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Investor Analyst Day 2014 – Hess Corp

Hess Corp · Nov 10, 2014 · 81 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. Investor Analyst Day 2014 – Hess Corp – slide 1
  2. Investor Analyst Day 2014 – Hess Corp – slide 2
    Whats New Five year annual production growth rate target 6-10% CAGR 2013 - 2018 Bakken guidance increased; 7/6 development confirmed: Net peak production increased to 175 MBOED in 2020 (17% increase) Over 4,000 well locations (33%…
  3. Investor Analyst Day 2014 – Hess Corp – slide 3
    Why Hess Global E&P company with resilient portfolio that offers the opportunity & flexibility to grow production & free cash flow in different price environments - 6-10% compound annual production growth & free cash flow generative at…
  4. Investor Analyst Day 2014 – Hess Corp – slide 4
    Global Asset Portfolio Focused Valhall / Bakken 24% Prod Utica South Arne 31% Res 11% Prod 24% Res Equatorial JDA Guinea 16% Prod 15% Prod 10% Res 4% Res Deepwater GoM Tubular Bells Ghana North Malay 21% Prod &…
  5. Investor Analyst Day 2014 – Hess Corp – slide 5
    Global Asset Portfolio Focused and linked by operating capabilities Valhall / Bakken North Sea 24% Prod Utica South Arne Leveraging industry leading chalk 31% Res 11% Prod reservoir drilling experience 24% Res Onshore USA…
  6. Investor Analyst Day 2014 – Hess Corp – slide 6
    Global Asset Portfolio Balanced for risk Production Production Profiles MBOED Offshore Unconventionals 80 Offshore Unconventional Concentrated Concentrated 60 Capital over over Investment shorter period longer period 40 Unit…
  7. Investor Analyst Day 2014 – Hess Corp – slide 7
    Global Asset Portfolio Leveraged to liquids with industry leading cash margins US 2013 Gas 7% Hess Production Int'l Pro Forma Gas Liquids % of YE 2013 17% 76% Reserves NGLs Liquids 100% 6% 80% Crude Oil 80% 79% 70% 60% 73%…
  8. Investor Analyst Day 2014 – Hess Corp – slide 8
    Industry Leading Operating Performance Unconventionals Reducing Well Costs Drilling Performance: Spud-to-Spud Days Drilling Performance: Costs (MM) Completion Costs Drilling Costs 12.5 51% Improvement 46% Improvement 11.0 7.2 8.1…
  9. Investor Analyst Day 2014 – Hess Corp – slide 9
    Proven Capability Industry leading offshore drilling & project delivery Industry Project Delivery (IPA Study 2005 - 2013) -20% Drilling Performance Quartile 1st 2nd 3rd 4th Hess Under Others Ghana T Bells 0% North Malay…
  10. Investor Analyst Day 2014 – Hess Corp – slide 10
    Industry Leading Operating Performance Upper quartile safety and environmental performance Total Recordable Incident Rate 1.2 Recognized Leader in Environmental Sustainability 1.0 Ranked 1 energy company in Corporate Responsibility…
  11. Investor Analyst Day 2014 – Hess Corp – slide 11
    Visible Growth in Production 6-10% through 2018, already captured & low risk Drill / Produce / MBOED Pro Forma Production Evaluate Capture Appraise Develop Re-Develop 500 Range 6% to 10% CAGR 10% Utica 400 6% Bakken Utica…
  12. Investor Analyst Day 2014 – Hess Corp – slide 12
    Visible Growth in Production Unconventionals & offshore complement each other Unconventionals Cash Flow from Operations Capital Spend Production MBOED 20% CAGR 10% 250 Bakken Utica from 2013 200 38% 34% 15% 50% 150 25% 100 28%…
  13. Investor Analyst Day 2014 – Hess Corp – slide 13
    Sustaining Growth Through 2018 & Beyond Current resource base 6 BBOE 6P Resource Base Potential developments Ghana, Australia Current Future Proved Growth Options Reserves (1.4 BBOE) Further Exploitation around existing…
  14. Investor Analyst Day 2014 – Hess Corp – slide 14
    Further Upside to Long Term Growth Through exploratory success Plan Yet to Find Volumes Targeting 600 - 700 MMBOE resource additions over 5 years 5 -10 B BOE Annual spend of 500 - 700 MM 25/BOE F&D costs 10 - 20 B BOE Nova US…
  15. Investor Analyst Day 2014 – Hess Corp – slide 15
    Unconventionals Business Key messages Delivering double-digit annual growth & long term cash flow 50% of E&P capital spend 2015 - 2018; 50% of proved reserves by 2018 Bakken guidance increased; 7/6 development confirmed Net peak…
  16. Investor Analyst Day 2014 – Hess Corp – slide 16
    Unconventionals Business Strategy Grow Portfolio Leverage Maximize Capability Capture new growth Bakken opportunities Value Delivery Be recognized as Leverage Bakken partner of choice capability to Utica and Unconventionals…
  17. Investor Analyst Day 2014 – Hess Corp – slide 17
    Lean Manufacturing Drives cost and efficiency improvements Well Well Site Hydraulic Handover to Scoping Planning Construction Drilling Fracturing Flowback Operations Repeatable Scalable Standardized Bakken Results (From Q2 12)…
  18. Investor Analyst Day 2014 – Hess Corp – slide 18
    Bakken Key messages Among the lowest cost and highest return wells in the play Distinctive Lean Manufacturing drives lowest cost wells Data and technology-driven approach to delivering top quartile productivity Ethane extraction and…
  19. Investor Analyst Day 2014 – Hess Corp – slide 19
    Among the Lowest Cost, Highest Return Wells Distinctive Lean manufacturing approach Bakken Drilling & Completion Costs (MM) Driving improvements in D&C 30% in drilling cycle time 50% in completions cost Implementing best practices…
  20. Investor Analyst Day 2014 – Hess Corp – slide 20
    Among the Lowest Cost Highest Return Wells Using facts and data to optimize completions IP90 High Cost Ceramic Not IP90 Highest Proppant Loads Not (MBO) (MBO) Supported by Data Supported by Data 60 80 50 60 Completion Design 40…
  21. Investor Analyst Day 2014 – Hess Corp – slide 21
    Among the Lowest Cost Highest Return Wells Using facts and data to optimize completions IP90 High Cost Ceramic Not IP90 Highest Proppant Loads Not (MBO) (MBO) Supported by Data Supported by Data 60 80 Hess wells Other wells 50…
  22. Investor Analyst Day 2014 – Hess Corp – slide 22
    Among the Lowest Cost Highest Return Wells Driving technology to increase productivity Standard Sliding Sleeve Design Evolution of Stage Counts (35 Stages in 2014) 60 50+ 50 42 40 35 32 31 28 29 30 Source: Baker…
  23. Investor Analyst Day 2014 – Hess Corp – slide 23
    Among the Lowest Cost Highest Return Wells Further driving technology to increase productivity New Sleeve Technology Enables 50+ Stages per Well Source: Weatherford Source: Baker Hughes Biodegradable Diversion Agents Enable…
  24. Investor Analyst Day 2014 – Hess Corp – slide 24
    Among the Lowest Cost Highest Return Wells Bringing it all together Reducing Well Costs Drilling Performance: Spud-to-Spud Days Drilling Performance: Costs (MM) 45 13.4 Completion Costs Drilling Costs 39 51% Improvement 11.6 34 33…
  25. Investor Analyst Day 2014 – Hess Corp – slide 25
    Among the Lowest Cost and Highest Returns Advantaged infrastructure maximizing value Tioga Rail Terminal Tioga Rail Terminal - 9 crude oil train sets (CPC - 1232) - 5 additional train sets purchased for 2015 - Crude oil loading…
  26. Investor Analyst Day 2014 – Hess Corp – slide 26
    One of the Best Portfolios in the Basin Leading position in the core of the Middle Bakken Industry MB 30+ Stage Wells Since 2012 60% More DSUs in Core Than Any Other Operator 400 350 Hess Acreage 300 No. of DSUs Goliath East 250…
  27. Investor Analyst Day 2014 – Hess Corp – slide 27
    One of the Best Portfolios in the Basin Material position in the core of the Three Forks Industry Three Forks 30+ Since Stages 2012 Hess 3F Wells Among the Best 80 Hess Acreage Operator Average Cum 90 (MBO) 70 Hess Other Bakken…
  28. Investor Analyst Day 2014 – Hess Corp – slide 28
    One of the Best Portfolios in the Basin Testing the extent of the Three Forks benches Three Forks Core EN-Leo 154-94-2324 H2 Mountrail Co ND Blue fluorescence indicates oil charge 2014 Hess Coring Program Delineates Three…
  29. Investor Analyst Day 2014 – Hess Corp – slide 29
    Bakken Guidance Increased Down-spacing pilots conducted 7/6 Spacing Pilot Spacing Pilot Locations Planned Spacing Tests 700 ft test 500 ft test 700 ft 80 ft Middle Bakken Three Forks 1&2 9/8 Spacing Pilot 500 ft…
  30. Investor Analyst Day 2014 – Hess Corp – slide 30
    Bakken Guidance Increased Successful results for 7/6 pilots Cumulative Oil (MBO) vs. Days Online 100 Cumulative Oil (MBO) vs. Days Online 100 80 80 MB Type Curve 60 MB Actual 60 MB Type Curve 3F Type Curve MB Actual 3F…
  31. Investor Analyst Day 2014 – Hess Corp – slide 31
    Bakken Guidance Increased 7/6 development confirmed, 4,000 wells, EUR 1.4 BBOE Bakken Life of Field Hess Operated Well Count (Gross) 5,000 4,000 4,000 Future Locations 3,000 Wells 3,000 Wells Online 3,150 2,000 2,150…
  32. Investor Analyst Day 2014 – Hess Corp – slide 32
    Bakken Guidance Increased Net peak production 175 MBOED in 2020 Net Production New Wells Wells Online (MBOED) 175 MBOED Online / Rig 200 400 25 350 50% increase in wells per rig-year 18 20 150 300 250 15 100 200 12 150 10 50…
  33. Investor Analyst Day 2014 – Hess Corp – slide 33
    Further Upside in Recoverable Resources Expanding 9/8 infill pilots Cumulative Oil (MBO) vs. Days Online Expanding 500 ft spacing pilots 100 Updated Spacing Tests Existing 500 ft Test 80 MB Type Curve NEW 500 ft Test MB Actual…
  34. Investor Analyst Day 2014 – Hess Corp – slide 34
    Further Upside in Recoverable Resources Leading technology and strategic research Integrating Geoscience and Reservoir/Completions Engineering Understanding the Subsurface Micro-seismic delineation of depletion zones Modeling impact…
  35. Investor Analyst Day 2014 – Hess Corp – slide 35
    Bakken Key messages Among the lowest cost and highest return wells in the play Distinctive Lean Manufacturing drives lowest cost wells Data and technology-driven approach to delivering top quartile productivity Ethane extraction and…
  36. Investor Analyst Day 2014 – Hess Corp – slide 36
    Utica Key messages Encouraging appraisal, transitioning to early development at measured pace Material position in the wet gas window, acreage in play sweet spot - 44,000 net acres focused in the wet gas window within 50/50 CONSOL JV…
  37. Investor Analyst Day 2014 – Hess Corp – slide 37
    Material Position in the Wet Gas Window Acreage in wet gas sweet spot JV Acreage Strong Initial Test Rates (Gross) Optimum Mix of Pressure & Liquid Content Tier 1 Acreage Operator Hess Operated Wells Pads Well Test Results (24 hr)…
  38. Investor Analyst Day 2014 – Hess Corp – slide 38
    Leveraging Bakken Capability Applying Bakken learnings to a different play Well Design and Cost are Very Different Bakken Well Utica Well Item Bakken Utica State Supported Immature Pooling Land Pooling Statutes 4.2 MM 6.1 MM 3…
  39. Investor Analyst Day 2014 – Hess Corp – slide 39
    Leveraging Bakken Capability Applying Bakken learnings and Lean approach to the Utica 68% Decrease in 40% Improvement in Drilling Costs Days Spud to Spud Days /ft 100 700 Q4 12 600 80 500 60 400 40 81 300 64 Q2 14 53 200 20…
  40. Investor Analyst Day 2014 – Hess Corp – slide 40
    Transitioning to Early Development First time guidance Utica Net Production (MBOED) First time guidance MBOED 20% Gas 40 10% Condensate - Net peak production 40 MBOED 70% NGL by 2020 30 - Over 500 gross well locations 20 - Net…
  41. Investor Analyst Day 2014 – Hess Corp – slide 41
    Transitioning to Early Development Positioning for market flexibility Midstream Overview (Utica) Interstate Gas Pipeline (Market Destination) Dominion East Ohio (DEO) Northeast TETCO, DTI Local Proposed: Berne Complex Natrium…
  42. Investor Analyst Day 2014 – Hess Corp – slide 42
    Unconventional Business Key messages Delivering double-digit annual growth & long term cash flow 50% of E&P capital spend 2015 - 2018; 50% of proved reserves by 2018 Bakken guidance increased; 7/6 development confirmed Net peak…
  43. Investor Analyst Day 2014 – Hess Corp – slide 43
    Offshore Business Key messages High margin, long life asset portfolio with strong free cash flow - 2014 year-to-date cash margin 60 per BOE - 17 B Cash Flow from Operations 2015 - 2018 Focused in four key areas where Hess has proven…
  44. Investor Analyst Day 2014 – Hess Corp – slide 44
    Offshore Asset Portfolio Focused and linked by operating capabilities Valhall / South Arne 11% Prod 24% Res Equatorial JDA Guinea 16% Prod 15% Prod 10% Res 4% Res Deepwater GoM Tubular Bells Ghana North Malay 21% Prod…
  45. Investor Analyst Day 2014 – Hess Corp – slide 45
    Offshore Business High margin, long life portfolio, strong free cash flow Materiality Longevity Profitability 2015 - 2018 Cash Margin 6P Resource Production (MMBOE) 2014 YTD (MBOED) (/BOE) Deepwater 80 - 90 560 70 Gulf of…
  46. Investor Analyst Day 2014 – Hess Corp – slide 46
    Offshore Business Capturing further value through ongoing exploitation Changes to 2P Reserves (EUR basis) Net MMBOE Sanction Through YE 2014 Hess Assets Routinely 500 +8% Outperforming Sanction Case 450 - Additional volumes identified…
  47. Investor Analyst Day 2014 – Hess Corp – slide 47
    Deepwater Gulf of Mexico High margin production with significant running room Baldpate / PSD / Conger 38-50% WI, Hess operated Net Production 20-25 Mboe/d 3+ additional well locations Tubular Bells 57% WI, Hess operated Stampede…
  48. Investor Analyst Day 2014 – Hess Corp – slide 48
    Deepwater Gulf of Mexico High margin production with significant running room MBOED Net Production 100 Stampede 75 T Bells 50 25 Base 0 2014 2015 2016 2017 2018 Tubular Bells B 2015 - 18 Cash Flows 8 WI (%) Operator…
  49. Investor Analyst Day 2014 – Hess Corp – slide 49
    Proven Capability Operated offshore project delivery Increasing Complexity, Proven Capability 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Water Depth (ft) 1,000 North Malay Basin S Arne Early Prod. System Penn…
  50. Investor Analyst Day 2014 – Hess Corp – slide 50
    Proven Capability Industry leading offshore drilling & project delivery Industry Project Delivery (IPA Study 2005 - 2013) -20% Drilling Performance Quartile 1st 2nd 3rd 4th Hess Under Others Ghana T Bells 0% North Malay…
  51. Investor Analyst Day 2014 – Hess Corp – slide 51
    Proven Capability Delivering project excellence IPA Schedule Achievement* Project Delivery 35% 1st Qtl 2nd Qtl 3rd Qtl 4th Qtl 30% - First quartile project schedule 25% 20% achievement confirmed through 15% independent…
  52. Investor Analyst Day 2014 – Hess Corp – slide 52
    Proven Capability Tubular Bells project: Deepwater GoM Hess 57% WI Operator Strategic / Portfolio Context - Material, high margin asset - Key contributor to production & cash flow - Leverages deepwater capability Asset Details…
  53. Investor Analyst Day 2014 – Hess Corp – slide 53
    Proven Capability Stampede development: Building on T Bells success 6 Production Wells Host Platform GC 468 Strategic / Portfolio Context 4 Injection Wells - Leverages proven deepwater capability Hess 25% WI Operator - Material…
  54. Investor Analyst Day 2014 – Hess Corp – slide 54
    West Africa: Equatorial Guinea High margin asset with continuing development potential Okume TLP Hess 85% WI Operator Strategic / Portfolio Context - High margin, material cash flow - 4D seismic for continuing identification of high…
  55. Investor Analyst Day 2014 – Hess Corp – slide 55
    West Africa: Ghana Potential new growth 2020+ Cote dIvoire Hess Operated Ghana Strategic / Portfolio Context Hess Discovery Industry Developments - Leverages deepwater experience from Water Depth 5,500 - 8500 ft Drilling TD…
  56. Investor Analyst Day 2014 – Hess Corp – slide 56
    West Africa: Ghana Industry leading drilling performance Days - Last well best in Ghana; perfect well /1,000 m with zero non-productive time 35 1st Quartile - Drilled 4 of top 8 wells in West Africa 2nd Quartile 30 3rd Quartile -…
  57. Investor Analyst Day 2014 – Hess Corp – slide 57
    North Sea Chalk Long-life, high-margin oil assets with running room Hess 61% WI Net Production & Operator MBOED 60 South Arne 40 20 Valhall South Arne Platforms Water Depth 200 ft 0 Drilling TD 18,000 ft Danish North Sea…
  58. Investor Analyst Day 2014 – Hess Corp – slide 58
    North Sea Chalk: South Arne High-margin with continuing development potential WHP-North Hess 62a% Hess WI WI Operator & Operator Strategic / Portfolio Context - High margin & material cash flow Main Hess 61% WI Platform Operator…
  59. Investor Analyst Day 2014 – Hess Corp – slide 59
    North Sea Chalk: Valhall Long life chalk asset with material upside Hess 64% WI Operator: BP Strategic / Portfolio Context - Long life, material chalk asset; generates 300MM net cash flow annually - Under-exploited reservoir;…
  60. Investor Analyst Day 2014 – Hess Corp – slide 60
    Malaysia Gas Growing a premium-priced long-term gas business JDA MBOED Net Production 75 Thailand North Malay 50 Basin 25 JDA 0 North Malay 2014 2015 2016 2017 2018 Malaysia Basin 30 Miles B 3 2015-18 Cash Flows 2…
  61. Investor Analyst Day 2014 – Hess Corp – slide 61
    Malaysia Gas: Joint Development Area Long-term production & material cash flow Hess 50% WI JDA Operator: Carigali-Hess Strategic / Portfolio Context Thailand - Low cost, long life gas reserves with oil-linked pricing - Material…
  62. Investor Analyst Day 2014 – Hess Corp – slide 62
    Malaysia Gas: North Malay Basin Low risk, oil-linked gas development Hess 50% WI Operator Strategic / Portfolio Context Thailand - Growing Malaysia supply/demand gap - Low-risk development of 9 discoveries - Material production and…
  63. Investor Analyst Day 2014 – Hess Corp – slide 63
    Proven Capability North Malay Basin top quartile delivery Early Production System - First quartile drilling Well Depth vs Drilling Days - 19 months sanction to first gas 70 - Capacity 15% above nameplate 60 - Improved project…
  64. Investor Analyst Day 2014 – Hess Corp – slide 64
    Offshore Business Key messages High margin, long life asset portfolio with strong free cash flow - 2014 year-to-date cash margin 60 per BOE - 17 B cash flow from operations 2015 - 2018 Focused in four key areas where Hess has proven…
  65. Investor Analyst Day 2014 – Hess Corp – slide 65
    Exploration Key messages Focused strategy to deliver material long term value Strategy - Focus on proven and emerging oil-prone plays, in basins we understand - Access material opportunities with running room and attractive…
  66. Investor Analyst Day 2014 – Hess Corp – slide 66
    Further Upside to Long Term Growth Through exploratory success Yet to Find Volumes 5 -10 B BOE 10 - 20 B BOE Nova US Offshore Scotia GoM Canada Gas Liquids GoM Kurdistan Mexico Guyana Ghana Latin America W. Africa…
  67. Investor Analyst Day 2014 – Hess Corp – slide 67
    Deepwater Gulf of Mexico Exploration focus area Louisiana Miocene Subsalt High deliverability, high margin wells Inboard Paleogene Extend play out of core areas Better rock, higher gravity fluids Complex imaging, higher risk…
  68. Investor Analyst Day 2014 – Hess Corp – slide 68
    Deepwater Gulf of Mexico: Sicily Prospect Exposure to prolific Paleogene outboard play Industry Oil Discovery Hess 25% WI 2015 Well Exploration Block Operator: Chevron Green Canyon Strategic / Portfolio Context Production Block…
  69. Investor Analyst Day 2014 – Hess Corp – slide 69
    Offshore Guyana: Stabroek License Material position with running room Hess 30% WI Strategic / Portfolio Context Operator: Exxon* - 6.5 MM acres; 1,150 GoM blocks - Multiple prospects & leads in several plays - 500 MMBO net risked…
  70. Investor Analyst Day 2014 – Hess Corp – slide 70
    Offshore Guyana: Stabroek License Multiple leads testing several play types Liza Prospect - Large amplitude-supported Ranger Upper Cretaceous fan play - Strong indications of reservoir - Spud early 2015 Guyana - Follow-on…
  71. Investor Analyst Day 2014 – Hess Corp – slide 71
    Offshore Nova Scotia Material position in emerging deepwater play Strategic / Portfolio Context Canada - 3.5 MM acres; equivalent to 600 GoM blocks - Multiple leads in sub-salt play - 800 MMBOE net risked resource - GoM analogue…
  72. Investor Analyst Day 2014 – Hess Corp – slide 72
    Offshore Nova Scotia Sub-salt play types analogous to deepwater GoM Oil shows Oil shows T1 T2 R2 T2 R1 R1 R1 S1 T2 T4 R3 T4 R1 R2 R3 T3 S2 T3 S1 TRAP STYLES T1: stratigraphic traps 2 km T2: suprasalt anticlines T3:…
  73. Investor Analyst Day 2014 – Hess Corp – slide 73
    Exploration Key messages Focused strategy to deliver material long term value Strategy - Focus on proven and emerging oil-prone plays, in basins we understand - Access material opportunities with running room and attractive…
  74. Investor Analyst Day 2014 – Hess Corp – slide 74
    Finance Key messages Disciplined capital allocation strategy Asset Portfolio able to deliver cash generative growth from 2015 to 2018 between 90 and 100 Brent Strong balance sheet and liquidity to offer additional funding…
  75. Investor Analyst Day 2014 – Hess Corp – slide 75
    Disciplined Capital Allocation Strategy Allocate capital first for risk adjusted returns Spend capital within the limit of internally generated free cash flow over plan period Preserve balance sheet strength and liquidity to fund: -…
  76. Investor Analyst Day 2014 – Hess Corp – slide 76
    Cash Generative Growth 2015 to 2018 Leveraged to liquids with industry leading cash margins Liquids Exposure High Cash Margins IRR US Gas 30-100%+ 17-19% Capex 12% Cash Margin 40-50/BOE Intl Gas 15% 73% Crude 54-56% Capex…
  77. Investor Analyst Day 2014 – Hess Corp – slide 77
    Cash Generative Growth 2015 to 2018 Portfolio offers balanced cash generation and capital flexibility 2015 - 2018 Post Dividend Cash Flows - FCF from Base and Offshore assets funds growth in Unconventionals 100 Brent Base Plan 90…
  78. Investor Analyst Day 2014 – Hess Corp – slide 78
    Strong Balance Sheet and Liquidity Offers additional funding support B Managed Debt Maturities 9.3 Billion of Liquidity at 9/30 0.5 - 4.1 B Cash 0.4 - 4.0 B Unused Revolver 0.3 - 1.2 B Unused Committed Lines 0.2 0.4 0.4 0.1…
  79. Investor Analyst Day 2014 – Hess Corp – slide 79
    Opportunity to Improve Shareholder Returns Over time Completing 6.5 billion share repurchase program - 4.7 billion completed through November 7th Increased annual dividend by 150% to 1 per share Additional return of capital from…
  80. Investor Analyst Day 2014 – Hess Corp – slide 80
    Finance Key messages Disciplined capital allocation strategy Asset Portfolio able to deliver cash generative growth from 2015 to 2018 between 90 and 100 Brent Strong balance sheet and liquidity to offer additional funding…
  81. Investor Analyst Day 2014 – Hess Corp – slide 81
    Why Hess Global E&P company with resilient portfolio that offers the opportunity & flexibility to grow production & free cash flow in different price environments - 6-10% compound annual production growth & free cash flow generative at…

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