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1Q 2018 Earnings Call Presentation – Newfield Exploration Co.

Newfield Exploration Co. · May 1, 2018 · 25 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. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 1
    1Q18 UPDATE 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 hedging positions…
  2. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 2
    First Quarter Highlights: Delivering On Our Plan We are on track to deliver our 2018 guidance and 3YR Plan 1Q18 domestic net production up 25% Y-o-Y: 173,600 BOEPD (41% oil, 61% liquids) RECORD 1Q18 Anadarko net production up 34%…
  3. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 3
    Strong Domestic Production Driven by Anadarko Basin Increased 2018E domestic production expectations based on strong 1Q results (ahead of 3YR Plan objectives) Raised Anadarko Basin 2018E guidance based on strong well performance On…
  4. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 4
    Operated Meramec Development Supports 3YR Plan 350 Development Projects In-Line / Above 3YR Plan TC 300 AVG. CUMULATIVE MBOE 250 200 150 100 50 STARK - 10 WELL INFILL 0 AVG. GPI: 9,953 0 2 4 6 8 10 12 REACHED PAYOUT…
  5. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 5
    Strong Gas Results in Western STACK HBP Program Recent Newfield operated wells demonstrate prolific nature of region IP24 for key wells: Sandrock 1H-12X: 29,000 mcfepd Debbie 1H-3X: 27,500 mcfepd Sawyer 1H-27X: 2,483 boepd…
  6. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 6
    Proactive Marketing Unlocking 1Q18 Premium Realizations Anadarko Basin crude receiving 1Q18 Crude 1Q18 NGL 1Q18 Gas top-tier pricing amongst US basins (blended average of Basin % of WTI2 % of WTI2 % of HHub2 approximately 100% of…
  7. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 7
    Leverage Decreases Throughout 3YR Plan Expect to lower net debt to Adjusted EBITDA ratio throughout 3YR Plan Improved liquidity with recent expansion of Credit Facility 2.0 billion undrawn unsecured credit facility (+200 million); term…
  8. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 8
    1Q18 Results
  9. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 9
    1Q18 Domestic Results 4Q17 ACTUAL 1Q18 GUIDANCE 1Q18 ACTUAL PRODUCTION Oil (mbopd) 67 71 72 NGL (mbopd) 36 33 35 Gas (mmcfpd) 398 394 401 Total (mboepd) 170 167-173 174 EXPENSES (/BOE)* LOE 3.18 3.43 3.52 Transportation** 4.92…
  10. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 10
    1Q18 Basin Results ANADARKO WILLISTON UINTA ARKOMA PRODUCTION Oil (mbopd) 40.2 14.0 17.0 0.0 NGL (mbopd) 30.9 3.4 0.6 0.2 Gas (mmcfpd) 278.8 18.2 16.7 84.1 Total (mboepd) 117.5 20.4 20.3 14.3 EXPENSES (/BOE) LOE 2.06 4.96 10.44…
  11. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 11
    2018 Annual Guidance DOMESTIC GUIDANCE 2017 ACTUAL 2018 ESTIMATES PRODUCTION Oil (mbopd) 61.2 74 NGL (mbopd) 31.7 38 Gas (mmcfpd) 356.5 412 Total (mboepd) 152.2 175 - 185 EXPENSES (/BOE) LOE 3.47 3.43 Transportation* 5.40 4.95…
  12. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 12
    2018 Quarterly Guidance 1Q18 1Q18 DOMESTIC GUIDANCE 2Q18E 3Q18E 4Q18E GUIDANCE ACTUAL PRODUCTION Oil (mbopd) 71 72 72 77 75 NGL (mbopd) 33 35 37 38 42 Gas (mmcfpd) 394 401 402 412 430 Total (mboepd) 167-173 174 172 180 179 187 183…
  13. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 13
    APPENDIX
  14. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 14
    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…
  15. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 15
    SCOOP 3YR Plan Modeling Assumptions MODELING ASSUMPTIONS SCOOP Oil SCOOP Wet Gas SCOOP Oil 3YR Plan Type Curve PRODUCTION 350 Avg. IP30 (BOEPD) 1,035 1,750 300 250 Avg. IP30 (mbo oil / mboe liquids) 695 / 870 420 / 1,100 MBOE…
  16. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 16
    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…
  17. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 17
    OIL HEDGING DETAILS AS OF 04/26/18 WEIGHTED-AVERAGE PRICE VOLUME SWAPS W/ COLLARS W/ SHORT PERIOD SWAPS COLLARS6 (BBL/D) SHORT PUTS5 PUTS7 47,000 54.90 -- -- -- -- -- -- -- -- 2Q 2018 14,000 -- -- 50.59-56.70 -- -- -- -- -- --…
  18. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 18
    OIL HEDGING DETAILS AS OF 04/26/18 WEIGHTED-AVERAGE PRICE VOLUME SWAPS W/ COLLARS W/ SHORT PERIOD SWAPS COLLARS (BBL/D) SHORT PUTS PUTS8 -- -- -- -- -- -- -- -- -- -- 1Q 2019 -- -- -- -- -- 36,500 -- -- -- 40.47/50.53-57.02 -- --…
  19. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 19
    OIL HEDGING DETAILS AS OF 04/26/18 The following table details the expected impact to pre-tax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various NYMEX oil…
  20. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 20
    GAS HEDGING DETAILS AS OF 04/26/18 WEIGHTED-AVERAGE PRICE VOLUME SWAPS W/ COLLARS W/ PERIOD SWAPS COLLARS (MMBTU/D) SHORT PUTS9 SHORT PUTS10 160,000 2.99 -- -- -- 40,000 -- 2.60/2.97 -- -- 2Q 2018 10,000 -- -- 2.90-3.15 -- 30,000…
  21. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 21
    GAS HEDGING DETAILS AS OF 04/26/18 WEIGHTED-AVERAGE PRICE PERIOD VOLUME (MMBTU/D) SWAPS COLLARS 10,000 2.91 -- 1Q 2019 100,000 -- 3.00-3.47 10,000 2.91 -- 2Q 2019 -- -- -- 10,000 2.91 -- 3Q 2019 -- -- -- 10,000 2.91 -- 4Q…
  22. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 22
    GAS HEDGING DETAILS AS OF 04/26/18 The following table details the expected impact to pre-tax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various NYMEX gas…
  23. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 23
    PROPANE HEDGING DETAILS AS OF 04/26/18 WEIGHTED-AVERAGE PRICE PERIOD VOLUME (BBL/D) SWAPS (/GAL) 2Q 2018 5,000 .819 3Q 2018 4,000 .811 4Q 2018 3,000 .807 25
  24. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 24
    PROPANE HEDGING DETAILS AS OF 04/26/18 The following table details the expected impact to pre-tax income (in millions, except prices) from the settlement of our derivative contracts, outlined on the previous slide, at various Mont Belvieu…
  25. 1Q 2018 Earnings Call Presentation – Newfield Exploration Co. – slide 25
    Non-GAAP reconciliation of Adjusted EBITDA Twelve Months Ended December 31, March 31, ( in millions) 2016 2017 2018 Net Income (1,230) 427 366 Adjustments to derive EBITDA: Interest expense, net of capitalized interest 103 89 90…

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