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EUROPEAN INVESTOR PRESENTATION – Apache Corp

Apache Corp · Apr 13, 2015 · 36 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. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 1
    RIGHT PEOPLE. RIGHT ACREAGE. RIGHT STRATEGY
  2. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 2
    APACHE KEY INVESTMENT ATTRIBUTES Streamlined Portfolio Production: 68% North America Onshore, 32% Egypt and North Sea(1) Reserves: 78% North America Onshore, 22% Egypt and North Sea(2) % of Primarily levered to oil and liquids…
  3. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 3
    2014 WAS A PIVOTAL YEAR FOR APACHE Key leadership changes Closed or announced 7 billion of asset sales, including LNG exit Enhanced and expanded N.A. properties through 1.5 billion of leasehold and property acquisitions Added 100+…
  4. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 4
    APACHE RELOADED AND DELIVERING IN 2015 Delivered on 2014 operational plan and guidance Appointed new CEO (John Christmann) January 2015, new CFO (Steve Riney) March 2015, new independent chairman (John Lowe) May 2015 Sold Wheatstone…
  5. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 5
    POSITIONING FOR SUCCESS IN MULTIPLE OIL PRICE SCENARIOS Establishing medium and long-term field development plans under three price scenarios Continuing to attack the cost structure G&A, LOE and Capex Consolidating and high-grading…
  6. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 6
    STRATEGY Focused on Organization, Technology and Capital Allocation STRATEGY New integrated team approach with aligned Organization incentives Vertically-integrated supply chain Thorough understanding of entire hydrocarbon…
  7. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 7
    PORTFOLIO TRANSFORMATION: PRODUCTION 2009 Production(1) Pro Forma 4Q 2014 Production(2) International & GOM International & GOM 34% N.A. Onshore 68% N.A. Onshore 537 MBOE/D 539 MBOE/D 50% Liquids 64% Liquids N.A. Onshore…
  8. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 8
    PORTFOLIO TRANSFORMATION: RESERVES 2009 Proved Reserves 2014 Proved Reserves(1) International & GOM International & GOM 52% N.A. Onshore 78% N.A. Onshore 2.4 BBOE 2.0 BBOE 45% liquids 64% Liquids (1) Proved reserves as…
  9. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 9
    STRATEGIC TRANSACTIONS OVER LAST 5 YEARS WTI Oil Price Henry Hub Gas Price 145 7 17 Bn Divested 5 125 5 6 1 3 105 7 8 2 4 9 10 3 85 4 5 1 2 3 17 Bn Acquired WTI Oil Natural Gas 65 1 1/4/2010 1/4/2011 1/4/2012 1/4/2013…
  10. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 10
    ACREAGE Extensive inventory in four liquids-rich basins TOTAL NORTH AMERICAN ONSHORE Acreage: 9.8 MM Gross / 4.9 MM Net Proved Reserves: 1.6 BBOE Undeveloped Resource: 13.1 BBOE CANADA CENTRAL PERMIAN Eagle Ford 10
  11. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 11
    2015 NORTH AMERICAN CAPITAL PLAN Capex(1): 2.1 2.3 Bn 9 Primary Plays 2015 AVG RIGS 9 Primary Plays Delaware Basin Horizontals 4-5 (2) Canada Southern Midland Basin 2-4 9% CBP/NW Shelf Horizontals 2-3 Eagle Eagle Ford (Area B) 1…
  12. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 12
    PERMIAN REGION Central Basin Platform / NW Shelf Industrys 3rd largest acreage positon (3.2 MM gross) Midland Basin Achieved record production of 169 MBOE/D in 4Q 14 25% YoY production growth Delaware Basin Hz Averaged 40 rigs…
  13. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 13
    DELAWARE BASIN Acres 230,000 net Lea Planned 2015 Rigs 4-5 rigs Pecos Bend Eddy Inventory 1,400 Hz locations Loving Winkler WAHA Focusing primarily on Bone Springs Ward Reeves Testing additional targets and well designs…
  14. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 14
    SOUTHERN MIDLAND BASIN WOLFCAMP Acres 200,000 net Planned 2015 Rigs 2-4 rigs Glasscock Wildfire Inventory 2,900 locations Midland Powell- Drilling first wells in Midland Miller County Upton Reagan Multiple landing zones…
  15. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 15
    CENTRAL BASIN PLATFORM / NORTHWEST SHELF Yeso Acres 865,000 net Planned 2015 Rigs 2-3 rigs (1-2…
  16. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 16
    EAGLE FORD Robertson Acres 288,000 net Grant Well Pad: 4 well 30-day average IP Brazos Planned 2015 Rigs 1 rig of 750 BOE/D (88% Oil) Inventory(1) 3,000 Hz locations Burleson Reducing rig count in 2015 to 1 Grimes from peak of 12…
  17. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 17
    CANYON LIME Acres 130,000 net Bivins East 41-1H* Lateral length: 5,500 Planned 2015 Rigs 1 rig Cum Oil: 67,000 BO (10 mo.) Inventory 800 Hz locations Continued step out testing in lower zone Planning upper zone test in 2015…
  18. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 18
    INTERNATIONAL / GOM 2015 Capital Plan Expected capital budget of 2015 Capex: 1.5 -1.7 Bn 1.5 - 1.7 Bn is a decrease of 1.1 Bn from 2014 spending Australia & GOM Capital budget is exclusive of 30% any LNG capex North Sea &…
  19. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 19
    EGYPT: KEY POINTS World-class international asset with scale 6.7 MM gross acres in 8 basins across northern Egypt 348 MBOE/D gross production (57% liquids) in 2014 20+ years experience operating in Egypt Stacked-pay potential…
  20. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 20
    EGYPT: APACHE IS THE 1 OIL PRODUCER CURRENT LEASEHOLD: 6.7 MM gross acres 344 MBOE/D gross production In Shushan-Khalda Ridge Matruh 24 Concessions 4Q 2014, flat sequentially from 3Q Alamein Favorable Brent pricing Gindi / Beni…
  21. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 21
    EGYPT: WESTERN DESERT OFFERS MULTIPLE STACKED PAYS Depth 12 potential pay zones 3,000 Balanced portfolio of lower and higher risk targets Productive Reservoirs Shallow bailout zones reduce dry hole risk on deeper exploratory…
  22. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 22
    EGYPT: WESTERN DESERT EXPLORATION AND DEVELOPMENT PROGRAM 2014 Program (87% success rate) 215 Exploration Program 28 wells Drilled 171 development and 49 Matruh Basin exploration wells 5 wells Added 61 MMBOE of net proved…
  23. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 23
    EGYPT: LEADING EXPLORER ONSHORE Wells Drilled Success Rate 350 332 80% New Field Wildcats by Operator (2004-2015) 70% 300 63% 54% 55% 60% 250 51% 50% 44% 50% 200 178 40% 150 30% 100 81 20% 49 54 50 41 27 24 30 27 17 10%…
  24. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 24
    EGYPT: TRACK RECORD OF LONG-TERM PRODUCTION GROWTH Gross Prod. Mboe/d 375 348 350 325 300 275 43% 250 225 200 175 150 125 100 57% 75 50 25 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010…
  25. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 25
    EGYPT: OUTSTANDING FREE CASH FLOW GENERATION In Millions 3,000 2,500 2,000 1,500 1,000 500 0 2009 2010 2011 2012 2013 2014 CAPEX Cash Flow 7+ Billion Free Cash Flow in Last 6 Years Notes: Free cash flow equals cash flow…
  26. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 26
    NORTH SEA: KEY POINTS Apache holds premium U.K. North Sea Assets Deep opportunity set of 200+ leads and prospects History of operational excellence Favorable tax changes improve returns, free cash flow and investment…
  27. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 27
    NORTH SEA: FORTIES AND BERYL FIELDS 4Q 2014 average production rate of CURRENT LEASEHOLD: 1.0 MM gross acres 81 MBOE/D highest in Apache history 0.5 MM net acres Industry-leading production BERYL efficiency greater than 90%…
  28. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 28
    NORTH SEA: EXCEPTIONAL FIELD REVIVAL AT FORTIES Apache acquires MBD Gross Forties from BP 1000 At Acquisition Current Forties Field - BP (2003) (2014 YE) Forties Field - Apache Satellite Fields Gross Production 41 50 (MBOE/D)…
  29. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 29
    NORTH SEA: BERYL AREA OPPORTUNITY Apache acquires Beryl from ExxonMobil Base Platform At Acquisition Current production (2012) (2014) Base Satellite production Gross Production 58 37 Added platform (MBOE/D) and satellite…
  30. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 30
    NORTH SEA: TRACK RECORD OF LONG-TERM PRODUCTION GROWTH Gross Prod. Mboe/d 80 71 70 13% 60 50 40 87% 30 20 10 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Liquids (MMBL/D) Gas (MMCF/D) 30
  31. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 31
    NORTH SEA: OUTSTANDING FREE CASH FLOW GENERATION In Millions 1,600 1,400 1,200 1,000 800 600 400 200 0 2010 2011 2012 2013 2014 CAPEX Cash Flow 2 Billion Free Cash Flow in Last 5 Years Notes: Free cash flow equals cash flow…
  32. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 32
    NORTH SEA: 2014 PRO FORMA CASH FLOW SENSITIVITY Brent Oil Price in Millions 38% oil price decrease = 120 1,500 17% AT cash flow decrease 96 / Bbl 100 1,200 1,250 80 1,100 / Bbl 1,000 80 1,000 60 / Bbl 60 750 40 500…
  33. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 33
    KEY TAKEAWAYS Delivering operationally Leading the peer group with 60% capital reduction in 2015 Balance sheet stability through Australia exit (5 billion) Receiving Brent oil pricing on approximately 50% of total volumes 33
  34. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 34
    APPENDIX
  35. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 35
    2015 NORTH AMERICA ONSHORE GUIDANCE Production Region Guidance 40% Gulf Coast Oil 400 Permian 41% 358 56 43% Oil Oil 45% Central Oil Canada 302 Total NA Relatively Flat Onshore MBOE/D - 2014 2014 2014Sales*…
  36. EUROPEAN INVESTOR PRESENTATION – Apache Corp – slide 36
    2015 INTERNATIONAL + GOM GUIDANCE Production Region Guidance 61% Egypt Gross Oil Egypt Net Australia 300 289 82 GOM North Sea 41% 60% Oil GOM Oil 60% N. Sea Oil Total Intl Slight Growth 207 GOM MBOE/D GOM…

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