1Q 2014 Highlights Executing on 2014 Priorities Adjusted net income per diluted share of 0.88, up 73% from 1Q 2013 Three high-quality U.S. resource plays averaged 154,000 BOED of net production, up 26% from 1Q 2013 Eagle Ford…
Total Company Cash Flow 2014 YTD 3,000 (133) 2,123Cash-adjusted debt-to-capital ratio 25% (135) 2,500 (551) 2,000 26 1,964 42 78 (1,100) 1,350 MM 1,500 1,000 500 264 0 12/31/13 Cont Op Cash Cont Op Disc Ops…
Adjusted Net Income 1Q-14 vs. 1Q-13 700 301 (123) 15 (36) 39 30 613 600 26 500 400 361 MM 300 200 100 0 1Q 2013 N.A. E&P Int'l E&P OSM Discontinued Corp & Other Unallocated 1Q 2014 (After-tax) (After-tax)…
Adjusted Net Income 1Q-14 vs. 4Q-13 700 82 613 600 117 (19) 22 (46) 9 30 500 418 400 MM 300 200 100 0 4Q 2013 N.A. E&P Int'l E&P OSM Discontinued Corp & Other Unallocated 1Q 2014 (After-tax) (After-tax)…
North America E&P Segment Earnings 1Q-14 vs. 4Q-13 350 109 (11) (71) 300 112 (46) 250 242 200 MM 24 150 125 100 50 0 4Q 2013 Volume Price Variance DD&A Exploration Other Income Taxes 1Q 2014 Variance (Pre-tax)…
N.A. E&P & OSM Crude Oil & Condensate Realizations Price USD/BBL Asset 4Q 2013 1Q 2014 Difference Bakken 83.70 89.46 5.76 Eagle Ford 92.84 96.10 3.26 Oklahoma Resource Basins 94.97 94.38 (0.59) All other North America 82.86 89.25…
N.A. E&P Natural Gas Liquids Realizations Price USD/BBL Asset 4Q 2013 1Q 2014 Difference Bakken 45.10 57.62 12.52 Eagle Ford 33.70 37.50 3.80 Oklahoma Resource Basins 36.29 44.58 8.29 All other North America 59.62 61.83 2.21 Total…
International E&P Segment Earnings 1Q-14 vs. 4Q-13 450 27 (73) 400 57 11 (17) 350 350 (24) 331 300 250 MM 200 150 100 50 0 4Q 2013 Volume Price Variance DD&A Exploration Other Income 1Q 2014 Variance (Pre-tax)…
Oil Sands Mining Segment Earnings 1Q-14 vs. 4Q-13 80 10 (5) (7) 70 19 64 60 50 41 42 (36) MM 40 30 20 10 0 4Q 2013 Volume Price Variance DD&A Operating Other Income Taxes 1Q 2014 Variance (Pre-tax)…
1Q 2014 U.S. Unconventional Resource Play Update 2014 Activities to Drive 30% Growth Eagle Ford Production increased 33% over 1Q 2013; 7% over prior quarter Well results continued to consistently outperform type curves Average wells…
Unconventional Resource Plays Accelerated Resource Development to Grow Profitable Volumes 200 Oklahoma Resource Basins Bakken Eagle Ford Available for Sale Net MBOED 150 100 50 0 1Q 2012 2Q 2012 3Q 2012 4Q…
Lower 48 Onshore Forecast Production Available for Sale 250 P90 +4% 200 +4% P10 +6% 0% Production (MBOED) +9% +17% 150 +25% +7% 100 50 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2012A 2012A 2012A 2012A 2013A 2013A 2013A…
North America & International E&P Segments Volumes, including Libya and excluding Alaska and Angola Production available for sale decreased 2% from 4Q 2013 Severe weather in Norway, reliability at outside operated Foinaven and…
Total Company LHC Sales Volumes Excluding Libya & Angola 1Q-14 Actual vs. 2Q-14 Estimate 1Q 2014 Actual Sales Volumes 2Q 2014 Estimated Sales Volumes 320 MBOD 315 - 335 MBOD Canada Canada 15% 15% U.S. 51% Norway U.S. Norway 19%…
North America E&P Cost per BOE Trend Continuing to control costs 80 70 60 50 /BOE 40 30 20 10 0 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 Production operating DD&A Taxes other than income Other…
International E&P Cost per BOE Trend Timing of Liftings Contributes to Variability 30 25 20 /BOE 15 10 5 0 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 Production operating DD&A Taxes other than…
International E&P Cost per BOE Trend Excludes Libya 30 25 20 /BOE 15 10 5 0 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 Production operating DD&A Taxes other than income Other Exploration In the…
2014 Drilling Schedule Program Tests Significant Oil Potential 2014 J F M A M J J A S O N D Country Well Q1 Q2 Q3 Q4 Kurdistan Jisik-1* 45% WI TD Testing Kenya Sala-1 50% WI Ethiopia Shimela-1 20% WI Ethiopia South Omo 2…
Executing on 2014 Priorities Accelerated Eagle Ford and Bakken rig activity 20% each; 100% for Oklahoma Woodford 28-Rig program underpinned by 2.4 BBOE of 2P unconventional resource, doubled since 2011, and over 4,500 total net well…
We Will be Recognized as the Premier Independent E&P Company by: Living our values Investing in our people Continuous improvement in operating and capital efficiency Driving profitable and sustainable growth Rigorous portfolio…
Appendix
Volumes, Exploration Expenses & Effective Tax Rate 2014 (excluding Libya & Angola) 1Q 2Q 3Q 4Q Year North America E&P Net Sales Volumes: - Liquid Hydrocarbons (MBD) 163 - Natural Gas (MMCFD) 300 - North America E&P Total (MBOED) 213…
2014 Estimates (excluding Libya & Angola) Volumes & Tax Rates by Jurisdiction Available for Sale Available for Sale Estimated LHC Approximate Statutory Tax 2QE Sales Volumes Annual Rate Year Estimate 2QE Production % North America…
2014 Estimates Exploration Expenses & Annual Production Operating Costs per BOE 2QE Year Estimate Exploration Expenses (Pre-tax): North America E&P ( millions) 75 125 International E&P ( millions) 50 100 Effective Consolidated Tax…
Reconciliation Net Income to Adjusted Net Income (MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2013 2013 2013 2014 2014 2014 2014 Net Income 383 426 569 375 1,149 Adjustments for special items (net of taxes): Unrealized (gain)/loss on…
Net Income (MM) 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q North America E&P Segment Income (59) 221 242 125 242 International E&P Segment Income 454 351 268 350 331 Oil Sands Mining Segment Income 38 20 106 42 64 Total Segment Income…
Select Balance Sheet / Cash Flow Data (B) 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q As of quarter ended: Cash and cash equivalents 0.8 0.2 0.4 0.3 2.0 Total debt 6.5 6.5 6.7 6.6 6.5 Cash-adjusted total debt 5.8 6.3 6.3 6.3 4.5…
Capital, Investment & Exploration Spending Reconciliation MM 2014 2014 Budget YTD Capital expenditures, 5,669 1,153 including acquisitions M&S Inventory 0 32 Investments in equity method 0 0 investees & others…
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