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2Q 2020 Earnings Presentation – WPX Energy, Inc.

WPX Energy, Inc. · Jul 30, 2020 · 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. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 1
    2Q 2020 EARNINGS CALL RICK MUNCRIEF, CHAIRMAN & CEO JULY 30, 2020 N Y S E : W P X
  2. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 2
    Managing through a Challenging Environment CUTTING FULL-YEAR CAPITAL Lowering full-year capex by 50MM to a revised capital range of 1.05B-1.15B1 GENERATING FREE CASH FCF of 166MM in 2Q with expected full-year 2020 FCF of…
  3. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 3
    Disciplined Approach Provides Operational Continuity VOLUME MID-YEAR SECOND HALF CURTAILMENT RESTART 2020 Dropped 5 rigs in Permian Focus on production Gradually adding frac crews (April-June) optimization July: 1st & 2nd crew1 From…
  4. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 4
    OPERATIONS CLAY GASPAR, PRESIDENT & CHIEF OPERATING OFFICER
  5. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 5
    WPX Completions Outperforming Felix WINKLER HUERFANO PAD LOVING WPX completed wells outperforming Felix FELIX ACREAGE 1 completions by 35% after 50 days1 2-mile Wolfcamp A WARD 50 WPX completed wells outperforming 2…
  6. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 6
    Realizing Significant Cost Savings Initial Felix Well Internal Cost Current Cost Cost Improvement Environment Felix acquisition economics Capturing cost synergies 8MM for blended Felix/Stateline assumed 10MM well cost Completion…
  7. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 7
    Proactively Mitigating In-Basin Exposure WPX CRUDE SALES OUTLETS Mitigating exposure to DAPL and in-basin prices through fixed price WILLISTON 2 CLEARBROOK, MN deals, 1-year rail contract & 3 PADD 5 additional pipe agreements…
  8. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 8
    FINANCIALS KEVIN VANN, CHIEF FINANCIAL OFFICER
  9. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 9
    2Q 2020 Results 166MM 26% GROWTH IN OIL VOLUMES 15% GROWTH IN ADJ. EBITDAX FREE CASH FLOW GENERATION 2Q20 vs. 2Q19 2Q20 vs. 2Q19 2Q YTD 2020 2019 2020 2019 Average Daily Production Oil (Mbbl/d) 123.7 97.9 123.0 97.0 Gas…
  10. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 10
    Leaning into Scenario One Outlook ACTIVITY SCENARIOS1 RESUME COMPLETIONS RESUME COMPLETIONS 3Q 2020 4Q 2020 Oil Production Exit (Mbbl/d) 140 130 (12/31/2020) 2020 Capital Budget 1.05B-1.15B 900MM-1.0B (previous 1.1B -…
  11. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 11
    Situated to Thrive FINANCIAL STRENGTH DISCIPLINE ASSETS HEDGES STRONG BALANCE SHEET WITH NO GENERATING FREE DEEP HIGH-QUALITY STRONG HEDGE NEAR-TERM DEBT MATURITIES CASH FLOW INVENTORY POSITION 2H 2020 STRATEGIC ACTIONS TAKEN…
  12. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 12
    APPENDIX
  13. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 13
    Committed to Strong ESG Performance E S G ENVIRONMENTAL SOCIAL GOVERNANCE Facilitating continuous Prioritizing employee & Protecting the long-term improvement contractor safety interests of shareholders Increasing gas capture…
  14. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 14
    Significant Liquidity, No Near-term Maturities SENIOR UNSECURED NOTES (MM) 1 900 600 472 1 500 500 2421 43 1 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 INTEREST RATE REVOLVING CREDIT FACILITY MATURITY IN APRIL…
  15. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 15
    Domestic Price Realization for 2020 Oil (/Bbl) Gas (/Mcf) NGL (/Bbl) 1Q 20 2Q 20 1Q 20 2Q 20 1Q 20 2Q 20 Weighted-Average Sales 42.13 21.85 1.61 1.40 8.72 7.65 Price Revenue Adjustments1 (0.30) (0.43) (1.05) (0.97) (0.99) (0.91)…
  16. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 16
    WPX Financial Hedges Updated: July 29, 2020 Jul-Dec 2020 2021 2022 Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price Crude Oil (Bbl) Fixed Price Swaps1, 2 91,700 53.05 59,878 40.78 20,000 43.50 Fixed…
  17. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 17
    Consolidated Statement of Operations (GAAP) 2019 2020 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year Revenues: Product revenues: Oil sales 449 511 539 551 2,050 465 241 706 Natural gas sales 25 16…
  18. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 18
    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 2nd Qtr Year Reconciliation of adjusted income (loss)…
  19. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 19
    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 2nd Qtr Year Reconciliation of adjusted diluted income (loss) per common…
  20. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 20
    Reconciliation Adjusted EBITDAX (Non-GAAP) 2019 2020 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year Reconciliation of Adjusted EBITDAX Net income (loss) - reported (48)…
  21. 2Q 2020 Earnings Presentation – WPX Energy, Inc. – slide 21
    Reconciliation of Free Cash Flow 2019 2020 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year Reconciliation of free cash flow: Net cash provided by operating activities (GAAP) 272 362 272 351 1,257…

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