J. Kent Wells Vice Chairman of the Corporation and CEO of Fidelity Exploration & Production Pat OBryan President of Fidelity Exploration & Production Building A Strong America 32
Exploration & Production Significantly grow earnings and NAV by: Targeting oil to maximize profitability Expanding key existing positions and exploring emerging opportunities Manage portfolio for long term Two producing regions:…
Returns Based Investing Production Mix 2008 First Half 2014 Gas Gas 38% 80% Oil 16% NGL 7% Oil 55% NGL 4% Rebalancing portfolio toward higher returns for oil 34
Oil Production Growth Oil Production by Quarter 1,600 Second Quarter 2014 1,400 production growth 14% 1,200 First Half 2014 oil 1,000 production increased to 1,366 2.6 million barrels 800 1,280 1,252 1,244…
Paradox Basin 36
Paradox Basin - Continuing to build a dominant position Acreage broadly captured Approx. 140,000 net acres, plus 20,000 acres under option Recent flank and uphole clastic wells have not achieved desired results and will require…
Recent Paradox Completions Initial Pressure Initial Restricted Well (PSI) Choke Size 24 Hr. Rate 36-2 2,043 7 247 32-1 3,948 6 209 36-3 2,913 8 97 Initial rates and pressures were encouraging but wells have performed poorly…
Bakken Oil Play First Half 2014 Approximately 130 million in capital spending planned for 2014 Oil Production 1.4 Million Mountrail County Current 1 rig program drilling Middle Bakken and Three Forks Net Barrels wells 52% of…
Bakken - Activity Development area - 62,000 net acres 20-40 Potential Three Forks locations 3-10 Potential Bakken locations 17 recent cemented liner completions under evaluation 40
Bakken Recent Wells Stark County (Three Forks): o Barnhart 1 20-17H IP 1,113 BOEPD o Barnhart 3 20-17H IP 666 BOEPD o Dacker 21-16H IP 856 BOEPD o Weiler 21-16H IP 707 BOEPD Mountrail County: o Minot State (Middle Bakken) IP 1,372…
Powder River Basin Delineation and development in a top-tier basin Acquisition of 42,148 gross/24,475 net acres and growing Average 2014 production of 1,800 BOEPD Increasing rig count: Two-four non- operated rigs and a possible…
Powder River Basin Delineation and Development of stacked pay Frontier Play Entering development phase 2nd Bench results (900-1000 MBOE recoveries): Expanding field limits and development of existing spacing units 1st Bench tests in…
Gas Properties Oil growth is key to Fidelitys strategy, but we maintain a diversified portfolio Our gas assets include: Significant operated fields (all 100% WI) Baker Field, Fallon County, MT Bowdoin Field, Phillips County, MT…
2014 Outlook Returns Based Investment Philosophy Focus on oil growth Opportunistically monetize developed assets Resolve Paradox operational challenges to sustain growth Expand Powder River Basin position 45
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