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Three Year Outlook and 2017 Results – Newfield Exploration Co.

Newfield Exploration Co. · Feb 20, 2018 · 42 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. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 1
    3YR OUTLOOK & 2017 RESULTS NFX NFX is periodically published to keep stockholders aware of current operating activities at Newfield. It may include estimates of expected production volumes, costs and expenses, recent changes to…
  2. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 2
    3YR Plan Objectives Our Focus is Clear Returns Focused Strong Margins, Returns and Development Plan Debt Adjusted Growth2 Nearterm drilling focused Improved well IRR (50% on highest returns pretax) across Development drilling in…
  3. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 3
    Strong 3YR Plan Driven By HighGraded STACK Development Drilling Investing: STACK 3YR Plan Well Profile 4.2 billion of capital investments 300 thru 2020E1 250 CUMULATIVE MBOE 90% allocated to D&C (drill and 200 complete)…
  4. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 4
    Strong Domestic Production Profile and Debt Adjusted Growth Sustained growth within cash flow Projecting 16 MMBOE increase in production relative to original 3YR Plan 225250 195215 MBOEPD 170183 1823 1623 152 144…
  5. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 5
    Anadarko Basin Growth Driven By HighGraded Drilling Program Nearly 550 operated wells will be placed on production during 3YR Plan Potential to grow production 75100 MBOEPD over next three years Oil volume annualized growth estimated…
  6. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 6
    Strong Cash Flow Profile and Debt Adjusted Growth Estimated Cash Flow v. CAPEX Estimate1,4 2,500 2,000 1,500 1,000 500 MM 0 (500) 1,155 1,300 1,400 1,500 (1,000) (1,500) (2,000) 2017A 2018E 2019E 2020E CAPEX…
  7. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 7
    Leverage Decreases Throughout 3YR Plan Expect to lower net debt to adjusted EBITDA throughout 3YR Plan Maintain significant liquidity throughout 3YR Plan Optionality to address longterm debt maturities No maturities within planning…
  8. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 8
    Amending 2018 Annual Incentive Pay Metrics 2017 AIP Metrics 2018 AIP Metrics Weight Definition Weight Definition 15% Domestic Production 12.5% Debt Adjusted Production Growth Per Diluted Share 15% Domestic 1P Reserve Replacement…
  9. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 9
    2018 Capital Investment Program Anadarko Basin D&C Capital 140160 operated wells 920 MM 80% of D&C 2025% estimated production growth YOY 2530% estimated oil growth YOY Rockies: 245 MM Williston Basin 2025 operated wells 90100…
  10. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 10
    Asset Overview
  11. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 11
    Anadarko Basin is a WorldClass Resource Play OSWEGO SPRINGER 1,150 FT MERGE NORTH STACK STACK NORTH SCOOP SCOOP 150 MILES SCORE Hydrocarbon Saturated Column STACK infill pilots drilled to date (78 wells) provide high…
  12. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 12
    Cumulative Infill Test Results Provide Confidence in 3YR Plan 78 Infill Well Performance v. 3YR Plan Type Curve 350 90 300 80 STACK AVG. CUMULATIVE MBOE STARK 10 WELL PAD 70 AVG. GPI: 9,953 250 60 Well Count AVG.…
  13. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 13
    Well Density Tests Helping Unlock Upside (Velta June) VELTA JUNE 12WELL INFILL LATERAL LENGTH: 5,000 AVG. IP30: 1,195 BOEPD (68% OIL) Velta June (Normalized to 10,000) v. 3YR Plan Type Curve 200 AVG. CUMULATIVE MBOE…
  14. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 14
    Eastern Infill Test Pushes Extent of Play Across NFX Position JACKSON / FLORENE 4 WELL TEST LATERAL LENGTH: 10,146 AVG. IP120: 996 BOEPD (77% OIL) ANNUSCHAT / BERNARD HBP WELLS AVG. LATERAL LENGTH: 10,126 AVG. CUM: 359 MBOE…
  15. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 15
    Significant Activity Progressing SCORE Program MEDILL 127H (MRMC) BRAVO 282012 1HC (MRMC) MENDELL 1609 1H2 (OSGE) LOW VALLEY 1807 1LMH36 (OSGE) LANKARD 1706 634MH (OSGE) GPI: 4,663 GPI: 9,953 GPI: 4,445 GPI: 4,925 GPI: 4,855 IP30: 925…
  16. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 16
    Newfields Expansive Anadarko Basin Resource & Inventory STACK Anadarko Basin Inventory 3YR Plan Age Formation Depth Thickness Acreage 5% Oswego Limestone 6,5008,500 75125 45,000 Penn Atoka / Morrow Chester (Seal) SiluroDev…
  17. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 17
    Driving STACK Efficiencies Through Operational Leadership Completion Cost (/bbl)* Drilling Cost (/GPI) 14 450 400 12 350 10 300 8 250 6 200 150 4 100 2 50 0 0 Peer 1 Peer 2 Peer 3 Peer 4 NFX Peer 5 Peer 1 Peer 2 Peer 3…
  18. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 18
    Company Leveraging Strong Williston Basin Performance SAND CREEK FEDERAL 4WELL PAD (MB/TF1) GPI: 9,978 Williston Type Curve AVG. IP30: 1,840 BOEPD (66% OIL) 400 350 ANDERSON 4WELL PAD (MB & TF2) 300 GPI: 9,985 250 AVG. IP30: 1,724…
  19. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 19
    Uinta Basin Provides Deep Inventory of Stacked Horizons UGR L.Green River 4,000+ FT Wasatch Mesa Verde & Mancos 3,000+ FT AltamontBlue Bell Central Basin Myton Monument Butte 40 miles Oil Saturated Column Gas Saturated…
  20. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 20
    Strong Recent Horizontal Uinta Basin Results BB 32144H22 (WST) Dallas 2Well Pad (UB) BB 32144H21 (UB) GPI: 10,000 GPI: 9,441 GPI: 9,477 IP30: 1,500 BOEPD (89% OIL) Avg. IP30: 1,399 BOEPD (91% OIL) IP30: 1,252 BOEPD1 (91% OIL) BB…
  21. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 21
    2017 Results
  22. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 22
    2017 Highlights Operational Financial Beat domestic production guidance by delivering Increased consolidated cash flow from operations 10% growth vs. original guidance of 35% before working capital adjustments by over 250 million…
  23. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 23
    Operational Performance Drives Strong Reserve Growth YE17 Proved Reserves by Area Anadarko Basin YE17 Proved Reserves 477 Arkoma China…
  24. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 24
    4Q17 Domestic Results 4Q DOMESTIC RESULTS 3Q ACTUAL 4Q GUIDANCE 4Q ACTUAL PRODUCTION Oil (mbopd) 65.5 63.2 67.9 67.1 NGL (mbopd) 35.6 35.6 38.3 36.3 Gas (mmcfpd) 347.5 379.2 407.4 398.3 Total (mboepd) 159.1 162.0 174.0 169.8…
  25. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 25
    4Q17 Basin Results 4Q BASIN RESULTS ANADARKO WILLISTON UINTA ARKOMA PRODUCTION Oil (mbopd) 39.2 13.3 14.6 0.0 NGL (mbopd) 32.4 3.3 0.4 0.2 Gas (mmcfpd) 274.3 22.0 19.4 80.7 Total (mboepd) 117.3 20.3 18.2 13.7 EXPENSES (/BOE)…
  26. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 26
    2017 Domestic Results 2017 DOMESTIC RESULTS 2016 PF ACTUAL 2017 GUIDANCE 2017 ACTUAL PRODUCTION Oil (mbopd) 54.5 60.0 61.6 61.2 NGL (mbopd) 27.7 31.5 32.3 31.7 Gas (mmcfpd) 339.3 351.0 360.4 356.5 Total (mboepd) 138.8 150.0 154.0…
  27. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 27
    2017 Basin Results 2017 BASIN RESULTS ANADARKO WILLISTON UINTA ARKOMA PRODUCTION Oil (mbopd) 33.8 13.3 13.9 0.1 NGL (mbopd) 27.7 3.4 0.4 0.2 Gas (mmcfpd) 229.4 21.9 18.6 83.6 Total (mboepd) 99.7 20.3 17.4 14.2 EXPENSES (/BOE)…
  28. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 28
    APPENDIX
  29. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 29
    2018 Annual Guidance DOMESTIC GUIDANCE 2017 ACTUAL 2018 ESTIMATES PRODUCTION Oil (mbopd) 61.2 74 NGL (mbopd) 31.7 35 Gas (mmcfpd) 356.5 408 Total (mboepd) 152.2 170 183 EXPENSES (/BOE) LOE 3.47 3.43 Transportation* 5.40 5.09…
  30. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 30
    2018 Basin Annual Guidance 2018 BASIN GUIDANCE ANADARKO WILLISTON UINTA ARKOMA PRODUCTION Oil (mbopd) 42 14 16 0 NGL (mbopd) 31 4 0 0 Gas (mmcfpd) 291 20 16 79 Total (mboepd) 116 128 20 23 18 21 12 14 EXPENSES (/BOE) LOE 1.89 4.81…
  31. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 31
    2018 Domestic & Anadarko Quarterly Guidance DOMESTIC GUIDANCE 4Q17A 1Q18E 2Q18E 3Q18E 4Q18E PRODUCTION Oil (mbopd) 67.1 71 72 77 75 NGL (mbopd) 36.3 33 34 36 39 Gas (mmcfpd) 398.3 394 402 412 424 Total (mboepd) 169.8 167 173** 169…
  32. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 32
    STACK 3YR Plan Modeling Assumptions MODELING ASSUMPTIONS STACK STACK 3YR Plan Well Profile PRODUCTION 300 Avg. IP30 (BOEPD) 1,300 250 CUMULATIVE MBOE Avg. IP30 (% oil / % liquids) 59% / 79% Avg. EUR (Mboe) 1,300 200 Avg. EUR…
  33. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 33
    SCOOP Basin 3YR Plan Modeling Assumptions MODELING ASSUMPTIONS SCOOP Oil SCOOP Wet Gas SCOOP OIL 3YR Plan Type Curve PRODUCTION 300 Avg. IP30 (BOEPD) 1,035 1,750 250 Avg. IP30 (Mbo oil / Mboe liquids) 695 / 870 420 / 1,100 200…
  34. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 34
    Williston Basin 3YR Plan Modeling Assumptions MODELING ASSUMPTIONS Williston Williston Basin 3YR Plan Type Curve 400 PRODUCTION Avg. IP30 (BOEPD) 2,121 300 Avg. IP30 (% oil / % liquids) 65% / 83% MBOE Avg. EUR (Mboe) 1,050 200…
  35. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 35
    OIL HEDGING DETAILS AS OF 02/15/18 WEIGHTEDAVERAGE PRICE VOLUME SWAPS W/ COLLARS W/ SHORT PERIOD SWAPS COLLARS11 (BBL/D) SHORT PUTS10 PUTS12 9,000 52.56 1Q 2018 51,000 39.76/48.8456.33 44,000 54.62 2Q 2018 14,000…
  36. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 36
    OIL HEDGING DETAILS AS OF 02/15/18 WEIGHTEDAVERAGE PRICE VOLUME SWAPS W/ COLLARS W/ SHORT PERIOD SWAPS COLLARS (BBL/D) SHORT PUTS PUTS13 1Q 2019 36,500 40.47/50.5357.02 2Q 2019 33,500 40.48/50.5157.04 3Q 2019 27,000…
  37. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 37
    OIL HEDGING DETAILS AS OF 02/15/18 The following table details the expected impact to pretax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various NYMEX oil…
  38. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 38
    GAS HEDGING DETAILS AS OF 02/15/18 WEIGHTEDAVERAGE PRICE VOLUME SWAPS W/ COLLARS W/ PERIOD SWAPS COLLARS (MMBTU/D) SHORT PUTS14 SHORT PUTS15 30,000 3.01 13,800 2.60/2.97 1Q 2018 200,000 3.143.72 160,000 2.99 40,000…
  39. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 39
    GAS HEDGING DETAILS AS OF 02/15/18 WEIGHTEDAVERAGE PRICE PERIOD VOLUME (MMBTU/D) SWAPS COLLARS 10,000 2.91 1Q 2019 100,000 3.003.47 10,000 2.91 2Q 2019 10,000 2.91 3Q 2019 10,000 2.91 4Q 2019 41
  40. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 40
    GAS HEDGING DETAILS AS OF 02/15/18 The following table details the expected impact to pretax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various NYMEX gas…
  41. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 41
    PROPANE HEDGING DETAILS AS OF 02/15/18 WEIGHTEDAVERAGE PRICE PERIOD VOLUME (BBL/D) SWAPS (/GAL) 1Q 2018 4,700 .818 2Q 2018 5,000 .819 3Q 2018 4,000 .811 4Q 2018 3,000 .807 43
  42. Three Year Outlook and 2017 Results – Newfield Exploration Co. – slide 42
    PROPANE HEDGING DETAILS AS OF 02/15/18 The following table details the expected impact to pretax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various Mont Belvieu…

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