Global Hunter Securities Conference Intercontinental Hotel San Francisco July 19, 2011 Company Snapshot Key Financials ( in MMs) LTM 2010 2009 Reserve Data PF 2010 2010 2009 Revenue 747 706 611 Proved Reserves (Bcfe) 668 485 371…
Key Investment Considerations Strong operating track record with 27+ year history of success in the Gulf of Mexico High-quality, oil-exposed reserve base with history of reserve and production growth Strong financial position and…
Company Diversification in Progress Since April 2010, we have diversified our existing portfolio by acquiring producing assets at attractive prices in the deepwater GOM and the Permian basin Permian Basin GOM Shelf Proved…
Onshore Permian Basin Acquisition Provides Base for Transformation Acquired approximately 21,900 gross acres (21,500 net acres) from private sellers. Purchase price at closing of 377 million, subject to post-closing adjustments…
Permian Basin Acquisition Provides Long-term Growth Low risk operations with a multi-year extensive drilling inventory 450 to 500 drilling locations identified for future exploration and development Proved reserves based on 40 acre…
Wolfberry West Texas Completions * 6,000 Clear- fork Spraberry Upper Fractured Stimulation Stages Spraberry Lower Dean Wolfcamp Limestone Pay 10,000 Sandstone Play Non-organic Shale Non-pay Organic…
Onshore 2011 Drilling Program Development In addition to the recently announced Exploration Permian acquisition, we have also acquired 9,400 net exploratory acres in West Texas the Permian basin WI: 25% to 100% 5 - 8 Wells…
Gulf of Mexico Highlights Strong operating track record 10 year exploration drilling success rate of 77% and 10 year development drilling success rate of 91% Proved reserve replacement rate of 231% in 2010 Excellent safety track…
Gulf of Mexico Recent Activity We are integrating two purchases closed in 2010 consisting of virtually all proved, producing reserves We acquired two properties from Total and closed the acquisition on April 30th We acquired three…
Offshore 2011 Drilling Program MP 108 8 & Tex W5 Development WI: 100% West Cameron 73 2 Shelf Exploration WI: 30% MP 180 A-2 Deep Shelf WI: 100% SS 349 B Shelf WI: 100% (Drilled and successful) Shelf Viosca Knoll Main W. Pass…
Other Operational and Financial Information Proved Reserves Pro Forma 2010 2010 PUD 19% PUD 35% PDP 41% 668 485 PDP 49% Bcfe Bcfe PDNP 32% PDNP 24% 21
Drilling Within Cash Flow Capital expenditures funded largely through internally generated cash flow Adjusted EBITDA vs. Capital Expenditures ( in millions) 1,000 884 900 820 Estimate (1) 775 800 729+ 700 600 500 450…
Appendix Reconciliation of Net Income to EBITDA The following table presents a reconciliation of our consolidated net income to consolidated EBITDA to Adjusted EBITDA: Twelve Months Three Months Ended Ended Year Ended December…
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