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1Q 2019 Earnings Presentation – Apache Corp

Apache Corp · May 1, 2019 · 35 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 2019 Earnings Presentation – Apache Corp – slide 1
    FIRST-QUARTER 2019 FINANCIAL & OPERATIONAL SUPPLEMENT
  2. 1Q 2019 Earnings Presentation – Apache Corp – slide 2
    1Q 2019 KEY METRICS 1Q 2019 Reported Production 503 Mboe/d Adjusted Production(1) 437 Mboe/d Cost Incurred in Oil and Gas Property 674 Million Upstream Capital Investment(2) 597 Million Net Cash Provided by Operating…
  3. 1Q 2019 Earnings Presentation – Apache Corp – slide 3
    Delivering Value: 1Q 2019 Highlights 1Q Results Appendix Non-GAAP Reconciliations 4
  4. 1Q 2019 Earnings Presentation – Apache Corp – slide 4
    FRAMEWORK FOR LONG-TERM VALUE CREATION BALANCED PORTFOLIO APPROACH Capital Allocation Focused on Maintaining Free Cash Flow Generators and Developing Long-Term Growth Optionality SUSTAINABLE PRODUCTION GROWTH Growing Permian Basin…
  5. 1Q 2019 Earnings Presentation – Apache Corp – slide 5
    1Q 2019 HIGHLIGHTS Strong Production Growth on Lower Capital Investment Reduced upstream capital investment Adjusted production of by 27% 437 MBOE/D 218MM from 4Q18 12 MBOE/d above guidance 16 MBOE/d increase from 4Q18 Altus…
  6. 1Q 2019 Earnings Presentation – Apache Corp – slide 6
    2019 CAPITAL BUDGET & RIG ACTIVITY UNCHANGED Upstream Capital Budget United States Permian Basin 2.4 Bn Average 12 rigs Liquids Growth Bring online 85 wells at Alpine High with rich gas development focus Bring online 67 wells in…
  7. 1Q 2019 Earnings Presentation – Apache Corp – slide 7
    PERMIAN OIL PRODUCTION GROWTH 120 105 99 98 100 100 96 90 90 85 85 80 Frac Holiday Frac Holiday Impact Impact 60 40 20 0 4Q17 4Q'17 1Q18 1Q'18 2Q18 2Q'18 3Q18 3Q'18 4Q18 4Q'18 1Q19 1Q'19 2Q19E 2Q'19E 3Q19E 3Q'19E…
  8. 1Q 2019 Earnings Presentation – Apache Corp – slide 8
    2019 ALPINE HIGH PRODUCTION OUTLOOK 120 100 Majority of gas deferrals occur in 2Q19 Rich gas volumes begin to return in May with cryo 100 Some dry gas expected to remain offline in 3Q19 Est. Deferrals 85 - 95 80 70 Est. 58…
  9. 1Q 2019 Earnings Presentation – Apache Corp – slide 9
    2019 ADJUSTED INTL PRODUCTION OUTLOOK 160 North Sea Seasonal North Sea Seasonal 132 - 135 140 TAR Impact 145 TAR Impact 138 120 128 132 123 100 80 60 40 20 0 3Q18 3Q'18 4Q18 4Q'18 1Q19 1Q'19 2Q19E 2Q'19E 3Q19E 3Q'19E…
  10. 1Q 2019 Earnings Presentation – Apache Corp – slide 10
    ALPINE HIGH WELL COST IMPROVEMENTS Average Drilling Costs Average Completions Costs /Ft /Lateral Ft 300 800 250 700 698 242 600 200 615 202 500 194 150 400 476 458 153 100 300 200 50 100 0 0 2017 2018 2019 1Q 2017 2018…
  11. 1Q 2019 Earnings Presentation – Apache Corp – slide 11
    ALPINE HIGH RICH GAS UNDER CRYO & GULF COAST PRICING Estimated Annual Cash Margins from one Cryo Unit (200 MMCF/d Gross Wellhead Gas) 270 - 300 100 in Millions Key Assumptions 3rd Party Average Heat Content Oil 1,150 1,200 BTU…
  12. 1Q 2019 Earnings Presentation – Apache Corp – slide 12
    MONT BLANC VS BLACKFOOT STATE PAD Improved Productivity Through Pattern & Completion Design Cumulative Gas Production per Well (MCF) Comparison Highlights 2,000,000 Mont Blanc pad has higher cumulative 1,800,000 Mont Blanc production…
  13. 1Q 2019 Earnings Presentation – Apache Corp – slide 13
    Delivering Value: 1Q 2019 Highlights 1Q Results Appendix Non-GAAP Reconciliations 14
  14. 1Q 2019 Earnings Presentation – Apache Corp – slide 14
    1Q 2019 GLOBAL PORTFOLIO Balanced Portfolio Aligns Returns Focus & Strategic Objectives GLOBAL UNITED STATES INTERNATIONAL 502,877 BOE/D 291,693 BOE/D Reported Production 211,184 BOE/D Reported Production Reported Production 67…
  15. 1Q 2019 Earnings Presentation – Apache Corp – slide 15
    1Q PERMIAN SUMMARY 36% YoY Net Production Growth MIDLAND BASIN REGION STATS Averaged 6 rigs, 1 frac crew and placed 18 wells on production 247,939 BOE/D Maintained production with significant decrease in completions Reported…
  16. 1Q 2019 Earnings Presentation – Apache Corp – slide 16
    WELL HIGHLIGHTS: MIDLAND BASIN Wildfire Glasscock MIDLAND BASIN Midland 2 Powell 1 Upton Reagan LATERAL AVG 30-DAY AVG 30-DAY IP PAD FORMATION AREA COUNTY OIL (FT) IP/WELL BOEPD/1,000 FT 1 CC 33 (8 Wells)…
  17. 1Q 2019 Earnings Presentation – Apache Corp – slide 17
    WELL HIGHLIGHTS: ALPINE HIGH/DELAWARE BASIN ALPINE HIGH / OTHER DELAWARE 2 Reeves 1 LATERAL AVG 30-DAY AVG 30-DAY IP BTU PAD / WELL FORMATION AREA COUNTY Oil % (FT) IP/WELL BOEPD/1,000 FT CONTENT Alpine High Rich Gas…
  18. 1Q 2019 Earnings Presentation – Apache Corp – slide 18
    1Q EGYPT SUMMARY Laying Foundation for Future Growth REGION HIGHLIGHTS REGION STATS Identified several hundred new leads and prospects thus far, in both legacy and new concession areas under current seismic 145,351 BOE/D shoot…
  19. 1Q 2019 Earnings Presentation – Apache Corp – slide 19
    1Q NORTH SEA SUMMARY Highest Quarterly Production in Two Years REGION HIGHLIGHTS REGION STATS New development well at Callater, full quarter of production at Garten and high facilities uptime drive higher production for 65,833…
  20. 1Q 2019 Earnings Presentation – Apache Corp – slide 20
    1Q 2019 OPERATING CASH MARGINS Brent Oil Price Exposure Drives Strong International Margins Egypt North Sea Permian 60 57 / Boe 50 46 / Boe 40 43 Per Boe 30 36 Per Boe 27 / Boe 20 16 14 / Boe Per Boe 10 / Boe 11 / Boe…
  21. 1Q 2019 Earnings Presentation – Apache Corp – slide 21
    CONSOLIDATED NET DEBT RECONCILIATION 1Q 2019 ( in millions) 10,000 9,000 138 107 94 237 729 8,106 7 8,000 7,530 736 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Net Debt Label E&P Capex Label GPTLabel Capex &…
  22. 1Q 2019 Earnings Presentation – Apache Corp – slide 22
    2019 GUIDANCE (1) Refer to glossary of referenced terms for definition of Upstream Capital Investment. (2) Represents combination of 100% Altus Midstream Company operating expense and Apache upstream GPT costs. (3) Excludes dry hole…
  23. 1Q 2019 Earnings Presentation – Apache Corp – slide 23
    2Q 2019 GUIDANCE (1) Volumes associated with announced sales under contract have not been removed. (2) Refer to glossary of referenced terms for definition of Upstream Capital Investment. (3) Represents combination of 100% Altus…
  24. 1Q 2019 Earnings Presentation – Apache Corp – slide 24
    Delivering Value: 1Q 2019 Highlights 1Q Results Appendix Non-GAAP Reconciliations 25
  25. 1Q 2019 Earnings Presentation – Apache Corp – slide 25
    GLOSSARY OF REFERENCED TERMS Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, capitalized overhead, and settled asset retirement obligations, and excludes capitalized…
  26. 1Q 2019 Earnings Presentation – Apache Corp – slide 26
    UPSTREAM CAPITAL INVESTMENT ( in Millions) 1Q19 Permian... 415 MidCon / Gulf Coast... 18 Gulf of Mexico. 12 United States... 445 Egypt (Apache's interest only). 88 North Sea 62 Other.... 2 Upstream Capital Investment Total…
  27. 1Q 2019 Earnings Presentation – Apache Corp – slide 27
    OPEN COMMODITY DERIVATIVE POSITIONS As of April 30, 2019 Oil Basis Hedges Weighted BBL Average Price Production Period Index (per day) Differential April - September 2019 Midland/WTI 27,000 (8.60) October - December 2019…
  28. 1Q 2019 Earnings Presentation – Apache Corp – slide 28
    EGYPT: PRODUCTION DETAIL 4Q 2018 1Q 2019 Liquids Gas Liquids Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 209,684 751,848 334,992 206,050 755,715 332,003 Reported Production 86,980 291,196 135,513 92,766 315,508…
  29. 1Q 2019 Earnings Presentation – Apache Corp – slide 29
    Delivering Value: 1Q 2019 Highlights 1Q Results Appendix Non-GAAP Reconciliations 30
  30. 1Q 2019 Earnings Presentation – Apache Corp – slide 30
    NON-GAAP RECONCILIATION Adjusted Earnings Reconciliation of Income Attributable to Common Stock to Adjusted Earnings Our presentation of adjusted earnings and adjusted earnings per share are non-GAAP measures because they exclude the…
  31. 1Q 2019 Earnings Presentation – Apache Corp – slide 31
    NON-GAAP RECONCILIATION Adjusted EBITDAX Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDAX Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and…
  32. 1Q 2019 Earnings Presentation – Apache Corp – slide 32
    NON-GAAP RECONCILIATION Regional Cash Flows Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Continuing Operations before Changes in Operating Assets and Liabilities Cash flows from continuing operations…
  33. 1Q 2019 Earnings Presentation – Apache Corp – slide 33
    NON-GAAP RECONCILIATION Cash Flow From Operations Before Changes in Operating Assets and Liabilities Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Operations before Changes in Operating Assets and…
  34. 1Q 2019 Earnings Presentation – Apache Corp – slide 34
    NON-GAAP RECONCILIATION Net Debt Reconciliation of Debt to Net Debt Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company's…
  35. 1Q 2019 Earnings Presentation – Apache Corp – slide 35
    NON-GAAP RECONCILIATION Upstream Capital Investment Reconciliation of Costs Incurred to Upstream Capital Investment Management believes the presentation of upstream capital investments is useful for investors to assess Apache's…

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