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2nd Quarter 2014 Investor Update – EP Energy Corp

EP Energy Corp · Aug 7, 2014 · 23 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. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 1
    2nd Quarter 2014 Investor Update August 7, 2014
  2. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 2
    2Q Highlights Growth 60% higher oil volumes all three oil programs continued on record pace 53.3 MBbls/d 2Q14 up from 33.4 MBbls/d 2Q13 Adjusted EBITDAX of 372MM up 41% from 2Q13, a 50% increase before the impact of hedge…
  3. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 3
    2Q Operations Summary Equivalent Natural Completed Production Oil NGLs Gas Program Wells (MBoe/d) (MBbls/d) (MBbls/d) (MMcf/d) Eagle Ford 34 50.5 33.7 8.4 51 Wolfcamp 23 14.1 7.9 3.1 18 Altamont 11 15.7 11.7 0.1 24 Haynesville - 16.3…
  4. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 4
    Oil Production Growth Continued MBbls/d Total company 53.3 33.4 Altamont 11.7 2Q 2013 2Q 2014 8.3 Eagle Ford 2Q 2013 2Q 2014 33.7 22.2 Wolfcamp 7.9 2.9 2Q 2013 2Q 2014 2Q 2013 2Q 2014 Operational enhancements &…
  5. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 5
    Eagle Ford: Franchise Oil Program Increased performance from high return asset Oil Production (MBbls/d) Five rigs now running 33.7 31.6 Two stimulation crews active 27.3 26.1 34 wells completed in 2Q 22.2 20.4 Production…
  6. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 6
    Eagle Ford: Improved Results Across Position Recent Wells with Enhanced Completions (IP 30) Completion optimization Hinojosa 22H: 608 BOPD, 694 Boe/d Whitwell A Unit Altito B 23A Unit A23H: 594 BOPD, 679 Boe/d 02H: 668 BOPD, 802…
  7. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 7
    Wolfcamp: Significant Growth in Evolving Program Significant production growth Fourth rig added in late March Oil Production (MBbls/d) Two stimulation crews running 7.9 23 wells completed in 2Q 7.2 Well completions ramped…
  8. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 8
    Wolfcamp: Increased Type Curve 23 Results of combined B/C development exceed expectations 1,000 Increased estimated EUR from Wolfcamp B/C Wolfcamp B/C Development Development 900 400 MBoe to 450 MBoe 800 Larger completions…
  9. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 9
    Altamont: Significant Growth Production growth from advantaged Oil Production position in Uinta Basin (MBbls/d) Three rigs now running 11 wells completed 11.7 Production up 65% since 2Q 2012 9.5 9.8 8.9 Lowered average well…
  10. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 10
    Altamont: Continuous Improvement Three out of 12 all-time best EP Energy IP 30 Progression (Boe/d) wells in 2Q (acquired position in 2001) 587 543 525 Average IP 30 rates performing above type curve of 525 Boe/d 381 Improved…
  11. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 11
    Financial Results 12
  12. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 12
    2Q Financial Highlights Successful results from focused capital program Updating full year outlook to reflect higher growth forecast Continued significant growth in Adjusted EBITDAX and per unit margin Adjusted EBITDAX Margin Per…
  13. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 13
    2Q Summary Results 2Q 20131 2Q 20141 Volumes Oil (MBbls/d) 33.4 53.3 Natural gas (MMcf/d) 241 192 NGLs (MBbls/d) 6.6 11.6 Equivalents (MBoe/d) 80.1 96.7 % Oil 42% 55% % Liquids 50% 67% Adjusted EPS N/M2 0.23 Discretionary…
  14. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 14
    Oil & Gas Capital Expenditures Million 6 well 11 well Other 3 completions completions Altamont Altamont 45 74 37 well 34 well completions Eagle Ford completions Wolfcamp 295 132 Eagle Ford Wolfcamp 327 23 well 186 19 well…
  15. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 15
    Continued Unit Margin Expansion Adjusted EBITDAX Margin Per Unit /Boe 60.06 Margin / Cost (/BOE) 2Q 2013 2Q 2014 51.75 Unit revenue 51.75 60.06 LOE (5.01) (5.69) Adjusted G&A (6.00) (5.32) 42.25 Production Taxes (3.17) (3.61)…
  16. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 16
    Realized Oil Pricing Percent WTI Q114 Q214 Eagle Ford 98% 96% LLS pricing versus WTI stabilized Impacted by refinery downtime and pipeline delays Wolfcamp 95% 91% Expanding takeaway capacity on track for 2H14 Continued rapid…
  17. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 17
    Solid Hedge Program 2014 2015 2016 Fixed Price Hedges1 Oil volumes (MMBbls) 9.7 21.0 15.5 Average floor price (/Bbl) 97.77 91.19 90.60 Percent hedged based on updated 2014 guidance 90% +100% 77% Natural Gas volumes (TBtu) 38.4…
  18. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 18
    Increased 2014 Outlook Updated 5/7/14 Year/Year Updated 8/7/14 Year/Year Growth Rate Growth Rate Oil production (MBbls/d) 52 55 46% 54 56 52% Total production (MBoe/d) 93.5 99.5 19% 96 100 21%2 Capital program ( billion) Drilling and…
  19. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 19
    Another Excellent Quarter Results driven by successful execution, ahead of expectations Record production volumes delivering growing EBITDAX Increased well performance with completion optimization Net asset value enhancement…
  20. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 20
    2nd Quarter 2014 Investor Update August 7, 2014
  21. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 21
    Eagle Ford: Consistent High-Quality Oil 47.0 46.0 45.0 Average API 44.0 Gravity1 43.0 42.0 No gravity adjustments for oil with gravity of 45 degrees or below 41.0 Month 22 1 Based on monthly pipeline delivered…
  22. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 22
    EP Energy Today EAGLE EAGLEFORD FORDSHALE SHALE WOLFCAMP WOLFCAMPSHALE SHALE Net Acres: 91,675 Net Acres: 175,173 Gross Drilling Locations: 946 Gross Drilling Locations: 3,375 0 10 Acquired acreage, April 2014 miles ALTAMONT…
  23. 2nd Quarter 2014 Investor Update – EP Energy Corp – slide 23
    Successful Wolfcamp Offset Activity 24 Sources: Texas RRC, HIS, and EP Energy Sources: Texas RRC, IHS, EP Energy

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