2015 Capital, Investment and Exploration Budget February 19, 2015
2015 Capital, Investment & Exploration Budget of 3.5 Billion 70% directed to high return US resource plays 2015 CAPEX 3,521 MM Further 20% reduction since December capital budget update Exploration reduced by more than half Eagle…
Strong Returns in US Resource Plays High grading inventory and capturing service cost reductions early in cycle Reducing rig count and activity levels early 2015 to Active Rigs manage spend to maintain financial flexibility Asset End…
Allocating 40% of Capital to High Return Eagle Ford Compelling economics and best in class execution at scale EAGLE FORD Maximizing value from quality core Condensate High GOR Oil Austin Chalk position Gross IP 30-day (BOED) 1,610…
Targeting Highest Quality Bakken Myrmidon Wells Completion pilots delivering material uplift BAKKEN 42 of 55 completion pilots on-line YE 2014 Myrmidon Hector MB & TF MB 18 wells averaging greater than 30% uplift in Gross IP 30-day…
Continuing to Grow Resource Base in Oklahoma Drilling pace protects SCOOP leasehold OKLAHOMA RESOURCE BASINS Developing and Delineating SCOOP SL SCOOP XL Condensate Condensate Over 70% of net acres HBP at YE 2014 Gross IP 30-day…
Capital Allocation Driven by Compelling Single Well Economics Value focus yields 20% growth in resource plays 75% Austin Chalk 300 EF Condensate 50% EF Oil IRR 20% Growth Myrmidon SCOOP XL 2014 - 2015 250 25% SCOOP Hector 0%…
International & Offshore Portfolio Delivers Value/Optionality Selectively funding high return projects; testing near-field upside potential Gulf of Mexico UK Outside operated Gunflint 2 West Brae Infill wells development in progress,…
Global Exploration Spend Materially Lower in 2015 Tightly focused program limited to commitments & appraisal Kurdistan Operated Harir Block: o Mirawa 2 Appraisal Non-Operated Sarsang Block: o East Swara Tika Exploration Well and…
Marathon Oil Focused on Long-Term Shareholder Value Well positioned for low price environment 2015 capital budget reflects focus on returns & balance sheet flexibility 70% of budget directed to high return US resource plays; reduced…
Appendix
2015 North America Activity Single well economics OKLAHOMA RESOURCE BASINS BAKKEN EAGLE FORD SCOOP SL SCOOP XL Myrmidon Hector Condensate High GOR Oil Austin Chalk Condensate Condensate MB & TF MB Gross IP 30-day (BOED)* 970…
2015 North America Activity U.S. Resource Plays Bakken Average Gross Gross Net Wells to CAPEX 2015 Rig Operated Operated Sales Count Wells Drilled Wells to Sales 760MM 3 38 48 68 78 71 83 Oklahoma Resource Basin Average…
Impact Exploration Activity in 2015 Tightly focused program limited to commitments and appraisal J F M A M J J A S O N D 2015 Country Well Q1 Q2 Q3 Q4 Kurdistan East Swara Tika-1 20% WI Kurdistan Mirawa-21,2 45%WI TD Testing…
2015 Capital, Investment & Exploration Spending MM Percent of Total North America Eagle Ford 1,449 41% Bakken 760 22% Oklahoma Resource Basins 226 6% Other 325 9% Total North America 2,760 78% International 429 12% Exploration*…
Loading...
