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1Q 2020 Earnings Results – WPX Energy, Inc.

WPX Energy, Inc. · May 6, 2020 · 16 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. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 1
    1Q 2020 EARNINGS CALL RICK MUNCRIEF, CHAIRMAN & CEO MAY 7, 2020 N Y S E : W P X
  2. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 2
    Maintaining Strength in a Time of Uncertainty PROTECTING CASH FLOW 90%+ of 2020 oil volumes protected by hedges 57 a barrel Expect to generate 150MM in FCF in 2020 MAINTAINING FINANCIAL STRENGTH Maintained revolver capacity:…
  3. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 3
    What Differentiates WPX OIL 1Q 2020 122.2 MBBL/D OUR HIGH OUR STRATEGIC OUR FINANCIAL OUR QUALITY ASSETS THINKING STRENGTH PEOPLE OPERATIONS JV OWNERSHIP STRONG EXPERIENCED Located in the two premier 50% ownership in Permian…
  4. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 4
    Operational Actions Taken 1Q INITIAL ACTIONS 2Q CURRENT ACTIONS 3Q/4Q FUTURE ACTIONS INITIATED CURTAILMENT REDUCING ACTIVITY REMAIN FLEXIBLE Dropped rigs/frac crews Cut capital & suspended Operations schedule flexible Reduced…
  5. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 5
    WPXs 2020-2021 Outlook ACTIVITY SCENARIOS1 RESUME COMPLETIONS RESUME COMPLETIONS 3Q 2020 4Q 2020 Oil Production Exit (Mbbl/d) 140 130 (12/31/2020) 2020 Capital Budget 1.1B-1.2B 900MM-1.0B 2020 Year-End DUCS2 35-40 60-65…
  6. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 6
    Positioned to Endure, Situated to Thrive FINANCIAL STRENGTH DISCIPLINE ASSETS HEDGES STRONG BALANCE SHEET WITH NO ABILITY TO GENERATE DEEP INVENTORY IN 90%+ OF 2020 OIL NEAR-TERM DEBT MATURITIES FREE CASH FLOW CORE BASINS HEDGED…
  7. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 7
    APPENDIX
  8. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 8
    1Q 2020 Results 1Q 2020 2019 Average Daily Production Oil (Mbbl/d) 122.2 96.1 Gas (MMcf/d) 244.1 202.3 NGLs (Mbbl/d) 34.0 25.4 Equivalent (MBOE/d) 196.9 155.2 Adjusted EBITDAX 370 312 Adjusted Net Income (Loss) from Continuing…
  9. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 9
    Significant Liquidity, No Near-term Maturities 900 SENIOR UNSECURED NOTES (MM) 647 600 500 406 73 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 INTEREST RATE REVOLVING CREDIT FACILITY MATURITY IN APRIL 2023 %…
  10. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 10
    Domestic Price Realization for 2020 Oil (/Bbl) Gas (/Mcf) NGL (/Bbl) 1Q 20 1Q 20 1Q 20 Weighted-Average Sales 42.13 1.61 8.72 Price Revenue Adjustments1 (0.30) (1.05) (0.99) Net Price2 41.83 0.56 7.73 Realized Portion of 10.09…
  11. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 11
    WPX Financial Hedges Updated: April 30, 2020 Apr-Dec 2020 2021 Volume/Day Average Price Volume/Day Average Price Crude Oil (Bbl) Fixed Price Swaps1, 2 91,671 57.88 9,959 39.81 Fixed Price Collars 20,000 53.33 - 63.48 - - Fixed…
  12. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 12
    Consolidated Statement of Operations (GAAP) 2019 2020 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Revenues: Product revenues: Oil sales 449 511 539 551 2,050 465 Natural gas sales 25 16 16 18 75 13 Natural…
  13. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 13
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Non-GAAP) 2019 2020 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Reconciliation of adjusted income (loss) from…
  14. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 14
    Reconciliation-Adjusted Income (Loss) Per Common Share 2019 2020 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Reconciliation of adjusted diluted income (loss) per common share: Income…
  15. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 15
    Reconciliation Adjusted EBITDAX (Non-GAAP) 2019 2020 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Reconciliation of Adjusted EBITDAX Net income (loss) - reported (48) 305 121 (122) 256 (386) Interest expense…
  16. 1Q 2020 Earnings Results – WPX Energy, Inc. – slide 16
    Reconciliation of Free Cash Flow 2019 2020 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Reconciliation of free cash flow: Net cash provided by operating activities (GAAP) 272 362 272 351 1,257 256…

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