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HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co.

Newfield Exploration Co. · Mar 17, 2013 · 26 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. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 1
    Howard Weil Energy Conference
  2. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 2
    We are focused on delivering profitable growth from North American resource plays. We have transitioned to a North American focused liquids company. We are pursuing strategic alternatives to maximize the value of our International…
  3. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 3
    Proven People Best in Class Operator Optimizing Completions Across the Portfolio Improved Fracture Stimulation Designs Controlled Flowback Techniques Design Optimization & Standardization History of Execution Advanced Multiple…
  4. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 4
    Our Liquids Transformation Began in 2009 Liquids Now 50% of Daily Production Strong Record of Domestic Liquids Growth 2009-12 CAGR of 20% Improved Organizational Focus 1 Billion in Asset Sales in 2011-12 Focused on Four Domestic…
  5. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 5
    30% CAGR in EBITDA (2013-15e) 2013e DOMESTIC CAPEX 80% of Revenues Derived from Liquids 1.4 - 1.5B** Natural Gas 14% 26% NGLs 19% 60 Oil 48-57 25% 16% 43-49 50 37-40 37 40 MMBOE (net) 2014-15e DOMESTIC CAPEX/YR 1.5 -…
  6. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 6
    Daily Production in Major U.S. Liquids Plays Doubles from 1Q12 to 4Q13e Uinta Cana Williston Eagle Ford 120 100 100 75 80 MBOEPD (net) 60 45 40 37 20 0 1Q'12* 2Q'12* 3Q'12* 4Q'12* 1Q'13e 2Q'13e 3Q'13e 4Q'13e 1H'14e…
  7. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 7
    Year-End 12 Incremental Total Gross Domestic Proved Net Unrisked Net Potential Liquids Plays Reserves Resource Acres Locations Uinta Central Basin* 23 763 67,400 3,000 Anadarko Cana 24 407 125,000 1,500 Uinta - Green River** 171…
  8. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 8
    Dominant Position, Proven Operator in Prolific Uinta Basin Waterflood Holds Significant Value 1,315 Gross Waterflood Locations Additional 2,485 Non-Waterflood/Other Potential Locations Refinery Contracts in Place to Match Future…
  9. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 9
    20 Acre Infill Waterflood Program 125 20-Acre Type Curve (BOPD) 1,315 Gross Infill Locations 1,040 20ac (Full Waterflood Patterns)** 276 40ac (Partial Waterflood Patterns)** 100 5,000 Avg. Depth 140 MBOE EUR (88% Oil, 3% NGLs, 9%…
  10. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 10
    Uteland Butte Wasatch Central Basin 1,400 - Oil Saturated Sandstones, Dolomites, & Limestones Uteland Butte XL (3800 Lateral) Greater Monument Butte 10 Miles TF10 640 Section SXL Pilot Pads Horizontal Uteland Butte TF15…
  11. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 11
    HP Uteland Butte XL Well (3,800 Lateral) 540 Gross Drill Locations HP Uteland Butte XL Type Curve 10000 8,750 Avg. Depth 400 MBOE EUR (67% Oil, 0% NGLs, 33% Gas) Development Well Cost 6 - 7 MM 75% Avg. WI, 59% Avg. 1000 35% ROR…
  12. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 12
    Uteland Butte Recent 2 Well HZT Wasatch Average (3,200) 10,000 Wasatch 1,400 - Oil Saturated Sandstones, Dolomites, & Limestones Central Basin Greater Monument Butte 1,000 Daily (BOEPD) TF10 10 Miles 550 MBOE Average EUR…
  13. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 13
    Horizontal Wasatch XL Well (3,800 Lateral) HZT Wasatch Type Curve (3,800) 740 Gross Drill Locations 10000 10,000 Avg. Depth 540 MBOE EUR (76% Oil, 0% NGLs, 24% Gas) Development Well Cost 6 8 MM 1000 75% Avg. WI, 58.5% Avg.…
  14. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 14
    10-Year History in Oklahoma and the Woodford Formation Converted 1/3 of Cana Acreage into Development in 1 Year Long Laterals Improve Returns 50% ROR 2013-15 Activity Avg. Operated Rig Count: 6-8 Focused on Development Areas…
  15. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 15
    South Wet Gas South Oil North Oil Depth (ft) 14,000 16,000 12,000 14,000 8,000 12,000 Lateral Length (ft) 5,000 7,500 9,000 9,000 2013 Average Working Interest, Play Avg. 66%, 27% 91%, 47% 91%, 59% 2013 Average Net Revenue Interest,…
  16. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 16
    Improved Days to D&C 30% Increased Lateral Lengths 25% Decreased Cost per GPI 40% 2,500 7,000' 6,301' 2,001 6,000' 2,000 5,348' 4,863' 4,821' 4,662' 5,000' Drill & Case /GPI 1,548 1,500 1,413 1,447 4,000' 1,195…
  17. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 17
    19 NFX Wells Drilled; NFX vs. Peers: 20% Less Time 25% More Lateral Length 25% Less Cost per GPI Recent Best in Class South Cana Well D&C in 38 Days Boles 1H-14X (65%WI) 22,311 Total Measured Depth 8,005 Lateral Length (26…
  18. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 18
    41,000 Net Acres in Development High ROR Oil Developments on and West of the Nesson Anticline 55,000 Net Acres outside of Increased Efficiencies in Development including Elm Coulee Development Pad Drilling AQUARIUM/WATFORD NFX Net…
  19. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 19
    TYPE CURVES (10,000 Lateral) Bakken Economics (10,000 Lateral) 1000 125 Operated Drill Locations Bakken TFS 11,000 Avg. Depth 800 700-950 MBOE EUR (69% Oil, 13% NGLs, 18% Gas) 10.5 MM Well Cost 600 BOEPD 57% Avg. WI, 45%…
  20. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 20
    Focused Developments to Grow Oil Production SXL Program Success Doubled EUR/Well Significant Reductions in Cost per Lateral Foot Drive Superior Returns 2013-15 Activity Avg. Operated Rig Count: 2 Unlock Potential in Shallower…
  21. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 21
    Mav Basin SXL EF (7,500 Lateral) 100 Drill Locations TYPE CURVE 7,000 Avg. Depth 1000 Mav EF 7500' Fashing EF 475-550 MBOE EUR (52% Oil, 23% NGLs, 25% Gas) 8.4 MM Well Cost 800 100% Avg. WI, 75% Avg. NRI BOEPD 30-50% ROR 600…
  22. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 22
    50 2011 16,000 2010 2012 2012 AVG: 14,046 45 Measured Depth 14,000 40 2011 AVG: 11,678 Measured Depth 12,000 2010 AVG: 10,902 Measured Depth 35 Measured Depth (ft) 10,000 30 Days to TD 25 8,000 20 6,000 15…
  23. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 23
    2012* 2013e 2014e 2015e Domestic Production: Oil (MMBO) 11.1 13.5 14.5 16.8 19.0 20.6 25.3 NGLs (MMBbls) 2.3 4.2 4.7 7.2 8.0 6.9 8.5 Natural Gas (BCF) 140 115 125 114 132 112 136 Domestic Total (MMBOE) 36.8 37.0 40.0 43.0 49.0 46.0…
  24. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 24
    Domestic Intl Total Operating Expenses: Recurring LOE (per BOE) 5.50 6.15 15.40 17.00 7.05 7.80 Major Expense (per BOE) 1.65 1.80 2.00 2.20 1.70 1.90 Transportation (per BOE) 2.50 2.80 2.05 2.30 Total LOE (per BOE) 9.65 10.75 17.40…
  25. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 25
    Total Debt / LTM EBITDA We Have Always Maintained a Strong 4.5 4.2x NFX as of 12/31/12 Balance Sheet 4.0 3.5 3.1x The Asset Base Has Evolved 3.0 2.8x 2.5 2.2x 2.1x 2.0x 2.0x 1.9x Reserves / Production Ratio Has 2.0 1.7x 1.7x…
  26. HOWARD WEIL ENERGY CONFERENCE – Newfield Exploration Co. – slide 26
    Volume Hedged Weighted-Average Value Value Value Period MMCF/D Fixed Price 3 / MMBtu 4 / MMBtu 5 / MMBtu 1Q 13 270 4.46 36MM 9MM (23MM) 2Q-4Q13 271 4.29 100MM 20MM (73MM) 2014 270 3.88 86MM (6MM) (90MM) 2015 135 4.12 55MM…

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