Prioritizing What Matters Most Competitive financial performance vs. the S&P 500 and ongoing ESG improvement To realize improved outcomes for all stakeholders, we believe energy companies must deliver competitive financial results…
Framework for Success 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 wide range…
Sustainably Executing Against our Framework Prioritizing FCF, Balance Sheet strength, and ESG excellence 1B capital budget to deliver 1B of FCF with 50% reinvestment rate at 50/bbl WTI1 2021 Outlook Corporate FCF breakeven below 35/bbl…
2021 Program: 1 Billion FCF for 1 Billion of Capex Fully consistent with reinvestment rate capital allocation framework 2021 capital program of 1B delivers strong financial and operational outcomes 2021 Free Cash Flow Sensitivity 1,600…
Continuously Optimizing our Cost Structure Additional action taken in 2021 to continue multi-year cost reduction trend Achieved 20% reduction to production G&A Cost Reductions (MM) and G&A costs in 2020 400 Realized 23% G&A reduction…
5 Year Benchmark Maintenance Scenario 5 billion of FCF for 5B of capex 5B of cumulative FCF1 with reinvestment 2021-2025 Benchmark Maintenance Case rate 50%, assuming flat 50/bbl WTI Cumulative FCF 8 80% 3B of cumulative FCF2 with…
Committed to Sustainability ESG: Foundational for long-term financial outperformance Safety & Environmental1 Social Governance 2020 full year safety performance Worked with community Reduced compensation for Board, best in Company…
2021 Executive Compensation Reduced and Redesigned Continuing to enhance alignment with shareholders; growth metrics eliminated Executive & Board Compensation Reduced STI Scorecard Consistent with Financial and ESG Framework CEO and…
Raising the Bar on Safety & Environmental Performance Driving continuous improvement in GHG emissions intensity MRO GHG Intensity Significant 2020 Progress GHG Emissions Intensity Second consecutive year of record safety 30…
Differentiated Execution Again in 2020 Successfully delivered on key priorities despite challenging macro environment Protected Balance Reduced Capital Successfully Managed Sheet & FCF Expenditures Cost Structure Generation 2020…
2020 Total Company Cash Flow Generated FCF, returned capital to shareholders, reduced gross debt Total capital expenditures of 1.16B came in below 1.2B guidance on strong execution Generated 277MM of FCF despite challenging commodity…
Sustainably Executing Against our Framework Prioritizing FCF, Balance Sheet strength, and ESG excellence 1B capital budget to deliver 1B of FCF with 50% reinvestment rate at 50/bbl WTI1 2021 Outlook Corporate FCF breakeven below 35/bbl…
More S&P, Less E&P Delivering value through capital discipline and transparent capital allocation framework For 2021 we have set a maintenance capital budget that prioritizes corporate returns and free cash flow generation over…
Appendix
Competitively Advantaged Multi-Basin Portfolio High quality U.S. assets complemented by FCF generative integrated E.G. business Bakken SCOOP / STACK 255k net acres 250k net acres Eagle Ford Permian 160k net acres 145k net…
Top Tier Portfolio Drives Sustainability Positioned for continued industry leading capital efficiency Historical MRO vs. Historical Industry Capital Efficiency1 (Since 2018) Established track 50 record of top tier MRO Bakken Myrmidon…
Eagle Ford Delivering Consistently Strong Results Well cost reductions accelerated over 2H20 Production Volumes and Wells to Sales 4Q20 Overview 120 50 Operated Wells to Sales 100 4Q20 production averaged 82 net MBOED 40 80…
Bakken Delivering Industry Leading Capital Efficiency Record low well costs during 4Q20 Production Volumes and Wells to Sales 4Q20 Overview 120 35 Production averaged 110 net MBOED with 23 Operated Wells to Sales 100 30 25 gross…
Eagle Ford & Bakken Capital Efficiency Best of U.S. Shales MROs average results exceed top quartile in both Basins Independent third party data (well productivity and total well costs) validates superior capital efficiency1 for Bakken…
Capital Allocation Optionality in Oklahoma and N. Delaware Repositioned to deliver FCF and accretive financial returns Oklahoma Production Volumes and Wells to Sales Oklahoma 100 20 4Q20 production averaged 60 net MBOED Operated…
International E&P: Equatorial Guinea World class gas development generates significant FCF Alba Platform 4Q20 production of 72 net MBOED; production costs of 2.49 per BOE Alen backfill first gas achieved Feb. 2021 Gas to be processed…
Clear Priorities for Capital Allocation Reinvestment rate discipline continues to prioritize FCF Maintain Discipline to Deliver Outsized FCF Focus on FCF generation and corporate returns with production growth an outcome 50/bbl…
Total Company Cash Flow Generated 4Q20 FCF of 162MM and reduced gross debt by 100MM Successfully tendered for 500MM of 2022 debt maturity Returned 24MM to shareholders with base dividend resumption Ended 4Q20 with 0.7B cash balance and…
2021 Production Guidance 2021 Oil volumes flat with 4Q20 average Oil Production Equivalent Production Net Production (MBOPD) (MBOED) 2021 4Q20 2020 2021 4Q20 2020 United States 158 162 159 177 270 280 280 306 International 11 13…
2021 Cost, Tax Rate, and Equity Method Guidance 2021 Guidance United States Cost Data ( per BOE) Production Operating 4.25 4.75 DD&A 19.00 21.00 S&H and Other1 4.00 5.00 International Cost Data ( per BOE) Production…
Capital, Investment & Exploration Budget 2020 budget reconciliation (MM) Budget Reconciliation (MM) 2020 1Q20 2Q20 3Q20 4Q20 FY20 Budget Actual Actual Actual Actual Actual Cash additions to Property, Plant and 620 326 144 253 1,343…
U.S. Crude Oil Derivatives as of Feb. 15, 2021 1Q21 2Q21 3Q21 4Q21 NYMEX WTI Three-Way Collars Volume (Bbls/day) - 40,000 10,000 - Ceiling - 61.46 65.18 - Floor - 39.75 45.00 - Sold put - 29.75 35.00 - NYMEX WTI Two-Way…
U.S. Natural Gas/NGL Derivatives as of Feb. 15, 2021 1Q21 2Q21 3Q21 4Q21 Natural Gas Henry Hub (HH) Two-Way Collars Volume (MMBtu/day) 250,000 200,000 200,000 200,000 Weighted Avg Price per MMBtu Ceiling 3.14 3.05 3.05 3.05…
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