4th Quarter & Year End 2013 Investor Update February 27, 2014
4Q Highlights Execution Growth Oil production averaged 43 MBbls/d 12 rigs running during the quarter Up 47% from 2012 61 new wells completed 547 MMBoe total proved reserves Continue to see per well cost reduction Up 28% from…
4Q Operations Summary Equivalent Production Oil NGL Natural Gas Completed Program (MBoe/d) (MBbls/d) (MBbls/d) (MMcf/d) Wells Eagle Ford 40.3 27.3 6.3 40 36 Wolfcamp 8.7 5.5 1.4 11 18 Altamont 12.9 9.6 - 20 7 Haynesville 20.9 - - 125…
Execution Drives Improvement in All Areas Gross Well Cost Total Well Cost per Foot1 Rig Days Stimulation (MM) (/ft.) (Spud to Rig Release) (Stages per day) 8.3 569 8.7 Eagle Ford 14 7.4 498 12 6.5 6.3 419 8 4.7 2012…
Significant Value Uplift From Growing Reserve Base MMBoe Year-end PV-10 Value1 6.4 Billion 8.9 Billion 147.3 3.1 547.5 428.7 (31.6) 2012 Production Additions Revisions 2013 1.4 billion 2013 Oil & liquids represent Boe…
Continued Oil Production Growth MBbls/d Altamont 8.1 9.6 4Q 2012 4Q 2013 Eagle Ford 27.3 18.5 Wolfcamp 5.5 4Q 2012 4Q 2013 1.6 4Q 2012 4Q 2013 Concentrated positions in leading basins 7 1 Total volumes pro forma for…
Eagle Ford: High Return Growth Execution and efficiency gains Oil Production driving rapid growth (MBbls/d) 27.3 26.1 Six rigs running 22.2 20.4 Two stimulation crews active 18.5 15.7 36 wells completed 10.9 Continuing to…
Eagle Ford: Continued Performance Improvement 250 Eagle Ford Production Curve Evolution Improving performance Eagle Ford Current Type Curve 2011 2012 2013 Smooth 2013 EUR results over 8% greater than type 200 Current Type…
Wolfcamp: Well Positioned Growing Program TX Acreage with highest oil in place in Southern Midland Basin Thickest part of basin Highest organic content Three rigs running; two stimulation crews Adding 4th rig in 1Q14 18 wells…
Wolfcamp: Improving Results From Current Development Design 23 120 Current Type Curve Well Average (up to 19) Individual Wells Current development plan focused on combined 100 development in Wolfcamp B and C (90-100 wells)…
Wolfcamp: Expanding Development Footprint in 2014 2013 Wells 2014 Wells 12 Page 12
Altamont: Continued Growth Thickest, highest pressure in the source rock portion of the Uinta Basin Delivers improved execution with higher initial production rates Seven wells completed Three rigs running during 4Q, recently…
Financial Results 14
4Q Financial Highlights Strong financial performance from core assets Higher oil volumes improve unit margins and returns Additional hedge positions in 2014 2016 support cash flows Significant financial flexibility to fund…
Capital Expenditures Million 7 well 27 well Other 1% Other 1% completions completions Altamont Altamont 12% 11% 36 well completions 18 well Wolfcamp 136 well completions 68 well Wolfcamp 25% Eagle Ford completions…
Adjusted EBITDAX Million 1,183 1,173 10 382 1,163 +45% 801 312 314 76 12 236 302 4Q 2012 4Q 2013 FY12 FY13 Impact of hedge settlements Core business generating solid growth Note: Data excludes costs and volumes…
Protecting Cash Flows Dynamic with Hedge Program Strong Hedge Program Oil Hedging Summary1 Natural Gas Hedging Summary 24 97.79 80 91.19 20 90.47 4.02 4.25 4.20 60 16 BCF MMBbls 12 40 8 20 4 0 0 2014 2015 2016…
Increased 2014 Activities Drive Production Growth 20 percent increase in completions funded equally by; Higher percentage of capex dedicated to drill bit Increased cost efficiencies 2013 2014E Well Completions +20% Eagle Ford 136…
Summary Delivered excellent results in 4Q Exited year at high production rate Continued strong execution in oil programs Growth in 2014 Oil volumes Efficiency gains EBITDAX margins Inventory value High return assets drive…
4th Quarter & Year End 2013 Investor Update February 27, 2014
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