Approach Resources Inc. reported third quarter 2013 results. Key highlights included accelerating their completion pace and drilling efficiencies, driving down well costs below $5.5 million per well on average, and delivering strong initial production rates from Wolfcamp B and C wells across their acreage, with some wells producing over 1,000 barrels of oil equivalent per day. Approach is on track to increase production 40% in 2014 by drilling 75% more horizontal Wolfcamp wells with their 3-rig program.
The document discusses AREX's 2014 development plan for its Wolfcamp shale oil resource play in the Permian Basin. Key points include:
- 2014 capital budget of $400 million, 95% directed to horizontal Wolfcamp drilling with 3 rigs
- Targeting the Wolfcamp A, B, and C zones with pad drilling and stacked laterals
- Expecting 45% production growth in 2014 to 4.95 MMBoe with a 70% liquids mix
- Horizontal Wolfcamp well costs estimated at $5.5 million
The plan focuses on developing AREX's large Wolfcamp shale oil resource potential through horizontal drilling and pad development while maintaining flexibility given commodity price uncertainty
This presentation discusses an oil and gas company's Wolfcamp shale resource play in the Permian Basin. Key points include:
- The company has 160,000 gross acres and estimates over 1 billion barrels of unrisked oil resource potential from the multi-bench Wolfcamp shale.
- The 2014 capital budget of $400 million will fund a 3-rig horizontal drilling program targeting the Wolfcamp A, B and C zones, with an aim to drill around 70 wells.
- The development plan focuses on pad drilling, stacked laterals, and infrastructure to reduce costs and drive projected 45% production growth in 2014 to nearly 5 million barrels of oil-equivalent.
The document provides an operational and financial summary for the 4th quarter of 2013. It discusses the company's asset base which includes over 163,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company is accelerating development through running 3 horizontal drilling rigs and plans to drill 70 wells in 2014. It highlights the company's track record of reserve and production growth, driven by drilling in the Wolfcamp shale play. Charts show proved reserves increasing 20% in 2013 to over 114 million barrels of oil equivalent and oil production up 49% from 2012. The company aims to grow production 40% in 2014 through increased horizontal drilling in the Wolfcamp.
The presentation discusses an investor presentation by an oil and gas company. It contains forward-looking statements about future plans and estimates. The company has 162,000 gross acres in the Permian Basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential. It plans to drill 70 wells in 2014 with a $400 million capital budget as part of developing its Wolfcamp shale oil resource play.
- AREX reported strong third quarter 2014 results, with production up 61% year-over-year to 14.2 million barrels of oil equivalent per day and EBITDAX reaching a record high of $50.7 million, up 60% year-over-year.
- In the third quarter, AREX drilled 18 and completed 16 horizontal wells in the Wolfcamp shale play, maintaining best-in-class well costs of $5.5 million per well on average.
- Initial production from recent wells continues to track at or above AREX's 450 thousand barrels of oil equivalent type curve, and an Elliott C bench well expanded the potential of the Wolfcamp development to the east.
- The company reported results for the second quarter of 2015, with production increasing 8% year-over-year to 15.3 MBoe/d and cash operating costs decreasing 26% to $11.02/Boe.
- The company drilled 9 and completed 10 Wolfcamp wells in the quarter and continued reducing well costs, with an average of $4.5 million per well compared to $5.5 million in 2014.
- Financial highlights included $32.6 million in EBITDAX, capital expenditures of $56.9 million (mostly for drilling and completions), and liquidity of $193 million as of June 30th.
- The company reported its first quarter 2014 results, with key highlights including a 42% year-over-year increase in production to 11.9 million barrels of oil equivalent per day and record quarterly EBITDAX of $42.7 million, up 75% from the previous year.
- In the quarter the company drilled 16 horizontal wells and completed 19 wells in its Wolfcamp shale play, with an average initial production of 743 barrels of oil equivalent per day across wells completed.
- The financial position of the company remains strong with $354 million in liquidity as of the end of the quarter and an undrawn borrowing base of $350 million.
- The company has a high-quality asset base in the Permian Basin with over 115 million barrels of oil equivalent in proved reserves and over 1 billion barrels of oil equivalent in estimated resource potential from over 1,000 identified drilling locations.
- Production has grown significantly in recent years through horizontal drilling in the Wolfcamp shale, with a 19% increase in 2013 and a target of 40% growth in 2014.
- Oil reserves and production have increased substantially, with oil reserves up over 10 times since 2009 and oil production up nearly 50% in 2013 alone, driven by successful horizontal Wolfcamp development.
The document discusses AREX's 2014 development plan for its Wolfcamp shale oil resource play in the Permian Basin. Key points include:
- 2014 capital budget of $400 million, 95% directed to horizontal Wolfcamp drilling with 3 rigs
- Targeting the Wolfcamp A, B, and C zones with pad drilling and stacked laterals
- Expecting 45% production growth in 2014 to 4.95 MMBoe with a 70% liquids mix
- Horizontal Wolfcamp well costs estimated at $5.5 million
The plan focuses on developing AREX's large Wolfcamp shale oil resource potential through horizontal drilling and pad development while maintaining flexibility given commodity price uncertainty
This presentation discusses an oil and gas company's Wolfcamp shale resource play in the Permian Basin. Key points include:
- The company has 160,000 gross acres and estimates over 1 billion barrels of unrisked oil resource potential from the multi-bench Wolfcamp shale.
- The 2014 capital budget of $400 million will fund a 3-rig horizontal drilling program targeting the Wolfcamp A, B and C zones, with an aim to drill around 70 wells.
- The development plan focuses on pad drilling, stacked laterals, and infrastructure to reduce costs and drive projected 45% production growth in 2014 to nearly 5 million barrels of oil-equivalent.
The document provides an operational and financial summary for the 4th quarter of 2013. It discusses the company's asset base which includes over 163,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company is accelerating development through running 3 horizontal drilling rigs and plans to drill 70 wells in 2014. It highlights the company's track record of reserve and production growth, driven by drilling in the Wolfcamp shale play. Charts show proved reserves increasing 20% in 2013 to over 114 million barrels of oil equivalent and oil production up 49% from 2012. The company aims to grow production 40% in 2014 through increased horizontal drilling in the Wolfcamp.
The presentation discusses an investor presentation by an oil and gas company. It contains forward-looking statements about future plans and estimates. The company has 162,000 gross acres in the Permian Basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential. It plans to drill 70 wells in 2014 with a $400 million capital budget as part of developing its Wolfcamp shale oil resource play.
- AREX reported strong third quarter 2014 results, with production up 61% year-over-year to 14.2 million barrels of oil equivalent per day and EBITDAX reaching a record high of $50.7 million, up 60% year-over-year.
- In the third quarter, AREX drilled 18 and completed 16 horizontal wells in the Wolfcamp shale play, maintaining best-in-class well costs of $5.5 million per well on average.
- Initial production from recent wells continues to track at or above AREX's 450 thousand barrels of oil equivalent type curve, and an Elliott C bench well expanded the potential of the Wolfcamp development to the east.
- The company reported results for the second quarter of 2015, with production increasing 8% year-over-year to 15.3 MBoe/d and cash operating costs decreasing 26% to $11.02/Boe.
- The company drilled 9 and completed 10 Wolfcamp wells in the quarter and continued reducing well costs, with an average of $4.5 million per well compared to $5.5 million in 2014.
- Financial highlights included $32.6 million in EBITDAX, capital expenditures of $56.9 million (mostly for drilling and completions), and liquidity of $193 million as of June 30th.
- The company reported its first quarter 2014 results, with key highlights including a 42% year-over-year increase in production to 11.9 million barrels of oil equivalent per day and record quarterly EBITDAX of $42.7 million, up 75% from the previous year.
- In the quarter the company drilled 16 horizontal wells and completed 19 wells in its Wolfcamp shale play, with an average initial production of 743 barrels of oil equivalent per day across wells completed.
- The financial position of the company remains strong with $354 million in liquidity as of the end of the quarter and an undrawn borrowing base of $350 million.
- The company has a high-quality asset base in the Permian Basin with over 115 million barrels of oil equivalent in proved reserves and over 1 billion barrels of oil equivalent in estimated resource potential from over 1,000 identified drilling locations.
- Production has grown significantly in recent years through horizontal drilling in the Wolfcamp shale, with a 19% increase in 2013 and a target of 40% growth in 2014.
- Oil reserves and production have increased substantially, with oil reserves up over 10 times since 2009 and oil production up nearly 50% in 2013 alone, driven by successful horizontal Wolfcamp development.
The document discusses AREX's fourth quarter and full-year 2013 results. Key points include:
- Production for 4Q13 exceeded guidance at 11.3 MBoe/d and was 46% oil.
- Proved reserves increased 20% year-over-year to 114.7 MMBoe, with growth driven by the Wolfcamp shale play.
- The company plans to drill approximately 70 horizontal Wolfcamp wells in 2014 with a 3-rig program, targeting 40% production growth.
1) The company reported first quarter 2015 results with production of 14.3 MBoe/d, a 21% increase over the previous year. Operating costs continued to improve with cash operating costs of $12.32/Boe, down 27% from the previous year.
2) The company drilled 8 and completed 13 horizontal wells in the Wolfcamp B and C zones, with average initial production of 723 Boe/d.
3) The company's water recycling facility became fully operational in March 2015 and is expected to reduce drilling and completion costs by $450k per well and lower operating expenses.
- The company reported its second quarter 2014 results, with production increasing 58% year-over-year to 14.1 thousand barrels of oil equivalent per day. Revenues increased 74% to $73.4 million.
- In the quarter the company drilled and completed 16 horizontal wells in the Wolfcamp shale formation, with an average initial production of 556 barrels of oil equivalent per day.
- The company maintained its production and expense guidance for 2014, expecting total production of 4.95 million barrels of oil equivalent with operating expenses between $5-6 per barrel of oil equivalent.
- Third Quarter 2014 Results presentation by AREX discussing financial and operational results
- Produced 14.2 MBoe/d in 3Q14, a 61% increase from the prior year, maintaining low well costs of $5.5 million per well
- Drilled 18 horizontal wells in the Wolfcamp shale play and completed 16 wells, achieving a type curve IP rate of 746 Boe/d
- Achieved record quarterly EBITDAX of $50.7 million and revenues of $68.1 million, maintaining a strong financial position with $362 million in liquidity
Approach Resources Inc. presented at the Goldman Sachs Global Energy Conference in January 2014. The presentation provided an overview of Approach Resources' asset base in the Permian Basin, which includes 166,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company discussed its track record of reserve and production growth through horizontal drilling in the Wolfcamp shale play. Approach Resources outlined its 2014 capital program, which includes drilling 75% more horizontal Wolfcamp wells compared to 2013 with the goal of 40% production growth. The company also highlighted ongoing efforts to reduce well costs and increase drilling efficiencies through pad development and infrastructure investments.
This document discusses an energy conference presentation by AREX, an oil and gas company. Key points:
- AREX has 163,000 acres in the Permian Basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale play.
- AREX is running 3 horizontal drilling rigs and plans to drill 70 wells in 2014 to develop the Wolfcamp shale, with a goal of 40% production growth.
- Well results have tracked or exceeded AREX's 450 Mboe type curve, with a recent Wolfcamp C well averaging 970 boe/d. Infrastructure investments aim to reduce costs and enable large-scale development.
EOG Resources 4Q 2015 Quarterly Presentation Investor RelationsMichelle Smith
EOG Resources provides key information about its operations and financial results. It has over 3,200 premium well locations with over 2 billion barrels of oil equivalent of resource potential. EOG reduced capital spending 44% year-over-year while maintaining flat US oil production in 2015. It aims to generate at least 30% returns on investment at $40/barrel oil from its shifting focus to premium locations with over 10 years of sustainable inventory growth.
- The document provides financial and operational highlights for Arex Energy's fourth quarter and full-year 2014 results.
- Key highlights include record revenues and net income for the full year, strong production and reserve growth, capital expenditures below budget, and a flexible capital program for 2015 focused on financial discipline and returns.
- Operational results demonstrated continued strong well performance and recoveries from the Wolfcamp shale play, Arex's core asset.
Commerce Resources Corp. (TSXv: CCE) provides an update on its Infrastructure Development Plan as part of the ongoing Pre-feasibility Study (PFS) underway for he Ashram Rare Earth Deposit located in northern Quebec.
The document discusses oil prices and activity in the Southern Midland Basin. It notes that AREX has 134,000 net acres in the basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale. AREX has implemented water recycling facilities to reduce drilling and completion costs by $450,000 per well and lower operating expenses. At their current drilling and completion cost of $7 million per well, AREX wells in the Wolfcamp have a type curve estimated ultimate recovery of 510 thousand barrels of oil equivalent and an internal rate of return above 40% at $60 oil.
- The company reported its second quarter 2014 results with increased production and revenue.
- Production for the quarter averaged 14.1 MBoe/d, a 58% increase year-over-year.
- The company drilled and completed 16 horizontal wells in the Wolfcamp shale play and realized an average IP rate of 556 Boe/d.
- Guidance for 2014 was increased with expected production of 4,950 MBoe and capital expenditures of $400 million to drill 70 horizontal wells.
This document contains forward-looking statements regarding activities, events, developments, and financial results that could differ from actual results. It discusses the company's Wolfcamp shale resource play, estimated resource potential, drilling locations, capital expenditures, well results, and guidance. The document cautions that estimates of unproved reserves and resource potential could change significantly as additional data becomes available. It provides an overview of the company, including its asset base, reserve growth history, second quarter 2015 highlights showing production and cost improvements, and discussion of its low-cost structure enabled by infrastructure like its water recycling facility.
The document provides an overview of the company's fourth quarter and full-year 2015 results. Some key points:
- Production for Q4 was 1.33 MMBoe and 5.53 MMBoe for the full year, in line with guidance. No capital expenditures were incurred in Q4 due to low commodity prices.
- Proved reserves increased 14% year-over-year to 166.6 MMBoe with a PV-10 of $504 million. Drilling replaced 603% of production at a drill-bit F&D cost of $4.32/Boe.
- The company has $177 million in liquidity and reduced total debt from $515.6 million to $
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with high potential for further reserve growth.
- Production has grown significantly from 566 MMcfe/d in 3Q 2013 to 891 MMcfe/d currently due to a focus on liquids-rich development across its acreage.
- Antero has leading capital efficiency with a low average development cost of $1.15/Mcfe and industry-leading recycle ratio of 4.8x, supporting high returns on productive capital.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital.
- Antero has significant midstream infrastructure and secured firm transportation for its gas and NGL production.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital, with low development costs and a high growth-adjusted recycle ratio.
- Antero has invested heavily in midstream infrastructure like processing plants and pipelines to support its production and has secured significant firm transportation contracts.
SandRidge Energy presented its corporate strategy and assets at an investor presentation in March 2017. The company has over $500 million in liquidity and is focused on high-grading its existing positions. SandRidge will continue developing its Mississippian, NW STACK, and North Park Niobrara assets, which have over 1,300 combined drilling locations. The company expects total oil production to increase starting in late 2017. SandRidge is also optimizing completions and lowering costs to maximize value from its key projects.
- The document provides an overview of Antero Resources Corporation, a company focused on developing natural gas and oil resources from the Marcellus and Utica Shales.
- Antero has significant reserves and acreage positions in the Marcellus and Utica Shales, with over 37 trillion cubic feet of reserves across both plays.
- The company has invested heavily in midstream infrastructure like gathering lines and processing facilities to support its production and growth.
- Antero has also secured long-term firm transportation and processing agreements to achieve premium realized prices for its natural gas and natural gas liquids.
Far eastenergyapr2012corporatepresentationnabarnes
Far East Energy Corporation is a coalbed methane development company operating under three production sharing contracts in China covering over 1.1 million acres. The company has estimated gas-in-place of 21.3-29.2 trillion cubic feet across its blocks. It has a 20-year gas sales agreement in place in the Shouyang block providing market access. Preliminary analysis suggests the Shouyang block compares favorably to major U.S. coalbed methane plays in terms of coal thickness, permeability, and gas content.
Commerce Resources Corp. (TSXv: CCE) announces that it has completed the first phase of its 2015 field program at its 100% owned Ashram Rare Earth Deposit located in northern Quebec.
This deck contains slides I have used in live talks that (more or less) are simple and contain quite a bit of empty space. The first set are some before/after examples, followed by a random sample. This deck is not meant to tell a story -- this is just a way to show some random examples. The meaning of the slides may not be at all clear without the narration that goes with the slides.
Marketing and Promotions of Food and BeverageCris dela Peña
This document discusses various types of food and beverage promotions. It describes internally controlled promotions like daily specials and happy hours that are planned solely by the hotel. Promotions with other travel partners that involve investment from multiple companies, like food festivals, are also outlined. Full destination promotions where an entire city promotes tourism are mentioned. Benefits of promotions include generating publicity, increasing awareness, improving staff morale, and solving multiple problems at a relatively low cost.
The document discusses AREX's fourth quarter and full-year 2013 results. Key points include:
- Production for 4Q13 exceeded guidance at 11.3 MBoe/d and was 46% oil.
- Proved reserves increased 20% year-over-year to 114.7 MMBoe, with growth driven by the Wolfcamp shale play.
- The company plans to drill approximately 70 horizontal Wolfcamp wells in 2014 with a 3-rig program, targeting 40% production growth.
1) The company reported first quarter 2015 results with production of 14.3 MBoe/d, a 21% increase over the previous year. Operating costs continued to improve with cash operating costs of $12.32/Boe, down 27% from the previous year.
2) The company drilled 8 and completed 13 horizontal wells in the Wolfcamp B and C zones, with average initial production of 723 Boe/d.
3) The company's water recycling facility became fully operational in March 2015 and is expected to reduce drilling and completion costs by $450k per well and lower operating expenses.
- The company reported its second quarter 2014 results, with production increasing 58% year-over-year to 14.1 thousand barrels of oil equivalent per day. Revenues increased 74% to $73.4 million.
- In the quarter the company drilled and completed 16 horizontal wells in the Wolfcamp shale formation, with an average initial production of 556 barrels of oil equivalent per day.
- The company maintained its production and expense guidance for 2014, expecting total production of 4.95 million barrels of oil equivalent with operating expenses between $5-6 per barrel of oil equivalent.
- Third Quarter 2014 Results presentation by AREX discussing financial and operational results
- Produced 14.2 MBoe/d in 3Q14, a 61% increase from the prior year, maintaining low well costs of $5.5 million per well
- Drilled 18 horizontal wells in the Wolfcamp shale play and completed 16 wells, achieving a type curve IP rate of 746 Boe/d
- Achieved record quarterly EBITDAX of $50.7 million and revenues of $68.1 million, maintaining a strong financial position with $362 million in liquidity
Approach Resources Inc. presented at the Goldman Sachs Global Energy Conference in January 2014. The presentation provided an overview of Approach Resources' asset base in the Permian Basin, which includes 166,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company discussed its track record of reserve and production growth through horizontal drilling in the Wolfcamp shale play. Approach Resources outlined its 2014 capital program, which includes drilling 75% more horizontal Wolfcamp wells compared to 2013 with the goal of 40% production growth. The company also highlighted ongoing efforts to reduce well costs and increase drilling efficiencies through pad development and infrastructure investments.
This document discusses an energy conference presentation by AREX, an oil and gas company. Key points:
- AREX has 163,000 acres in the Permian Basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale play.
- AREX is running 3 horizontal drilling rigs and plans to drill 70 wells in 2014 to develop the Wolfcamp shale, with a goal of 40% production growth.
- Well results have tracked or exceeded AREX's 450 Mboe type curve, with a recent Wolfcamp C well averaging 970 boe/d. Infrastructure investments aim to reduce costs and enable large-scale development.
EOG Resources 4Q 2015 Quarterly Presentation Investor RelationsMichelle Smith
EOG Resources provides key information about its operations and financial results. It has over 3,200 premium well locations with over 2 billion barrels of oil equivalent of resource potential. EOG reduced capital spending 44% year-over-year while maintaining flat US oil production in 2015. It aims to generate at least 30% returns on investment at $40/barrel oil from its shifting focus to premium locations with over 10 years of sustainable inventory growth.
- The document provides financial and operational highlights for Arex Energy's fourth quarter and full-year 2014 results.
- Key highlights include record revenues and net income for the full year, strong production and reserve growth, capital expenditures below budget, and a flexible capital program for 2015 focused on financial discipline and returns.
- Operational results demonstrated continued strong well performance and recoveries from the Wolfcamp shale play, Arex's core asset.
Commerce Resources Corp. (TSXv: CCE) provides an update on its Infrastructure Development Plan as part of the ongoing Pre-feasibility Study (PFS) underway for he Ashram Rare Earth Deposit located in northern Quebec.
The document discusses oil prices and activity in the Southern Midland Basin. It notes that AREX has 134,000 net acres in the basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale. AREX has implemented water recycling facilities to reduce drilling and completion costs by $450,000 per well and lower operating expenses. At their current drilling and completion cost of $7 million per well, AREX wells in the Wolfcamp have a type curve estimated ultimate recovery of 510 thousand barrels of oil equivalent and an internal rate of return above 40% at $60 oil.
- The company reported its second quarter 2014 results with increased production and revenue.
- Production for the quarter averaged 14.1 MBoe/d, a 58% increase year-over-year.
- The company drilled and completed 16 horizontal wells in the Wolfcamp shale play and realized an average IP rate of 556 Boe/d.
- Guidance for 2014 was increased with expected production of 4,950 MBoe and capital expenditures of $400 million to drill 70 horizontal wells.
This document contains forward-looking statements regarding activities, events, developments, and financial results that could differ from actual results. It discusses the company's Wolfcamp shale resource play, estimated resource potential, drilling locations, capital expenditures, well results, and guidance. The document cautions that estimates of unproved reserves and resource potential could change significantly as additional data becomes available. It provides an overview of the company, including its asset base, reserve growth history, second quarter 2015 highlights showing production and cost improvements, and discussion of its low-cost structure enabled by infrastructure like its water recycling facility.
The document provides an overview of the company's fourth quarter and full-year 2015 results. Some key points:
- Production for Q4 was 1.33 MMBoe and 5.53 MMBoe for the full year, in line with guidance. No capital expenditures were incurred in Q4 due to low commodity prices.
- Proved reserves increased 14% year-over-year to 166.6 MMBoe with a PV-10 of $504 million. Drilling replaced 603% of production at a drill-bit F&D cost of $4.32/Boe.
- The company has $177 million in liquidity and reduced total debt from $515.6 million to $
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with high potential for further reserve growth.
- Production has grown significantly from 566 MMcfe/d in 3Q 2013 to 891 MMcfe/d currently due to a focus on liquids-rich development across its acreage.
- Antero has leading capital efficiency with a low average development cost of $1.15/Mcfe and industry-leading recycle ratio of 4.8x, supporting high returns on productive capital.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital.
- Antero has significant midstream infrastructure and secured firm transportation for its gas and NGL production.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital, with low development costs and a high growth-adjusted recycle ratio.
- Antero has invested heavily in midstream infrastructure like processing plants and pipelines to support its production and has secured significant firm transportation contracts.
SandRidge Energy presented its corporate strategy and assets at an investor presentation in March 2017. The company has over $500 million in liquidity and is focused on high-grading its existing positions. SandRidge will continue developing its Mississippian, NW STACK, and North Park Niobrara assets, which have over 1,300 combined drilling locations. The company expects total oil production to increase starting in late 2017. SandRidge is also optimizing completions and lowering costs to maximize value from its key projects.
- The document provides an overview of Antero Resources Corporation, a company focused on developing natural gas and oil resources from the Marcellus and Utica Shales.
- Antero has significant reserves and acreage positions in the Marcellus and Utica Shales, with over 37 trillion cubic feet of reserves across both plays.
- The company has invested heavily in midstream infrastructure like gathering lines and processing facilities to support its production and growth.
- Antero has also secured long-term firm transportation and processing agreements to achieve premium realized prices for its natural gas and natural gas liquids.
Far eastenergyapr2012corporatepresentationnabarnes
Far East Energy Corporation is a coalbed methane development company operating under three production sharing contracts in China covering over 1.1 million acres. The company has estimated gas-in-place of 21.3-29.2 trillion cubic feet across its blocks. It has a 20-year gas sales agreement in place in the Shouyang block providing market access. Preliminary analysis suggests the Shouyang block compares favorably to major U.S. coalbed methane plays in terms of coal thickness, permeability, and gas content.
Commerce Resources Corp. (TSXv: CCE) announces that it has completed the first phase of its 2015 field program at its 100% owned Ashram Rare Earth Deposit located in northern Quebec.
This deck contains slides I have used in live talks that (more or less) are simple and contain quite a bit of empty space. The first set are some before/after examples, followed by a random sample. This deck is not meant to tell a story -- this is just a way to show some random examples. The meaning of the slides may not be at all clear without the narration that goes with the slides.
Marketing and Promotions of Food and BeverageCris dela Peña
This document discusses various types of food and beverage promotions. It describes internally controlled promotions like daily specials and happy hours that are planned solely by the hotel. Promotions with other travel partners that involve investment from multiple companies, like food festivals, are also outlined. Full destination promotions where an entire city promotes tourism are mentioned. Benefits of promotions include generating publicity, increasing awareness, improving staff morale, and solving multiple problems at a relatively low cost.
33 Shocking Helpful Quotes for Online MarketingAndrew Morrison
This document provides 33 helpful quotes for online marketing and promotes additional marketing quotes available in a 101 quote collection. It encourages the reader to click a link to access over 100 marketing quotes aimed at helping with online efforts.
PPT on the problem of food security in India and related issues such as hunger,famine,public distribution system in india based on the Economics textbook for class 9th from NCERT.
The document provides an overview of marketing planning, including defining marketing plans and outlining the typical planning process. It discusses performing a situation analysis, setting objectives, deciding on strategies, and scheduling implementation. Key elements include a SWOT analysis, assumptions, objectives, strategies, budgets, and ensuring plans align with the overall corporate mission.
The document provides an operational and financial summary for the 4th quarter of 2013. It discusses the company's asset base which includes over 163,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company is accelerating development through running 3 horizontal drilling rigs and plans to drill 70 wells in 2014. It highlights the company's track record of reserve and production growth, driven by drilling in the Wolfcamp shale play. Charts show proved reserves increasing 20% in 2013 to over 114 million barrels of oil equivalent and oil production up 49% from the prior year. The company aims to grow production 40% in 2014 through increased horizontal drilling in the Wolfcamp.
AREX 2016 Wells Fargo West Coast Energy PresentationApproachResources
The document discusses AREX's operations in the Permian Basin, including its 167 million barrels of oil equivalent proved reserves, low cost structure, extensive drilling inventory, and significant resource potential from the Wolfcamp shale play. AREX has implemented enhanced completion designs that outperform type curves and reduced its lease operating expenses through the use of a centralized water recycling facility that lowers drilling and completion costs by reusing flowback and produced water.
The document summarizes Arex Energy's second quarter 2016 results. It discusses:
- Low operating costs of $4.56 per barrel of oil equivalent and record low drilling and completion costs of $3.7 million per well.
- Average production of 12.6 thousand barrels of oil equivalent per day, exceeding guidance. New wells are outperforming type curves.
- Revenues of $22.4 million and EBITDAX of $13.7 million. Capital expenditures were $6.9 million, aligned with cash flow. The company has $51 million in liquidity.
EnerCom’s The Oil and Gas Conference 21 PresentationApproachResources
The document discusses forward-looking statements and provides cautionary statements regarding oil and gas quantities estimates. It then provides an overview of the company, noting it has an enterprise value of $588 million with 167 million barrels of oil equivalent of proved reserves, of which 63% are liquids. It also discusses the company's Permian Basin assets which include 139,000 gross acres and an estimated 1 billion barrels of oil equivalent of unrisked resource potential from 1,800 identified drilling locations.
Scotia Howard Weil 43rd Annual Energy Conference PresentationApproachResources
The document discusses forward-looking statements and cautions that actual results may differ substantially from estimates. It provides an overview of Arena Energy, including its enterprise value, asset base in the Midland Basin with over 1 billion barrels of estimated resource potential, and capital program focused on flexibility and returns. Arena has a low-risk, oil-rich asset base and a strong financial and liquidity position to withstand commodity price volatility.
The document summarizes AREX's first quarter 2016 results. It discusses:
- Drilling of 4 Wolfcamp wells on time and on budget during the quarter with no completions.
- Production of 1,165 Mboe during the quarter as no new wells were completed.
- EBITDAX of $8.7 million and cash flow from operations of $5.3 million for the quarter. Capital expenditures were $4.9 million.
- The company maintains a strong financial position and liquidity of $54 million providing flexibility for its 2016 plan.
Investor presentation posted on Marcellus/Utica driller Eclipse Resources' website--loaded with charts and maps and very useful information. The map/chart on page 23 is particularly interesting. It shows all of the Utica wells drilled by Eclipse to date, color coded by the "zone" where the well was drilled, and with production information.
The PowerPoint slide presentation used during an analyst phone conference in May 2014 for Gulfport Energy. Of most interest to MDN is the Utica Shale Update section--an extensive section from page 11 through page 21.
August 2016 corporate_presentation_final Eclipse resourcesSteve Wittrig
Eclipse Resources is an oil and gas company focused on developing its 115,000 net acres in the core of the Utica Shale and 13,000 net acres in the Marcellus Shale. The presentation highlights Eclipse's strong operational performance, including increasing lateral lengths by 200% while decreasing drilling costs by 50% per foot. Eclipse plans to resume drilling activities in mid-2016 and grow production over 30% year-over-year in 2017 through completing DUCs and operating a one-rig program. The company also discusses its super-lateral drilling program aimed to significantly improve well returns through extending lateral lengths.
- The company reported third quarter 2015 results with record production of 16.6 MBoe/d, up 17% year-over-year.
- Operating costs continued to decrease, with lease operating expenses of $5.04/Boe, a 14% reduction from the prior year.
- The company drilled 4 wells and completed 5 wells in the Wolfcamp B-C zones, with initial production averaging 931 Boe/d.
An updated copy of a PowerPoint presentation used by Eclipse to summarize and convey important information about the company's shale drilling operations in the Marcellus/Utica region.
- The document is an investor presentation for Parsley Energy that provides an overview of the company's operations and key metrics.
- Parsley is an oil and gas producer focused on the Midland and Delaware Basins with over 138,000 net acres of leasehold.
- In the fourth quarter of 2015, Parsley produced over 25,000 barrels of oil equivalent per day, with oil accounting for 63% of production.
- The document is an investor presentation from Parsley Energy that provides an overview of the company and highlights its strong position.
- Parsley has grown production 55% year-over-year in 2015 and expects 35-50% growth in 2016, with oil production up 62% at the midpoint of guidance.
- The company has premier acreage in the Midland Basin core, where its Wolfcamp A and B wells are tracking above a 1 MMBoe estimated ultimate recovery type curve and generating over 40% returns at current prices.
- Parsley has a strong financial position with $770 million in liquidity and anticipated oil hedges covering 2016 production.
- Sandridge Energy provides a 3-year plan to grow production 20% annually through developing its large inventory of drilling locations in the Midcontinent region, focused on the Mississippian formation.
- The company has achieved strong well results that exceed type curves, including 30-day rates for Mississippian wells of 412 boe/d. Innovation in techniques like pad drilling and multilaterals has reduced well costs to a record low of $2.85 million.
- Sandridge has a significant acreage position with over 4,500 identified high-graded locations and estimates over 8,000 additional locations through emerging zones. Financial strength includes $919 million in cash and no bond maturities until 2020.
- Sandridge Energy provides a 3-year plan to grow production 20% annually through developing its large inventory of drilling locations in the Midcontinent region, focused on the Mississippian formation.
- The company has achieved strong early results from new zones like the Chester and Woodford, and from expanding into new areas. Well costs have declined to a record low of $2.85 million per lateral through pad drilling and other innovations.
- Sandridge has a significant acreage position with over 4,500 identified high-graded locations and potential in additional zones provides decades of drilling inventory. Financial strength with $919 million of cash and no bond maturities until 2020 provides funding for continued growth.
- InterOil has discovered large natural gas resources in Papua New Guinea, including the Elk and Antelope fields estimated to contain up to 11.1 trillion cubic feet of gas.
- InterOil plans to develop a liquefied natural gas facility to export gas from these fields, with first exports projected for 2015.
- Recent wells drilled by InterOil have exceeded expectations by confirming a large reef structure and high well productivity across the fields.
A PowerPoint presentation by Rex Energy with details for capital spending budget plans for drilling projects in 2013. The presentation shows Rex plans to spend nearly $200 million on drilling in the Marcellus and Utica Shale region.
This updated presentation shows details for Rex's plans for 2013 and includes well production results for three of their Utica Shale wells from 2012 (on page 18). Rex's Utica wells, when coverted to BTUs produced, are among some of the best-producing Utica wells in Ohio.
Similar to Approach Resources Third Quarter 2013 Results (19)
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
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2. Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking
statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of management regarding plans, strategies, objectives,
anticipated financial and operating results of the Company, including as to the Company’s Wolfcamp shale resource play, estimated resource potential and recoverability of the oil and gas, estimated reserves
and drilling locations, capital expenditures, typical well results and well profiles, type curve, and production and operating expenses guidance included in the presentation. These statements are based on
certain assumptions made by the Company based on management's experience and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and
believed to be reasonable by management. When used in this presentation, the words “will,” “potential,” “believe,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project,”
“target,” “profile,” “model” or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking
statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual
results to differ materially from those implied or expressed by the forward-looking statements. In particular, careful consideration should be given to the cautionary statements and risk factors described in the
Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which such statement is made and the Company
undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Cautionary Statements Regarding Oil & Gas Quantities
The Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such
terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. The Company uses the terms “estimated ultimate recovery” or “EUR,”
reserve or resource “potential,” and other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC’s rules may prohibit the Company from
including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being
actually realized by the Company.
EUR estimates, identified drilling locations and resource potential estimates have not been risked by the Company. Actual locations drilled and quantities that may be ultimately recovered from the Company’s
interest may differ substantially from the Company’s estimates. There is no commitment by the Company to drill all of the drilling locations that have been attributed these quantities. Factors affecting ultimate
recovery include the scope of the Company’s ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling and completion services and
equipment, drilling results, lease expirations, regulatory approval and actual drilling results, as well as geological and mechanical factors Estimates of unproved reserves, type/decline curves, per well EUR and
resource potential may change significantly as development of the Company’s oil and gas assets provides additional data.
Type/decline curves, estimated EURs, resource potential, recovery factors and well costs represent Company estimates based on evaluation of petrophysical analysis, core data and well logs, well
performance from limited drilling and recompletion results and seismic data, and have not been reviewed by independent engineers. These are presented as hypothetical recoveries if assumptions and
estimates regarding recoverable hydrocarbons, recovery factors and costs prove correct. The Company has very limited production experience with these projects, and accordingly, such estimates may change
significantly as results from more wells are evaluated. Estimates of resource potential and EURs do not constitute reserves, but constitute estimates of contingent resources which the SEC has determined are
too speculative to include in SEC filings. Unless otherwise noted, IRR estimates are before taxes and assume NYMEX forward-curve oil and gas pricing and Company-generated EUR and decline curve
estimates based on Company drilling and completion cost estimates that do not include land, seismic or G&A costs.
2
3. Company Overview
AREX OVERVIEW
ASSET OVERVIEW
•
Enterprise value $1.4 BN
•
High quality reserve base
95.5 MMBoe proved reserves
99% Permian Basin
•
Permian core operating area
166,000 gross (149,000 net) acres
1+ BnBoe gross, unrisked resource
potential
2,000+ Identified HZ drilling locations
targeting the Wolfcamp A/B/C
•
2013 capital program of $300 MM
Running 3 HZ rigs in the Wolfcamp
shale play
Notes: Proved reserves and acreage as of 12/31/2012 and 9/30/2013, respectively. All Boe and Mcfe calculations are based on a 6 to 1 conversion ratio.
Enterprise value is equal to market capitalization using the closing share price of $29.44 per share on 10/29/2013, plus net debt as of 9/30/2013.
3
4. Strong Track Record of Reserve Growth…
RESERVE GROWTH
OIL RESERVE GROWTH
120
Strong HZ Wolfcamp Results;
Prepare for Large-Scale
Development
40
35
100
30
80
25
60
Began HZ
Wolfcamp Pilot
Program
20
15
40
10
20
5
0
Announced
Vertical Wolfcamp
Launched
Pilot Results
Wolfcamp Study
0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Natural Gas (MMBoe)
Oil & NGLs (MMbbls)
2009
2010
2011
2012
Oil (MMBbls)
4
6. 3Q13 Key Highlights
KEY HIGHLIGHTS
• Accelerated completion pace / drilling efficiencies
• Strong Wolfcamp B and C results across acreage position
• 3Q13 Exit rate 11.1 MBoe/d
• Well costs of $5.4 MM below D&C cost target of $5.5 MM
• Record quarterly EBITDAX
• Solid financial position further enhanced with pipeline monetization
and borrowing base increase
• 2014 Preliminary production growth target of 40%
Drilling 75% more HZ wells with 3 rig program
6
8. 3Q13 Operating Highlights
OPERATING HIGHLIGHTS
Accelerating
Development
• Completed 14 HZ wells (at the high-end of activity guidance)
• Total production 8.8 MBoe/d
• Exit rate 11.1 MBoe/d
• 2014 preliminary production growth target 40%
Driving Down
Costs
• Well costs below target
• 3Q13 average HZ well cost approx. $5.4 MM per well
• LOE of $5.38/Boe (down 27% YoY)
• Oil differential of $(4.61)/Bbl (improved 21% YoY and QoQ)
Delivering
Strong Well
Results &
Advancing
Delineation
• Best initial producer to date – Wolfcamp B in central Pangea IPs at 1,334 Boe/d
• “Stacked” Wolfcamp C in north Pangea IPs at 614 Boe/d (offsetting Wolfcamp B
online for >10 months)
• Wolfcamp B wells in east Pangea IP at approx. 490 Boe/d (best HZ Wolfcamp
wells in area based on available data)
• Early 4Q Wolfcamp B IPs at 863 Boe/d
• HZ well results continue to track at or above type curve
8
9. AREX Wolfcamp Shale Oil Resource Play
PERMIAN CORE OPERATING AREA
Large, primarily contiguous acreage position
Oil-rich, multiple pay zones
166,000 gross (149,000 net) acres
Low acreage cost ~$500 per acre
940+ MMBoe gross, unrisked HZ Wolfcamp
resource potential
2,096 Identified HZ Wolfcamp locations
2013 OPERATIONS
Plan to complete ~40 HZ wells with 3 rigs
Testing “stacked-wellbore” development and
optimizing well spacing and completion
design
Decreasing well costs and increasing
efficiencies
Large, primarily contiguous acreage
position with oil-rich, multiple pay zones
Compressing spud-to-sales times
Focusing activity around field infrastructure
systems
Field infrastructure systems contributing to
lower LOE/Boe and HZ D&C costs
9
11. HZ Well Costs Down & Efficiencies Up
HZ WELL COSTS ($MM)
Average Quarterly Well
Cost ($MM)
$7.5
$6.7
$6.2
$6.1
$5.75
$6.0
$5.4
$4.5
Below
$5.5 MM
Target HZ
D&C Cost
$3.0
$1.5
$3Q12
4Q12
1Q13
2Q13
3Q13
DRILLING DAYS TO TD
20
Average Days
17
16
14
15
12
12
8
4
0
1H12
2H12
1H13
2H13-To Date
11
12. AREX HZ Wolfcamp Activity
Reagan
45 D 919H
45 D 907H
45 D 913H
45 C 839H
917H
45 C 803H ST
45 A 703H
PW 6535H
PW 6502H
Crockett
PW 6602H
PW 6504H
701H
45 A 706H
45A 708H
45A 710H
45A 712H
45 D 902H
45 D 904H
Baker B 207H
Baker B 206H
54-20 2
2217H
55-21 3
56-6 1
42 A 2131H
42-23 9
West 2308
CT G 701H
CT A 807
56-14 1
56-15 1
CT J 1003H
Elliott 2001HB
West A 2210
Baker B 256H
Chambers 452H
CT G 1001
Baker A 114
NORTH & CENTRAL
PANGEA
42 A 2101H
42-14 10
42-15 2
2208H
Baker B 203
Baker B 238H
Baker B 232H
Baker B 234H
Baker C 1201
54-20 1
54-19 3
42 B 1001H
42-11 2R
42-23 11
54-12 1
54-13 2
54-16 3
55-21 2
42-11 3
2142H
2301H
2209H
2216H
2202H
2321H
2302H
2403H
2401H
2322H
45 B 2432H
45 B 2438H
45 B 2444H
2402H
45 F 2304H
54-13 1
54-15 2
45 E 1102H
54-9 1
54-9 2
54-15 1
42 C 101H
45 F 2315H
45 F 2309H
54-2 1
54-8 1
45 E 1101H
45 F 2303H
Schleicher
45 D 923H
45 D 927H
45D 931H
45 D 933H
45 D 903H
1320H
PW 6601H
45 C 805H
PW 6507H
804H
PW 6533H
PANGEA WEST
• 19,000 gross acres
• Pad drilling with A/B and A/C
“stacked” wellbores
45 D 905H
806H
U 50 A 603HA
Irion
CT J 1001
CT K 1901
CT K 1902
CT H 1004H
CT B 1308
Elliott 2002HB
CT M 902
CT H 1002
CT H 1001
CT M 901H
• 3-D seismic acquisition, data
processing and interpretation
complete
• Planning HZ drilling in 2014
CT B 1303
CT L 1801
• 92,000 gross acres
• Pad drilling with A/B and B/C “stacked”
wellbores
CT B 1601
Lauffer 1306
CT L 6101H
Chandler 4403
Bailey 315
Childress G 1008
Childress 603
Legend
●
│
│
│
│
Vertical Producer
HZ Producer
HZ – Waiting on Completion
HZ – Drilling
HZ – Permit
SOUTH PANGEA
• 55,000 gross acres
• Continuing completion design
improvement
Davidson 3406
Sutton
Notes: Acreage as of 9/30/2013.
12
13. HZ Wolfcamp Well Performance
CONTINUED STRONG WELL RESULTS & MORE PRODUCTION HISTORY
1,200
Legend
Daily Production (BOE including NGLs)
1,100
B Bench Well Data (33 wells)
A Bench Well Data (8 wells)
1,000
41 producing wells with at least
3 months of production history
450 MBoe Type Curve
900
Daily Production Data from
AREX A Bench Wells
800
700
Daily Production Data from
AREX B Bench Wells
600
450 MBoe Type Curve
HZ Wolfcamp Shale Oil
500
400
Outperforming
Type Curve
Shallower Decline
300
200
100
0
0
90
180
270
360
450
540
630
720
810
Time (Days)
13
14. AREX HZ Wolfcamp Economics
Play Type
BTAX IRR SENSITIVITIES
Horizontal
Wolfcamp
80
70
450 MBoe
Targeted Well Cost
$5.5 MM
Potential Locations
2,096
60
IRR (%)
Avg. EUR (gross)
50
40
30
20
Gross Resource
Potential
10
940+ MMBoe
0
350
400
$100 / bbl
•
$70 / bbl
7,000’+ lateral length
•
$80 / bbl
550
Multiple, stacked horizontal targets
•
$90 / bbl
500
Horizontal drilling improves recoveries and
returns
•
450
Well EUR (MBoe)
~80% of EUR made up of oil and NGLs
Notes: Identified locations based on multi-bench development and 120-acre spacing for HZ Wolfcamp. No locations assigned to south Project Pangea.
HZ Wolfcamp economics assume NYMEX – Henry Hub strip and NGL price based on 40% of WTI.
14
15. Infrastructure for Large-Scale Development
Reagan
Irion
Pangea
West
Crockett
Schleicher
50-Mile Oil Pipeline
100,000 Bbls/d
Capacity
North & Central Pangea
•
•
•
•
Reducing D&C cost to $5.5 MM and lower
Reducing LOE
Minimizing truck traffic and surface disturbance
Increasing project profit margin
South
Pangea
Sutton
15
16. Infrastructure & Equipment Projects
PROJECTS
BENEFITS
Securing water supply
Testing non-potable water and
recycling flowback water
• Facilitate large-scale field development
• Reduce fresh water use and water costs
• Expected savings from non-potable water source ~$0.45 MM/HZ well
Purchasing and installing water
transfer equipment
Drilling and/or converting SWD
wells
•
•
•
•
•
Purchasing and installing flowback
equipment
• Replace rental equipment and contractors with Company-owned and operated
equipment and personnel; reduce money spent on flowback operations
• Expected savings from flowback equipment ~$0.1 MM/HZ well
• Expected LOE savings from gas lift system $6,300/HZ per month
Installing crude takeaway lines
Purchased oil hauling trucks
• Efficiently transport crude oil to market and reduce inventory
• Reduce oil transportation differential to an estimated $2.50/Bbl – $4.00/Bbl
Safely and securely transport water across Project Pangea and Pangea West
Reduce time and money spent on water hauling and disposal and truck traffic
Expected savings from water transfer equipment ~$0.1 MM/HZ well
Expected savings from SWD system ~$0.45 MM/HZ well
Expected company-wide LOE savings ±$0.4 MM per month
Infrastructure and equipment projects are key to large-scale field development
and to reducing D&C costs as well as LOE cost
16
17. AREX Drilling Locations, Targets & Resource Potential
DRLLING
DEPTH (FT.)
EUR
(MBoe)
IDENTIFIED
LOCATIONS
GROSS
RESOURCE
POTENTIAL
Wolfcamp A
7,000+
(lateral length)
450
703
316,350
Wolfcamp B
7,000+
(lateral length)
450
690
310,500
Wolfcamp C
7,000+
(lateral length)
450
703
316,350
2,096
943,200
887
124,594
TARGET
Horizontal
Wolfcamp
Total HZ
Vertical
Wolffork
Recompletions,
Wolffork &
Canyon Wolffork
< 7,500 to
< 8,500
93 to 193
1.1 BnBoe Total Gross Resource Potential
Multiple Decades of HZ Drilling Inventory
Notes: Potential locations based on 120-acre spacing for HZ Wolfcamp, 20-acre spacing for Vertical Wolffork, 20 to 40-acre spacing for Vertical Wolffork
Recompletions and 40-acre spacing for Vertical Canyon Wolffork. No Wolfcamp or Wolffork locations assigned to south Project Pangea.
17
19. 3Q13 Financial Highlights
FINANCIAL HIGHLIGHTS
Increasing
Revenues
• Revenues of $44.2 MM (up 34% YoY)
• Net income of $495,000 or $0.01 per diluted share
• Adjusted net income (non-GAAP) of $2.8 MM or $0.07 per diluted share
Significant Cash
Flow
• Record quarterly EBITDAX (non-GAAP) of $31.6 MM (up 47% YoY) or
$0.81 per diluted share (up 29% YoY)
• Cash flow from operations of $119 MM for nine months ended 9/30/2013
Strong Financial
Position
• Liquidity of $340 MM
• Undrawn borrowing base of $315 MM ($350 MM as of November 2013)
• Pipeline monetization further strengthens liquidity
• Liquidity of $477 MM including borrowing base increase and pipeline sale
Strong Balance Sheet and Liquidity to Develop
HZ Wolfcamp Shale
Notes: See “Adjusted Net Income,” “EBITDAX” and “Strong, Simple Balance Sheet” slides in appendix.
19
20. Oil & Liquids-Weighted Reserves, Production & Revenue
YE12 RESERVE MIX BY COMMODITY
3Q13 PRODUCTION MIX BY COMMODITY
31%
31%
39%
8.8
MBoe/d
95.5
MMBoe
30%
Oil
NGLs
39%
30%
Gas
Oil
NGLs
Gas
3Q13 REVENUE MIX BY COMMODITY
12%
16%
$44.2
MM
72%
Oil
NGLs
Gas
20
21. Oil Pipeline Monetization
TRANSACTION OVERVIEW
First-mover oil pipeline system in the southern
Midland Basin
Formed Wildcat JV to develop pipeline system in
September 2012
50-miles of high-pressure, steel pipeline with
throughput capacity of 100,000 Bbls/d
Pipeline operational in April 2013
Closed sale of pipeline system in October 2013
AREX proceeds of $109.1 MM from pipeline sale
Total transaction value $210 MM
AREX capital contributions to pipeline system of
$18.3 MM as of September 30, 2013
6x ROI
Proceeds further strengthen liquidity position
WILDCAT OIL PIPELINE SYSTEM
Reagan
Irion
Midway Truck
Station
Crockett
Schleicher
Maintain competitive oil transportation fee and firm
takeaway
Oil transportation differential outlook $2.50/Bbl –
$4.00/Bbl
Notes: AREX proceeds are before tax; AREX proceeds and transaction value subject to customary post-closing conditions, adjustments and escrows.
21
22. Production and Expense Guidance
2013 GUIDANCE
Full-Year 2013 Guidance
Production
Total (MBoe)
3,400
Percent Oil & NGLs
70%
Operating costs and expenses ($/per Boe)
Lease operating
$
5.00 – 7.00
Production and ad valorem taxes
$
3.00 – 4.50
Exploration
$
1.00 – 2.00
General and administrative
$
7.00 – 8.50
Depletion, depreciation and amortization
$
20.00 – 24.00
Capital expenditures ($MM)
Approximately $300
2014 PRELIMINARY OUTLOOK
Full-Year 2014 Outlook
Production growth
HZ D&C capital expenditures ($MM)
40%
Approximately $400
Our capital budgets exclude future acquisitions and lease extensions, and are subject to change depending upon a number of factors, including additional data on
our Wolfcamp shale oil resource play, results of horizontal drilling and completions, including pad drilling, economic and industry conditions at the time of drilling,
prevailing and anticipated prices for oil, NGLs and gas, the availability of sufficient capital resources for drilling prospects, our financial results and the availability of
lease extensions and renewals on reasonable terms.
22
23. Strong, Simple Balance Sheet
As of 9/30/2013
As of
9/30/2013
$25.5
Credit Facility
Senior Notes
Total Long-Term Debt
Shareholders’ Equity
Total Book Capitalization
Liquidity
Borrowing Base
Cash and Cash Equivalents
Long-term Debt under Credit Facility
Undrawn Letters of Credit
Liquidity
Key Metrics
LTM EBITDAX
Total Reserves (MMBoe)
Proved Developed Reserves (MMBoe)
% Proved Developed
% Liquids
Credit Statistics
Debt / Capital
Debt / 3Q13 Annualized EBITDAX
Debt / Proved Reserves ($/Boe)
Total Debt
28%
2.0x
$2.62
–
250.0
$250.0
646.4
$896.4
$315.0
25.5
–
(0.3)
$340.2
Summary Balance Sheet
Cash
$127.2
–
250.0
$250.0
646.4
$896.4
FINANCIAL RESULTS ($MM)
(Including Borrowing Base
Increase & JV Pipeline Sale)
$350.0
127.2
–
(0.3)
$476.9
$107.3
95.5
32.8
34%
69%
Net Debt
25%
1.8x
$2.35
$107.3
95.5
32.8
34%
69%
Net Debt
14%
1.0x
$1.29
Total Debt
28%
2.0x
$2.62
Notes: Estimated proved reserves as of 12/31/2012. Liquidity and EBITDAX are a non-GAAP financial measures. See “EBITDAX” slide and Non-GAAP
Financials section on the IR page of our website for calculation and reconciliation. Net debt is debt balance less available cash and letters of credit.
23
24. Current Hedge Position
Commodity and Time Period
Type
Volume
Price
2013
Collar
650 Bbls/d
$90.00/Bbl - $105.80/Bbl
2013
Collar
450 Bbls/d
$90.00/Bbl - $101.45/Bbl
2013 (1)
Collar
1,200 Bbls/d
$90.35/Bbl - $100.35/Bbl
2014
Collar
550 Bbls/d
$90.00/Bbl - $105.50/Bbl
2014
Collar
950 Bbls/d
$85.05/Bbl - $95.05/Bbl
2015
Collar
2,600 Bbls/d
$84.00/Bbl - $91.00/Bbl
2013 (2)
Swap
2,300 Bbls/d
$1.10/Bbl
2014
Swap
1,500 Bbls/d
$0.55/Bbl
Propane 2013 (3)
Swap
550 Bbls/d
$42.00/Bbl
Propane 2014
Swap
500 Bbls/d
$41.16/Bbl
Natural Gasoline 2013 (3)
Swap
200 Bbls/d
$90.72/Bbl
Natural Gasoline 2014
Swap
175 Bbls/d
$83.37/Bbl
2013
Swap
200,000 MMBtu/month
$3.54/MMBtu
2013
Swap
190,000 MMBtu/month
$3.80/MMBtu
2013 (4)
Collar
100,000 MMBtu/month
$4.00/MMBtu - $4.36/MMBtu
2014
Swap
360,000 MMBtu/month
$4.18/MMBtu
2015
Swap
200,000 MMBtu/month
$4.10/MMBtu
Crude Oil
Crude Oil Basis Differential (Midland/Cushing)
Natural Gas Liquids
Natural Gas
(1)
(2)
(3)
(4)
February 2013 – December 2013
March 2013 – December 2013
September 2013 – December 2013
May 2013 – December 2013
24
25. Adjusted Net Income (unaudited)
The amounts included in the calculation of adjusted net income and adjusted net income per diluted share below were computed in accordance with GAAP.
We believe adjusted net income and adjusted net income per diluted share are useful to investors because they provide readers with a more meaningful
measure of our profitability before recording certain items whose timing or amount cannot be reasonably determined. However, these measures are provided in
addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance
with GAAP (including the notes), included in our SEC filings and posted on our website.
The following table provides a reconciliation of adjusted net income to net (loss) income for the three months ended September 30, 2013 and 2012, respectively.
Three Months Ended
September 30,
(in thousands, except per-share amounts)
2013
Net income (loss)
$
495
2012
$
(2,355)
Adjustments for certain items:
Unrealized loss on commodity derivatives
3,438
(1,169)
Related income tax effect
4,188
(1,423)
Adjusted net income
$
2,764
$
407
Adjusted net income per diluted share
$
0.07
$
0.01
25
26. EBITDAX (unaudited)
We define EBITDAX as net income (loss), plus (1) exploration expense, (2) depletion, depreciation and amortization expense, (3) share-based compensation
expense, (4) unrealized loss on commodity derivatives, (5) interest expense and (6) income taxes. EBITDAX is not a measure of net income or cash flow as
determined by GAAP. The amounts included in the calculation of EBITDAX were computed in accordance with GAAP. EBITDAX is presented herein and
reconciled to the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company's ability to
internally fund development and exploration activities. This measure is provided in addition to, and not as an alternative for, and should be read in conjunction
with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our SEC filings and posted on
our website.
The following table provides a reconciliation of EBITDAX to net income (loss) for the three months ended September 30, 2013 and 2012, respectively.
Three Months Ended
September 30,
(in thousands, except per-share amounts)
2013
Net income (loss)
$
Exploration
495
2012
$
(2,355)
1,193
1,170
19,413
16,728
Share-based compensation
1,599
1,450
Unrealized loss on commodity derivatives
3,438
4,185
Interest expense, net
5,179
1,544
270
(1,253)
Depletion, depreciation and amortization
Income tax provision (benefit)
EBITDAX
$
31,587
$
21,469
EBITDAX per diluted share
$
0.81
$
0.63
26