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Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc.

WPX Energy, Inc. · Mar 23, 2015 · 15 slides

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Slides

  1. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 1
    March 23, 2015 Scotia Howard Weil 43rd Annual Energy Conference Rick Muncrief, President and Chief Executive Officer
  2. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 2
    Building the Premier Western Energy Producer WILLISTON BASIN High-Quality Rocks (Rocks matter) Established Infrastructure PICEANCE (Infrastructure matters) BASIN Access to Advantaged Markets SAN JUAN BASIN (Markets…
  3. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 3
    Highlights Strong oil growth Domestic oil production of 32.3 Mbbl/d, which grew 25% 4Q 14 vs. 3Q 14 Normalized oil production grew 71% quarter over quarter San Juan Gallup 395% oil production Y/Y 66% increase in CFFO 2014 vs. 2013…
  4. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 4
    2014 Highlights 2012-14 Production (oil focused areas) Cash Margin per BOE 30 16 25 14 12 20 10 Mboe/d /boe 15 8 10 6 4 5 2 - 0 2012 2013 2014 2012 2013 2014 Williston San Juan Record oil production of 25.3 Mbo/d…
  5. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 5
    1st Quarter 2015 Trend Exceeding Expectations WELL COST CAPITAL Williston well cost Shifting capital from below 9MM the Piceance Mancos/Niobrara San Juan Gallup well program to San Juan cost approaching Gallup 4MM 1Q…
  6. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 6
    Williston Contiguous Acreage Position in Core of Play Strong production growth in 2014 Averaged 27 Mboe/d in 4Q 14 Mboe/d up 59% 4Q 14 vs. 4Q 13 2014 activity Completed 53 gross operated wells Average spud-to-rig release time…
  7. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 7
    San Juan Basin Leader in Efficiency and Resource Assessment Execution drives strong production growth Gallup averaged 10.6 Mboe/d in 4Q 14 Oil production up 388% 4Q 14 vs. 4Q 13 2014 activity Completed 47 gross wells averaging 2.25…
  8. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 8
    San Juan Gallup Improving Cycle Times Driving Growth 2013 Wells 100% improvement 2015 Wells in avg. wells drilled per year per rig Compare 30-Day Spud-to-Spud vs. 14-Day Spud-to-Spud MBO/Day vs. Months 14.0 12.0 Production…
  9. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 9
    Williston and San Juan Gallup Quarterly Production (2012-14) 40 35 30 25 MBOE/D 20 15 10 5 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 San Juan Gallup…
  10. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 10
    Takeaway Optionality to Premier Markets Brent/ANS Bakken Clearbrook Brent/ANS Brent Guernsey San Juan WTI RAIL PIPE LLS 2016-17 PIPE ADDS Bakken San Juan Optionality in all directions for crude sales depending on…
  11. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 11
    Piceance Proven Low-Cost Operator with Large Resource Base 1 gas producer in Colorado Multi-decade inventory Lowest-cost operator Unbooked resource potential Niobrara/Mancos 2014 activity Increased focus in Ryan Gulch Reduced…
  12. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 12
    Hedging Overview As of 2/23/2015 2015 2016 Volume/Day Average Price Volume/Day Average Price Natural Gas (MMBtu) Fixed Price Swaps1 442,055 4.10 280,000 3.81 Costless Collars 50,000 4.00 - 4.50 Natural Gas Basis (MMBtu) MidCon…
  13. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 13
    WPX is Well Hedged for 2015 in Relation to Peers As of 3/9/2015 2015 Equivalent Oil (Mbbl/d) 100% 100.00 90% 98.00 80% 96.00 70% 94.00 60% 92.00 50% 90.00 40% 88.00 30% 86.00 20% 84.00 10% 82.00 0% 80.00 PXD RRC…
  14. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 14
    WPX is Well Hedged for 2015 in Relation to Peers As of 3/9/2015 2015 Equivalent Gas (MMBtu/d) 140% 4.50 4.40 120% 4.30 100% 4.20 4.10 80% 4.00 60% 3.90 40% 3.80 3.70 20% 3.60 0% 3.50 EGN PXD WPX NFX RRC QEP UPL…
  15. Scotia Howard Weil 43rd Annual Energy Conference – WPX Energy, Inc. – slide 15
    Positioned for Success in 2015 and Beyond Execution Focus Discipline Opportunistic Howard Weil Energy Conference WPX Energy, Inc. March 2015 15

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