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The Permian Overivew – Apache Corp

Apache Corp · Feb 26, 2014 · 41 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. The Permian Overivew – Apache Corp – slide 1
    PERMIAN John Christmann February 26, 2014
  2. The Permian Overivew – Apache Corp – slide 2
    APACHE PERMIAN A MAJOR GROWTH BUSINESS Currently running 38 rigs APA Hz rigs APA Vt rigs (22) (16) 3 Vt New Mexico Texas 1 Hz/2 Vt 3 Hz/3 Vt Midland 4 Hz 5 Hz 15 mi APA acreage 1 driller in the Permian Basin…
  3. The Permian Overivew – Apache Corp – slide 3
    2013 HIGHLIGHTS AVERAGED 42 RIGS AND COMPLETED 785 WELLS Mboe/d Rigs (bars) (line) Production & Operated Rig Count Growth 160 50 45 2013 Results 140 APA Permian 40 127.1 MBOE/D 120 Region Average Production +17.3% YoY…
  4. The Permian Overivew – Apache Corp – slide 4
    CHARGING AHEAD WITH HORIZONTAL RIGS UP TO 23 HORIZONTAL RIGS BY YEAR END 2013 Apache Operated Rig Count 45 Hz Vt 40 35 30 25 20 15 10 5 - 2010 2011 2012 2013 38
  5. The Permian Overivew – Apache Corp – slide 5
    1 PERMIAN DRILLER IN 2013 Operated Rigs 45 40 35 30 25 20 15 10 5 0 APA A B C D E F Note: Peers include COP, CXO, DVN, OXY, PXD, and XEC; data sourced from company investor presentations and Wall Street research. 39
  6. The Permian Overivew – Apache Corp – slide 6
    2ND LARGEST FOOTPRINT: 1.7 MM NET ACRES Net Acres (000s) 3,000 2,500 2,000 1,500 1,000 500 0 A APA B C D E F Note: Peers include COP, CXO, DVN, OXY, PXD, and XEC; data sourced from company investor presentations and Wall…
  7. The Permian Overivew – Apache Corp – slide 7
    17% GROWTH ON 2ND LARGEST BASE 2013 Net MBOE/D 300 211 200 127 92 79 78 108 2012 100 55 53 92 2011 66 2010 0 A APA B C D E F APA Hist % Growth 2013 vs 2012 40% 30% 20% 18% 21% 20% 17% 13% 10% 8% 2% 0% A APA B C D E…
  8. The Permian Overivew – Apache Corp – slide 8
    1 GROWTH BY VOLUME ACROSS PEERS MBOE/D Added in 2013 20 18 16 14 12 10 8 6 4 2 0 APA A B C D E F Note: Peers include COP, CXO, DVN, OXY, PXD, and XEC; data sourced from company investor presentations and Wall Street…
  9. The Permian Overivew – Apache Corp – slide 9
    REGION GROWTH SECOND TO NONE 2014 2010 2011 2012 2013 Plan Employees 345 662 792 914 970 Investment 0.4B 1.2B 2.3B 2.6B 2.6B Production 12-15% 66.5 91.7 108.3 127.1 (MBOE/D)1 growth Rigs 6 25 32 42 39 New Hz 17 39 104 186 +60% 297…
  10. The Permian Overivew – Apache Corp – slide 10
    REGION GROWTH 2014P TRACK RECORD OF ORGANIC GROWTH 12-15% 140 Growth Liquids % of Mix 2011 Actual 69% 127.1 2012 Actual 72% 120 2013 Actual 75% 108.3 31.6 100 91.7 30.1 23.4 80 MBOE/D 28.9 18.0 60 11.8 40 72.1…
  11. The Permian Overivew – Apache Corp – slide 11
    GROWING TOTAL RESOURCE 1 BILLION BOE NET INCREASE IN TOTAL RESOURCE SINCE 2012 Understanding of new areas now sufficient for inclusion (i.e., Augusta Barrow, Fasken/Circle Bar, Southern Crane) Understanding of new landing zones…
  12. The Permian Overivew – Apache Corp – slide 12
    TOTAL RESOURCE Net Resources Gross / Net Acreage 4.8 BBOE 3.3MM/ 1.7MM APA acreage CBP + N/NW Shelf Gross Acreage 1,800 Net Acreage 850 Net MMBOE 1,275 Central Basin Platform Midland Basin Delaware Basin Midland Basin…
  13. The Permian Overivew – Apache Corp – slide 13
    INCREASING HORIZONTAL ACTIVITY APACHE HORIZONTAL TARGETS Delaware Basin CBP/NW Shelf Midland Basin Leonard Lime Mountain Group Bell Canyon Tansil Delaware Cherry Canyon Yates Permian Basin Seven Rivers Leonard Bushy…
  14. The Permian Overivew – Apache Corp – slide 14
    RECENT HORIZONTAL RESULTS FIELD/AREA APA Well Name Landing Zone Peak IP rate MANY WAYS TO WIN 1st Flow Date Lateral Length YESO THREE BAR THREE BAR AUGUSTA BARROW VEALMOOR DEADWOOD YESO Crow Fed 10H Carmichael 1501H Augusta…
  15. The Permian Overivew – Apache Corp – slide 15
    MIDLAND BASIN MULTI-PLAY GROWTH ENGINE Midland Basin Net Production 2011-2013 Boe/d Cline Shale 70,000 Midland Basin 60,000 50,000 40,000 30,000 Wolfcamp Shale 20,000 10,000 25 mi - APA acreage 2011 2012 2013 APA…
  16. The Permian Overivew – Apache Corp – slide 16
    MIDLAND BASIN HORIZONTAL TREMENDOUS UNCONVENTIONAL POTENTIAL 50 Note: Logs above hung on Clearfork.
  17. The Permian Overivew – Apache Corp – slide 17
    WOLFCAMP SHALE GROWING OUR RESOURCE Acres (000) 502 (401 net) Midland Basin Planned 2014 Wells 131 (All Hz) Wolfcamp Shale Resources 846 MMBOE net Midland Basin Wolfcamp Shale MMBOE 1,000 800 600 400 200 25 mi - APA…
  18. The Permian Overivew – Apache Corp – slide 18
    WOLFCAMP SHALE PROVEN MODEL: APACHES BARNHART AREA (IRION CO.) Mcf/d Barnhart Wolfcamp Gross Production Bo/d Midland Basin 60,000 12,000 MCFD BOPD Wolfcamp Shale 50,000 10,000 40,000 8,000 30,000 6,000 Barnhart Field 20,000…
  19. The Permian Overivew – Apache Corp – slide 19
    WOLFCAMP SHALE: BARNHART CONSISTENT FAST-PACED EXECUTION WITH STRONG RESULTS Well Highlights IP (24 hr Pk) IP (30-Day Avg) Lateral (ft) EUR (MBOE) Scott Sugg 5554 H31U 918 Pending 7,697 685 Scott Sugg 5554 H43M 1,111 882 7,628 631…
  20. The Permian Overivew – Apache Corp – slide 20
    WOLFCAMP SHALE: BARNHART DRILLING FASTER AND LOWERING COSTS Depth (ft) 0 2,000 Drilling cost reduced 26% 2012-2013 YoY /ft 4,000 6,000 8,000 10,000 12,000 14,000 Avg 2013 Avg 2012 2013 Pace Setter (78 wells) (21…
  21. The Permian Overivew – Apache Corp – slide 21
    WOLFCAMP SHALE: BARNHART DRILLING INVENTORY ECONOMICS Wolfcamp Shale: Barnhart1 BOE/D 600 D+C Cost MM 6.3 500 EUR MBOE 600 400 30-Day IP Rate Boed 515 300 % Oil / Gas / NGL 55% / 21% /24% WI / NRI 85% / 64% 200 ROR2 41%…
  22. The Permian Overivew – Apache Corp – slide 22
    WOLFCAMP SHALE: BARNHART RECENT COMPLETION TRIALS 4Q 13/1Q 14 Results: Step change in completion productivity; Optimizing stage and frac designs; Current Barnhart Wolfcamp type curve used to calculate resource Conducting…
  23. The Permian Overivew – Apache Corp – slide 23
    WOLFCAMP SHALE: SOUTHERN MIDLAND BASIN APPLYING LEARNINGS Select Apache fields in the Southern Midland Basin Acres1 (000) 292 (232 net) Planned 2014 Wells 53 (All Hz) Wildfire Spraberry Aldwell Unit Midland Resources 549 MMBOE…
  24. The Permian Overivew – Apache Corp – slide 24
    WOLFCAMP SHALE: SOUTHERN MIDLAND BASIN DRILLING INVENTORY ECONOMICS Wolfcamp Shale: Southern Midland Basin1 BOE/D 700 D+C Cost MM 7.8 600 EUR MBOE 662 500 30-Day IP Rate Boed 590 400 % Oil / Gas / NGL 61% / 19% / 20% 300 WI / NRI…
  25. The Permian Overivew – Apache Corp – slide 25
    WOLFCAMP SHALE: SOUTHERN MIDLAND BASIN RECENT COMPLETION TRIALS 10,000 Miller 3601HM M. Wolfcamp (Upton Co); 1 mi. lateral 24-hour Peak IP rate of 1,391 BOEPD (82% oil) CC 3626HM M. Wolfcamp (Upton Co); 1 mi. lateral 24-hour Peak…
  26. The Permian Overivew – Apache Corp – slide 26
    CLINE SHALE EXPANDING HORIZONTAL PROGRAM Acres (000) 640 (510 net) Cline Shale Planned 2014 Wells 35 (All Hz) Resources 665 MMBOE net Deadwood Field Expanding resource play with focus on Glasscock County Drilled 51 wells to…
  27. The Permian Overivew – Apache Corp – slide 27
    CLINE SHALE LEADING GLASSCOCK CLINE PLAYER Marlin 47 2H Deadwood Cline Avg Daily Production Curves1 900 30d IP 286 BOEPD 800 Barracuda 45 2H 700 Marlin 47 2H Lee 59 10H Lee 59 10H 600 Hammerhead 33 8H 500 BOEPD 30d IP 371…
  28. The Permian Overivew – Apache Corp – slide 28
    CLINE SHALE STEP CHANGE IN COMPLETIONS EUR (MBOE) 600 2013 Optimized 1-mile lateral +40% 500 2013 Early development 1-mi. lateral 400 300 200 100 0 2013 2013 2014 Early development Optimized 1-mi. lateral 1.5-mi.…
  29. The Permian Overivew – Apache Corp – slide 29
    CLINE SHALE DRILLING INVENTORY ECONOMICS Cline 1 BOE/D 450 D+C Cost MM 8.5 400 EUR MBOE 536 350 300 30-Day IP Rate Boed 420 250 % Oil / Gas / NGL 67% / 14 % / 19% 200 WI / NRI 78% / 60% 150 100 ROR 23% 50 Total Inventory…
  30. The Permian Overivew – Apache Corp – slide 30
    MIDLAND BASIN VERTICAL MULTI-ZONE STACKED PAY Squire 9007 Frances Gunn A33 (Fusselman) (Clearfork - Wolfcamp) 30-day IP BOE/D 577 30-day IP BOE/D 130 Acres (000) 950 (635 net) EUR MBOE 813 EUR MBOE 134 Planned 2014 Wells 170…
  31. The Permian Overivew – Apache Corp – slide 31
    MIDLAND BASIN VERTICAL DRILLING INVENTORY ECONOMICS BOE/D Spraberry Vertical 80 D+C Cost MM 2.0 70 EUR MBOE 148 60 30-Day IP Rate Boed 73 50 % Oil / Gas / NGL 49% / 26% / 25% 40 WI / NRI 89% / 72% 30 ROR 23% 20 Total Inventory…
  32. The Permian Overivew – Apache Corp – slide 32
    MIDLAND BASIN TRACK RECORD DEADWOOD: EXECUTION & IMPACTIVE GROWTH Squire 9007 Deadwood Gross Production (Fusselman) Mcf/d Bo/d Program shift 30d IP 577 BOEPD 90,000 to horizontals 18,000 MCFD BOPD 80,000 16,000 70,000 14,000…
  33. The Permian Overivew – Apache Corp – slide 33
    CENTRAL BASIN PLATFORM & N/NW SHELF PRODUCTION LEGACY OF THE BASIN, WITH UPSIDE North Shelf Acres (000) 1,800 (850 net) Planned 2014 Wells 328 (105 Hz) Northwest Shelf Resources 1,275 MMBOE net Central Basin Three Bar Platform…
  34. The Permian Overivew – Apache Corp – slide 34
    CENTRAL BASIN PLATFORM HORIZONTALS CONVENTIONAL OIL PLAYS Wichita Albany TBSU 119H Carmichael 1501H 30-day IP BOE/D 769 30-day IP BOE/D 507 Apache remains a leader in the horizontal EUR MBOE 552 EUR MBOE 321 exploitation of…
  35. The Permian Overivew – Apache Corp – slide 35
    CENTRAL BASIN PLATFORM HORIZONTALS DRILLING INVENTORY ECONOMICS Wichita Albany BOE/D 500 D+C Cost MM 5.6 450 EUR MBOE 367 400 350 30-Day IP Rate Boed 477 300 % Oil / Gas / NGL 60% / 21% / 19% 250 WI / NRI 78% / 62% 200 150 ROR…
  36. The Permian Overivew – Apache Corp – slide 36
    CENTRAL BASIN PLATFORM VERTICALS CONVENTIONAL OIL PLAYS Lockhart B-12 13 30-day IP BOE/D 120 Andrews Unit 549 EUR MBOE 151 30-day IP BOE/D 188 Plays benefit from large-scale established EUR MBOE 273 infrastructure network Predictable…
  37. The Permian Overivew – Apache Corp – slide 37
    CENTRAL BASIN PLATFORM VERTICALS DRILLING INVENTORY ECONOMICS BOE/D Clearfork/Tubb 100 D+C Cost MM 1.7 90 80 EUR MBOE 112 70 30-Day IP Rate Boed 90 60 % Oil / Gas / NGL 61% / 24% / 16% 50 WI / NRI 78% / 69% 40 30 ROR 35% 20…
  38. The Permian Overivew – Apache Corp – slide 38
    DELAWARE BASIN OPENING UP MULTIPLE NEW AREAS Pecos Bend Acres (000) 550 (215 net) Dixieland - Under development - Planning stage Planned 2014 Wells 28 (21 Hz) - 2 rigs active, 3 landing zones Drilling Inventory 599 MMBOE net…
  39. The Permian Overivew – Apache Corp – slide 39
    DELAWARE BASIN PECOS BEND: WOLFCAMP & BONE SPRING DEVELOPMENT Chaparral 89 101H 3rd Bone Spring Boe/d 30-day IP BOE/D 1,226 1,500 EUR MBOE 763 Chaparral 89 1H 1,200 Robin 8 1H Chaparral 89 101H Delaware 900 Type Curve Basin…
  40. The Permian Overivew – Apache Corp – slide 40
    DELAWARE BASIN DRILLING INVENTORY ECONOMICS Delaware Horizontal BOE/D 800 D+C Cost MM 7.9 700 EUR MBOE 552 600 30-Day IP Rate Boed 786 500 % Oil / Gas / NGL 45% / 28% / 27% 400 300 WI / NRI 94% / 72% 200 ROR 22% 100 Total…
  41. The Permian Overivew – Apache Corp – slide 41
    LONG TERM PERFORMANCE DELIVERING AND EXCEEDING EXPECTATIONS 140 125 127 120 108 105 100 92 80 MBOE/D 60 40 20 0 2011 2012 2013 2012 Projections Actual / Projections 75

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