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2Q 2019 Earnings Presentation – WPX Energy, Inc.

WPX Energy, Inc. · Aug 6, 2019 · 20 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 – WPX Energy, Inc. – slide 1
    RICK MUNCRIEF, CHAIRMAN & CEO AUGUST 6, 2019
  2. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 2
    WPX Delivering As Planned 2Q COMPANY HIGHLIGHTS CFFO increased 48% 1H 2019 vs. 1H 2018 2Q Delaware oil realizations of WTI plus 0.23 including Midland basis swaps Received proceeds from Oryx II monetization Second 200 MMCF/D train…
  3. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 3
    A Lookback Since RKI Acquisition FREE PRODUCTION NET LEVERAGE1 C A S H F L O W 2,3 GROWTH PER DEBT ADJUSTED SHARE4 5 150 30% 100 4 ESTIMATED NET DEBT/ADJ. EBITDAX RANGE3 50 20% MM 3 0 -50 2 10% -100 1…
  4. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 4
    OPERATIONS CLAY GASPAR, PRESIDENT & CHIEF OPERATING OFFICER
  5. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 5
    Pecos State Test Benefitting Both Basins Project description Contiguous 806 ft core running from bottom of 3rd Bone Spring through Wolfcamp B Equipped with microseismic geophones and external pressure & temperature gauges Applied…
  6. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 6
    Delaware Activity 2019 1H 2019 FIRST SALES WPX ACTIVITY BY AREA 2H 2019 FIRST SALES RUSTLER SAND RUSTLER SAND STATELINE HALEY STATELINE HALEY BREAKS LAKES BREAKS LAKES RUSTLER BREAKS 3RD BONE 3RD BONE 5 1 5 SPRING SPRING UPPER…
  7. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 7
    Delaware Midstream Continues to Drive Value DELAWARE OIL DELAWARE GAS 66.00 3.50 64.00 WPX REALIZED PRICE INC. COMMODITY MGMT UPLIFT2 3.00 62.00 2.50 N Y M E X 60.00 2.00 58.00 1.50 56.00 1.00 54.00 0.50 52.00 0.00…
  8. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 8
    Williston: Continued Outperformance 2Q 2019 WELL RESULTS 2019 OPERATIONS DELIVERING ON RESULTS 120 Thousands MINOT GRADY DELORES SAND 100 1 2019 WELLS OUTPERFORMING TYPE CURVE CUMULATIVE OIL (MBBLS) 80 2 LOWER…
  9. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 9
    FINANCIALS KEVIN VANN, CHIEF FINANCIAL OFFICER
  10. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 10
    2019 Updated Full-Year Guidance 450 2019 CAPITAL GUIDANCE BY QUARTER 2019 CAPITAL GUIDANCE 400 350 AS PLANNED, 55% OF FULL-YEAR 300 CAPITAL SPENT IN 1H 2019 250 MM REITERATING FULL-YEAR CAPITAL 200 GUIDANCE 150 1,100 -…
  11. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 11
    2Q 2019 Results 21% GROWTH IN OIL VOLUMES 2Q19 vs. 2Q18 18% GROWTH IN ADJ. EBITDAX 2Q19 vs. 2Q18 2Q YTD 2019 2018 2019 2018 Average Daily Production Oil (Mbbl/d) 97.9 80.8 97.0 73.3 Gas (MMcf/d) 205.9 152.2 204.1 142.3…
  12. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 12
    Positioned for Sustainable Value Creation OUR PORTFOLIO PERMIAN - WILLISTON - MIDSTREAM OUR DRIVE STRONG EXECUTION - CREATE OPPORTUNITIES - REMAIN DISCIPLINED OUR FOCUS FINANCIAL DISCIPLINE - OIL GROWTH - VALUE…
  13. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 13
    APPENDIX
  14. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 14
    2019 Full-Year Guidance Capital Plan Production FY 2019 Avg. Price Differentials2 FY 2019 Oil Mbbl/d 101 103 Oil WTI per barrel (2.00) (3.00) Natural Gas MMcf/d 205 210 NYMEX Nat. Gas (Mcf) (1.25) (1.75) NGL Mbbl/d 25 27 Total MBOE/d 160…
  15. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 15
    Domestic Price Realization for 2019 Oil (/bbl) Gas (/Mcf) NGL (/bbl) 1Q 19 2Q19 3Q19 4Q 19 1Q 19 2Q19 3Q19 4Q 19 1Q 19 2Q19 3Q19 4Q 19 Weighted-Average Sales 52.35 57.50 2.60 1.74 16.81 13.66 Price Revenue Adjustments1 (0.43)…
  16. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 16
    WPX Hedges Updated: August 5, 2019 Jul Dec 2019 2020 2021 Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price Crude Oil (bbl) Fixed Price Swaps1 60,500 55.29 40,000 57.48 - - Fixed Price Calls 5,000 54.08 - - -…
  17. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 17
    Consolidated Statement of Operations (GAAP) 2018 2019 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr YTD Revenues: Product revenues: Oil sales 360 468 503 459 1,790 449 511 960 Natural gas sales 17 16 18…
  18. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 18
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Non-GAAP) 2018 2019 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr YTD Reconciliation of adjusted income…
  19. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 19
    Reconciliation Adjusted Diluted Income (Loss) Per Common Share 2018 2019 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr YTD Reconciliation of adjusted diluted income (loss) per…
  20. 2Q 2019 Earnings Presentation – WPX Energy, Inc. – slide 20
    Reconciliation Adjusted EBITDAX (Non-GAAP) 2018 2019 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr YTD Reconciliation of Adjusted EBITDAX Net income (loss) - reported (115)…

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