Second Quarter 2019 Financial and Operational Review August 7, 2019
Framework for Success Our working definition of capital discipline Committed to our Framework Portfolio transformation and focused capital allocation drive multi-year Corporate Returns corporate returns improvement through capital…
2Q19 Highlights Consistently delivering on our framework Annualized 2Q19 CROIC1 of 20%, comparable to prior-year quarter despite 12% lower Corporate Returns WTI price; driving significant price normalized rate of change improvement…
Total Company Cash Flow for 2Q19 Generated 137MM of organic FCF 2Q19 development capital of 636MM; YTD of 1.2B with 2.4B full-year budget unchanged YTD stock repurchases of 250MM; outstanding authorization raised to 1.5B Cash Balance…
Competitively Advantaged Multi-Basin Model Multi-basin portfolio provides flexibility Appraise / Delineate Early Development Full Field Development Bakken MRO 2Q19 Oil Production by Area 2Q19 avg. 104 MBOED (85% oil) 260,000 net…
Impressive Eagle Ford Productivity Across Footprint Production Volumes and Wells to Sales Production averaged 109 net MBOED 120 60 Record 2Q19 IP30 well productivity despite Operated Wells to Sales 80 40 majority of activity…
Record Well Performance in the Eagle Ford Successful Gonzales core extension test Core Extension Test in Gonzales Barnhart G - 6 LEF wells 1,600 BOED (70% oil) Gonzales 5,680 LL Expanded Atascosa Core De Witt Chapman-Pfeil -…
Industry Leading Capital Efficiency in Bakken Production Volumes and Wells to Sales Production averaged 104 net MBOED 120 35 Operated Wells to Sales 100 30 Continuing successful Southern Hector 80 25 delineation MBOED 20…
Expanding the Bakken Core Best in Basin productivity Continued Strength in Pre-2Q19 to Sales South Myrmidon 4 wells from Ajax core extension test 2Q19 to Sales 15 wells (2Q19) achieved total cumulative production of IP30: 2,820 BOED…
Oklahoma Delivering Capital Efficiency and Consistency Production Volumes and Wells to Sales Production averaged 82 net MBOED 100 20 Track record of consistently strong Operated Wells to Sales 80 16 overpressured STACK infill…
Oklahoma Continues to Outperform Leveraging operated Springer success in 2H19 Industry Leading Dual-Pad Development Reducing Costs and Cycle Times Well Costs Blaine Kingfisher Marjorie & Lloyd Infills 2 pads, 4 wps 6 new MRMC…
Strong Productivity and Improving Margins in N. Delaware Production Volumes and Wells to Sales Production averaged 28 net MBOED 30 25 Operated Wells to Sales 25 20 Continued strong Upper Wolfcamp 20 productivity in Malaga…
Strong 2Q19 Upper Wolfcamp Performance in Malaga Greater proportion of 2H19 activity in Red Hills Arrowhead Ranger Lea China Draw Strong Upper WC Productivity Mariner, 6 Upper WC 1,350 BOED (64% oil) 305 BOED/1000 2H19…
International Simplified to FCF Generating E.G. Business Alba Platform Total International production of 103 net MBOED, reflecting successful return from 1Q19 E.G. turnaround E.G. EBITDAX1 of 142MM 2Q19 and 211MM YTD AMPCO…
Well Established Track Record of FCF & Return of Capital Six consecutive quarters of organic FCF generation Returned 1.2B of capital to shareholders since 2018, representing 25% of operating cash flow, funded entirely by organic FCF…
Appendix
Portfolio Transformation Since 2013 10 Country Exits Optimized portfolio positioned to sustainably deliver improving corporate returns, free cash flow, and return of capital Simplification to core assets concentrates capital allocation…
Differentiated Execution Led the Way in 2018 Underpins confidence in ongoing delivery on our framework for success Initial Guidance Actual Delivery 2018 Objectives 50/bbl WTI 65/bbl WTI Capital Discipline 2.3B development capital…
2019 Production Guidance 3Q19 Net Production Oil Production (MBOPD) Equivalent Production (MBOED) 3Q19 2Q19* 3Q18* 3Q19 2Q19* 3Q18* United States 190 200 192 172 330 340 331 302 International 12 16 16 17 80 90 91 99 Total Net…
2019 Cost and Tax Rate Guidance Initial Current 2019 Guidance 2019 Guidance United States Cost Data ( per BOE) Production Operating 4.50 5.50 4.50 5.50 DD&A 19.25 21.75 18.25 20.75 S&H and Other1 4.00 4.50 4.00 4.50…
United States Crude Oil Derivatives As of August 5, 2019 Crude Oil 3Q19 4Q19 FY 2020 FY 2021 NYMEX WTI Three-Way Collars (a) Volume (BBLs/day) 80,000 80,000 19,945 - Weighted Avg Price per BBL: Ceiling 74.19 74.19 67.55 -…
2019 Capital, Investment & Exploration Budget reconciliation MM Development Capital 2019 2019 YTD Budget 1Q19 2Q19 Actual Cash additions to Property, Plant and Equipment 615 647 1,262 Working Capital associated with PPE (1) 54 53…
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