J.P. Morgan Investor Conference
|
|
- Bartholomew Grant
- 5 years ago
- Views:
Transcription
1 J.P. Morgan Investor Conference Occidental Petroleum Corporation June 27, 2017 Vicki Hollub Chief Executive Officer
2 Cautionary Statements Forward-Looking Statements Portions of this presentation contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental's products; higher-than-expected costs; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansionprojects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; reorganization or restructuring of Occidental's operations; or changes in tax rates. Words such as estimate, project, predict, will, would, should, could, may, might, anticipate, plan, intend, believe, expect, aim, goal, target, objective, likely or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Occidental does not undertake any obligation to update any forward looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental s results of operations and financial position appear in Part I, Item 1A Risk Factors of the 2016 Form 10- K. Use of non-gaap Financial Information This presentation includes non-gaap financial measures. You can find the reconciliations to comparable GAAP financial measures on the Investors section of our website. 2
3 Occidental Petroleum Value Proposition Portfolio Optimization Path to Cash Flow Neutrality and Breakeven Sustainability With High Quality Assets Model 3
4 Oxy s Unique Value Proposition Upside in rising oil price environment and downside protection during falling oil price environment Focus on value based growth Top quartile returns Consistent 2016 ROCE* Dividend Growth Growing dividend with strong yield Value protection in down cycle Promotes capital allocation discipline Moderate Value-Based Growth 5 8% average production growth through oil & gas development Above cost-of-capital returns (ROE and ROCE) Return Targets*: Domestic 15+% International 20+% Strong Balance Sheet Maintain ample cash balance and additional sources of liquidity Low debt-to-capital ratio Income-producing assets *Return targets based on moderate commodity prices. 4
5 Cash Flow Priorities Favor Dividends Dividends promote capital allocation discipline 1. Base/Maintenance Capital 2. Dividends 3. Growth Capital 4. Acquisitions 5. Share Repurchases Subject to Returns and Market Conditions 5
6 Delivering Consistent Annual Dividend Growth ($/share) $28.00 $ : Oxy dividend CAGR 13.7% vs S&P CAGR 7% Annual Dividends Paid Cumulative Dividends Paid $23.38 $26.42 $20.00 $17.39 $20.36 $16.00 $14.51 $12.00 $8.00 $4.00 $0.00 $5.16 $6.48 $0.50 $0.52 $0.55 $0.65 $0.80 $0.94 $1.21 $1.31 $1.47 $1.84 $2.16 $2.56 $2.88 $2.97 $3.02 $3.04 $0.50 $1.02 $1.57 $2.22 $3.02 $3.96 $7.95 $9.79 $ Q17 Ann. Note: Dividends paid as per the Record Date 6
7 Value Growth - Production Growth Since Ongoing Total Company Production CAGR 6%* Mboed Permian Resources 16% CAGR Ongoing Company Excluding Permian Resources Permian Resources *Pro forma for ongoing operations (excludes operations sold or exited) 7
8 Value Growth - Annual ROCE for Oxy vs. Average of Competitors 30% 20% Average ROCE 15% 10% 00% (10%) (20%) (30%) OXY ROCE Competitors ROCE* *Competitors ROCE represents a simple average of APA, APC, COP, CVX, DVN, EOG, HES, MRO and XOM 8
9 Value Growth - Multi-year Returns Focused Portfolio Optimization Set to generate both returns to shareholders and value-based growth Divested assets that did not generate Investing in assets with higher cash competitive corporate returns or free margin and lower capital intensity cash flow Growth target - 80 MBOEPD 763 (154) Production (Mboed)) 609 (62) (79) (44) South Texas Gas properties Decline since 2013: 17 Mboed 2016 Production: 27 Mboed (11% oil production) California Actual California 2013 exc. Excl. California Other US Other U.S Adjusted MENA 2013 Adjusted MENA *Cash Flow Breakeven after Dividend and Growth Capital. Slide not updated for transactions announced on June 19, Permian Al Hosn Al Other South South Texas High-Margin Flow Res. International 2016 Cash Flow Ongoing Production Breakeven Resources Hosn Int. Texas Growth Margin Goal at $50 Break WTI* Growth Even 9
10 Our Pathway to Cash Flow Breakeven at $50 WTI Operating Cash Flow ($ Bn) $4.2 $50/bbl $4.4 Pathway Drivers: $4.7 $5.6 Permian Resources high-margin growth to accelerate value proposition of consistent dividend plus moderate production growth Enables organization to continue to drive down breakeven oil price, replenish reserves, and innovate our capabilities $5.6 Growth Capital $1.0 Sustaining Capital $2.3 Current Dividend $ Current Annualized Chemicals Slide not updated for transactions announced on June 19, Midstream & Marketing 80 Mboed Production Plan Achieved at $50 10
11 Asset Quality and Capital Flexibility Provides Optionality to Cover Dividend Upon plan execution, Oxy can fund dividend and sustain production from operating cash flows. WTI Oil Price: Annual cash flow sensitivities (Bn) $40 $50 $60 Cash Flow Priorities: Dividend ex- Growth Dividend + Growth Dividend + Growth + Options 1) Base/Maintenance Capital $2.1 $2.3 $2.5 2) Dividends (current) $2.3 $2.3 $2.3 3) Growth Capital + Options $0 $1.0 $1.0+ Cash Outflows $4.4 $5.6 $5.8+ Cash Inflows* $4.4 $5.6 $6.8 Production Growth Flat 5% - 8% 5% - 8% *Annualized cash flow changes ~$120 million for a ~$1.00 / barrel change in oil prices upon plan execution. Slide not updated for transactions announced on June 19,
12 Oxy Pathway to Cash Flow Breakeven at $40 WTI 5.0 $4.4 $4.4 Operating Cash Flow ($ Bn) $3.2 $40/bbl $3.4 Pathway Drivers: $3.7 Permian Resources high-margin growth to accelerate value proposition of consistent dividend plus moderate production growth Enables organization to continue to drive down breakeven oil price, replenish reserves, and innovate our capabilities Sustaining Capital $2.1 Current Dividend $ CFO Adjusted to $40 WTI Chemicals Slide not updated for transactions announced on June 19, Midstream & Marketing 80 Mboed Production Plan Achieved at $40 WTI 12
13 Opportunistic Transactions Create Long-term Value Consistent with our pathway to breakeven at $50 WTI*, Oxy has executed multiple transactions in the Permian to accelerate our plan. > Oxy has agreed to a number of purchase and sale transactions in Permian Resources to generate combined proceeds of $0.6 Bn. > Oxy has also agreed to acquire additional working interests and assume operatorship in a low-decline, low capital intensity CO 2 EOR unit in the Permian Basin for $0.6 Bn. The combination of these transactions will accelerate the cash flows of the company and enhance future returns by replacing low priority development acreage with low-decline, low capital intensity EOR production with significant opportunities for value improvement. *Breakeven at $50 WTI is after dividend and 5%-8% production growth. 13
14 Overview of Non-Strategic Permian Resources Net Transactions Transactions Terms > Combined net proceeds of ~$0.6 Bn Properties Description > Divested of non-strategic acreage in Andrews, Martin and Pecos Counties and added incremental acreage to enhance a future core development area in Glasscock County > Reduced Permian Resources position by ~13,000 net acres and production by ~4,700 Boed (64% oil) Transaction Rationale > Acreage was not in focus development areas and had no significant near-term development plans. > Monetizations accelerate cash flows from acreage from the tail of our inventory and are NPV positive for Oxy. > Recent organic location additions exceed both the count and the relative value of locations sold in transactions. Inventory to be updated on 2Q17 earnings call. > Accelerates our pathway to breakeven at $50 WTI* Permian Resources Acreage New Mexico NW Shelf Focus Development Area: Greater Sand Dunes 2,000+ Locations NM Delaware Basin TX Delaware Basin Central Basin Platform Focus Development Area: Greater Barilla Draw 5,000+ Locations Permian EOR Acreage Midland Basin *Breakeven at $50 WTI is after dividend and 5%-8% production growth. Map not updated for transactions. 14
15 Overview of Enhanced Oil Recovery Acquisition in the Permian Transactions Terms > Purchase price of $0.6 Bn Properties Description > Seminole-San Andres Unit (34.2% interest) and Seminole Gas Processing Plant (46.6% interest) > West Bravo Dome CO2 field in New Mexico (100% interest) and 9.9% interest in Occidental operated Bravo Dome unit. > Increases Permian EOR production by ~8,200 Boed (70% oil) Transaction Rationale > Increased ownership and gained operatorship in world class EOR property > Synergistic opportunities for capital efficiency, cost reductions, optimized CO 2 development, and accelerated residual oil zone development. These benefits can be realized on both the acquired interests and Oxy s existing ownership. > Accelerates our pathway to breakeven at $50 WTI* *Breakeven at $50 WTI is after dividend and 5%-8% production growth. CO2 Source Fields and Pipelines Bravo Dome Unit WI from 77% to 87% West Bravo Dome WI from 0% to 100% New Mexico NW Shelf NM Delaware Basin TX Delaware Basin Map not updated for transactions. Permian Resources Acreage Central Basin Platform Permian EOR Acreage Seminole-San Andres Unit WI from 53% to 87% Seminole Gas Process Plant WI from 46% to 93% Midland Basin 15
16 Upside Potential from Operatorship of Seminole-San Andres Value Improvement Through Scale and Operational Synergies > Seminole-San Andres unit becomes Oxy s largest operated CO 2 flood in the Permian. > Enhances Seminole-San Andres operations by applying Oxy s worldwide EOR scale and expertise > Substantial room for operating cost improvement Value of Synergies > Value of synergies will be magnified by impact on both the acquired interest and Oxy s existing ownership interest. > Due to value of the synergies, this opportunistic acquisition delivers high returns and significant free cash flow to accelerate our pathway to cash flow breakeven at $50 WTI*. *Breakeven at $50 WTI is after dividend and 5%-8% production growth. $30 $25 $20 $15 $10 $5 $400 $300 $200 $100 $0 Seminole-San Andres unit becomes largest in Oxy s CO 2 portfolio Operating Costs ($/Boe) Oxy EOR Permian 2016 Average Oxy EOR unit of analogous scale and development type Value of Opex Synergies ($MM PV10) Acquired Interest Existing Interest Oxy targeting opex improvement of greater than $5/boe High Opex Range Low Opex Range Oxy Denver Unit 2016 Average $1/Boe $2/Boe $3/Boe $4/Boe $5/Boe 16
17 Transactions Effectively a Swap with Net Benefits to Oxy Transactions on a net basis*: Remaining Production (Boed) 3,500 7,000 Operating Cash Flow ($ MM) Free Cash Flow ($ MM) > Lowers our sustaining capital and overall production decline rate > Additional benefits anticipated through capital efficiency and other operating synergies. Net benefits accelerate cash flow breakeven at $50 WTI** *Assumes $50/Bbl WTI and $3.30/MCF gas and includes attainment of $5/boe operating cost synergies at Seminole-San Andres. **Breakeven at $50 WTI is after dividend and 5%-8% production growth. 17
18 Value Growth Significantly Reduced Development Cost F&D (Organic) $/Boe $/Boe OXY Competitor Peers* *Competitor Peers include APC, CVX, CXO, DVN, EOG, HES, MRO, PXD. Excludes APA, COP, XOM due to negative F&D. 18
19 Value Growth Focus on value driven growth - Top quartile returns Positioned to return to double digit returns 10% 0% (10%) 2016 ROCE* (20%) (30%) HES DVN CXO APC MRO APA EOG COP PXD OXY CVX XOM *Calculated based on public information and on a consistent basis Companies listed alphabetically : APA, APC, COP, CVX, CXO, DVN, EOG, HES, MRO, PXD, XOM 19
20 Focused Businesses Oil and Gas Core Areas OxyChem High free cash flow, moderate growth business United States Leading position in the Permian Permian Resources is a growth driver Midstream Integrated infrastructure and marketing business to maximize realizations Latin America Highest margin operations in Colombia Opportunities for moderate growth with partners Middle East Focus areas Oman, Qatar, and UAE Opportunities for growth with partner countries 20
21 Permian Resources Significant acreage & growth potential in all development areas ~650,000 net acres within the Delaware and Midland Basin boundaries ~300,000 net acres associated with 11,650 wells in unconventional development inventory New Mexico NW Shelf NM Delaware Basin TX Delaware Basin Permian Resources Business Area Acreage Resources Unconventional Areas 1.4 Enhanced Oil Recovery Areas 1.1 Oxy Permian Total 2.5 MM Central Basin Platform Midland Basin Permian EOR *Includes surface and minerals. Slide not updated for transactions announced on June 19, Net Acres Resources Basin Development Areas Net Acres* NM Delaware Basin 290,000 TX Delaware Basin 150,000 Midland Basin 210,000 Other Resources Unconventional Areas Total ~650,000 Net Acres* Central Basin Platform 215,000 New Mexico NW Shelf 150,000 Emerging Unconventional 50,000 Continuing Evaluation 335,000 Total ~750,000 21
22 Increased Total Horizontal Drilling Locations ~37% Improved Permian Resources Horizontal Inventory from 4Q2015 Locations within 300,000 of 650,000 net acres in Basin Development Areas Added 1,250 locations 12,000 10,000 8,000 6,000 4,000 2,000 0 ~2,500 SS Characterization + Dev. Plans + Technology ~4,100 ~5,300 ~11,650 Midland Basin Texas Delaware Basin New Mexico Delaware Basin BE <$50 BE<$60 BE <$70 Additional Inventory *Breakeven values based on NPV Added 3, Locations 8,500 ~11,650 Total BE < $50 Added 3,150 total locations Increased average length from 5,950 to 7,100 Traded 10,000 net acres to enable longer lateral and consolidated facilities 14 years of inventory <$50 breakeven with 10 rigs 22
23 Permian EOR Significant inventory in 10-year plan Proven Leader in Maximizing Recovery Across the Permian Permian EOR Net Resource Potential Geographically diverse 100 active CO 2 + water floods covering multiple horizons 2 BBOE of identified net resource potential 870 net MMBOE at < $6.00 Future Development Cost Delaware Basin Central Basin Platform Permian EOR Acreage *Note: TZ/ROZ Transition Zone and Residual Oil Zone Midland Basin MMBOE 2,000 1,500 1, TZ/ROZ* CO 2 Floods Future Development <$6 Cost <$6 Water Floods + Other Infill Drilling Opportunities Future Development <$10 Cost <$10 Future Development Cost ($/BOE) Highgradable Inventory Additional Conventional Inventory Additional Unconventional Inventory Total Identified Barrels 23
24 Longest Legacy International Operations: Colombia and Oman Colombia: Discovered giant Cano Limon field in the early 1980 s. Several contracts that currently range from 6 years up to the economic life of field. Long term contracts with upside potential Oman: Assisted with the discovery and Oman: started Assisted development with the discovery of Safahand Field started in development of SafahA Field 15 year in contract A 15 year extension contract was extension was signed signed for for Block Block 9 this 9 this year. year. Blocks Blocks 27 and 2753 expire in and 53 Block expire 62 expires in in Block 62 expires in
25 Additional Core Middle East Assets ISND and ISSD: Offshore development in Qatar. ISND contract for 25 years initiated in ISSD contract expires in Dolphin: Premier transborder pipeline delivering gas from Qatar to Abu Dhabi and Oman. Agreement was initiated in 2007 for a 25 year term. Al Hosn: 30 year joint venture with the Abu Dhabi National Oil Company, ( ADNOC ) began in 2011 to develop the giant sour gas field in Abu Dhabi. Largest ultra sour gas plant in the world. Al Hosn is a worldscale mega-project. 25
26 Current Dividend Yield vs. Competitors 6.0% 5.0% Dividend yield should revert close to historical levels as we execute plan to a lower cash flow breakeven 5.0% 5.2% 4.0% 3.8% 4.1% 3.0% 2.0% Average Oxy Dividend Yield 2.2% 2.3% 2.0% 2.1% 2.1% 1.5% 1.0% 0.0% 0.0% 0.4% Source: Factset, 05/26/17 0.7% 0.7% PXD APC DVN EOG MRO SP500 APA HES 10 Year Treasury Independent E&P Integrated O&G COP XOM CVX OXY TOT 26
27 Strong Balance Sheet - Oxy Credit Ratings Vs. Peers Company S&P Ratings S&P Outlook Moody s Ratings Moody s Outlook New Issue Indications (10-year) XOM AA+ Negative Aaa Negative 2.95% CVX AA- Negative Aa2 Stable 3.05% OXY A Stable A3 Stable 3.25% EOG BBB+ Stable Baa1 Stable 3.35% COP A- Stable Baa2 Positive 3.35% PXD BBB Stable Baa2 Stable 3.55% APA BBB Stable Baa3 Stable 3.65% NBL BBB Negative Baa3 Stable 3.75% DVN BBB Stable Ba1 Stable 3.75% APC BBB Stable Ba1 Stable 4.05% MRO BBB- Stable Ba1 Stable 4.05% HES BBB- Stable Ba1 Stable 4.25% CXO BB+ Positive Ba2 Stable 4.50% CLR BB+ Stable Ba3 Positive 5.00% WPX B+ Stable B3 Stable 5.875% WLL BB- Stable B3 Positive 7.75% 27
28 Unique Investment Proposition Large Integrated Majors Company Market Cap ($Bn) XOM $344 RDS $237 CVX $197 TOT $120 BP $117 ENI $54 Characteristics Low or no growth Higher returns Stronger Balance Sheet Lower risk Free cash flow Consistent dividend growth Source: Factset, 6/26/2017 Oxy Uniquely Positioned $46 Bn Market Cap Independent E&Ps Company Market Cap ($Bn) COP $55 EOG $50 PXD $26 APC $25 APA $18 DVN $16 Characteristics Generally higher growth Lower returns Weaker Balance Sheet Higher risk Little or no free cash flow Little or no dividends Moved from gassy to oily 28
29 Successful Value Proposition Oxy has delivered positive results on each component of our value proposition Consistent 2016 ROCE* Dividend Growth Oxy dividend CAGR doubled S&P CAGR since 2002 Highest yield vs. US peers Historical dividend yield of 2.85% Moderate Value-Based Growth Averaged better than 5% production growth Upper quartile ROCE Portfolio optimization complete for stronger future returns Strong Balance Sheet 1Q17 cash balance of $1.5 Bn Received tax refund of $750 million during 2Q17 Low debt-to-capital ratio Historical net debt-to-capital ratio of 11% A level credit rating from Moody s, S&P and Fitch 29
30 Q&A
OCCIDENTAL PETROLEUM CORPORATION
OCCIDENTAL PETROLEUM CORPORATION Vicki A. Hollub President & Chief Operating Officer Credit Suisse Energy Summit February 23, 2016 Cautionary Statement Portions of this presentation contain forward-looking
More informationScotia Howard Weil Energy Conference Occidental Petroleum March 25, Cedric Burgher Chief Financial Officer
Scotia Howard Weil Energy Conference Occidental Petroleum March 25, 2019 Cedric Burgher Chief Financial Officer Cautionary Statements Forward-Looking Statements This presentation contains forward-looking
More informationBAML Global Energy Conference. Occidental Petroleum Corporation November 15, 2018 Cedric Burgher Chief Financial Officer
BAML Global Energy Conference Occidental Petroleum Corporation November 15, 2018 Cedric Burgher Chief Financial Officer Cautionary Statements Forward-Looking Statements This presentation contains forward-looking
More informationOccidental Petroleum Announces 2 nd Quarter 2017 Results and Progress Toward Cash Flow Breakeven at Low Oil Prices
Occidental Petroleum Announces 2 nd Quarter 2017 Results and Progress Toward Cash Flow Breakeven at Low Oil Prices Raised dividend for the 15 th consecutive year Increased cash balance to $2.2 billion
More informationOccidental Petroleum Announces 3rd Quarter 2018 Results
Occidental Petroleum Announces 3rd Quarter 2018 Results Highest reported and core earnings per share since portfolio optimization in 2014 $2.6 billion cash flow from operations before working capital exceeded
More informationOccidental Petroleum Announces 4th Quarter and Full Year 2018 Results
Occidental Petroleum Announces 4th Quarter and Full Year 2018 Results Occidental Petroleum reports 2018 net income of $4.1 billion with ROCE of 14%, the highest since 2014 portfolio optimization; returns
More informationOccidental Petroleum Announces 2017 Results and 2018 Guidance
Occidental Petroleum Announces 2017 Results and 2018 Guidance Significant progress on Breakeven Plan with expected completion in third quarter 2018 2018 capital budget of $3.9 billion and estimated production
More informationOccidental Petroleum Corporation
Occidental Petroleum Corporation Howard Weil 40 th Annual Energy Conference Stephen I. Chazen President and Chief Executive Officer March 27, 2012 Full Year 2011 Results Summary ($ in millions, except
More informationOccidental Petroleum Announces 2nd Quarter 2018 Results
Occidental Petroleum Announces 2nd Quarter 2018 Results Completed low oil price Breakeven Plan ahead of schedule Increased dividend for 16 th consecutive year Achieved record earnings in Chemical and Marketing
More informationOCCIDENTAL PETROLEUM CORPORATION. Stephen I. Chazen President & CEO Bernstein Strategic Decisions Conference 2015 May 28, 2015
OCCIDENTAL PETROLEUM CORPORATION Stephen I. Chazen President & CEO Bernstein Strategic Decisions Conference 2015 May 28, 2015 Key Messages & Strategy Overriding Goal is to Maximize Total Shareholder Return
More informationQUARTERLY RESULTS Oil and Gas
Occidental Petroleum Announces 1 st Quarter 2017 Results Net Income of $117 million or $0.15 per share Permian Resources average daily production of 129,000 BOE, up 5 percent from the previous quarter
More informationFourth Quarter 2016 Earnings Conference Call Occidental Petroleum Corporation February 9, 2017
Fourth Quarter 2016 Earnings Conference Call Occidental Petroleum Corporation February 9, 2017 Cautionary Statements Forward-Looking Statements Portions of this presentation contain forward-looking statements
More informationQUARTERLY RESULTS Oil and Gas
Occidental Petroleum Announces 3 rd Quarter 2017 Results ' ' ' ' Continued progress toward breakeven plan that sustains dividends and growth capital Permian Resources achieves record well results across
More informationOccidental Petroleum Announces 4 th Quarter 2015 Results
For Immediate Release: February 4, 2016 Occidental Petroleum Announces 4 th Quarter 2015 Results 2015 year-end cash balance of $4.4 billion 2016 capital program not to exceed $3.0 billion with production
More informationQUARTERLY RESULTS Oil and Gas
Occidental Petroleum Announces 1 st Quarter 2018 Results ' Total company production of 609,000 BOE per day, exceeding guidance driven by Permian Resources and International ' Sustained basin-leading well
More informationInvestor Presentation HOWARD WEIL ENERGY CONFERENCE MARCH 2015
Investor Presentation HOWARD WEIL ENERGY CONFERENCE MARCH 2015 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning of Section 27A of
More informationOccidental Petroleum Announces 3rd Quarter and Nine Months of 2013 Net Income
For Immediate Release: October 29, 2013 Occidental Petroleum Announces 3rd Quarter and Nine Months of 2013 Net Income Q3 2013 core income of $1.6 billion, or $1.97 per diluted share Q3 2013 domestic oil
More informationFirst Quarter 2017 Earnings Conference Call. Occidental Petroleum Corporation May 4, 2017
First Quarter 2017 Earnings Conference Call Occidental Petroleum Corporation May 4, 2017 Cautionary Statements Forward-Looking Statements Portions of this presentation contain forward-looking statements
More informationInvestor Presentation J.P. Morgan Global High Yield and Leveraged Finance Conference FEBRUARY 2016
Investor Presentation J.P. Morgan Global High Yield and Leveraged Finance Conference FEBRUARY 2016 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements
More information1Q Quarterly Update. May 1, 2018
1Q 2018 Quarterly Update May 1, 2018 Forward-Looking Statements and Other Disclaimers No Offer or Solicitation This presentation relates to a proposed business combination transaction (the Transaction
More informationUBS GLOBAL OIL AND GAS CONFERENCE MAY 19-22, 2014
UBS GLOBAL OIL AND GAS CONFERENCE MAY 19-22, 2014 FORWARD-LOOKING STATEMENTS Certain statements in this presentation contain "forward-looking statements" within the meaning of Section 27A of the Securities
More informationOccidental Petroleum Announces 3rd Quarter and Nine Months 2014 Financial Results. Q record domestic oil production of 282,000 barrels per day
For Immediate Release: October 23, 2014 Occidental Petroleum Announces 3rd Quarter and Nine Months 2014 Financial Q3 2014 record domestic oil production of 282,000 barrels per day Q3 2014 Permian Resources
More informationSecond Quarter 2018 Earnings Conference Call Occidental Petroleum Corporation August 9, 2018
Second Quarter 2018 Earnings Conference Call Occidental Petroleum Corporation August 9, 2018 Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements based
More informationU.S. Leader in Return on Capital Employed. Among Lowest Cost Producers in Global Oil Market. Commitment to Safety and the Environment
Bernstein _0517-2 U.S. Leader in Return on Capital Employed U.S. Oil Growth Leader Among Lowest Cost Producers in Global Oil Market Commitment to Safety and the Environment Create Significant Long-Term
More informationCHESAPEAKE ENERGY: THE TRANSFORMATION AND THE FUTURE
CHESAPEAKE ENERGY: THE TRANSFORMATION AND THE FUTURE Doug Lawler President and Chief Executive Officer FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning
More informationResolute Energy Corporation
Acquisition of Resolute Energy Corporation November 2018 Safe Harbor Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the
More informationInvestor Presentation. June 2018
Investor Presentation June 2018 Forward-Looking Statements and Other Disclaimers No Offer or Solicitation This presentation relates to a proposed business combination transaction (the Transaction ) between
More information4Q Quarterly Update. February 19, 2019
4Q 2018 Quarterly Update February 19, 2019 Forward-Looking Statements and Other Disclaimers The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More informationThird quarter 2017 earnings conference call and webcast
Third quarter 2017 conference call and webcast John Watson Chairman and Chief Executive Officer Pat Yarrington Vice President and Chief Financial Officer Frank Mount General Manager, Investor Relations
More informationBank of America Merrill Lynch 2018 Energy Credit Conference. June 2018
Bank of America Merrill Lynch 2018 Energy Credit Conference June 2018 Forward-Looking Statements and Other Disclaimers No Offer or Solicitation This presentation relates to a proposed business combination
More informationForward-Looking Statements
Forward-Looking Statements Except for historical information contained herein, the statements in this presentation are forward-looking statements that are made pursuant to the Safe Harbor Provisions of
More informationOccidental Petroleum Corporation
Occidental Petroleum Corporation Howard Weil 42 nd Annual Energy Conference Stephen I. Chazen President and Chief Executive Officer March 24-26, 2014 Key Messages Generate shareholder value by employing
More informationSecond Quarter 2014 Earnings Conference Call and Webcast
Second Quarter 2014 Earnings Conference Call and Webcast George Kirkland Vice Chairman and Executive Vice President, Upstream Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson General
More informationJefferies 2012 Global Energy Conference November 2012 Matt Fox EVP, Exploration and Production
Jefferies 2012 Global Energy Conference November 2012 Matt Fox EVP, Exploration and Production Cautionary Statement The following presentation includes forward-looking statements. These statements relate
More informationCore Oil Delaware Basin Pure-Play. Third Quarter 2018 Earnings Presentation. November 5, 2018
Core Oil Delaware Basin Pure-Play Third Quarter 2018 Earnings Presentation November 5, 2018 Important Information Forward-Looking Statements The information in this presentation includes forward-looking
More informationOccidental Petroleum Corporation Quarter Earnings Release Schedules Index
Schedule # Schedule Description 1 Summary Highlights Occidental Petroleum Corporation Quarter 2 2018 Earnings Release Schedules Index 2 Segment Results Before Tax Allocations 3 Segment Results After Tax
More informationScotia Howard Weil Energy Conference. March 25-26, 2019
Scotia Howard Weil Energy Conference March 25-26, 2019 Forward-Looking Statements and Other Disclosures This presentation includes forward looking statements within the meaning of Section 27A of the Securities
More informationBuilt to Grow through Cycles
XTO Energy: A Long Term Investment 1 Built to Grow through Cycles Confidence Consistency Competitive Advantage Sustainability The Cycle of XTO s Proven Strategy 2 Strong Balance Sheet Increasing ROR, Optimize
More informationwhere we stand where we are going
where we stand where we are going J.P. Morgan 2018 Energy Conference June 18-19, 2018 Forward-Looking Statements and Other Disclaimers This presentation includes forward looking statements within the meaning
More informationTransformational Combination with Energen. August 14, 2018
Transformational Combination with Energen August 14, 2018 1 Forward Looking Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
More informationCorporate overview. Mike Wirth Chairman and Chief Executive Officer Chevron Corporation
Corporate overview Mike Wirth Chairman and Chief Executive Officer Operational excellence leadership Days away from work rate 0. 0.05 Loss of containment events Basis: 2014 = 0 0 80 60 40 20 1 1 1 2014
More information3Q Quarterly Update. October 30, 2018
3Q 2018 Quarterly Update October 30, 2018 Forward-Looking Statements and Other Disclaimers Forward-Looking Statements and Cautionary Statements The foregoing contains forward-looking statements within
More informationSandeep Bhakhri SVP and Chief Information and Technology Officer
Sandeep Bhakhri SVP and Chief Information and Technology Officer Copyright; Assumption of Risk: Copyright 2018. This presentation and the contents of this presentation have been copyrighted by EOG Resources,
More information2015 Plan. Operations
2015 Plan Maintained Oil Production Guidance Lowered Capex Guidance by $200 Million Lowered LOE, G&A and Transportation Expense Guidance Increased Year-End Uncompleted Net Well Forecast to 320 from 285
More informationCore Oil Delaware Basin Pure-Play. Scotia Howard Weil Energy Conference. March 27, 2018
Core Oil Delaware Basin ure-lay Scotia Howard Weil Energy Conference March 27, 2018 Important Information Forward-Looking Statements The information in this presentation includes forward-looking statements
More informationOccidental Petroleum California Oil Story Could Get More Interesting
EQUITY RESEARCH COMPANY UPDATE April 30, 2012 Stock Rating: OUTPERFORM 12-18 mo. Price Target $125.00 OXY - NYSE $91.22 3-5 Yr. EPS Gr. Rate NA 52-Wk Range $117.89-$66.36 Shares Outstanding 811.1M Float
More informationCalifornia Resources Corporation Announces Its Fourth Quarter and Full Year 2014 Financial Results
NEWS RELEASE For immediate release California Resources Corporation Announces Its Fourth Quarter and Full Year 2014 Financial Results LOS ANGELES, February 19, 2015 California Resources Corporation (NYSE:CRC),
More informationSchedule # Schedule Description 1 Summary Highlights Occidental Petroleum Corporation Quarter 4 2016 Earnings Release Schedules Index 2 Segment Results Before Tax Allocations 3 Segment Results After Tax
More informationInvestor Presentation. February 2019
Investor Presentation February 2019 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the securities laws. All statements, other than statements of
More informationConocoPhillips Permian Overview. Sean Robinson, Operations Superintendent SENM June 26, 2018, Lea County EnergyPlex Conference Hobbs, New Mexico
ConocoPhillips Permian Overview Sean Robinson, Operations Superintendent SENM June 26, 2018, Lea County EnergyPlex Conference Hobbs, New Mexico 1 Cautionary Statement The following presentation includes
More informationwhere we stand where we are going
where we stand where we are going 2018 Heikkinen Energy Conference August 15, 2018 Forward-Looking Statements and Other Disclaimers This presentation includes forward looking statements within the meaning
More informationFourth quarter 2016 earnings conference call and webcast
Fourth quarter 2016 conference call and webcast John Watson Chairman and Chief Executive Officer Pat Yarrington Vice President and Chief Financial Officer Frank Mount General Manager, Investor Relations
More informationSANFORD C. BERNSTEIN 30 TH ANNUAL STRATEGIC DECISIONS CONFERENCE 2014
EXPLORATION DRIVEN. DELIVERY FOCUSED. SANFORD C. BERNSTEIN 3 TH ANNUAL STRATEGIC DECISIONS CONFERENCE 214 ROGER JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER MAY 29, 214 1 Cautionary Statement Cautionary
More informationInvestor Presentation Bank of America Merrill Lynch Energy Credit Conference JUNE 2017
Investor Presentation Bank of America Merrill Lynch Energy Credit Conference JUNE 207 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning
More informationInvestor Presentation. March 2019
Investor Presentation March 2019 Forward-Looking Statements and Other Disclaimers The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
More informationCore Oil Southern Delaware Basin
Core Oil Southern Delaware Basin Silverback Exploration Acquisition Overview November 2016 Important Information Forward-Looking Statements The information in this presentation includes forward-looking
More informationSecond quarter 2017 earnings conference call and webcast
Second quarter 2017 earnings conference call and webcast Jay Johnson Executive Vice President, Upstream Pat Yarrington Vice President and Chief Financial Officer Frank Mount General Manager, Investor Relations
More informationInvestor Presentation. Occidental Petroleum Corporation January 2019
Investor Presentation Occidental Petroleum Corporation January 2019 Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements based on management s current
More informationFirst Quarter 2013 Earnings Conference Call and Webcast
First Quarter 2013 Conference Call and Webcast Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson General Manager, Investor Relations April 26, 2013 Cautionary Statement CAUTIONARY
More informationInvestor Presentation NOVEMBER 2017
Investor Presentation NOVEMBER 207 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 933
More informationENCANA CORPORATION. Financial Strength & Discipline. Sherri Brillon. Executive Vice President & Chief Financial Officer
ENCANA CORPORATION Financial Strength & Discipline Sherri Brillon Executive Vice President & Chief Financial Officer CORPORATE FINANCE Providing Financial Flexibility & Liquidity to Execute our Strategy
More informationFourth quarter 2018 earnings conference call and webcast
Fourth quarter 2018 earnings conference call and webcast Mike Wirth Chairman and Chief Executive Officer Pat Yarrington Vice President and Chief Financial Officer Wayne Borduin General Manager, Investor
More informationBulking Up In The Permian Basin August 2016
Bulking Up In The Permian Basin August 2016 Please Read This presentation makes reference to: Forward-looking statements This release contains forward-looking statements within the meaning of securities
More informationDiamondback Energy, Inc. Announces Fourth Quarter and Full Year 2018 Financial and Operating Results
Announces Fourth Quarter and Full Year 2018 Financial and Operating Results February 19, 2019 MIDLAND, Texas, Feb. 19, 2019 (GLOBE NEWSWIRE) -- (NASDAQ: FANG) ( Diamondback or the Company ) today announced
More information2018 Scotia Howard Weil Energy Conference
08 Scotia Howard Weil Energy Conference Jay Johnson Executive Vice President, Upstream Cautionary statement and legal notice CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE
More informationFirst quarter 2018 earnings conference call and webcast
First quarter 2018 earnings conference call and webcast Pat Yarrington Vice President and Chief Financial Officer Mark Nelson Vice President, Midstream, Strategy and Policy Frank Mount / Wayne Borduin
More informationInvestor Presentation SEPTEMBER 2017
Investor Presentation SEPTEMBER 207 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 933
More informationHouston CFA Society March 2016
Houston CFA Society March 2016 100% 90% Forecast 6% 7% 7% 7% 8% 9% 10% 12% 13% 14% 6% 6% 6% 6% 5% 5% 5% 5% 5% 5% 80% 70% 27% 26% 25% 27% 29% 29% 29% 28% 27% 26% 60% 50% 40% 22% 22% 23% 23% 24% 24% 25%
More informationQuarterly Update 1Q17 MAY 3, 2017
Quarterly Update Q7 MAY 3, 207 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 933 and
More informationHoward Weil 46 th Annual Energy Conference MARCH 2018
Howard Weil 46 th Annual Energy Conference MARCH 2018 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the meaning of Section 27A of the Securities
More information4Q 2017 Earnings Presentation February 27, 2018 CRZO
4Q 217 Earnings Presentation February 27, 218 Forward Looking Statements / Note Regarding Reserves This presentation contains statements concerning the Company s intentions, expectations, beliefs, projections,
More informationAcquisition Presentation December 2018
Acquisition Presentation December 2018 www.ringenergy.com www.ringenergy.com OTCQX:RNGE NYSE American: REI Forward-Looking Statements and Cautionary Note Regarding Hydrocarbon Disclosures Forward Looking
More informationConcho Resources Inc. Reports Fourth-Quarter and Full-Year 2018 Results; Updates 2019 Outlook
Press Release Reports Fourth-Quarter and Full-Year 2018 Results; Updates 2019 Outlook Delivers Strong 2018 Results from Large-Scale Development Efficiencies Provides Updated 2019 Outlook Reinforcing Focus
More informationInvestor Presentation. October 2017
Investor Presentation October 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the securities laws. All statements, other than statements of historical
More informationInvestor Presentation. November 2018
Investor Presentation November 2018 Forward-Looking Statements and Other Disclaimers Forward-Looking Statements and Cautionary Statements The foregoing contains forward-looking statements within the meaning
More informationSecond Quarter 2013 Earnings Conference Call and Webcast
Second Quarter 2013 Earnings Conference Call and Webcast George Kirkland Vice Chairman and Executive Vice President, Upstream Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson General
More informationThird Quarter 2012 Earnings Conference Call and Webcast
Third Quarter 2012 Earnings Conference Call and Webcast Mike Wirth Executive Vice President, Downstream and Chemicals Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson General Manager,
More information1Q 2018 Earnings Presentation May 8, 2018 CRZO
1Q 218 Earnings Presentation May 8, 218 Forward Looking Statements / Note Regarding Reserves This presentation contains statements concerning the Company s intentions, expectations, beliefs, projections,
More informationQ E a r n i n g s. M a y 3, 2018
Q 1 2 0 1 8 E a r n i n g s M a y 3, 2018 FORWARD-LOOKING STATEMENTS Except for historical information contained herein, the statements in this presentation are forward-looking statements that are made
More informationInvestor Update. June 2015
Investor Update June 2015 Cautionary Statement Regarding Forward-Looking Statements This presentation includes certain forward-looking statements and projections of EP Energy. EP Energy has made every
More informationInvestor Update. November 2014
Investor Update November 2014 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
More informationDahlman Rose Ultimate Oil Service Conference
Dahlman Rose Ultimate Oil Service Conference December 3, 2012 Overview of Operations 16 Bakken Tulsa based company founded in 1963 with long history of operations in the Mid-Continent Integrated approach
More informationFIRST QUARTER 2018 EARNINGS REVIEW. Todd Stevens President & CEO May 3, 2018 Mark Smith Senior EVP & CFO
FIRST QUARTER 2018 EARNINGS REVIEW Todd Stevens President & CEO May 3, 2018 Mark Smith Senior EVP & CFO Forward Looking / Cautionary Statements This presentation contains forward-looking statements that
More informationThe Bakken America s Quality Oil Play!
The Bakken America s Quality Oil Play! Jack Stark- President 218 WBPC Bismarck, ND - May 22-24 Forward-Looking Information Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private
More informationCARRIZO OIL & GAS, INC. DELAWARE BASIN ACQUISITION OVERVIEW
CARRIZO OIL & GAS, INC. DELAWARE BASIN ACQUISITION OVERVIEW August 14, 2018 Legend, Forward Looking Statements, Note Re. Reserves 2 This presentation shall not constitute an offer to sell, or solicitation
More informationENCANA CORPORATION. Permian Basin. Jeff Balmer, PhD. Vice-President & General Manager, Southern Operations
ENCANA CORPORATION Permian Basin Jeff Balmer, PhD Vice-President & General Manager, Southern Operations PERMIAN BASIN Premier North American Basin Developing the cube Critical to creating value at industrial
More information4 TH QUARTER EARNINGS PRESENTATION FEBRUARY 27, 2018
4 TH QUARTER EARNINGS PRESENTATION FEBRUARY 27, 2018 Important Disclosures Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of Section
More informationSupplemental Earnings Information
Supplemental Earnings Information Fourth Quarter 2017 OPERATING RESULTS 1 Reported Net Income (Loss), Items Affecting Comparability & Adjusted Net Income (Loss) by Operating Activity $ In Millions, Except
More informationDiamondback Energy, Inc.
Management Travis Stice, President and CEO Teresa Dick, CFO Jeffrey White, VP Operations Michael Hollis, VP Drilling Randall Holder, VP & Gen Counsel www.diamondbackenergy.com EPG Commentary by Dan Steffens
More information2Q Quarterly Update. August 1, 2018
2Q 2018 Quarterly Update August 1, 2018 Forward-Looking Statements and Other Disclaimers Forward-Looking Statements and Cautionary Statements The foregoing contains forward-looking statements within the
More informationINVESTOR PRESENTATION MARCH 2019
INVESTOR PRESENTATION MARCH 2019 Forward-Looking Statements Except for historical information contained herein, the statements in this presentation are forward-looking statements that are made pursuant
More information2016 Results and 2017 Outlook
2016 Results and 2017 Outlook March 2, 2017 Cautionary Statement Regarding Forward-Looking Statements This presentation includes certain forward-looking statements and projections of EP Energy. EP Energy
More informationITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
ITEM 6 SELECTED FINANCIAL DATA FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA (in millions, except per-share amounts) As of and for the years ended December 31, 2016 2015 2014 2013 2012 RESULTS OF OPERATIONS
More informationCARRIZO OIL & GAS, INC. EXL ACQUISITION PRESENTATION
CARRIZO OIL & GAS, INC. EXL ACQUISITION PRESENTATION June 28, 2017 2 Free Writing Prospectus Legend The issuer has filed a registration statement (No. 333-198459) (including a prospectus) with the Securities
More informationConcho Resources Inc. Reports Third Quarter 2017 Results
Press Release Concho Resources Inc. Reports Third Quarter 2017 Results Midland, Texas, October 31, 2017 Concho Resources Inc. (NYSE: CXO) (the Company or Concho ) today reported financial and operating
More informationSecond Quarter 2017 Earnings Presentation
Second Quarter 2017 Earnings Presentation August 9, 2017 Investor Presentation November 2016 Nasdaq Ticker: PVAC Forward Looking and Cautionary Statements Certain statements contained herein that are not
More information3Q 2018 Earnings Presentation November 5, 2018 CRZO
3Q 2018 Earnings Presentation November 5, 2018 Forward Looking Statements / Note Regarding Reserves This presentation contains statements concerning the Company s intentions, expectations, projections,
More informationJefferies Energy Conference
Jefferies Energy Conference Dave Stover Chairman, President and CEO November 30, 2016 Noble Energy Substantial momentum in DJ, Delaware and EMED Robust Four Year Plan. 2016-2020E: U.S. onshore oil grows
More informationRBC Capital Markets Global Energy & Power Conference. June 7, 2017
RBC Capital Markets Global Energy & Power Conference June 7, 2017 Cautionary Statement Regarding Forward-Looking Statements This presentation includes certain forward-looking statements and projections
More informationEnerCom s The Oil & Gas Conference. August 15, 2012
EnerCom s The Oil & Gas Conference August 15, 2012 Overview of Operations 16 Bakken Tulsa based company founded in 1963 with long history of operations in the Mid-Continent Integrated approach to business
More information