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1Q 2018 Earnings Presentation – WPX Energy, Inc.

WPX Energy, Inc. · May 3, 2018 · 23 slides

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Slides

  1. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 1
    FIRST-QUARTER 2018 EARNINGS CALL MAY 3, 2018
  2. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 2
    WPX Today MARKET SNAPSHOT1 WILLISTON NYSE SYMBOL: WPX MARKET CAP: 6.8B ENTERPRISE VALUE: 9.1B HEADQUARTERS SHARE COUNT: 400MM TULSA, OK DELAWARE DELAWARE BASIN WILLISTON BASIN MIDSTREAM ASSETS 131,000 net acres2 85,000 net…
  3. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 3
    Recent Highlights OPERATIONAL Delaware oil grew 149% 1Q17 to 1Q18 Arikara pad produced 329,000+ barrels of oil in first 30 days Guiding to 76 MBO/D in 2Q18 FINANCIAL Renegotiated credit facility increasing capacity to 1.5B…
  4. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 4
    Operational Update Clay Gaspar, President & Chief Operating Officer
  5. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 5
    Crude Takeaway - Access to Premium Markets MAY-DEC 2018 Unhedged 2% Firm CUSHING Midland Sales Brent Hedged2 39% 27% ORYX II Cushing-WTI Gulf Coast1 MIDLAND 10% 22% HOUSTON FY 2019 Unhedged CORPUS 7% CHRISTI…
  6. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 6
    Gas Takeaway Creates Flow Assurance MAY-DEC 2018 Firm Sales/Hedge Houston Volumes Ship 41% Channel 59% STATELINE ATMOS AGREEMENT ACREAGE UP TO 200,000 MMBTU/D WAHA FROM WAHA TO KATY, TX HOUSTON SHIP FY 2019 CHANNEL…
  7. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 7
    1Q 2018 Delaware Basin 40 35 149% 30 25 MBBL/D 20 15 INCREASE IN OIL VOLUMES 10 1Q17 vs. 1Q18 5 0 1Q17 2Q17 3Q17 4Q17 1Q18 DELAWARE OIL VOLUMES OPERATIONS SUPPLY CHAIN 7 rigs running / 3 frac crews Sand 12…
  8. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 8
    1Q 2018 Williston Basin 140 BEHR PAD ARIKARA PAD MANDAN NORTH HOWLING LAWRENCE (4 WELLS) (3 WELLS) WOLF BULL EARLY TIME PERFORMANCE 120 OTTER (6 WELLS) (4 WELLS) JOSEPH EAGLE WOMAN (3 WELLS) (5 WELLS) GRIZZLY PAD (5 WELLS)…
  9. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 9
    Financial Update Kevin Vann, Chief Financial Officer
  10. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 10
    1Q 2018 Actual Results 1Q 2018 2017 Average Daily Production Oil (Mbbl/d) 65.8 38.9 Gas (MMcf/d) 132 86 NGLs (Mbbl/d) 14.9 7.8 Equivalent (MBOE/d) 102.7 61.1 Adjusted EBITDAX 200 85 Adjusted Net Income (Loss) from…
  11. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 11
    Reducing Absolute Debt 500MM Debt Tender With Our Next Meaningful Maturity Not Until 2022 Senior Debt Maturities After Tender Offer 1,400 1,200 1,000 929 800 MM 650 600 500 400 200 21 0 2018 2019 2020 2021 2022…
  12. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 12
    Portfolio Transformation Driving High Margins Unhedged EBITDAX Per BOE Shifting 28 Commodity Mix 26 69% MARGIN INCREASE 24 2017 1Q17 to 1Q18 Excluding San Juan WTI Increased 20% during this period 64% Unhedged EBITDAX per…
  13. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 13
    WPX: Positioned for Long-Term Value Creation FINANCIAL OIL STRENGTH FOCUSED LEVERAGE OF 1.5X DURING 2019 150 MBBL/D DURING 2022 MIDSTREAM DEEP OPTIONALITY INVENTORY VALUE CREATION/FLOW ASSURANCE OF HIGH RETURNS 13
  14. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 14
    Appendix
  15. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 15
    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…
  16. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 16
    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…
  17. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 17
    2018 Full-Year Guidance1 Production FY 2018 Avg. Price Differentials4 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…
  18. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 18
    WPX Hedges Updated: April 27, 2018 Q2-Q4 2018 2019 2020 Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price Crude Oil (bbl) Fixed Price Swaps1 57,500 52.82 34,000 52.30 - - Fixed Price Calls 13,000 58.89 5,000…
  19. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 19
    Domestic Price Realization for 2018 Oil (/bbl) Gas (/Mcf) NGL (/bbl) 1Q 18 2Q18 3Q18 4Q 18 1Q 18 2Q18 3Q18 4Q 18 1Q 18 2Q18 3Q18 4Q 18 Weighted-Average Sales 61.21 2.73 24.36 Price Revenue Adjustments1 (.30) (1.29) (2.22) Net…
  20. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 20
    Consolidated Statement of Operations (GAAP) 2017 2018 (Dollars in millions) 1Q 2Q 3Q 4Q Year 1Q Revenues: Product revenues: Oil sales 159 194 218 308 879 360 Natural gas sales 17 16 13 21 67 17 Natural gas liquid sales 11 16 16 27…
  21. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 21
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Non-GAAP) 2017 2018 (Dollars in millions) 1Q 1Q Reconciliation of adjusted income (loss) from continuing operations available to common stockholders: Income (loss)…
  22. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 22
    Reconciliation Adjusted Diluted Loss Per Common Share 2017 2018 (Dollars in millions) 1Q 1Q Reconciliation of adjusted diluted income (loss) per common share: Income (loss) from continuing operations - diluted earnings per share…
  23. 1Q 2018 Earnings Presentation – WPX Energy, Inc. – slide 23
    Reconciliation Adjusted EBITDAX (Non-GAAP) 2017 2018 (Dollars in millions, except per share amounts) 1Q 2Q 3Q 4Q Year 1Q Reconciliation of Adjusted EBITDAX Net income (loss) - reported 92 76 (146) (38) (16) (115) Interest expense…

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