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2Q 2019 Earnings Presentation – Apache Corp

Apache Corp · Aug 1, 2019 · 34 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 2019 Earnings Presentation – Apache Corp – slide 1
    SECOND-QUARTER 2019 FINANCIAL & OPERATIONAL SUPPLEMENT
  2. 2Q 2019 Earnings Presentation – Apache Corp – slide 2
    2Q 2019 KEY METRICS 2Q 2019 Reported Production 455 Mboe/d Adjusted Production(1) 396 Mboe/d Cost Incurred in Oil and Gas Property 661 Million Upstream Capital Investment(2) 589 Million Net Cash Provided by Operating…
  3. 2Q 2019 Earnings Presentation – Apache Corp – slide 3
    Delivering Value: 2Q 2019 Highlights 2Q Results Appendix Non-GAAP Reconciliations 4
  4. 2Q 2019 Earnings Presentation – Apache Corp – slide 4
    FRAMEWORK FOR LONG-TERM VALUE CREATION BALANCED PORTFOLIO APPROACH Exploration / Development Conventional / Unconventional Oil / Liquids Rich Gas / Lean Gas OPERATIONAL FLEXIBILITY Actively Manage Capital Allocation to Reflect…
  5. 2Q 2019 Earnings Presentation – Apache Corp – slide 5
    RECENT HIGHLIGHTS 13% below midpoint of Adjusted production of 2Q upstream capital guidance 396 MBOE/D On track to meet 2019 upstream capital Exceeded guidance budget of 2.4 billion Successfully Commissioned Subsequent to 2nd…
  6. 2Q 2019 Earnings Presentation – Apache Corp – slide 6
    2019 CAPITAL BUDGET & ACTIVITY UNCHANGED Upstream Capital Budget Commentary 1.2 Bn 1.2 Bn Reiterate full year 2019 budget of 2.4 billion with no increase in activity More completions weighted spend in 2H 2019 relative to 1H…
  7. 2Q 2019 Earnings Presentation – Apache Corp – slide 7
    REVISED 4Q19 PRODUCTION GUIDANCE Adjusted Following Mid-Con Asset Sale (Mboe/d) Feb19 Guidance New Guidance United States 317 - 329 283 287 - 299 247 (1) (1) 4Q'18A 4Q'19E 4Q'18 4Q'19E International Adjusted(2) 138 132…
  8. 2Q 2019 Earnings Presentation – Apache Corp – slide 8
    PERMIAN OIL PRODUCTION OUTLOOK 2019 Production Guidance Update (Mbo/d) 100 - 105 99 98 94 - 98 90 90 92 85 85 Frac Holiday Frac Holiday Impact & Other Impact Timing Delays 4Q17 4Q'17 1Q18 1Q'18 2Q18 2Q'18 3Q18 3Q'18…
  9. 2Q 2019 Earnings Presentation – Apache Corp – slide 9
    ALPINE HIGH PRODUCTION OUTLOOK 2019 Production Guidance Update (Mboe/d) Deferred 22 Mboe/d of net production in 2Q19 Reduced 3Q19 guidance range to reflect continued gas deferrals until GCX pipeline enters service 4Q19 guidance…
  10. 2Q 2019 Earnings Presentation – Apache Corp – slide 10
    INTERNATIONAL PRODUCTION OUTLOOK 2019 Production Guidance Update (Mboe/d) Quarterly Annual 2Q19 in-line with guidance No change to prior guidance for 3Q19 & 4Q19 145 132 - 135 133 - 134 132 123 North Sea Seasonal TAR…
  11. 2Q 2019 Earnings Presentation – Apache Corp – slide 11
    NATURAL GAS LIQUIDS Market Fundamentals Y Grade as a % of WTI(1) Potential Price Support 233 KBD of new ethane cracker capacity in 2H 2019 275 KBD of new Gulf Coast LPG export in 2H 2019 Typically 40% to 60% of WTI Favorable…
  12. 2Q 2019 Earnings Presentation – Apache Corp – slide 12
    Delivering Value: 2Q 2019 Highlights 2Q Results Appendix Non-GAAP Reconciliations 13
  13. 2Q 2019 Earnings Presentation – Apache Corp – slide 13
    2Q 2019 GLOBAL PORTFOLIO Balanced Portfolio Aligns Returns Focus & Strategic Objectives GLOBAL UNITED STATES INTERNATIONAL 455,023 BOE/D 264,024 BOE/D Reported Production 190,999 BOE/D Reported Production Reported Production 67…
  14. 2Q 2019 Earnings Presentation – Apache Corp – slide 14
    2Q PERMIAN SUMMARY MIDLAND BASIN REGION STATS Averaged 4 rigs, 2 frac crews and placed 20 wells on production 226,318 BOE/D Brought online two pads (Black Dog, Kashmir) with 2 mile laterals Reported Production Commissioned an…
  15. 2Q 2019 Earnings Presentation – Apache Corp – slide 15
    WELL HIGHLIGHTS: MIDLAND BASIN MIDLAND BASIN Midland Glasscock 1 Powell 2 3 Upton Reagan LATERAL AVG 30-DAY AVG 30-DAY IP PAD FORMATION AREA COUNTY OIL (FT) IP/WELL BOEPD/1,000 FT 1 Black Dog (9 Wells) Wolfcamp…
  16. 2Q 2019 Earnings Presentation – Apache Corp – slide 16
    WELL HIGHLIGHTS: ALPINE HIGH/DELAWARE BASIN ALPINE HIGH OTHER DELAWARE BASIN 4 1 2 3 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…
  17. 2Q 2019 Earnings Presentation – Apache Corp – slide 17
    CONTINUED ALPINE HIGH WELL COST IMPROVEMENTS Average Drilling Costs Average Completions Costs /Ft /Lateral Ft 300 800 250 700 698 242 600 200 615 202 500 150 178 400 156 412 394 100 300 200 50 100 0 0 2017 2018 2019 1H…
  18. 2Q 2019 Earnings Presentation – Apache Corp – slide 18
    2Q EGYPT SUMMARY Laying Foundation for Oil Focused Initiatives REGION HIGHLIGHTS REGION STATS Identified several hundred new leads and prospects thus far, in 130,917 BOE/D both legacy and new concession areas Reported Production…
  19. 2Q 2019 Earnings Presentation – Apache Corp – slide 19
    2Q NORTH SEA SUMMARY Recent Exploration Success Drives Step Change in Production REGION HIGHLIGHTS REGION STATS Development of Storr discovery remains on schedule with 60,082 BOE/D expected first production in 4Q 2019 Reported…
  20. 2Q 2019 Earnings Presentation – Apache Corp – slide 20
    2Q 2019 OPERATING CASH MARGINS Brent Oil Price Exposure Drives Strong International Margins Egypt North Sea Permian 70 66 / Boe 60 50 50 / Boe 47 40 Per Boe 30 38 Per Boe 27 / Boe 20 19 / Boe 16 12 / Boe Per Boe 11 /…
  21. 2Q 2019 Earnings Presentation – Apache Corp – slide 21
    2019 GUIDANCE (1) Includes decrease of 15 Mboe/d related to Mid-Con asset sales. (2) Includes impact of projected 3Q production deferrals at Alpine High. (3) Refer to glossary of referenced terms for definition of Upstream Capital…
  22. 2Q 2019 Earnings Presentation – Apache Corp – slide 22
    3Q 2019 GUIDANCE (1) Includes impact of projected production deferrals at Alpine High. (2) Represents combination of 100% Altus Midstream Company operating expense and Apache upstream GPT costs. (3) Excludes dry hole and unproved…
  23. 2Q 2019 Earnings Presentation – Apache Corp – slide 23
    Delivering Value: 2Q 2019 Highlights 2Q Results Appendix Non-GAAP Reconciliations 24
  24. 2Q 2019 Earnings Presentation – Apache Corp – slide 24
    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…
  25. 2Q 2019 Earnings Presentation – Apache Corp – slide 25
    UPSTREAM CAPITAL INVESTMENT ( in Millions) 1Q19 2Q19 Permian... 415 426 MidCon / Gulf Coast... 18 12 Gulf of Mexico. 12 16 United States... 445 454 Egypt (Apache's interest only). 88 71 North Sea 62 62 Other .... 2 2…
  26. 2Q 2019 Earnings Presentation – Apache Corp – slide 26
    OPEN COMMODITY DERIVATIVE POSITIONS As of July 31, 2019 Oil Basis Hedges Weighted BBL Average Price Production Period Index (per day) Differential July- September 2019 Midland/WTI 27,000 (8.60) October- December 2019 Midland/WTI…
  27. 2Q 2019 Earnings Presentation – Apache Corp – slide 27
    EGYPT: PRODUCTION DETAIL 1Q 2019 2Q 2019 Liquids Gas Liquids Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 206,050 755,715 332,003 200,374 729,378 321,937 Reported Production 92,766 315,508 145,351 84,659 277,552…
  28. 2Q 2019 Earnings Presentation – Apache Corp – slide 28
    Delivering Value: 2Q 2019 Highlights 2Q Results Appendix Non-GAAP Reconciliations 29
  29. 2Q 2019 Earnings Presentation – Apache Corp – slide 29
    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…
  30. 2Q 2019 Earnings Presentation – Apache Corp – slide 30
    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…
  31. 2Q 2019 Earnings Presentation – Apache Corp – slide 31
    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…
  32. 2Q 2019 Earnings Presentation – Apache Corp – slide 32
    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…
  33. 2Q 2019 Earnings Presentation – Apache Corp – slide 33
    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…
  34. 2Q 2019 Earnings Presentation – Apache Corp – slide 34
    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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