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3Q 2019 Earnings Call – WPX Energy, Inc.

WPX Energy, Inc. · Oct 31, 2019 · 21 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. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 1
    3 RD QUARTER EARNINGS CALL RICK MUNCRIEF, CHAIRMAN & CEO OCTOBER 31, 2019 N Y S E : W P X
  2. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 2
    Consistent Execution of our Plan GENERATING FREE CASH FLOW 3Q19 free cashflow of 42MM1; annualized FCF yield 4%2 MAINTAINING CAPITAL DISCIPLINE Expect full year capital at the mid-point3 INCREASING 4Q OIL PRODUCTION GUIDE 4%…
  3. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 3
    Shareholder Aligned Focus 2 0 2 3 REDUCED REPURCHASED TENDERED GENERATING DEBT STOCK DEBT FREE CASH Paid down 280MM Announced up to Opportunistically Expecting 100MM of of net debt YTD 400MM opportunistic reshaped debt towers…
  4. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 4
    WPX 5 Year Vision (50 - 55 WTI) FIVE YEAR VISION CONTINUE OPPORTUNISTIC SHARE BUYBACK PROGRAM IMPLEMENT DURABLE GROWING DIVIDEND; TARGETING 2% YIELD BASE DECLINE RATE OF 30% OR LOWER FCF YIELD TARGETING 7% - 10% DRIVING…
  5. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 5
    OPERATIONS CLAY GASPAR, PRESIDENT & CHIEF OPERATING OFFICER
  6. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 6
    Well Design Driving Efficiencies, Lowering Costs GROSS COMPLETED LATERAL FOOTAGE BY QUARTER 450,000 10,000 400,000 9,000 391,162 350,000 8,000 363,697 377,771 GROSS LATERAL FOOTAGE AVERAGE LATERAL LENGTH 301,683 7,000…
  7. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 7
    Strong 3rd Bone Spring Results DELAWARE OPERATIONS RAISING THE BAR 300 250 60-DAY CUMULATIVE BOE WELL 365,000 RESULTS FOR CBR 6-7 PAD (2 WELLS) 200 CUMULATIVE MBOE BELOW WELL 9.5MM 150 COSTS FOR 2-MILE WELL1…
  8. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 8
    Williston: Continual Year-over-Year Improvement WILLISTON OPERATIONS EXCEEDING EXPECTATIONS 300 YEAR-OVER-YEAR OIL IMPROVEMENT PRODUCTION AVG. CUMULATIVE OIL PRODUCTION 225 CUMULATIVE OIL (MBBL) BELOW WELL COSTS 6.7MM…
  9. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 9
    FINANCIALS KEVIN VANN, CHIEF FINANCIAL OFFICER
  10. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 10
    3Q 2019 Results 40MM+ 30% GROWTH IN OIL VOLUMES 22% GROWTH IN ADJ. EBITDAX FREE CASH FLOW GENERATION1 3Q19 vs. 3Q18 3Q19 vs. 3Q18 3Q YTD 2019 2018 2019 2018 Average Daily Production Oil (Mbbl/d) 108.6 83.4 100.9 76.7 Gas…
  11. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 11
    Capital Unchanged, Oil Production Higher 350 UNCHANGEDMIDPOINT TO MIDPOINT 114 4% MIDPOINT TO MIDPOINT 4Q CAPEX 4Q OIL PRODUCTION GUIDANCE 112 GUIDANCE 300 110 250 108 MM MBBL/D 200 106 150 104 100 102 50 100…
  12. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 12
    Reduced and Restructured Debt NO NEAR-TERM DEBT MATURITITIES WEIGHTED AVG. REVOLVING TOTAL LT NOTES COUPON CREDIT FACILITY 2,229MM 5.93% 1.5B1 1,400 1,200 1,000 800 650 600 600 500 406 400 200 73 0 2019 2020…
  13. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 13
    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…
  14. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 14
    APPENDIX
  15. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 15
    2019 Full-Year Guidance Capital Plan Production FY 2019 Avg. Price Differentials3 FY 2019 Oil Mbbl/d 102 104 Oil WTI per barrel (2.00) (3.00) Natural Gas MMcf/d 210 215 NYMEX Nat. Gas (Mcf) (1.25) (1.75) NGL Mbbl/d 25 27 Total MBOE/d…
  16. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 16
    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 54.25 2.60 1.74 1.80 16.81 13.66 11.92 Price Revenue…
  17. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 17
    WPX Hedges Updated: October 29, 2019 Oct Dec 2019 2020 Volume/Day Average Price Volume/Day Average Price Crude Oil (bbl) Fixed Price Swaps1 83,000 56.72 55,000 57.03 Fixed Price Calls 5,000 54.08 - - Fixed Price Collars 8,000…
  18. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 18
    Consolidated Statement of Operations (GAAP) 2018 2019 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year Revenues: Product revenues: Oil sales 360 468 503 459 1,790 449 511 539 1,499 Natural gas…
  19. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 19
    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 3rd Qtr Year Reconciliation of adjusted…
  20. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 20
    Reconciliation-Adjusted 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 3rd Qtr Year Reconciliation of adjusted diluted income (loss) per…
  21. 3Q 2019 Earnings Call – WPX Energy, Inc. – slide 21
    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 3rd Qtr YTD Reconciliation of Adjusted EBITDAX Net income (loss) - reported…

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