Bank of America Merrill Lynch 2015 Global Energy Conference
|
|
- Baldwin Barton
- 8 years ago
- Views:
Transcription
1 Bank of America Merrill Lynch 2015 Global Energy Conference 1
2 FORWARD-LOOKING INFORMATION Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of All statements included in this presentation other than statements of historical fact, including, but not limited to, forecasts or expectations regarding the Company s business and statements or information concerning the Company s future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, rates of return, budgets, costs, business strategy, objectives, and cash flows, are forward-looking statements. When used in this presentation, the words could, may, believe, anticipate, intend, estimate, expect, project, budget, plan, continue, potential, guidance, strategy, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on the Company s current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes these assumptions and expectations are reasonable, they are inherently subject to numerous business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company s control. No assurance can be given that such expectations will be correct or achieved or the assumptions are accurate. The risks and uncertainties include, but are not limited to, commodity price volatility; the geographic concentration of our operations; financial, market and economic volatility; the inability to access needed capital; the risks and potential liabilities inherent in crude oil and natural gas exploration, drilling and production and the availability of insurance to cover any losses resulting therefrom; difficulties in estimating proved reserves and other revenue-based measures; declines in the values of our crude oil and natural gas properties resulting in impairment charges; our ability to replace proved reserves and sustain production; the availability or cost of equipment and oilfield services; leasehold terms expiring on undeveloped acreage before production can be established; our ability to project future production, achieve targeted results in drilling and well operations and predict the amount and timing of development expenditures; the availability and cost of transportation, processing and refining facilities; legislative and regulatory changes adversely affecting our industry and our business, including initiatives related to hydraulic fracturing; increased market and industry competition, including from alternative fuels and other energy sources; and the other risks described under Part I, Item 1A Risk Factors and elsewhere in the Company s Annual Report on Form 10-K for the year ended December 31, 2014, registration statements and other reports filed from time to time with the SEC, and other announcements the Company makes from time to time. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made. Should one or more of the risks or uncertainties described in this presentation occur, or should underlying assumptions prove incorrect, the Company s actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Except as expressly stated above or otherwise required by applicable law, the Company undertakes no obligation to publicly correct or update any forward-looking statement whether as a result of new information, future events or circumstances after the date of this presentation, or otherwise. Readers are cautioned that initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates. We use the term "EUR" or "estimated ultimate recovery" to describe potentially recoverable oil and natural gas hydrocarbon quantities. We include these estimates to demonstrate what we believe to be the potential for future drilling and production on our properties. These estimates are by their nature much more speculative than estimates of proved reserves and require substantial capital spending to implement recovery. Actual locations drilled and quantities that may be ultimately recovered from our properties will differ substantially. EUR data included herein remain subject to change as more well data is analyzed. 2
3 3Q 2015 HIGHLIGHTS DEVELOPING OVER-PRESSURED STACK LUDWIG XH IP: 2,782 BOE PER DAY (76% OIL) LADD 1-8-5XH IP: 2,181 BOE PER DAY (79% OIL) MARKS 1-9-4XH IP: 994 BOE PER DAY (73% OIL) POSITIVE UPDATES TO GUIDANCE 24% TO 26% YOY PRODUCTION GROWTH 32% REDUCTION IN 3Q CASH COSTS PER BOE FROM FY 2014 CAPITAL DISCIPLINE REDUCED BAKKEN RIG & COMPLETION CREWS TO ACHIEVE CASH FLOW NEUTRALITY AT $50 WTI 25% DECLINE IN COMPLETED WELL COST (CWC) OPERATIONAL EFFICIENCIES SINCE YE % REDUCTION IN BAKKEN DRILLING TIME (SPUD TO TD) 48% REDUCTION IN SCOOP WOODFORD DRILLING TIME FOR DENSITY TESTS (SPUD TO TD) 28% REDUCTION IN LIFTING COST FROM FY 2014 WTI DIFFERENTIALS DECREASE TO $7.54 (75% OF BAKKEN PRODUCTION ON PIPE) INCREASED LIQUIDITY $1.9 BILLION AVAILABLE UNDER CREDIT FACILITY REDUCE INTEREST EXPENSE 3
4 4Q 2015 AND 2016 OUTLOOK PRIORITIES CONTINUE TO FOCUS ON: CASH FLOW NEUTRALITY STACK DELINEATION CWC REDUCTIONS OPERATIONAL EFFICIENCIES REMAINING OPPORTUNISTIC 2016 MAINTENANCE CAPEX SCENARIO CAPEX OF ~$1.5 BILLION TO $1.6 BILLION REQUIRED TO MAINTAIN 200,000 BOE PER DAY AVERAGE FOR 2016 CASH FLOW NEUTRAL AT ~$50 WTI PLAN TO ANNOUNCE 2016 GUIDANCE LATE DECEMBER 2015 OR EARLY JANUARY
5 PORTFOLIO OF WORLD-CLASS ASSETS FOR LONG-TERM GROWTH BAKKEN ~1,074,000 NET ACRES ASSET BAKKEN SCOOP Woodford STAGE OF DEVELOPMENT First stage of full-field development underway Expanding and derisking STACK* ~146,300 NET ACRES SCOOP WOODFORD ~445,000 NET ACRES SCOOP Springer NW CANA JDA Best Discovery Award for 2014 Oil and Gas Investor Magazine Generating value from previously idle asset NW CANA JDA ~31,400 NET ACRES SCOOP SPRINGER ~210,000 NET ACRES STACK New resource play established 2Q 2015 *INCLUDED ARE 31,400 NET ACRES REPRESENTING CONTINENTAL RESOURCES WOODFORD RIGHTS IN NW CANA JDA 5
6 RATES OF RETURN ROR 100% 80% 60% 40% 20% Target EUR: 800 MBoe Avg. Lateral: 9,800 BAKKEN $7.0MM Current CWC (27% Reduction YTD) $9.6MM CWC YE % $40 $50 $60 $70 WTI Oil Price, $/BBL ROR 100% 80% 60% 40% 20% SCOOP WOODFORD CONDENSATE Target EUR: 1,725 MBoe Avg. Lateral: 7,500 $9.6MM Current CWC (21% Reduction YTD) $12.2MM CWC YE % $2 $3 $4 Gas Price, $/MCF 100% 80% Target EUR: 940 MBoe Avg. Lateral: 4,500 SCOOP SPRINGER NW CANA (1) 100% 80% Target EUR: 2,150 MBoe Avg. Lateral: 9,800 ROR 60% 40% ROR 60% 40% 20% $7.8MM Current CWC (20% Reduction YTD) $9.7MM CWC YE % $40 $50 $60 $70 WTI Oil Price, $/BBL 20% $12.9MM Current CWC 0% $2 $3 $4 Gas Price, $/MCF 1. NW CANA ECONOMICS FACTOR IN A ~50% CARRY FROM JDA PARTICIPANT 6
7 EXCEPTIONAL ORGANIC GROWTH 250, ,000 SCOOP Bakken Legacy PRODUCTION GROWTH 1,400 1,200 TOTAL PROVED RESERVES 228,300 1,351 30% SCOOP Bakken Legacy 27% BOE PER DAY 150, ,000 59% MMBOE 1, % 50, % Q'15 2Q'15 3Q'15 0 9% NATURAL GAS 35% 65% OIL NATURAL GAS 36% 64% OIL 7
8 SOUTHERN REGION LEADING ACREAGE POSITIONS IN THREE PLAYS STACK NW CANA JDA SCOOP SPRINGER ~210,000 NET ACRES STACK ~146,300 NET ACRES* NW CANA JDA ~31,400 NET ACRES SCOOP WOODFORD ~445,000 NET ACRES SCOOP Woodford Shale Thickness 50 ft 100 ft > 200 ft CLR Leasehold *INCLUDED ARE 31,400 NET ACRES REPRESENTING CONTINENTAL RESOURCES WOODFORD RIGHTS IN NW CANA JDA. 8
9 STACK ANOTHER QUALITY ASSET FOR CLR PORTFOLIO EXCELLENT POSITION IN PLAY ~146,300 NET ACRES ~95% IN OVER-PRESSURED WINDOW ~90% LIQUIDS-RICH ~60% HBP OUTSTANDING MERAMEC RESULTS 2,782 BOEPD, 2,100 PSI FCP (LUDWIG) 2,181 BOEPD, 2,000 PSI FCP (LADD) 994 BOEPD, 625 PSI FCP (MARKS) 73% TO 79% OIL Ladd 1-8-5XH Marks 1-9-4XH Ludwig XH 3 WELLS DRILLING AND 1 WELL WOC CURRENT PLANS THROUGH YEAR END 2-3 OPERATED DRILLING RIGS 2-3 ADDITIONAL WELLS TO SPUD Industry Over-pressured 2 mi. lateral Industry Normallypressured 2 mi. lateral CLR Drilling Rigs Industry Over-pressured 1 mi. lateral Industry Normallypressured 1 mi. lateral CLR Hz Meramec Wells Over- Pressured Normally- Pressured Industry Drilling Rigs CLR Planned Wells 2015 CLR Leasehold 9
10 STACK CLR SUPERIOR POSITION IN PLAY OBSERVATIONS FROM INDUSTRY- WIDE ACTIVITY IP24: 2,181 Boepd (79% Oil) CLR: Ladd 1-8-5XH LL: 9,742ft 57 MERAMEC & OSAGE WELLS WITH MONTHLY PRODUCTION 39 NORMALLY-PRESSURED 18 OVER-PRESSURED IP24: 10,547 Mcfepd (52% Gas) LL: 4,768 ft IP24: 1,820 Boepd (84% Oil) LL: 10,150 ft IP24: 994 Boepd (73% Oil) CLR: Marks 1-9-4XH LL: 10,092ft IP24: 2,782 Boepd (76% Oil) CLR: Ludwig XH LL: 9,711 ft OVER-PRESSURE WINDOW 3X UPLIFT IN 90 DAY RATES (1) THICKER RESERVOIR 700 1,200 THICK IP24: 1,649 Boepd (68% Oil) LL: 4,982 ft RAPIDLY BEING DE-RISKED CURRENTLY 25 ACTIVE RIGS 20 TARGETING MERAMEC 5 TARGETING OSAGE ~50% LOCATED IN OVER- PRESSURED WINDOW IP24: 10,440 Mcfepd (91% Gas) LL: 4,732 ft Industry Over-pressured 2 mi. lateral Industry Normallypressured 2 mi. lateral CLR Drilling Rigs Industry Drilling Rigs CLR Leasehold IP24: 10,800 Mcfepd (83% Gas) LL: 4,688 ft Industry Over-pressured 1 mi. lateral Industry Normallypressured 1 mi. lateral CLR Hz Meramec Wells CLR Planned Wells 2015 Over- Pressured IP24: 1,749 Boepd (59% Oil) LL: 4,945 ft Normally- Pressured 1) BY COMPARISON TO NORMALLY-PRESSURED PRODUCING WELLS. DATA NORMALIZED TO 9,800 LATERAL LENGTH 10
11 SCOOP WOODFORD EXPANDING AND DERISKING DENSITY TESTING TO DEFINE OPTIMUM SPACING FIVE IN THE CONDENSATE WINDOW PROJECT # OF WELLS STATUS POTEET 10 PRODUCING HONEYCUTT 10 PRODUCING VANARKEL 8 WAITING ON COMPLETION NEWY 8 DRILLING SYMPSON 10 PREPARING TO DRILL TWO IN THE OIL WINDOW PROJECT # OF WELLS STATUS GOOD MARTIN 8 PRODUCING MAY 7 WAITING ON COMPLETION WELL COSTS REDUCED ~21% CURRENTLY $9.6MM FOR 7,500 LATERAL EFFICIENCIES BUILDING TESTING HYBRID, HIGHER-INTENSITY COMPLETIONS WELL CYCLE TIMES IMPROVING WATER RECYCLING AMPLE INFRASTRUCTURE AND GROWING CURRENT PLANS THROUGH YEAR END ~7-8 OPERATED DRILLING RIGS Triple H 1-30H IP: 1,037 Boepd (68% Oil) Sympson Unit Poteet Unit Gentry XH IP: 17,018 Mcfepd (85% Gas) CLR Leasehold Current WDFD Density Test Woodford Producing Well CLR 2015 Completion Good Martin Unit May Unit Early XH IP: 1,448 Boepd (65% Oil) Silver Stratton XH IP: 13,168 Mcfepd (58% Gas) Newy Unit Vanarkel Unit Honeycutt Unit 11
12 HONEYCUTT DENSITY PILOT WOODFORD CONDENSATE FAIRWAY HONEYCUTT DENSITY PILOT 10-WELL DENSITY (1 LEGACY, 9 NEW) DUAL HORIZON 9 NEW WELLS HAD COMBINED PEAK PRODUCTION RATES OF 93,271 MCFPD AND 9,058 BOPD (37% OIL) AVERAGE OWNERSHIP: 50% WORKING INTEREST CLR Well Poteet Project -10 Well Density -513 Inter-well Spacing Vanarkel Project -8 Well Density -660 Inter-well Spacing Honeycutt Project -10 Well Density -513 Inter-well Spacing 1, ,640 1, Wells shut in for offsetting stimulation 262 1, UPPER LOWER 1. NORMALIZED TO 7,500 LATERAL 12 1 MILE 513 SPACING BETWEEN WELL BORES LATERALS RANGE FROM 5,314 TO 10,236 1,026 SPACING IN SAME HORIZON AVERAGE 7,369
13 SCOOP WOODFORD DRILLING EFFICIENCIES BEING REALIZED VANARKEL PROJECT SET TWO COMPANY SPUD-TO-TD DRILLING RECORDS: - 1 MILE LATERAL: 31 DAYS (LOWRANCE 2-10H) MILE LATERAL: 40 DAYS (VANARKEL XH) OPERATIONAL EFFICIENCIES OPTIMIZED BHA COMBINATIONS INCREASED TOOL LONGEVITY OPTIMIZED MUD WEIGHT UPGRADED TO SPEED WELLHEAD CONTINUE TO MONITOR VENDOR PERFORMANCE IMPROVEMENTS BEING APPLIED TO CURRENT AND FUTURE DRILLING PROJECTS Measured Depth (ft.) 0 5,000 10,000 15,000 20,000 25,000 Poteet Average - 1Q 2015 Honeycutt Average - 2Q 2015 Vanarkel Average - 3Q % REDUCTION Days 48% REDUCTION IN DAYS (SPUD TO TD) 45% REDUCTION IN AVG DRILLING COST 13
14 SCOOP SPRINGER CONTINUED SUCCESS WITH OIL FAIRWAY STEP-OUTS 2 DENSITY TESTS PRODUCING JEANNA PILOT 4-WELL DENSITY HARTLEY PILOT 4-WELL DENSITY COMPLETED 6 NET (7 GROSS) OPERATED AND NON- OPERATED WELLS IN 3Q 2015 CURRENT PLANS THROUGH YEAR END NO DRILLING PLANNED RESERVOIR BEING DELINEATED AND HBP D BY WOODFORD DRILLING DEFERRING ASSET DEVELOPMENT FOR HIGHER OIL PRICE RESULTS IN LINE WITH 940 MBOE TYPE CURVE Jantz Family 1-33H IP: 1,210 Boepd (77% Oil) Hartley Pilot Jeanna Pilot SCOOP Sawyer 1-23H IP: 1,343 Boepd (83% Oil) Walters West 1-34H IP: 1,476 Boepd (78% Oil) Boe per day Springer Shale Results Well Count Type Curve (Normalized to 4,500' LL) Act. Production (Normalized to 4,500') Producing Months SPRINGER FAIRWAY 12 Miles Current Springer Density Test CLR Leasehold 14 Well Count CLR Springer Shale Producers Non-Op. Springer Shale Producer
15 NORTHERN REGION Bakken Petroleum System Isopach CLR Leasehold 15
16 BAKKEN FOCUSING ON THE CORE OUTLINES OF PRODUCTIVE BAKKEN AND THREE FORKS RESERVOIRS AVERAGE EUR UP 45% FROM TARGET AVERAGE EUR 800 MBOE PER WELL 2014 AVERAGE EUR 550 MBOE PER WELL FINDING AND DEVELOPMENT COSTS PER BOE CUT BY 50% CANADA MB, TF1, TF2 MB & TF1 ENTERING FULL-FIELD DEVELOPMENT ~60% OF WELLS TO BE DRILLED ON INTER-WELL SPACING WITHIN ZONE CURRENT PLANS THROUGH YEAR END ~8 OPERATED DRILLING RIGS MB or TF1 CLR LEASEHOLD 2014 OPERATED SPUDS 2015 OPERATED SPUDS MB: Middle Bakken Reservoir TF1 TF2 TF3: Three Forks Reservoirs 18 Miles MB & TF1 MB, TF1, TF2/TF3 16
17 BAKKEN CAPITAL EFFICIENCY DOUBLED IN 2015 WELL COST ($MM) $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 DECLINING F&D COSTS $9.8 MM (1) $21.50 per Boe $7.0 MM $10.67 per Boe FY 2014 Q $25 $20 $15 $10 $5 $0 NET F&D COST ($/BOE) (3) CURRENT WELL COST EST. CAPITAL EFFICIENCY -30% +100% ESTIMATED F&D COST TARGET EUR -50% +45% EUR PER WELL (MBOE) IMPROVING CAPITAL EFFICIENCY (2) MBOE (1) 47 Boe/$1, MBOE (target) 94 Boe/$1,000 FY 2014 Q CAPITAL EFFICIENCY (NET BOE/$1,000) (3) 1. CLR-OPERATED NORTH DAKOTA MB, TF1 & TF2 WELLS SPUD IN CAPITAL EFFICIENCY BASED ON RESERVES DEVELOPED PER DOLLAR INVESTED 3. AVERAGE NET REVENUE INTEREST OF 82% ASSUMED FOR NET F&D AND NET CAPITAL EFFICIENCY 17
18 BAKKEN DRILLING EFFICIENCIES CONTINUE TO IMPROVE Spud to TD (Avg)* SPUD TO TD DAYS - 15% REDUCTION YTD FEET PER DAY - 22% FASTER YTD 80% OF WELLS 16.5 DAYS SPUD TO TD Days Q Q Q 2015 LATERAL DRILLING DAYS - 26% REDUCTION YTD FEET PER DAY - 39% FASTER YTD 75% OF WELLS 5.5 LATERAL DAYS COMPANY RECORDS - TWO-MILE LATERAL DRILLED IN 2.4 DAYS - THREE-MILE LATERAL DRILLED IN 6.4 DAYS * FOR TWO-MILE LATERALS ONLY Days Lateral Drilling Days (Avg)* Q Q Q 2015
19 CLR BAKKEN DIFFERENTIALS IMPROVING THROUGH INCREASED PIPELINE CAPACITY Thousand BOPD 3,500 3,000 2,500 2,000 1,500 1, BAKKEN TAKEAWAY CAPACITY? Enbridge Sandpiper Expected Online: 1Q ,000 Bopd Enbridge Line 9 Reversal Expected Online: ,000 to 300,000 Bopd EST. Local Refining Pipeline Rail Bakken Production Thousand BOPD Jan-09 Jul-09 75% OF CLR BAKKEN BARRELS NOW ON PIPE Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Energy Transfer DAPL Expected Online: 4Q ,000 Bopd Rail Pipeline Barge Transportation Future Pipeline CLR Piped CLR Railed North Dakota Pipeline Authority and CLR Estimates 19
20 LOW CASH COST COMPETITIVELY POSITIONS CLR Avg. Realized $/BOE (3) $80 $70 $60 $50 $40 $30 $20 $10 $0 $44.68 $ % $59.35 $ % $72.45 $ % $65.99 $48.59 $72.04 $ % 74% $66.53 $ % $31.65 $ % $37.82 $ % $29.90 $17.90 $3.40 $3.34 $3.95 $4.74 $4.49 $1.72 $2.95 $4.47 $5.82 $5.58 $6.02 $5.54 $4.08 $3.75 $3.78 $2.19 $2.35 $2.36 $2.63 $2.38 $2.07 $2.06 $2.95 $1.85 $2.27 $1.34 $1.95 $6.89 $5.87 $6.13 $5.49 $5.69 $5.58 $5.05 $4.39 $ Q Q Q EXCLUDES G&A RELATED TO EQUITY BASED COMPENSATION AND RELOCATION EXPENSE 2. SEE CONTINUING TO DELIVER STRONG MARGINS IN THE APPENDIX FOR THE METHOD OF CALCULATING CASH MARGIN 3. BASED ON AVERAGE OIL EQUIVALENT PRICE (EXCLUDING DERIVATIVES AND INCLUDING NATURAL GAS) 60% PRODUCTION EXPENSE G&A (1) PRODUCTION/SEVERANCE TAX & OTHER INTEREST CASH MARGIN (2) 20 Low cash cost of $12.00 per BOE, 32% lower than FY 2014
21 INVESTMENT GRADE FINANCIAL PROFILE UNSECURED CREDIT FACILITY AMPLE LIQUIDITY WITH $2.75 BILLION REVOLVER AND ABILITY TO UPSIZE TO $4.0 BILLION ~$1.9 BILLION AVAILABLE ON REVOLVER 3,000 Net Debt/TTM EBITDAX (2) 2.59x Net Debt/3Q 2015 Avg. Daily Production FINANCIAL RATIOS (1) $31,076 Net Debt/YE 2014 Proved Reserves 3 Year Avg. Recycle Ratio (YE 2014) DEBT MATURITIES SUMMARY $ x NO BORROWING BASE REDETERMINATION 2-YEAR EXTENSION OPTION BEYOND 2019 FINANCIAL STRENGTH NO NEAR-TERM DEBT MATURITIES (EARLIEST IS $500 MILLION IN 11/2018) INVESTMENT GRADE CREDIT RATING MOODY S: Baa3 S&P: BBB- ($MM) 2,500 2,000 1,500 1, No maturities for 3 years 1. ALL RATIOS ARE AS OF 9/30/15, EXCEPT WHERE NOTED 2. SEE APPENDIX FOR RECONCILIATION OF GAAP NET INCOME AND OPERATING CASH FLOWS TO EBITDAX. $2.75 billion credit facility 21 $500 $1,870 UNDRAWN LIBOR % 4.3% AVERAGE 7.125% $880 INTEREST RATE 7.375% $200 $ % $2, % $1, % $1, % Revolver Balance 11/4/15 Callable 10/1/15 Callable 4/1/16 Callable 3/15/17 $700
22 EXCEEDING 2015 PLAN PRODUCTION & CAPITAL DECEMBER 2014 GUIDANCE AUGUST 2015 GUIDANCE UPDATED 2015 GUIDANCE Production growth (YOY) 16% to 20% 19% to 23% 24% to 26% Capital expenditures (non-acquisition, in $ millions) $2,700 $2,700* $2,700* Operating Expenses Production expense ($ per Boe) $5.50 to $6.00 $4.75 to $5.25 $4.00 to $4.50 Production tax (% of oil & gas revenue) 7.5% to 8.5% 7.5% to 8.5% 7.5% to 8.0% G&A expense ($ per Boe) $2.00 to $2.50 $1.75 to $2.25 $1.70 to $2.00 Non-cash equity compensation ($ per Boe) $0.75 to $0.95 $0.70 to $0.80 $0.65 to $0.75 DD&A ($ per Boe) $20.00 to $22.50 $20.00 to $22.50 $20.00 to $22.50 Average Price Differentials NYMEX WTI crude oil ($ per barrel of oil) ($7.00) to ($10.00) ($7.00) to ($10.00) ($7.00) to ($9.00) Henry Hub natural gas (1) ($ per Mcf) $0.00 to ($0.50) $0.00 to ($0.50) $0.00 to ($0.50) * TARGETING $2.45B TO $2.5B FOR FULL-YEAR INCLUDES NATURAL GAS LIQUIDS PRODUCTION IN DIFFERENTIAL RANGE 22
23 2015 CAPITAL EXPENDITURES BUDGET $2.7B BUDGET NET WELLS (1) $2.45 TO $2.5B NET WELLS (1) BAKKEN SCOOP WOODFORD SCOOP SPRINGER NW CANA JDA & OTHER TOTAL PROJECTED GROSS OPERATED WELLS WOC AT YE 2015 WOC AT YE 2014 (FOR COMPARISON) ~100 ~ DRILLING CAPITAL ALLOCATION: BAKKEN: 65% SCOOP: 30% - WOODFORD: 26% - SPRINGER: 4% NW CANA JDA & OTHER: 5% AVERAGE ~28 OPERATED RIGS IN YOY PRODUCTION GROWTH OF 24-26% 1. INCLUDES OPERATED AND NON-OPERATED WELLS WITH FIRST PRODUCTION WOC = WAITING ON COMPLETION 23
24 APPENDIX 24
25 POTEET DENSITY PILOT WOODFORD CONDENSATE FAIRWAY POTEET DENSITY PILOT 10-WELL DENSITY DUAL HORIZON 10 WELLS HAD COMBINED PEAK PRODUCTION RATES OF 146,840 MCFPD AND 3,240 BOPD AVERAGE OWNERSHIP: 94% WORKING INTEREST 1016 Testing for the OCC required 24 hour shut in for individual wells 1. NORMALIZED TO 7,500 LATERAL 513 SPACING BETWEEN WELL BORES 1,026 SPACING IN SAME HORIZON LATERALS RANGE FROM 4,552 TO 10,110 25
26 SCOOP TYPE CURVES Boe per day 1,800 1,600 1,400 1,200 1, Woodford Condensate Type Curve 4,500' Act. Well Count Ext. Act. Well Count 4,500' Act. Production Ext. Type Curve (Normalized to 7,500' LL) Ext. Act. Production (8,800' Avg LL) Producing Months Well Count Boe per day Springer Shale Type Curve Well Count Type Curve (Normalized to 4,500' LL) Act. Production (Normalized to 4,500') Producing Months Well Count 1,725 MBoe Model Parameters 7,500 Lateral Length Oil IP Rate, Bbl/day 280 Oil 30 day IP Rate, bbl/day 262 Oil Initial Decline 61% Oil b factor 1.1 Oil EUR, MBo 295 Gas IP Rate, Mcf/day 7,000 Gas 30 day IP Rate, MCF/day 6,595 Gas Initial Decline 58% Gas b factor 1.2 Gas EUR, MMcf 8,580 Equivalent EUR, MBoe 1,725 Minimum Decline 6% Capital, $MM MBoe Model Parameters 4,500 Lateral Length Oil IP Rate, Bbl/day 670 Oil 30 day IP Rate, bbl/day 618 Oil Initial Decline 62% Oil b factor 1.25 Oil EUR, MBo 735 Gas IP Rate, Mcf/day 867 Gas 30 day IP Rate, MCF/day 810 Gas Initial Decline 56% Gas b factor 1.4 Gas EUR, MMcf 1,230 Equivalent EUR, MBoe 940 Minimum Decline 6% Capital, $MM
27 ENHANCED COMPLETIONS CONTINUE TO DELIVER 90-DAY PRODUCTION COMPARISON FOR 30-STAGE COMPLETIONS IN BAKKEN (1) Cum BOE 60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, % - 45% INCREASE IN EUR Days PRODUCTION UPLIFT ~50% Slickwater (46 Wells) ~35% Hybrid (52 Wells) AVERAGE STANDARD COMPLETION OFFSETTING LEGACY WELLS 1. ENHANCED SLICKWATER AND HYBRID 30-STAGE WELL COMPLETIONS IN WILLIAMS AND MCKENZIE COUNTIES NOTE: ECONOMICS AT $60/BBL OIL AND $3.00/MCF GAS 27
28 CONTINUING TO DELIVER STRONG MARGINS Q Q Q 2015 Realized oil price ($/Bbl) $54.44 $70.69 $88.51 $84.59 $89.93 $81.26 $38.56 $49.84 $38.95 Realized natural gas price ($/Mcf) $2.95 $4.26 $4.87 $3.73 $4.87 $5.40 $2.70 $2.31 $2.23 Oil production (Bopd) 27,459 32,385 45,121 68,497 95, , , , ,472 Natural gas production (Mcfpd) 59,194 65, , , , , , , ,834 Total production (Boepd) 37,324 43,318 61,865 97, , , , , ,278 EBITDAX ($000's) (1) $450,648 $810,877 $1,303,959 $1,963,123 $2,839,510 $3,776,051 $439,427 $647,009 $472,221 Key Operational Statistics (per Boe) (2) Average oil equivalent price (excludes derivatives) $44.68 $59.35 $72.45 $65.99 $72.04 $66.53 $31.65 $37.82 $29.90 Production expense $6.89 $5.87 $6.13 $5.49 $5.69 $5.58 $5.05 $4.39 $4.00 Production tax and other $2.95 $4.47 $5.82 $5.58 $6.02 $5.54 $2.63 $2.95 $2.27 G&A (3) $2.19 $2.35 $2.36 $2.38 $2.07 $2.06 $1.85 $1.34 $1.95 Interest $1.72 $3.34 $3.40 $3.95 $4.74 $4.49 $4.08 $3.75 $3.78 Total cash costs $13.75 $16.03 $17.71 $17.40 $18.52 $17.67 $13.61 $12.43 $12.00 Cash margin $30.93 $43.32 $54.74 $48.59 $53.52 $48.86 $18.04 $25.39 $17.90 Cash margin % 69% 73% 76% 74% 74% 73% 57% 67% 60% 1. SEE EBITDAX RECONCILIATION TO GAAP IN APPENDIX FOR A RECONCILIATION OF GAAP NET INCOME AND OPERATING CASH FLOWS TO EBITDAX. 2. AVERAGE COSTS PER BOE HAVE BEEN COMPUTED USING SALES VOLUMES AND EXCLUDE ANY EFFECT OF DERIVATIVE TRANSACTIONS. 3. EXCLUDES G&A RELATED TO EQUITY BASED COMPENSATION AND RELOCATION EXPENSE. 28
29 EBITDAX RECONCILIATION TO GAAP We use a variety of financial and operational measures to assess our performance. Among these measures is EBITDAX. We define EBITDAX as earnings (net income) before interest expense, income taxes, depreciation, depletion, amortization and accretion, property impairments, exploration expenses, non-cash gains and losses resulting from the requirements of accounting for derivatives, non-cash equity compensation expense, and losses on extinguishment of debt. EBITDAX is not a measure of net income or operating cash flows as determined by GAAP. Management believes EBITDAX is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. Further, we believe that EBITDAX is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet future debt service requirements, if any. We exclude the items listed above from net income and operating cash flows in arriving at EBITDAX because those amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. EBITDAX should not be considered as an alternative to, or more meaningful than, net income or operating cash flows as determined in accordance with GAAP or as an indicator of a company s operating performance or liquidity. Certain items excluded from EBITDAX are significant components in understanding and assessing a company s financial performance, such as a company s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of EBITDAX. Our computations of EBITDAX may not be comparable to other similarly titled measures of other companies. See the following page for reconciliations of our net income and operating cash flows to EBITDAX for the applicable periods. 29
30 EBITDAX RECONCILIATION TO GAAP The following tables provide reconciliations of our net income and operating cash flows to EBITDAX for the periods presented: In thousands Q Q Q 2015 Net income (loss) $ 71,338 $ 168,255 $ 429,072 $ 739,385 $ 764,219 $ 977,341 $ (131,971) $ 403 $ (82,423) Interest expense 23,232 53,147 76, , , ,928 75,063 78,442 79,399 Provision (benefit) for income taxes 38,670 90, , , , ,697 (54,021) 4,142 (48,744) Depreciation, depletion, amortization and accretion 207, , , , ,645 1,358, , , ,809 Property impairments 83,694 64, , , , , ,561 76,872 96,697 Exploration expenses 12,615 12,763 27,920 23,507 34,947 50,067 14, Impact from derivative instruments: Total (gain) loss on derivatives, net 1, ,762 30,049 (154,016) 191,751 (559,759) (32,755) 4,737 (46,527) Total cash received (paid), net ,495 (34,106) (45,721) (61,555) 385,350 23,435 13,182 11,917 Non-cash (gain) loss on derivatives, net 2, ,257 (4,057) (199,737) 130,196 (174,409) (9,320) 17,919 (34,610) Non-cash equity compensation 11,408 11,691 16,572 29,057 39,890 54,353 11,263 16,165 12,861 Loss on extinguishment of debt , EBITDAX $ 450,648 $ 810,877 $ 1,303,959 $ 1,963,123 $ 2,839,510 $ 3,776,051 $ 439,427 $ 647,009 $ 472,221 In thousands Q Q Q 2015 Net cash provided by operating activities $ 372,986 $ 653,167 $ 1,067,915 $ 1,632,065 $ 2,563,295 $ 3,355,715 $ 522,190 $ 394,622 $ 498,680 Current income tax provision (benefit) 2,551 12,853 13,170 10,517 6, Interest expense 23,232 53,147 76, , , ,928 75,063 78,442 79,399 Exploration expenses, excluding dry hole costs 6,138 9,739 19,971 22,740 25,597 26,388 5, Gain (loss) on sale of assets, net ,588 20, , ,070 20, Excess tax benefit from stock-based compensation 2,872 5, , ,177 Other, net (3,890) (3,513) (4,606) (7,587) (1,829) (17,279) (6,775) 3,039 (3,889) Changes in assets and liabilities 46,050 50, ,949 13,015 10, ,679 (159,065) 150,219 (115,497) EBITDAX $ 450,648 $ 810,877 $ 1,303,959 $ 1,963,123 $ 2,839,510 $ 3,776,051 $ 439,427 $ 647,009 $ 472,221 30
31 ADJUSTED EARNINGS RECONCILIATION TO GAAP Our presentation of adjusted earnings and adjusted earnings per share that exclude the effect of certain items are non-gaap financial measures. Adjusted earnings and adjusted earnings per share represent earnings and diluted earnings per share determined under U.S. GAAP without regard to non-cash gains and losses on derivative instruments, property impairments, gains and losses on asset sales, and losses on extinguishment of debt. Management believes these measures provide useful information to analysts and investors for analysis of our operating results on a recurring, comparable basis from period to period. In addition, management believes these measures are used by analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas industry to allow for analysis without regard to an entity s specific derivative portfolio, impairment methodologies, and property dispositions. Adjusted earnings and adjusted earnings per share should not be considered in isolation or as a substitute for earnings or diluted earnings per share as determined in accordance with U.S. GAAP and may not be comparable to other similarly titled measures of other companies. The following table reconciles earnings and diluted earnings per share as determined under U.S. GAAP to adjusted earnings and adjusted diluted earnings per share for the periods presented. 3Q Q 2014 YTD 2015 YTD 2014 In thousands, except per share data After-Tax $ Diluted EPS After-Tax $ Diluted EPS After-Tax $ Diluted EPS After-Tax $ Diluted EPS Net income (loss) (GAAP) $ (82,423) $ (0.22) $ 533,521 $ 1.44 $ (213,992) $ (0.58) $ 863,293 $ 2.33 Adjustments, net of tax: Non-cash (gain) loss on derivatives, net (21,458) (0.06) (298,500) (0.81) (16,126) (0.04) (169,481) (0.46) Property impairments 60, , , , (Gain) loss on sale of assets, net (174) - (3,409) (0.01) (14,214) (0.04) Loss on extinguishment of debt , , Adjusted net income (loss) (Non-GAAP) $ (43,512) $ (0.12) $ 300,961 $ 0.81 $ (28,881) $ (0.08) $ 850,402 $ 2.29 Weighted average diluted shares outstanding 369, , , ,632 Adjusted diluted net income (loss) per share (Non-GAAP) $ (0.12) $ 0.81 $ (0.08) $
32 CONTACT INFORMATION J. Warren Henry Vice President, Investor Relations & Research Phone: Alyson L. Gilbert Senior Investor Relations Analyst Phone: Website: 32
CONTINENTAL RESOURCES REPORTS THIRD QUARTER 2015 RESULTS
NEWS RELEASE CONTINENTAL RESOURCES REPORTS THIRD QUARTER 2015 RESULTS New Wells in STACK: Ladd 1-8-5XH Flows 2,181 Barrels of Oil Equivalent (Boe) per Day (79% Oil), and Marks 1-9-4XH Flows 994 Boe per
More informationPARSLEY ENERGY ANNOUNCES SECOND QUARTER 2015 FINANCIAL AND OPERATING RESULTS Raises Production Guidance
NEWS RELEASE PARSLEY ENERGY ANNOUNCES SECOND QUARTER 2015 FINANCIAL AND OPERATING RESULTS Raises Production Guidance AUSTIN, Texas, August 11, 2015 Parsley Energy, Inc. (NYSE: PE) ( Parsley, Parsley Energy,
More informationLAREDO PETROLEUM ANNOUNCES 2015 SECOND-QUARTER FINANCIAL AND OPERATING RESULTS
15 West 6 th Street, Suite 900 Tulsa, Oklahoma 74119 (918) 513-4570 Fax: (918) 513-4571 www.laredopetro.com LAREDO PETROLEUM ANNOUNCES 2015 SECOND-QUARTER FINANCIAL AND OPERATING RESULTS RAISES ESTIMATED
More informationSWIFT ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS
17001 NORTHCHASE DR., SUITE 100, HOUSTON, TEXAS 77060 SWIFT ENERGY COMPANY COMPANY CONTACT: Doug Atkinson Manager Investor Relations (281) 874-2700, (800) 777-2412 FOR IMMEDIATE RELEASE SWIFT ENERGY ANNOUNCES
More informationMemorial Production Partners LP Announces Second Quarter 2015 Results, Cash Distribution Update, Updated Hedges and Updated 2015 Guidance
August 5, 2015 Memorial Production Partners LP Announces Second Quarter 2015 Results, Cash Distribution Update, Updated Hedges and Updated 2015 Guidance HOUSTON, Aug. 5, 2015 (GLOBE NEWSWIRE) -- Memorial
More informationGeoResources, Inc. Reports First Quarter Financial and Operational Results
GeoResources, Inc. Reports First Quarter Financial and Operational Results Reports First Quarter Adjusted Net Income of $11.5 Million or $0.44 Per Share and Adjusted EBITDAX of $30.4 Million Houston, Texas,
More informationCompany contact: Larry C. Busnardo, Senior Director, Investor Relations, 303-312-8514
Press Release For immediate release Company contact: Larry C. Busnardo, Senior Director, Investor Relations, 303-312-8514 Bill Barrett Corporation Reports Third Quarter 2015 Results - Production Volume
More informationCITIBANK ENERGY INVESTOR TOUR. December 16, 2015
CITIBANK ENERGY INVESTOR TOUR December 16, 2015 FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section
More informationEQT REPORTS FIRST QUARTER 2015 EARNINGS Significant volume growth continues
EQT REPORTS FIRST QUARTER 2015 EARNINGS Significant volume growth continues PITTSBURGH, PA (April 23, 2015) -- EQT Corporation (NYSE: EQT) today announced first quarter 2015 net income attributable to
More information3Q15 Conference Call. Oct. 29, 2015
3Q15 Conference Call Oct. 29, 2015 Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings,
More informationThird Quarter 2015 Swift Energy Company November 5, 2015
Third Quarter 2015 Swift Energy Company November 5, 2015 Forward Looking Statements The material included herein which is not historical fact constitutes forward-looking statements within the meaning of
More informationOperational, Reserves and Guidance Update
Operational, Reserves and Guidance Update NASDAQ: MRD Jay C. Graham CEO February 2016 Andrew J. Cozby SVP and CFO Forward-Looking Statements This presentation includes "forward-looking statements" within
More informationJune 2016. Investor Presentation
June 2016 Investor Presentation Forward-Looking / Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities
More informationUpstream Developments Generate Growing Hydrocarbon Gas Liquids Supply! Alan Farquharson, SVP - Reservoir Engineering & Economics!
Upstream Developments Generate Growing Hydrocarbon Gas Liquids Supply! Alan Farquharson, SVP - Reservoir Engineering & Economics! June 16, 2015 Forward-Looking Statements Certain statements and information
More informationSPARTAN ENERGY CORP. ANNOUNCES TWO CONSOLIDATING SOUTHEAST SASKATCHEWAN LIGHT OIL ACQUISITIONS AND BANK LINE REDETERMINATION
Suite 500, 850 2 nd Street SW Calgary, AB T2P 0R8 Canada Ph.: (403) 355-8920 Fax: (403) 355-2779 SPARTAN ENERGY CORP. ANNOUNCES TWO CONSOLIDATING SOUTHEAST SASKATCHEWAN LIGHT OIL ACQUISITIONS AND BANK
More informationRANGE REPORTS 2015 EARNINGS, ANNOUNCES 2016 CAPITAL PLANS
RANGE REPORTS 2015 EARNINGS, ANNOUNCES 2016 CAPITAL PLANS FORT WORTH, TEXAS, FEBRUARY 25, 2016 RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its 2015 financial results. Highlights Fourth quarter
More informationMEMP 2016 Guidance. Supplemental Materials. January 27, 2016 www.memorialpp.com
MEMP 2016 Guidance Supplemental Materials January 27, 2016 www.memorialpp.com Forward-Looking & Other Cautionary Statements This presentation and the oral statements made in connection therewith contain
More informationFebruary 2, 2016. Operational Update:
February 2, 2016 Memorial Resource Development Corp. Announces Operational Update, Year-End 2015 Reserves, 2016 Financial and Operational Guidance, Updated Horizontal Drilling Locations and Hedge Restructure
More informationPRESS RELEASE. November 12, 2013
PRESS RELEASE November 12, 2013 TORC OIL & GAS LTD. ANNOUNCES THIRD QUARTER 2013 FINANCIAL & OPERATIONAL RESULTS, SUCCESSFUL TRANSITION TO SUSTAINABLE DIVIDEND PLUS GROWTH COMPANY AND INCREASE TO 2013
More informationRange Resources Announces Merger With Memorial Resource Development. Conference Call Slides
Range Resources Announces Merger With Memorial Resource Development Conference Call Slides December May 16, 2016 22, 2011 1 Highlights of Merger Core acreage positions in two of the most prolific highquality
More informationRex Energy Reports Second Quarter 2014 Operational and Financial Results
Rex Energy Reports Second Quarter 2014 Operational and Financial Results Record quarterly production of 128.8 MMcfe/d, represents a 50% year-over-year increase Average daily production from oil and NGLs
More informationCorporate Presentation August 19, 2015
Corporate Presentation August 19, 2015 Safe Harbor Disclosure Please carefully read the following disclaimer: The information discussed in this Presentation includes forward-looking statements within the
More information4Q14 Conference Call. Jan. 29, 2015
4Q14 Conference Call Jan. 29, 2015 Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings,
More informationSPARTAN ENERGY CORP. ANNOUNCES THIRD QUARTER FINANCIAL AND OPERATING RESULTS
Suite 500, 850 2 nd Street SW Calgary, AB T2P 0R8 Canada Ph.: (403) 355-8920 Fax: (403) 355-2779 SPARTAN ENERGY CORP. ANNOUNCES THIRD QUARTER FINANCIAL AND OPERATING RESULTS CALGARY, ALBERTA (November
More informationOCCIDENTAL PETROLEUM CORPORATION. Third Quarter 2015 Earnings Conference Call October 28, 2015
OCCIDENTAL PETROLEUM CORPORATION Third Quarter 2015 Earnings Conference Call October 28, 2015 Cautionary Statements Forward-Looking Statements Portions of this presentation contain forward-looking statements
More informationBAYTEX REPORTS Q3 2015 RESULTS
BAYTEX REPORTS Q3 RESULTS CALGARY, ALBERTA (November 6, ) - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports its operating and financial results for the three and nine months ended (all amounts are
More informationBill Barrett Corporation Reports Second Quarter 2014 Results and Reaffirms Expected 30% Growth in Oil Production for 2014
Press Release For immediate release Company contact: Jennifer Martin, Vice President of Investor Relations, 303-312-8155 Bill Barrett Corporation Reports Second Quarter 2014 Results and Reaffirms Expected
More informationVAALCO ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS
VAALCO ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS HOUSTON MAY 7, 2015 VAALCO Energy, Inc. (NYSE: EGY) today reported results for the first quarter of 2015. First Quarter 2015 highlights: Successfully
More informationTrilogy completed the sale of its Dunvegan oil assets in the Kaybob area for net proceeds of $45 million.
Calgary, Alberta November 5, 2015 News Release: Trilogy Energy Corp. Announces Financial and Operating Results for the Three and Nine Months-Ended September 30, 2015 and Provides Revised Guidance Trilogy
More informationCorporate Presentation October 2015
Corporate Presentation October 2015 CAUTIONARY STATEMENTS Certain information regarding the Company contained in this presentation, including our liquidity position, our business strategies, plans and
More informationFIRST QUARTER CONFERENCE CALL MAY 4, 2010
FIRST QUARTER CONFERENCE CALL MAY 4, 2010 1 Cautionary Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates by reference forwardlooking statements
More informationEnbridge Income Fund Holdings Inc. Announces Second Quarter Results; Declares Monthly Dividend
NEWS RELEASE Enbridge Income Fund Holdings Inc. Announces Second Quarter Results; Declares Monthly Dividend HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars) Earnings for the second
More informationCHESAPEAKE ENERGY CORPORATION PROVIDES 2016 GUIDANCE AND REPORTS 2015 FULL YEAR AND FOURTH QUARTER FINANCIAL AND OPERATIONAL RESULTS
News Release FOR IMMEDIATE RELEASE FEBRUARY 24, 2016 CHESAPEAKE ENERGY CORPORATION PROVIDES 2016 GUIDANCE AND REPORTS FULL YEAR AND FOURTH QUARTER FINANCIAL AND OPERATIONAL RESULTS OKLAHOMA CITY, February
More informationReported Net Income (Loss) (GAAP) $ (4,075,739) $ 1,103,618 $ (4,240,219) $ 2,470,899
Quantitative Reconciliation of Adjusted Net Income (Non-GAAP) to Net Income (Loss) (GAAP) (Unaudited; in thousands, except per share data) The following chart adjusts the three-month and nine-month periods
More informationRAGING RIVER EXPLORATION INC. ANNOUNCES 2015 YEAR END RESERVES AND UPDATED 2016 GUIDANCE
February 3, 2016 RAGING RIVER EXPLORATION INC. ANNOUNCES 2015 YEAR END RESERVES AND UPDATED 2016 GUIDANCE CALGARY, ALBERTA (February 3, 2016) Raging River Exploration Inc. ("Raging River" or the "Company")
More informationEPSILON REPORTS THIRD QUARTER 2015 RESULTS
News Release EPSILON REPORTS THIRD QUARTER 2015 RESULTS Houston, Texas October 28, 2015 Epsilon Energy Ltd. ( Epsilon or the Company ) (TSX:EPS) today reported third quarter 2015 financial and operating
More informationRMP Energy Provides First Half 2016 Capital Budget and Highlights New Strategic Acreage Positions
NEWS RELEASE December 17, 2015 RMP Energy Provides First Half 2016 Capital Budget and Highlights New Strategic Acreage Positions Calgary, Alberta RMP Energy Inc. ( RMP or the Company ) (TSX: RMP) is pleased
More informationSecond Quarter 2015 Earnings Conference Call
Second Quarter 2015 Earnings Conference Call NYSE: CVA JULY 22, 2015 Cautionary Statements All information included in this earnings presentation is based on continuing operations, unless otherwise noted.
More informationCorporate Presentation January 2016
Corporate Presentation January 2016 CAUTIONARY STATEMENTS Certain information regarding the Company contained in this presentation, including our liquidity position, our business strategies, plans and
More information1Q16 Conference Call. April 28, 2016
1Q16 Conference Call April 28, 2016 Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings,
More informationRMP Energy Reports Third Quarter Financial Results
NEWS RELEASE November 12, 2015 RMP Energy Reports Third Quarter Financial Results Calgary, Alberta RMP Energy Inc. ( RMP or the Company ) (TSX: RMP) is pleased to report for the three months ended September
More informationBONTERRA ENERGY CORP.
BONTERRA ENERGY CORP. JULY 2014 YIELD GROWTH SUSTAINABILITY FORWARD LOOKING INFORMATION Certain statements contained in this Presentation include statements which contain words such as anticipate, could,
More informationTHIRD QUARTER 2015 RESULTS Earnings Conference Call - November 6, 2015
THIRD QUARTER 2015 RESULTS Earnings Conference Call - November 6, 2015 Forward-looking Information Certain matters contained in this presentation include "forward-looking statements" within the meaning
More informationN E W S R E L E A S E
N E W S R E L E A S E FOR IMMEDIATE RELEASE Contact: Steven E. Nielsen, President and CEO H. Andrew DeFerrari, Senior Vice President and CFO (561) 627-7171 DYCOM INDUSTRIES, INC. ANNOUNCES FISCAL 2016
More informationNEWS RELEASE CHINOOK ENERGY INC. ANNOUNCES ITS DECEMBER 31, 2015 RESERVES AND PROVIDES OPERATIONS UPDATE
NEWS RELEASE CHINOOK ENERGY INC. ANNOUNCES ITS DECEMBER 31, 2015 RESERVES AND PROVIDES OPERATIONS UPDATE CALGARY, ALBERTA February 8, 2016 Chinook Energy Inc. ("Chinook" or the "Company") (TSX: CKE) today
More informationAbraxas Petroleum Corporate Update
Abraxas Petroleum Corporate Update June 2016 Raven Rig #1; McKenzie County, ND Forward-Looking Statements The information presented herein may contain predictions, estimates and other forwardlooking statements
More informationNEWS RELEASE. - Page 1 -
NEWS RELEASE SOUTHWESTERN ENERGY ANNOUNCES SECOND QUARTER 2016 RESULTS, IMPROVED GUIDANCE, OUTCOMES OF FINANCIAL STRENGTHENING EFFORTS AND RESUMPTION OF DRILLING AND COMPLETION ACTIVITY Houston, Texas
More informationSpectra Energy Reports First Quarter 2012 Results
Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 4, 2012 Spectra Energy Reports First Quarter 2012 Results Reported net income from
More informationSpectra Energy Reports First Quarter 2009 Results
Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 5, 2009 Spectra Energy Reports First Quarter 2009 Results Reported net income (controlling
More informationCarbonite Reports Record Revenue for Second Quarter of 2014
Carbonite Reports Record Revenue for Second Quarter of 2014 BOSTON, MA July 29, 2014 - Carbonite, Inc. (NASDAQ: CARB), a leading provider of hybrid backup and recovery solutions for businesses, today announced
More informationKELT INCREASES PLANNED 2015 CAPITAL EXPENDITURES IN BRITISH COLUMBIA, PROVIDES OPERATIONS UPDATE AND ANNOUNCES $78.8 MILLION EQUITY FINANCINGS
PRESS RELEASE (Stock Symbol KEL TSX) June 15, 2015 Calgary, Alberta KELT INCREASES PLANNED 2015 CAPITAL EXPENDITURES IN BRITISH COLUMBIA, PROVIDES OPERATIONS UPDATE AND ANNOUNCES $78.8 MILLION EQUITY FINANCINGS
More informationFinancial and Operational Reporting Package. Fourth Quarter 2014
Financial and Operational Reporting Package Fourth Quarter 2014 Financial and Operational Reporting Package Fourth Quarter 2014 Table of Contents Notes to Investors 1 Operating Results Financial Highlights
More informationANADARKO ANNOUNCES FIRST-QUARTER 2015 RESULTS
1 NEWS ANADARKO ANNOUNCES FIRST-QUARTER 2015 RESULTS Increases Midpoint of Full-Year Sales-Volume Guidance by 5 Million BOE HOUSTON, May 4, 2015 (NYSE: APC) today announced its financial and operating
More information(713) 627-5353 (713) 627-4747 (24-hour media line) (713) 627-4600. Date: May 3, 2013
Media: Analysts: Caitlin Currie (713) 627-5353 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 3, 2013 Spectra Energy Reports First Quarter 2013 Results Reported net income
More informationBengal Energy Fourth Quarter and Fiscal 2016 Year End Results
June 17, 2016 Bengal Energy Fourth Quarter and Fiscal 2016 Year End Results Calgary, Alberta Bengal Energy Ltd. (TSX: BNG) ( Bengal or the Company ) today announces its financial and operating results
More informationSpectra Energy Reports Fourth Quarter and Year-End 2011 Results
Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: February 2, 2012 Spectra Energy Reports Fourth Quarter and Year-End 2011 Results Company
More informationTHE OIL & GAS CONFERENCE
THE OIL & GAS CONFERENCE August 2012 Disclaimer This presentation contains forward-looking statements within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended
More informationSalesforce delivered the following results for its fiscal fourth quarter and full fiscal year 2015:
John Cummings Salesforce Investor Relations 415-778-4188 jcummings@salesforce.com Chi Hea Cho Salesforce Public Relations 415-281-5304 chcho@salesforce.com Salesforce Announces Fiscal 2015 Fourth Quarter
More informationAnnual General Meeting May 5, 2016
Annual General Meeting May 5, 2016 Advisory FORWARD-LOOKING STATEMENTS: This presentation contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking
More informationRESOLUTE ENERGY CORPORATION ANNOUNCES RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2015
RESOLUTE ENERGY CORPORATION ANNOUNCES RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2015 Quarterly production averaged 12,439 Boe per day Quarterly LOE of $17.75 per Boe, down 27% compared to 2014 Quarterly
More informationENERGY SPECTRUM ADVISORS INC.
ENERGY SPECTRUM ADVISORS INC. Executive Summary (NYSE: CLR) Bakken / Three Forks Non Operated Assets September 2011 EN ERGY SPECT RU M ADVISO RS IN C. Executive Summary The Transaction (the Company, Continental,
More informationVeritiv Corporation 2Q14 Financial Results. August 13, 2014
Veritiv Corporation 2Q14 Financial Results August 13, 2014 Safe Harbor Provision Certain statements contained in this presentation regarding Veritiv Corporation s (the Company ) future operating results,
More informationCRESCENT POINT ENERGY ANNOUNCES $1.45 BILLION CAPITAL EXPENDITURES BUDGET FOR 2015
PRESS RELEASE CRESCENT POINT ENERGY ANNOUNCES $1.45 BILLION CAPITAL EXPENDITURES BUDGET FOR 2015 January 6, 2015 CALGARY, ALBERTA. Crescent Point Energy Corp. ( Crescent Point or the Company ) (TSX and
More informationANADARKO PETROLEUM CORPORATION. Al Walker President and Chief Operating Officer. www.anadarko.com NYSE: APC
www.anadarko.com NYSE: APC ANADARKO PETROLEUM CORPORATION INVESTOR RELATIONS CONTACTS: John Colglazier Vice President 832/636-2306 Clay Gaspar Manager 832/636-2541 Wayne Rodrigs Manager 832/636-2305 Al
More informationPANHANDLE OIL AND GAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2009 RESULTS. Second Quarter Production Increases 38%
FOR IMMEDIATE RELEASE PLEASE CONTACT: Michael C. Coffman 405.948.1560 Website: www.panhandleoilandgas.com May 8, 2009 PANHANDLE OIL AND GAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2009 RESULTS Second
More informationContacts: Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 InvestorRelations@santanderconsumerusa.com
Contacts: Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 InvestorRelations@santanderconsumerusa.com Media Relations Laurie Kight 214.801.6455 LKight@santanderconsumerusa.com Santander
More informationOperational data First quarter Full year 2010 2009 Change 2009
Press release 5 May 2010 Stronger results in volatile markets Operating and Financial Review Statoil's first quarter 2010 net operating income was NOK 39.6 billion, an 11% increase compared to NOK 35.5
More informationSpectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year
Media: Analysts: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: August 6, 2008 Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent
More informationFinancial strategy supports business plan
Financial strategy supports business plan Ivor Ruste Executive Vice-President & Chief Financial Officer Investor Day Calgary December 7, 2011 Financial strategy supports business plan Support long-term
More informationAPX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2015 RESULTS
APX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2015 RESULTS First Quarter 2015 Financial and Portfolio Highlights APX Group Reports Total Revenue of $149.9 Million, up 14.9% Year over Year Adjusted EBITDA
More informationTOUCHSTONE ANNOUNCES 2015 THIRD QUARTER RESULTS AND ELIMINATION OF NET DEBT; UPDATES TRINIDAD ACQUISITION
TOUCHSTONE ANNOUNCES 2015 THIRD QUARTER RESULTS AND ELIMINATION OF NET DEBT; UPDATES TRINIDAD ACQUISITION Calgary, Alberta November 13, 2015 Touchstone Exploration Inc. ( Touchstone or the Company ) (TSX:
More informationOCCIDENTAL PETROLEUM CORPORATION. Second Quarter 2015 Earnings Conference Call July 30, 2015
OCCIDENTAL PETROLEUM CORPORATION Second Quarter 2015 Earnings Conference Call July 30, 2015 Cautionary Statements Forward-Looking Statements Portions of this presentation contain forward-looking statements
More informationCONE Midstream Partners LP. 1Q 2016 Earnings May 5, 2016
CONE Midstream Partners LP 1Q 2016 Earnings May 5, 2016 Disclaimer Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements
More information3rd Quarter Fiscal 2016 Results Conference Call May 25, 2016
3rd Quarter Fiscal 2016 Results Conference Call May 25, 2016 Looking Statements and Non-GAAP Information This presentation contains forward-looking statements. Other than statements of historical facts,
More informationMedium-Term Global Oil Outlook
Medium-Term Global Oil Outlook Fifth IEA OPEC Symposium on Energy Outlooks Session Two: Industry Views Remarks by Marianne Kah Chief Economist Cautionary Statement The following presentation includes forward-looking
More informationMANAGEMENT S DISCUSSION AND ANALYSIS
MANAGEMENT S DISCUSSION AND ANALYSIS Management s discussion and analysis ( MD&A ) of financial conditions and results of operations should be read in conjunction with NuVista Energy Ltd. s ( NuVista or
More informationDriving Shareholder Value
Driving Shareholder Value Business Model and Capital Allocation Strategy Wolfgang Nickl CFO, Western Digital September 13, 2012 SAFE HARBOR Forward-Looking Statements This presentation contains forward-looking
More informationInvestor Presentation. June 2016
Investor Presentation June 2016 NYSE ECR Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. All statements,
More informationCOMPANY UPDATE FIRST QUARTER 2016 RESULTS
COMPANY UPDATE FIRST QUARTER 2016 RESULTS ROYAL DUTCH SHELL 4 MAY 2016 Copyright of Royal Dutch Shell plc May 4, 2016 1 SIMON HENRY CHIEF FINANCIAL OFFICER ROYAL DUTCH SHELL PLC 2 DEFINITIONS & CAUTIONARY
More informationAnnounces Second Quarter 2004 Results
Announces Second Quarter 2004 Results NYSE SGY LAFAYETTE, LA. August 9, 2004 Stone Energy Corporation today announced a 25% increase in earnings with net income of $35.9 million, or $1.33 per share, on
More informationOil and Gas Company Valuations
Business Valuation Review Volume 28 Number 1 Oil and Gas Company Valuations Alex W. Howard, CFA, ASA, and Alan B. Harp, Jr., CFA, ASA This article provides a primer on the analysis and valuation of exploration
More informationForward-Looking Statements
April 2015 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
More informationSecond Quarter 2015 Investor Conference Call
Second Quarter 2015 Investor Conference Call August 20, 2015 December 13, 2012 DRAFT 5 Safe Harbor Basis of Presentation Unless otherwise noted or unless the context otherwise requires, all references
More informationSalesforce Announces Fiscal 2016 First Quarter Results Becomes First Enterprise Cloud Computing Company to Reach $6 Billion Revenue Run Rate
John Cummings Salesforce Investor Relations 415-778-4188 jcummings@salesforce.com Chi Hea Cho Salesforce Public Relations 415-281-5304 chcho@salesforce.com Salesforce Announces Fiscal 2016 First Quarter
More informationA X A L T A C O A T I N G S Y S T E M S. Q1 2016 FINANCIAL RESULTS April 28, 2016
A X A L T A C O A T I N G S Y S T E M S Q1 2016 FINANCIAL RESULTS April 28, 2016 Legal Notices Forward-Looking Statements This presentation and the oral remarks made in connection herewith may contain
More informationMarch 2015 MEGATRENDS IN THE OIL AND GAS INDUSTRY
March 2015 MEGATRENDS IN THE OIL AND GAS INDUSTRY Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues,
More informationCanacol Energy Ltd. Reports Record Adjusted Funds from Operations of US $37 Million in Fiscal Q1 2015
Canacol Energy Ltd. Reports Record Adjusted Funds from Operations of US $37 Million in Fiscal Q1 2015 CALGARY, ALBERTA (November 12, 2014) Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE;
More informationFor the Three and Six months ended June 30, 2012
Q2 2012 For the Three and Six months ended June 30, 2012 Highlights Twin Butte Energy Ltd. ( Twin Butte or the Company ) (TSX: TBE) is pleased to announce its financial and operational results for the
More informationAvion will host a conference call at 10:30 AM (EST) on Monday, April 2, 2011 to discuss the results. To participate in the call please dial:
March 31, 2012 A v i o n G o l d A n n o u n c e s F o u r t h Q u a r t e r 2 0 1 1 E a r n i n g s o f $ 8. 1 M i l l i o n W i t h E a r n i n g s P e r S h a r e O f $ 0. 0 2 R e c o r d 2 0 1 1 E
More informationNumerex Reports First Quarter 2015 Financial Results
May 11, 2015 Numerex Reports First Quarter 2015 Financial Results ATLANTA, May 11, 2015 (GLOBE NEWSWIRE) -- Numerex Corp (Nasdaq:NMRX), a leading provider of on-demand and interactive machine-to-machine
More informationFOR IMMEDIATE RELEASE TSXV: SOG OPERATIONS UPDATE. last. $90 million, by. drilled five. the Company. up the casing. well 14 35. resource.
NEWS RELEASE TSXV: SOG February 11, 2016 STRATEGIC OIL & GAS LTD. FOR IMMEDIATE RELEASE PROVIDES OPERATIONS UPDATE, YEAR END RESERVES AND FINANCING ARRANGEMENT Calgary, Alberta Strategic Oil & Gas Ltd.
More informationQ1 2016 Results Conference Call
ENCANA CORPORATION Q1 216 Results Conference Call May 3, 216 DELIVERING INDUSTRY LEADING PERFORMANCE AND LOWER COSTS Significant progress on achieving 216 cost savings target of $55 million year-over-year
More informationNews Release. Devon Energy Reports Second-Quarter 2014 Results. 405 552 3693 405 552 4735 405 552 4782 Media Contact Chip Minty 405 228 8647
Devon Energy Corporation 333 West Sheridan Avenue Oklahoma City, OK 73102-5015 News Release Investor Contacts Howard Thill Scott Coody Shea Snyder 405 552 3693 405 552 4735 405 552 4782 Media Contact Chip
More informationACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2014
News Release ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2014 HIGHLIGHTS SNET bookings of $122 million, up 59% from Q1 last year Recurring revenue up 57% from last year,
More informationAPX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2014 FINANCIAL RESULTS
APX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2014 FINANCIAL RESULTS 1st Quarter Financial Highlights Total revenues of $130.2 million for the first quarter 2014, an increase of 21.8%, compared to $106.9
More informationPENGROWTH ENERGY CORPORATION. Third Quarter 2011 Results
PENGROWTH ENERGY CORPORATION Third Quarter 2011 Results SUMMARY OF FINANCIAL & OPERATING RESULTS (monetary amounts in thousands, except Three Months ended Nine Months ended per share amounts or as otherwise
More information4Q and FYE 2014 Results Conference Call
A global environmental technology company focused on air pollution control, energy, fluid handling and filtration industries 4Q and FYE 2014 Results Conference Call March 5, 2015 1 Safe Harbor Statement
More informationGran Tierra Energy Inc. Announces 2015 Year-End Reserves and Combined Pro Forma Reserves and Resources
Gran Tierra Energy Inc. Announces 2015 Year-End Reserves and Combined Pro Forma Reserves and Resources CALGARY, Alberta January 21, 2016 Gran Tierra Energy Inc. ( Gran Tierra or the "Company") (NYSE MKT:
More informationDENBURY REPORTS 2014 FOURTH QUARTER AND ANNUAL RESULTS AND YEAR-END 2014 PROVED RESERVES
News DENBURY REPORTS 2014 FOURTH QUARTER AND ANNUAL RESULTS AND YEAR-END 2014 PROVED RESERVES PLANO, TX February 19, 2015 Denbury Resources Inc. (NYSE: DNR) ("Denbury" or the "Company") today announced
More informationThird Quarter 2015 Financial Highlights:
DISCOVERY COMMUNICATIONS REPORTS THIRD QUARTER 2015 RESULTS, INCREASES BUYBACK AUTHORIZATION BY $2 BILLION AND ANNOUNCES RESUMPTION OF SHARE REPURCHASES BEGINNING IN FOURTH QUARTER 2015 Third Quarter 2015
More information