3 465 gross locations3 52% oil/18% NGLS/30% gas4 86% oil/7% NGLS/7% gas4 CHAVES WILLIAMS MOUNTRAIL LEA…
  14. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 14
    WPX Liquidity and Debt Maturities Liquidity Cash and Equivalents (12/31/2017) 189 Revolver Capacity 1,200 Letters of Credit (70) Liquidity 12/31/2017 1,319 Dollars listed in millions Senior Debt Maturities 1,200 1,000…
  15. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 15
    WPX Financial Transformation Continues 68% OIL UNHEDGED UNHEDGED DISCRETIONARY 80 (MBBL/D) 75.2 300 ADJUSTED EBITDAX CASH FLOW ( IN MILLIONS) 274 20 ( PER BOE) IN OIL VOLUMES 17.81 70 64.8 18 250 16.10 58.6 16 60 195% 50 44.7…
  16. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 16
    WPX Hedges Updated: February 20, 2018 2018 2019 2020 Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price Crude Oil (bbl) Fixed Price Swaps1 56,979 52.72 34,000 52.30 - - Fixed Price Calls 13,000 58.89 5,000…
  17. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 17
    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 46.38 43.60 44.24 52.45 3.01 2.65 2.60 2.52 22.14 18.98 24.31 28.47 Price Revenue…
  18. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 18
    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 97 142 139 173 551 188 226 259 356 1,029 Natural gas sales 25 24 37 39 125 44 40 38 41…
  19. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 19
    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…
  20. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 20
    Reconciliation Adjusted Diluted Loss Per Common Share 2016 2017 1Q 2Q 3Q 4Q YTD 1Q 2Q 3Q 4Q YTD Reconciliation of adjusted diluted loss per common share: Income (loss) from continuing operations - diluted earnings per share - reported…
  21. 4Q 2017 Earnings Call – WPX Energy, Inc. – slide 21
    Reconciliation Adjusted 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 (12) (198) (219) (172) (601) 92 76 (146) (38) (16)…

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