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PERMIAN UPDATE – Apache Corp

Apache Corp · May 22, 2014 · 27 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. PERMIAN UPDATE – Apache Corp – slide 1
    APACHE IN THE PERMIAN: A BIG POSITION GETTING BIGGER John Christmann May 22, 2014
  2. PERMIAN UPDATE – Apache Corp – slide 2
    APACHE: A NORTH AMERICA POWERHOUSE Most active driller Track record of delivering consistent, repeatable growth Organic production replacement of 230% at 17 per BOE Substantial reduction of costs in resource plays Massive…
  3. PERMIAN UPDATE – Apache Corp – slide 3
    APACHES NORTH AMERICA ONSHORE POSITION Canada 2013PF Avg. Production1: 74.6 MBOE/D Undeveloped Resources: 2.8 BBOE Emerging Montney / Duvernay Shale Plays Permian 2013 Avg. Production: 127.1 MBOE/D Central Undeveloped…
  4. PERMIAN UPDATE – Apache Corp – slide 4
    PROVEN NORTH AMERICA GROWTH DRIVERS Liquids Track Record (B/D) BOE/D Track Record 160,000 250,000 Permian Central Permian Central 141 218 140,000 200,000 120,000 100,000 150,000 80,000 100,000 89 60,000 39 40,000…
  5. PERMIAN UPDATE – Apache Corp – slide 5
    NORTH AMERICA ONSHORE RESOURCE BASE: VISIBLE, PREDICTABLE UPSIDE Pro Forma Proved Reserves1 Total Resources2 1.7 BBOE 14.0 BBOE Canada 21% Canada 24% Central Central 18% GC 4% 38% Onshore 54% Permian Permian 40%…
  6. PERMIAN UPDATE – Apache Corp – slide 6
    NORTH AMERICA ONSHORE 2014 PLAN 2014 E&D capital of 5.4Bn 47% Permian; 32% Central Avg. Rigs 85; gross wells 1,400 875 horizontal gross wells 2014: 15% to 18% North America onshore liquids growth Driven by oil Continue…
  7. PERMIAN UPDATE – Apache Corp – slide 7
    APACHE PERMIAN A MAJOR GROWTH BUSINESS Currently running 36 rigs APA Hz rigs APA Vt rigs (25) (11) New Mexico Texas 4 Hz/3 Vt Midland 6 Hz 15 mi APA acreage 1 driller in the Permian Basin 3.3 million acres (1.7…
  8. PERMIAN UPDATE – Apache Corp – slide 8
    Q1 2014 HIGHLIGHTS AVERAGED 38 RIGS AND COMPLETED 196 WELLS Mboe/d Rigs (bars) (line) Production & Operated Rig Count Growth 160 50 45 Q1 2014 Results 140 APA Permian 40 150 MBOE/D 120 Region Average Production +25% YoY…
  9. PERMIAN UPDATE – Apache Corp – slide 9
    1 PERMIAN DRILLER IN Q1 2014 Operated Rigs 40 35 30 25 20 15 10 5 0 Apache A B C D E F Note: Peers include CXO, CVX, DVN, OXY, PXD, and XEC; data sourced from company investor presentations and Wall Street research.…
  10. PERMIAN UPDATE – Apache Corp – slide 10
    25% GROWTH ON 2ND LARGEST BASE 1Q14 Net MBOE/D 250 212 200 150 150 102 91 87 127 2013 100 58 108 2012 44 92 2011 50 66 2010 0 A APA B C D E F APA Hist % Growth 1Q14 vs 1Q13 40% 35% 31% 30% 25% 26% 19% 20% 14% 10% 0%…
  11. PERMIAN UPDATE – Apache Corp – slide 11
    1 GROWTH BY VOLUME ACROSS PEERS MBOE/D Added in 1Q14 vs 1Q13 35 30 25 20 15 10 5 0 -5 -10 APA A B C D E F Note: Peers include CXO, DVN, EGN, OXY, PXD, and XEC; data sourced from company investor presentations and Wall Street…
  12. PERMIAN UPDATE – Apache Corp – slide 12
    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…
  13. PERMIAN UPDATE – Apache Corp – slide 13
    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…
  14. PERMIAN UPDATE – Apache Corp – slide 14
    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…
  15. PERMIAN UPDATE – Apache Corp – slide 15
    RECENT HORIZONTAL RESULTS FIELD/AREA APA Well Name Landing Zone Peak IP rate MANY WAYS TO WIN 1st Flow Date Lateral Length YESO KEYSTONE THREE BAR THREE BAR AUGUSTA BARROW Crow Fed 23H Carmichael 1501H Augusta Barrow 1417H YESO…
  16. PERMIAN UPDATE – Apache Corp – slide 16
    WOLFCAMP SHALE PROVEN MODEL: APACHES BARNHART AREA (IRION CO.) Mcf/d Barnhart Wolfcamp Gross Production Bo/d Midland Basin 60,000 14,000 MCFD BOPD Wolfcamp Shale 50,000 12,000 10,000 40,000 8,000 30,000 Barnhart Field 6,000…
  17. PERMIAN UPDATE – Apache Corp – slide 17
    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 H23M 909 712 8,010 646 Scott Sugg 5554 H31U 918 535 7,697 685 Scott…
  18. PERMIAN UPDATE – Apache Corp – slide 18
    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…
  19. PERMIAN UPDATE – Apache Corp – slide 19
    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%…
  20. PERMIAN UPDATE – Apache Corp – slide 20
    WOLFCAMP SHALE: BARNHART RECENT COMPLETION TRIALS 2,000 4Q 13/1Q 14 Results: Step change in completion productivity; Optimizing stage and frac designs; 1,000 BOEPDBOEPD 600 MBOE Current Barnhart Wolfcamp type curve used…
  21. PERMIAN UPDATE – Apache Corp – slide 21
    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…
  22. PERMIAN UPDATE – Apache Corp – slide 22
    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…
  23. PERMIAN UPDATE – Apache Corp – slide 23
    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…
  24. PERMIAN UPDATE – Apache Corp – slide 24
    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…
  25. PERMIAN UPDATE – Apache Corp – slide 25
    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…
  26. PERMIAN UPDATE – Apache Corp – slide 26
    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…
  27. PERMIAN UPDATE – Apache Corp – slide 27
    LONG TERM PERFORMANCE DELIVERING AND EXCEEDING EXPECTATIONS 160 Q1 14 Actual 150 140 140 125 127 120 105 108 100 92 MBOE/D 80 60 40 20 0 2011 2012 2013 2014 2012 Projections Actual / Projections 28

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