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2Q 2018 Earnings Call Presentation – WPX Energy, Inc.

WPX Energy, Inc. · Aug 2, 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. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 1
    SECOND-QUARTER 2018 EARNINGS CALL AUGUST 2, 2018
  2. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 2
    WPX Today 2Q 2018 80.8 MBBL/D OIL PRODUCTION (MBBL/D)1 3Q 2015 23.5 MBBL/D 1 2 3 STRONG CREATING REMAINING 81- OIL PRODUCTION (MBBL/D)1 EXECUTION OPPORTUNITIES DISCIPLINED IN BOTH BASINS MARKETING & MIDSTREAM…
  3. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 3
    Strategic Transformation Delivering Results 300 2012 2013 2014 2015 2016 2017 2018 40 SOLD SOLD SOLD SOLD SOLD BARNETT (1Q) APCO (1Q) PICEANCE (1Q) SAN JUAN SJ GALLUP MARCELLUS (1Q) DRY GAS (1Q) 35 POWDER RIVER (3Q) (4Q) 250…
  4. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 4
    2Q 2018 Earnings Overview SECOND QUARTER HIGHLIGHTS OIL VOLUMES PRODUCT CASH FLOW REVENUES 80.8 MBBL/D FROM OPERATIONS UP 61% Y/Y 520MM 283MM UP 130% Y/Y UP 136% Y/Y ANNUALIZED UNHEDGED ADJUSTED NET DEBT/ADJ EBITDAX1…
  5. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 5
    Operational Update Clay Gaspar, President & Chief Operating Officer
  6. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 6
    Continued Progress in the Delaware 25 EDDY LEA 20 NM TX MBO/1K FT 15 LOVING CULBERSON 10 5 REEVES W P X S T A T E L I N E CUMULATIVE OIL PRODUCTION (MBO/1K)1 0 1 2 3 4 5 6 MONTHS OF PRODUCTION 7 8 9 10 11 12…
  7. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 7
    2Q 2018 Delaware Basin 94% 45 200 180 40 INCREASE IN OIL VOLUMES 160 35 2Q17 vs. 2Q18 140 30 CUM MBOE MBBL/D 120 25 100 80 20 60 15 40 10 20 TUCKER DRAW PAD 7,500 LATERALS 5 - 1Q17 2Q17 3Q17 4Q17 1Q18…
  8. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 8
    2Q 2018 Williston Basin 39% 45 300 40 250 INCREASE IN OIL VOLUMES 2Q17 vs. 2Q18 35 200 CUM MBOE MBBL/D 30 150 25 100 20 50 15 0 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 0 30 60 90 120 150 180 210 240 270 300 330…
  9. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 9
    Financial Update Kevin Vann, Chief Financial Officer
  10. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 10
    2Q 2018 Actual Results 2Q 2018 2017 Average Daily Production Oil (Mbbl/d) 80.8 50.2 Gas (MMcf/d) 152 92 NGLs (Mbbl/d) 18.8 10.5 Equivalent (MBOE/d) 125.0 76.1 Adjusted EBITDAX 287 123 Adjusted Net Income (Loss) 23 (54)…
  11. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 11
    WPX Protected from Midland Basis Widening WPXs 2019 EBITDA not impacted by widening Midland Differentials Permian peers EBITDA impacted -9% with (15.00) differential Permian peers EBITDA impacted -15% with (20.00) differential 2019…
  12. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 12
    2018 Full-Year Guidance1 Production FY 2018 Avg. Price Differentials5 FY 2018 Oil Mbbl/d 78 82 Oil WTI per barrel (3.50) (4.50) Natural Gas MMcf/d 150 160 NYMEX Nat. Gas (Mcf) (1.25) (1.50) NGL Mbbl/d 19 21 Total MBOE/d 122 130 Net…
  13. 2Q 2018 Earnings Call 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. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 14
    Appendix
  15. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 15
    Debt Overview No maturity until 2022 1.5B revolver, maturing in 2023 Reduced debt 421M since YE17 Current Senior Debt Maturities 1,500 1,250 1,000 (MM) 750 650 529 500 500 500 5.25% 6.00% 250 8.25% 5.75% 0…
  16. 2Q 2018 Earnings Call 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. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 17
    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…
  18. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 18
    Crude Takeaway - Access to Premium Markets AUG-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…
  19. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 19
    Gas Takeaway Creates Flow Assurance AUG-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…
  20. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 20
    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 64.04 2.73 2.30 24.36 24.15 Price Revenue Adjustments1 (.30) (.41)…
  21. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 21
    WPX Hedges Updated: August 1, 2018 Jul - Dec 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 38,000 53.49 - - Fixed Price Calls 13,000 58.89…
  22. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 22
    Consolidated Statement of Operations (GAAP) 2017 2018 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr YTD Revenues: Product revenues: Oil sales 159 194 218 308 879 360 468 828 Natural gas sales 17 16 13 21…
  23. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 23
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Non-GAAP) 2017 2018 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr YTD Reconciliation of adjusted income (loss) from continuing operations…
  24. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 24
    Reconciliation Adjusted Diluted Income (Loss) Per Common Share 2017 2018 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr YTD Reconciliation of adjusted diluted income (loss) per common share: Income (loss)…
  25. 2Q 2018 Earnings Call Presentation – WPX Energy, Inc. – slide 25
    Reconciliation Adjusted EBITDAX (Non-GAAP) 2017 2018 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr YTD Reconciliation of Adjusted EBITDAX Net income (loss) - reported 92 76 (146) (38) (16) (115) (81)…

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