Framework for Success Unchanged Our definition of capital discipline Committed to our Framework Corporate Returns Disciplined reinvestment in strongest rate-of-return opportunities Free Cash Flow Sustainable free cash flow across…
Framework Optimized for Lower & More Volatile Pricing Visibility to significant Free Cash Flow (FCF) for investor-friendly purposes 2018 - 2019 2020 2021+ (60/bbl WTI) (40/bbl WTI) (40 to 50/bbl WTI Mid-Cycle Range) Unique track…
Clear Priorities for Capital Allocation Reinvestment rate discipline prioritizes FCF Maintain Discipline to Deliver Outsized FCF Over 900MM of FCF at 50/bbl WTI and 3/mmbtu Henry Hub in 2021 benchmark maintenance scenario 50/bbl Focus…
Eagle Ford & Bakken Capital Efficiency Best of U.S. Shales MRO results exceed top quartile in both basins Independent third party data (well productivity and total well costs) validates superior capital efficiency1 for Bakken and Eagle…
Capital Efficiency Advantage is Sustainable MROs extended core is delivering superior results to rest of industry Industry Capital Efficiency1 since 2018 50 MRO has long delivered MRO Bakken Myrmidon & Hector/Ajax industry leading…
Superior Capital Efficiency Translates to Differentiated FCF Unique track record of actual FCF delivery MRO history of FCF1 delivery is unique in E&P peer space; cumulative 2018 and 2019 FCF equates to 30% of current equity market…
3Q20 Highlights: Executing our Playbook Differentiated execution results in strong FCF generation Capex of 176MM on successful and efficient resumption of drilling and completion activity; no change to full year 1.2B capital spending…
Total Company Cash Flow Generated 3Q20 FCF of 180MM and reduced gross debt by 100MM Successfully remarketed 400MM tax exempt bond at weighted interest rate of 2.25% Ended 3Q20 with 1.1B cash balance and undrawn revolving credit facility…
Competitively Advantaged Multi-Basin Portfolio High quality U.S. assets complemented by FCF generative integrated E.G. business Bakken SCOOP / STACK 3Q20 avg. 98 MBOED (71% oil) 3Q20 avg. 73 MBOED (25% oil) 255,000 net acres 250,000…
Successful Return to Activity in Eagle Ford Consistently strong results across broader acreage footprint Production Volumes and Wells to Sales 3Q20 production averaged 91 net MBOED 120 50 with 9 gross operated wells to sales…
Bakken Delivering Industry Leading Capital Efficiency Record low well costs during 3Q20 Production Volumes and Wells to Sales 3Q20 production averaged 98 net MBOED 120 35 with 8 gross operated wells to sales Operated Wells to…
Capital Allocation Optionality in Oklahoma and N. Delaware Oklahoma and N. Delaware provide flexibility and commodity diversification Oklahoma Production Volumes and Wells to Sales Oklahoma 100 20 3Q20 production averaged 73 net…
International E&P: Equatorial Guinea Alen backfill gas project progressing on schedule Alba Platform 3Q20 production of 73 net MBOED 3Q20 production costs of 1.76 per BOE - a record low for the International segment; full year unit…
Committed to Sustainability ESG: The foundation for long-term financial outperformance Environmental & Safety1 Social Governance Year-to-date safety performance is Demonstrating our 7 of 8 directors are independent best in Company…
Clear Priorities for Capital Allocation Reinvestment rate discipline prioritizes FCF Maintain Discipline to Deliver Outsized FCF Over 900MM of FCF at 50/bbl WTI and 3/mmbtu Henry Hub in 2021 benchmark maintenance scenario 50/bbl Focus…
Appendix
2020 Production Guidance Full year oil-equivalent production guidance raised Net Production Oil Production (MBOPD) Equivalent Production (MBOED) 2020 3Q20 2Q20 1Q20 2019* 2020 3Q20 2Q20 1Q20 2019* United States 175 177 159 182 207…
2020 Cost and Tax Rate Guidance Full year U.S. unit production operating expense guidance reduced by 5% Current 2020 Guidance United States Cost Data ( per BOE) Production Operating 4.25 4.75 DD&A 19.00 21.00 S&H and Other1 3.85…
Capital, Investment & Exploration Budget Delivering enhanced capital efficiency Budget Reconciliation (MM) 2020 1Q20 2Q20 3Q20 Budget Actual Actual Actual Cash additions to Property, Plant and Equipment 620 326 144 Working Capital…
U.S. Crude Oil Derivatives as of Nov. 3, 2020 Added Clearbrook basis hedges in 1H21 4Q20 1H21 2H21 NYMEX WTI Three-Way Collars Volume (Bbls/day) 80,000 - - Ceiling 64.40 - - Floor 55.00 - - Sold put 48.00 - - NYMEX WTI Two-Way…
U.S. Natural Gas/NGL Derivatives as of Nov. 3, 2020 4Q20 1H21 2H21 Natural Gas Henry Hub (HH) Two-Way Collars Volume (MMBtu/day) 250,000 225,000 200,000 Weighted Avg Price per MMBtu Ceiling 2.82 3.10 3.05 Floor 2.25 2.51…
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