Maintaining Focus During Unprecedented Times Employee health and safety comes first I want to first extend my thanks to our resilient and dedicated employees and contractors, all of whom remain hard at work day in and day out,…
Prioritizing Financial Strength and Flexibility Responding decisively to market conditions Capital spending budget of 1.3B or less, a 1.1B reduction from original budget Reducing Capital 2Q completion activity suspended amid peak oil…
2020 Capital Program Overview Down 50% from 2019 capital spending Total capital program of 1.3B or less, a 1.1B reduction 2H20 Resource Play from original budget Capital Allocation 2Q20 completion pause drives immediate, material…
Actively Managing Our Cost Structure Proven track record of reducing costs Expect to capture 350MM of annualized cash cost1 reductions vs. initial 2020 budget Annualized savings represent a 20% reduction vs. initial budget and will be…
Protecting Liquidity, Cash Flow, and Balance Sheet Defending Investment Prioritizing Liquidity Protecting Cash Flow Grade Temporarily suspending Added 117 mbopd of 2Q20 Investment grade rated at all 40MM quarterly cash fixed price…
Competitively Advantaged Multi-Basin Model Multi-basin portfolio provides flexibility Explore Appraise / Delineate Early Development Full Field Development Bakken 1Q20 avg. 110 MBOED (80% oil) 260,000 net acres STACK / SCOOP…
1Q20 Summary Continued execution excellence Ended 1Q20 with 817MM of cash & cash equivalents U.S. oil production averaged 207 mbopd vs. guidance of 192 to 202 mbopd U.S. unit production costs down 10% from 2019 average to lowest…
Eagle Ford Driving Capital Efficiency Improvement Production Volumes and Wells to Sales 1Q20 production averaged 114 net MBOED 120 50 with 38 gross operated wells to sales Operated Wells to Sales 100 40 80 Plans to transition…
Bakken Delivering Execution Excellence Production Volumes and Wells to Sales 1Q20 production averaged 110 net MBOED 120 35 with 25 gross operated wells to sales Operated Wells to Sales 100 30 80 25 Plans to transition to 1…
Minimal Activity in Oklahoma and Northern Delaware Oklahoma Activity suspended; Northern Delaware wells protect leasehold Oklahoma Production Volumes and Wells to Sales Oklahoma 100 20 1Q20 production averaged 74 net MBOED…
International E&P: Equatorial Guinea Alba Platform 1Q20 production of 82 net MBOED with unit production costs of 2.35 per boe Completed previously disclosed major turnaround at AMPCO methanol facility 30MM of associated maintenance…
Committed to Sustainability The foundation for long-term financial outperformance Environmental & Safety1 Social Governance 2019 marked best safety Leveraging the Bioko Island 7 of 8 directors are independent performance2 in MRO…
Prioritizing Financial Strength and Flexibility Protecting Balance Sheet and Reducing Capital Expenditures Managing Cost Structure Liquidity 2020 Annualized Cash Cost1 Significant Capital Budget Reduction2 Liquidity 50% 350MM…
Appendix
Total Company Cash Flow for 1Q20 Ended 1Q20 with 817MM cash balance and undrawn revolving credit facility of 3.0B 1Q20 capital spend of 579MM with full year budget of 1.3B or less 1,500 556 579 1,000 1 103 85 3…
Guidance Overview Previously provided guidance withdrawn 2020 underlying U.S. oil production to decline by 8% on a divestiture-adjusted basis, with a similar percentage decline expected for boe production 2020 underlying International…
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