This document provides an investor presentation for Devon Energy from April 2018. It summarizes Devon's investment thesis of having a multi-decade growth platform focused on its Delaware and STACK assets with over 30,000 potential locations. It outlines Devon's 2020 vision to deliver over 25% annual oil production growth from these areas while improving its financial strength and returning cash to shareholders. The presentation provides details on Devon's 2018 capital plan, operational excellence initiatives across its assets, and significant opportunities for continued production and cash flow growth through 2020 and beyond.
This document provides an investor presentation for Devon Energy Corporation (DVN). It includes information on DVN's leadership team and contact information, forward-looking statements, use of non-GAAP measures, and cautionary notes for investors. The presentation outlines DVN's investment thesis of being a multi-decade growth platform focused on its Delaware and STACK assets with over 30,000 potential locations combined. It provides details on DVN's 2020 strategic vision and targets for production growth, cost reductions, asset sales, financial improvements, and returning cash to shareholders.
This presentation discusses Phillips 66's strategy of focusing on returns, operating excellence, and growth. It provides the following key points:
1. In 2016, Phillips 66 achieved its safest year and highest refining utilization on record. Its CPChem petrochemical project in the US Gulf Coast is over 90% complete.
2. Phillips 66 is growing its midstream business through investments in infrastructure as US oil and gas production increases. Its MLP Phillips 66 Partners is expected to have $1.1 billion in EBITDA by 2018.
3. Phillips 66 maintains financial strength through disciplined capital allocation. It funds sustaining and growth capital while growing dividends and ongoing share repurchases.
- Gran Colombia Gold is a high-grade gold producer in Colombia with its core asset being the Segovia Operations, one of the highest grade underground gold mines globally.
- In 2019, Gran Colombia produced over 240,000 ounces of gold and is on track to produce between 218,000 to 226,000 ounces in 2020.
- The company has a strong balance sheet, generating significant free cash flow that is being used to pay down debt and implement a monthly dividend. Gran Colombia represents an opportunity for re-rating given its high-grade assets, production growth profile, and attractive valuation.
SandRidge Energy has built a portfolio focused on oil production growth from three key project areas: the Mississippian limestone play, NW STACK area in Oklahoma, and North Park Niobrara oil project in Colorado. The company has $554 million in liquidity and no debt. In 2017, it will continue developing the NW STACK and North Park projects with two rigs total, while high-grading its Mississippian position for cash flow. Recent well results have met or exceeded expectations at both NW STACK and North Park.
NAP's flagship LDI mine offers production growth potential through increasing mining rates and decreasing cash costs. The mine has excess mill and shaft capacity, and exploration upside remains. Palladium prices are expected to remain strong due to constrained mine supply and growing demand from automotive sector emissions regulations. NAP is well positioned to benefit from rising palladium prices as a primary producer.
This corporate presentation provides an overview of Claude Resources and its operations. It highlights record earnings in the first half of 2015, growing production and higher grades at its Seabee Gold Operation. It also outlines its focus on increasing higher margin ore to the mill from Santoy Gap and utilizing the Alimak mining method at Seabee Mine to improve efficiency. The presentation emphasizes Claude's peer leading cost performance and strong balance sheet. It provides an outlook for increased gold production and lowered unit costs guidance for 2015.
- The document discusses Claude Resources' corporate presentation from October 2015.
- It highlights the company's focus on delivering shareholder value through production growth, being a low-cost and profitable producer, and maintaining a strong balance sheet.
- Key drivers of future performance mentioned include higher-grade ore from the Santoy Gap zone and improved efficiency from the Alimak mining method at Seabee.
This document provides an investor presentation for Devon Energy Corporation (DVN). It includes information on DVN's leadership team and contact information, forward-looking statements, use of non-GAAP measures, and cautionary notes for investors. The presentation outlines DVN's investment thesis of being a multi-decade growth platform focused on its Delaware and STACK assets with over 30,000 potential locations combined. It provides details on DVN's 2020 strategic vision and targets for production growth, cost reductions, asset sales, financial improvements, and returning cash to shareholders.
This presentation discusses Phillips 66's strategy of focusing on returns, operating excellence, and growth. It provides the following key points:
1. In 2016, Phillips 66 achieved its safest year and highest refining utilization on record. Its CPChem petrochemical project in the US Gulf Coast is over 90% complete.
2. Phillips 66 is growing its midstream business through investments in infrastructure as US oil and gas production increases. Its MLP Phillips 66 Partners is expected to have $1.1 billion in EBITDA by 2018.
3. Phillips 66 maintains financial strength through disciplined capital allocation. It funds sustaining and growth capital while growing dividends and ongoing share repurchases.
- Gran Colombia Gold is a high-grade gold producer in Colombia with its core asset being the Segovia Operations, one of the highest grade underground gold mines globally.
- In 2019, Gran Colombia produced over 240,000 ounces of gold and is on track to produce between 218,000 to 226,000 ounces in 2020.
- The company has a strong balance sheet, generating significant free cash flow that is being used to pay down debt and implement a monthly dividend. Gran Colombia represents an opportunity for re-rating given its high-grade assets, production growth profile, and attractive valuation.
SandRidge Energy has built a portfolio focused on oil production growth from three key project areas: the Mississippian limestone play, NW STACK area in Oklahoma, and North Park Niobrara oil project in Colorado. The company has $554 million in liquidity and no debt. In 2017, it will continue developing the NW STACK and North Park projects with two rigs total, while high-grading its Mississippian position for cash flow. Recent well results have met or exceeded expectations at both NW STACK and North Park.
NAP's flagship LDI mine offers production growth potential through increasing mining rates and decreasing cash costs. The mine has excess mill and shaft capacity, and exploration upside remains. Palladium prices are expected to remain strong due to constrained mine supply and growing demand from automotive sector emissions regulations. NAP is well positioned to benefit from rising palladium prices as a primary producer.
This corporate presentation provides an overview of Claude Resources and its operations. It highlights record earnings in the first half of 2015, growing production and higher grades at its Seabee Gold Operation. It also outlines its focus on increasing higher margin ore to the mill from Santoy Gap and utilizing the Alimak mining method at Seabee Mine to improve efficiency. The presentation emphasizes Claude's peer leading cost performance and strong balance sheet. It provides an outlook for increased gold production and lowered unit costs guidance for 2015.
- The document discusses Claude Resources' corporate presentation from October 2015.
- It highlights the company's focus on delivering shareholder value through production growth, being a low-cost and profitable producer, and maintaining a strong balance sheet.
- Key drivers of future performance mentioned include higher-grade ore from the Santoy Gap zone and improved efficiency from the Alimak mining method at Seabee.
This corporate presentation from Claude Resources provides an overview of their U.S. marketing strategies and operations for November 2015. It notes that the presentation contains forward-looking statements and information which are subject to risks and uncertainties. It also contains cautionary notes regarding the use of terms like "measured, indicated, and inferred" resource estimates. The presentation highlights Claude's Seabee gold operation in Canada which has produced over 1 million ounces of gold, their low-cost production, strong financial position with $27 million in cash and bullion, and growth plans at Seabee including from the higher grade Santoy Gap area.
This document provides contact information for Devon Energy's investor relations department. It also includes standard legal disclosures about the use of forward-looking statements and non-GAAP financial measures in company presentations. The presentation that follows discusses Devon Energy's asset portfolio, growth strategy focused on the STACK and Delaware Basin plays, and financial strength. It highlights the company's leading positions, significant inventory of drilling locations, improving capital efficiency, and plans to increase investment and production growth rates over the next two years.
This document discusses Penn Virginia's (PVA's) presentation at the BMO Capital Markets 10th Annual Unconventional Resource Conference on January 8, 2012. It begins with forward-looking statements and definitions of proved, probable and possible oil and gas reserves. It then provides a high-level overview of PVA, including its transition to focus on oil and liquids-rich plays like the Eagle Ford Shale. The document summarizes PVA's key assets and highlights its multi-year drilling inventory in the Eagle Ford Shale play.
1) The document is an investor presentation for Penn Virginia Corporation (PVA) that provides an overview of the company and its strategy.
2) PVA has transitioned its business strategy and capital investments toward oil and natural gas liquid plays like the Eagle Ford Shale, growing its oil production significantly.
3) The company aims to continue expanding its oil and liquids reserves and drilling inventory through continued development of the Eagle Ford and exploration of new oil prospects, while maintaining a conservative financial strategy and balance sheet.
Newmont Mining Corporation reported its full year and Q4 2015 earnings. Key highlights include:
- The company lowered its all-in sustaining costs by 10% to $898/oz for 2015 and continued to deliver its strategy of improving the underlying business and strengthening its portfolio.
- Operationally, the company increased gold production by 4% to 5.0 million ounces in 2015 while lowering injury rates by 18% and reducing costs.
- Financially, the company increased adjusted EBITDA by 29% to $2.7 billion in 2015, more than doubled its free cash flow to $756 million, and lowered its net debt.
- Looking forward, the company aims to deliver safe and profitable
The document summarizes Tony Jensen's presentation at the CIBC Whistler Institutional Investor Conference on January 23, 2014. It highlights that Royal Gold is positioned for growth, with production at Mt. Milligan alone expected to increase total gold equivalent ounce production by around 50%. It also notes Royal Gold has a robust financial position with low costs and $1 billion in liquidity. Additionally, the current market environment makes royalty and streaming attractive alternatives to challenging equity and debt markets. Royal Gold believes it is favorably positioned compared to peers, with its current value at a discount to historical levels.
This document provides contact information for Devon Energy's investor relations team. It also contains safe harbor statements, noting that some information in the presentation includes forward-looking statements that are subject to risks and uncertainties. Additionally, it contains a cautionary note about SEC definitions of reserves versus internal company definitions of resources, which are considered more speculative.
Denbury Resources presented at the Capital One Securities 12th Annual Energy Conference on December 6, 2017. Denbury has 254 million barrels of proved oil reserves and an estimated 900 million barrels of proved plus potential reserves recoverable through CO2 enhanced oil recovery. The company has a large CO2 supply and pipeline network across the Gulf Coast and Rocky Mountain regions. Denbury is focused on reducing costs by over $50 million in 2018, unlocking value from its asset base, and improving its balance sheet position through debt reduction and potential asset sales.
The document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from what is currently expected or implied due to certain assumptions, risks, and uncertainties. Specifically, the document discusses Antero Midstream's dependence on Antero Resources for growth through its development plans, which are dependent on commodity prices and Antero Resources' financial resources and capital budget approved annually by its board of directors.
Analysis of recent transactions in Oil & Gas Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. It covers Drilling, Refining & Marketing, Storage and Transportation, Exploration & Production, Equipments & Services etc.
Legacy Reserves LP provides a presentation to investors outlining its business overview and strategy. It discloses that it has grown through acquisitions to have over $2.5 billion in enterprise value and focuses on producing oil and natural gas properties in the Permian Basin, Rocky Mountains, and Mid-Continent regions. It also details its hedging strategy to reduce cash flow volatility and protect its borrowing base and distributions. Legacy highlights its track record of consistent distribution growth, low-decline producing assets, experienced management team, and conservative financial policies as key reasons for investment.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements regarding plans and expectations. It also cautions that actual results could differ materially from what is stated due to risks and uncertainties inherent in the natural gas and oil business. The document highlights that Antero is the most active operator in Appalachia with large reserves and production, low development costs, significant hedging positions, and firm transportation agreements to favorable markets.
Sage march 2013 investor presentation currentSagegold
Sage Gold's short term plan is to develop the existing resource at their Clavos deposit to generate cash flow through near term production. A Preliminary Economic Assessment shows a robust project with a 71% pre-tax IRR. Existing infrastructure and permits are in place to begin re-opening the Clavos mine in 2013. Sage also has a JV with St Andrew Goldfields providing access to a mill and existing underground development at the Clavos property in the prolific Timmins gold camp of Ontario. The updated NI43-101 shows indicated resources of 194,600 ounces and inferred resources of 120,000 ounces of gold at the Clavos deposit.
This document provides an overview of Primero Mining Corp., including its assets and growth plans. It summarizes Primero's achievements in 2014, including increasing production by 57% and acquiring the Black Fox mine. It outlines Primero's objectives for 2015, which include further increasing production to 250,000 to 270,000 gold equivalent ounces. The document also highlights Primero's key assets - the San Dimas mine in Mexico and the Black Fox mine in Canada - and discusses its plans to continue expanding the San Dimas mine.
- PetroMagdalena Energy is building on past success by focusing on organic cash flow opportunities in its portfolio in Colombia through activities like enhancing netbacks, reducing costs, and increasing efficiency.
- The company plans to increase development activity in 2012 in the Llanos Basin following exploration success there.
- The 2012 work program is estimated between $70-80 million, with 65% directed towards light oil exploration and development in key areas like Cubiro and Arrendajo. This includes 10 development wells and 3 exploration wells for the rest of the year.
PetroMagdalena Energy Corp. is an oil and gas exploration company focused on developing its assets in Colombia. It has a diversified portfolio of exploration blocks and producing assets in several Colombian basins. The company aims to increase production and cash flow through development drilling in its light oil assets in the Llanos Basin in 2012. It also plans to maximize value from its asset portfolio by leveraging relationships with partners. PetroMagdalena sees opportunities to acquire additional underfunded assets with exploration potential given the investment environment in Colombia.
Guyana Goldfields August 2012 Investor Presentationjwagenaar734
The presentation summarizes Guyana Goldfields' August 2012 investor presentation. It discusses the company's Aurora Gold Project in Guyana, South America, which contains over 6 million ounces of gold resources. A new leadership team is working to improve the project's economics through an updated bankable feasibility study focusing on staged development and optimized mining methods. The company has secured all necessary permits and is advancing infrastructure construction to become the next producing gold mine in Guyana.
The document provides an overview of Yamana Gold Inc., outlining its high quality portfolio of mining assets positioned for value accretion. Key points include: Yamana delivered on 2015 production guidance and is well positioned for operational execution in 2016-2018; cornerstone mines include Chapada, El Peñon and Canadian Malartic; focus on the Americas and maximizing value from non-core assets; pursuit of organic growth opportunities including Cerro Moro and C1 Santa Luz projects. Cost guidance is provided for 2016, with cash costs and AISC expected to decrease year-over-year.
Kinross Gold Corporation reported its fourth quarter and full-year 2015 results. Key highlights included meeting or exceeding its revised 2015 guidance by producing 2.6 million ounces of gold equivalent at a cost of sales of $696 per ounce and capital expenditures of $610 million. The company also acquired two producing mines in Nevada, enhancing its American portfolio. For 2016, Kinross expects to produce between 2.7-2.9 million ounces of gold equivalent at a reduced overhead expense of $165 million and capital expenditures of $595 million, excluding potential expansion at Tasiast.
Gran Tierra Energy placed 3rd in an investment pitch competition. The document provides an overview and analysis of Gran Tierra Energy, an independent international oil and gas acquisition, exploration, development and production company operating in Colombia, Peru and Brazil. It finds that Gran Tierra has the highest netbacks within its peer group, is positioned for production and reserve growth through drilling and pipeline repairs, and is undervalued relative to peers based on valuation metrics like P/E and EV/EBITDA multiples. Upcoming catalysts include growth from key oil fields in Colombia and Peru and maintaining low costs through research and development.
This investor presentation provides an overview of Devon Energy Corporation and its growth strategy focused on the STACK and Delaware Basin assets. Devon has over 30,000 potential locations across the STACK and Delaware Basin that represent a multi-decade growth opportunity. The company plans to advance development in these core areas while divesting less competitive assets to strengthen its balance sheet. Devon is also focused on operational excellence initiatives to improve capital efficiency and financial returns.
This document provides an overview of Devon Energy Corporation and its strategy. It summarizes that Devon has over 30,000 potential locations focused on developing its STACK and Delaware assets, which it views as multi-decade growth platforms. Devon's 2020 vision is to further high-grade its asset portfolio through divestitures, expand per-unit margins, improve its balance sheet strength, and focus on financial returns.
This corporate presentation from Claude Resources provides an overview of their U.S. marketing strategies and operations for November 2015. It notes that the presentation contains forward-looking statements and information which are subject to risks and uncertainties. It also contains cautionary notes regarding the use of terms like "measured, indicated, and inferred" resource estimates. The presentation highlights Claude's Seabee gold operation in Canada which has produced over 1 million ounces of gold, their low-cost production, strong financial position with $27 million in cash and bullion, and growth plans at Seabee including from the higher grade Santoy Gap area.
This document provides contact information for Devon Energy's investor relations department. It also includes standard legal disclosures about the use of forward-looking statements and non-GAAP financial measures in company presentations. The presentation that follows discusses Devon Energy's asset portfolio, growth strategy focused on the STACK and Delaware Basin plays, and financial strength. It highlights the company's leading positions, significant inventory of drilling locations, improving capital efficiency, and plans to increase investment and production growth rates over the next two years.
This document discusses Penn Virginia's (PVA's) presentation at the BMO Capital Markets 10th Annual Unconventional Resource Conference on January 8, 2012. It begins with forward-looking statements and definitions of proved, probable and possible oil and gas reserves. It then provides a high-level overview of PVA, including its transition to focus on oil and liquids-rich plays like the Eagle Ford Shale. The document summarizes PVA's key assets and highlights its multi-year drilling inventory in the Eagle Ford Shale play.
1) The document is an investor presentation for Penn Virginia Corporation (PVA) that provides an overview of the company and its strategy.
2) PVA has transitioned its business strategy and capital investments toward oil and natural gas liquid plays like the Eagle Ford Shale, growing its oil production significantly.
3) The company aims to continue expanding its oil and liquids reserves and drilling inventory through continued development of the Eagle Ford and exploration of new oil prospects, while maintaining a conservative financial strategy and balance sheet.
Newmont Mining Corporation reported its full year and Q4 2015 earnings. Key highlights include:
- The company lowered its all-in sustaining costs by 10% to $898/oz for 2015 and continued to deliver its strategy of improving the underlying business and strengthening its portfolio.
- Operationally, the company increased gold production by 4% to 5.0 million ounces in 2015 while lowering injury rates by 18% and reducing costs.
- Financially, the company increased adjusted EBITDA by 29% to $2.7 billion in 2015, more than doubled its free cash flow to $756 million, and lowered its net debt.
- Looking forward, the company aims to deliver safe and profitable
The document summarizes Tony Jensen's presentation at the CIBC Whistler Institutional Investor Conference on January 23, 2014. It highlights that Royal Gold is positioned for growth, with production at Mt. Milligan alone expected to increase total gold equivalent ounce production by around 50%. It also notes Royal Gold has a robust financial position with low costs and $1 billion in liquidity. Additionally, the current market environment makes royalty and streaming attractive alternatives to challenging equity and debt markets. Royal Gold believes it is favorably positioned compared to peers, with its current value at a discount to historical levels.
This document provides contact information for Devon Energy's investor relations team. It also contains safe harbor statements, noting that some information in the presentation includes forward-looking statements that are subject to risks and uncertainties. Additionally, it contains a cautionary note about SEC definitions of reserves versus internal company definitions of resources, which are considered more speculative.
Denbury Resources presented at the Capital One Securities 12th Annual Energy Conference on December 6, 2017. Denbury has 254 million barrels of proved oil reserves and an estimated 900 million barrels of proved plus potential reserves recoverable through CO2 enhanced oil recovery. The company has a large CO2 supply and pipeline network across the Gulf Coast and Rocky Mountain regions. Denbury is focused on reducing costs by over $50 million in 2018, unlocking value from its asset base, and improving its balance sheet position through debt reduction and potential asset sales.
The document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from what is currently expected or implied due to certain assumptions, risks, and uncertainties. Specifically, the document discusses Antero Midstream's dependence on Antero Resources for growth through its development plans, which are dependent on commodity prices and Antero Resources' financial resources and capital budget approved annually by its board of directors.
Analysis of recent transactions in Oil & Gas Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. It covers Drilling, Refining & Marketing, Storage and Transportation, Exploration & Production, Equipments & Services etc.
Legacy Reserves LP provides a presentation to investors outlining its business overview and strategy. It discloses that it has grown through acquisitions to have over $2.5 billion in enterprise value and focuses on producing oil and natural gas properties in the Permian Basin, Rocky Mountains, and Mid-Continent regions. It also details its hedging strategy to reduce cash flow volatility and protect its borrowing base and distributions. Legacy highlights its track record of consistent distribution growth, low-decline producing assets, experienced management team, and conservative financial policies as key reasons for investment.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements regarding plans and expectations. It also cautions that actual results could differ materially from what is stated due to risks and uncertainties inherent in the natural gas and oil business. The document highlights that Antero is the most active operator in Appalachia with large reserves and production, low development costs, significant hedging positions, and firm transportation agreements to favorable markets.
Sage march 2013 investor presentation currentSagegold
Sage Gold's short term plan is to develop the existing resource at their Clavos deposit to generate cash flow through near term production. A Preliminary Economic Assessment shows a robust project with a 71% pre-tax IRR. Existing infrastructure and permits are in place to begin re-opening the Clavos mine in 2013. Sage also has a JV with St Andrew Goldfields providing access to a mill and existing underground development at the Clavos property in the prolific Timmins gold camp of Ontario. The updated NI43-101 shows indicated resources of 194,600 ounces and inferred resources of 120,000 ounces of gold at the Clavos deposit.
This document provides an overview of Primero Mining Corp., including its assets and growth plans. It summarizes Primero's achievements in 2014, including increasing production by 57% and acquiring the Black Fox mine. It outlines Primero's objectives for 2015, which include further increasing production to 250,000 to 270,000 gold equivalent ounces. The document also highlights Primero's key assets - the San Dimas mine in Mexico and the Black Fox mine in Canada - and discusses its plans to continue expanding the San Dimas mine.
- PetroMagdalena Energy is building on past success by focusing on organic cash flow opportunities in its portfolio in Colombia through activities like enhancing netbacks, reducing costs, and increasing efficiency.
- The company plans to increase development activity in 2012 in the Llanos Basin following exploration success there.
- The 2012 work program is estimated between $70-80 million, with 65% directed towards light oil exploration and development in key areas like Cubiro and Arrendajo. This includes 10 development wells and 3 exploration wells for the rest of the year.
PetroMagdalena Energy Corp. is an oil and gas exploration company focused on developing its assets in Colombia. It has a diversified portfolio of exploration blocks and producing assets in several Colombian basins. The company aims to increase production and cash flow through development drilling in its light oil assets in the Llanos Basin in 2012. It also plans to maximize value from its asset portfolio by leveraging relationships with partners. PetroMagdalena sees opportunities to acquire additional underfunded assets with exploration potential given the investment environment in Colombia.
Guyana Goldfields August 2012 Investor Presentationjwagenaar734
The presentation summarizes Guyana Goldfields' August 2012 investor presentation. It discusses the company's Aurora Gold Project in Guyana, South America, which contains over 6 million ounces of gold resources. A new leadership team is working to improve the project's economics through an updated bankable feasibility study focusing on staged development and optimized mining methods. The company has secured all necessary permits and is advancing infrastructure construction to become the next producing gold mine in Guyana.
The document provides an overview of Yamana Gold Inc., outlining its high quality portfolio of mining assets positioned for value accretion. Key points include: Yamana delivered on 2015 production guidance and is well positioned for operational execution in 2016-2018; cornerstone mines include Chapada, El Peñon and Canadian Malartic; focus on the Americas and maximizing value from non-core assets; pursuit of organic growth opportunities including Cerro Moro and C1 Santa Luz projects. Cost guidance is provided for 2016, with cash costs and AISC expected to decrease year-over-year.
Kinross Gold Corporation reported its fourth quarter and full-year 2015 results. Key highlights included meeting or exceeding its revised 2015 guidance by producing 2.6 million ounces of gold equivalent at a cost of sales of $696 per ounce and capital expenditures of $610 million. The company also acquired two producing mines in Nevada, enhancing its American portfolio. For 2016, Kinross expects to produce between 2.7-2.9 million ounces of gold equivalent at a reduced overhead expense of $165 million and capital expenditures of $595 million, excluding potential expansion at Tasiast.
Gran Tierra Energy placed 3rd in an investment pitch competition. The document provides an overview and analysis of Gran Tierra Energy, an independent international oil and gas acquisition, exploration, development and production company operating in Colombia, Peru and Brazil. It finds that Gran Tierra has the highest netbacks within its peer group, is positioned for production and reserve growth through drilling and pipeline repairs, and is undervalued relative to peers based on valuation metrics like P/E and EV/EBITDA multiples. Upcoming catalysts include growth from key oil fields in Colombia and Peru and maintaining low costs through research and development.
This investor presentation provides an overview of Devon Energy Corporation and its growth strategy focused on the STACK and Delaware Basin assets. Devon has over 30,000 potential locations across the STACK and Delaware Basin that represent a multi-decade growth opportunity. The company plans to advance development in these core areas while divesting less competitive assets to strengthen its balance sheet. Devon is also focused on operational excellence initiatives to improve capital efficiency and financial returns.
This document provides an overview of Devon Energy Corporation and its strategy. It summarizes that Devon has over 30,000 potential locations focused on developing its STACK and Delaware assets, which it views as multi-decade growth platforms. Devon's 2020 vision is to further high-grade its asset portfolio through divestitures, expand per-unit margins, improve its balance sheet strength, and focus on financial returns.
This document provides an investor presentation for Devon Energy from December 2017. It summarizes Devon's competitive advantages as having a multi-decade growth platform focused on its STACK and Delaware assets, with top-tier operating results from over 30,000 potential locations across the two areas. It outlines Devon's 2020 vision to further high-grade its asset portfolio, expand per-unit margins, improve balance sheet strength, and focus on financial returns through continued development of these core assets.
This document provides an investor presentation for Devon Energy from December 2017. It summarizes Devon's competitive advantages as having a multi-decade growth platform focused on its STACK and Delaware assets, with top-tier operating results and over 30,000 potential locations across the two areas. It outlines Devon's 2020 vision to further high-grade its asset portfolio, expand per-unit margins, improve balance sheet strength, and focus on financial returns through continued development of STACK and Delaware and potential multi-billion dollar divestitures of less competitive assets.
Devon Energy presented at the Bank of America Merrill Lynch Global Energy Conference on November 16, 2017. Devon highlighted its STACK and Delaware Basin assets as multi-decade growth platforms with over 30,000 potential locations combined. Devon outlined its 2020 vision of further high-grading its asset portfolio, expanding per-unit margins, improving its balance sheet strength, and focusing on financial returns through continued development of these core areas. Devon also provided a preliminary outlook for 2018 of over 30% production growth in STACK and Delaware, a $2-2.5 billion capital program funded within cash flows, and $1 billion targeted for debt reduction.
This document provides an investor presentation for Devon Energy Corporation (DVN). It summarizes DVN's operations in the STACK and Delaware Basins, where it has over 30,000 potential locations across the two plays. DVN is focused on expanding high-margin production from these core areas to drive rapid cash flow growth. The presentation outlines DVN's strategic vision to optimize its portfolio and balance sheet through 2020 to improve returns and deliver top-tier value to shareholders.
This document provides an investor presentation for Devon Energy. It summarizes Devon's competitive advantages in the STACK and Delaware Basin areas, with over 30,000 potential locations. Devon's 2020 vision is to further high-grade its asset portfolio, expand per-unit margins, improve its balance sheet strength, and focus on financial returns. Key projects highlighted include the Showboat and Anaconda developments in the STACK and Delaware Basin, aimed at co-developing multiple zones to increase efficiencies.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclaimers about forward-looking statements and the use of non-GAAP financial measures in company presentations. The document encourages investors to review Devon's SEC filings for additional important disclosures.
This document summarizes Devon Energy's presentation at the J.P.Morgan Energy Equity Conference on June 26, 2017. Devon has a premier portfolio of assets focused on the STACK and Delaware Basin plays, which provide multi-decade growth potential through large drilling inventories. Devon is accelerating its capital investment and rig activity to rapidly expand its high-margin production while maintaining a strong financial position and investment-grade credit ratings. The company is focused on operational excellence and technological innovation to improve capital efficiency and well productivity.
The document is Devon Energy's September 2018 investor presentation. It highlights Devon's $4 billion share repurchase program, the largest ever by an E&P company. It also discusses Devon's 2020 vision of enhancing returns through disciplined capital investment and portfolio simplification efforts. Devon expects to exceed its $5 billion divestiture target by the end of 2018. The presentation provides operational and financial updates, including Devon's outlook for significant cash flow growth driven by its high-margin U.S. oil portfolio.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclaimers about the use of forward-looking statements and non-GAAP financial measures in company presentations. The document provides contact details for Devon's vice president of investor relations and investor relations supervisor for any investor inquiries.
- Devon Energy is focused on its Delaware and STACK assets which have over 30,000 potential drilling locations and represent a multi-decade growth platform.
- Devon's 2020 vision is to enhance returns through disciplined capital investment, improve its financial strength with a net debt to EBITDA target of 1.0-1.5x, and return cash to shareholders including a $1 billion share repurchase program.
- Portfolio simplification efforts include the potential for over $5 billion in asset divestitures to further focus on its core Delaware and STACK assets.
- Devon Energy is focused on its Delaware and STACK assets which have over 30,000 potential drilling locations and represent a multi-decade growth platform.
- Devon's 2020 vision is to enhance returns through disciplined capital investment, improve its financial strength with a net debt to EBITDA target of 1.0-1.5x, and return cash to shareholders including a $1 billion share repurchase program.
- Devon is pursuing portfolio simplification with the potential for over $5 billion in asset divestitures to further focus on its core Delaware Basin and STACK assets.
- Devon Energy presented at the UBS Global Oil and Gas Conference on May 23, 2018.
- Devon outlined its 2020 vision which includes growing higher-value oil production in the Delaware and STACK areas, improving financial strength, and returning cash to shareholders.
- Key initiatives include a $1 billion share repurchase program, raising the dividend by 33%, and a $1 billion debt reduction plan.
This document is Devon Energy's presentation at the J.P. Morgan Energy Conference on June 18, 2018. It discusses Devon's 2020 vision of enhancing returns through disciplined capital investment and portfolio simplification. Devon aims to achieve net debt to EBITDA of 1.0-1.5x, complete $5 billion in asset divestitures, and return $4 billion to shareholders via stock buybacks. The presentation outlines Devon's operational excellence strategy and updated 2018 outlook with 16% growth in US oil production.
- Devon Energy is focused on its Delaware and STACK assets which have over 30,000 potential drilling locations and provide a multi-decade growth platform.
- Devon's 2020 vision is to enhance returns through disciplined capital investment, improve its financial strength with a net debt to EBITDA target of 1.0-1.5x, and return cash to shareholders including a $4 billion share repurchase program.
- Devon has raised its 2018 U.S. oil production guidance by 200 basis points to 145-150 thousand barrels of oil per day, representing 16% growth over 2017, driven by efficiencies and well productivity gains in its Delaware and STACK assets.
Devon Energy held an investor presentation in June 2018 to outline its strategic vision through 2020. The presentation highlighted Devon's focus on its Delaware and STACK assets, with potential locations exceeding 30,000. Devon aims to drive significant cash flow growth through 2020 by concentrating activity in these core areas and improving capital efficiency with a goal of reducing costs by 15%. Devon also outlined initiatives to further strengthen its financial position, including portfolio simplification through $5 billion in asset divestitures and $4 billion in share repurchases.
Devon Energy held an investor presentation in October 2018 to highlight its strategic focus on capital efficiency, portfolio simplification, and improving financial strength. The company expects to exceed its $5 billion divestiture target by the end of 2018. Devon also outlined its $4 billion share repurchase program and plans to increase its quarterly dividend. The presentation emphasized Devon's commitment to optimizing returns and delivering capital-efficient cash flow growth through 2020.
The document is Devon Energy's August 2018 investor presentation. It highlights Devon's focus on its Delaware and STACK assets which have over 30,000 potential locations combined, allowing for multi-decade production growth. Devon has initiatives underway to optimize returns including a $4 billion share repurchase program, a 33% increase to its dividend, and a plan to reduce debt and exceed its $5 billion divestiture target. The presentation also provides operational and financial updates showing Devon is on track to deliver 16% growth in US oil production in 2018.
The document is Devon Energy's August 2018 investor presentation. It highlights Devon's focus on its Delaware and STACK assets which have over 30,000 potential locations combined, providing a multi-decade growth platform. Devon's 2020 vision is to enhance returns through disciplined capital investment, simplify its portfolio through divestitures exceeding $5 billion, improve its financial strength, and return cash to shareholders. Key initiatives include a $4 billion share repurchase program and increasing its quarterly dividend by 33%.
This document provides an investor presentation for Devon Energy from August 2019. It summarizes Devon's strategy of focusing on its high-quality U.S. oil portfolio, improving cost structure and capital efficiency, generating free cash flow, and delivering value to shareholders through returning capital. Key highlights include raising 2019 oil growth guidance, lowering capital spending outlook, aggressively improving costs, and advancing its divestiture program to further strengthen its balance sheet.
This investor presentation summarizes Devon Energy's strategy and operations. It highlights Devon's high-quality U.S. oil portfolio, with multi-decade growth potential from key basins like the Delaware Basin, STACK, and Powder River. Devon plans to aggressively improve its cost structure, generate free cash flow above $46 WTI, and return capital to shareholders through stock buybacks and dividend increases. In the Delaware Basin, Devon is focusing on Bone Spring and Wolfcamp projects and achieving record well productivity, with average cumulative oil per well reaching over 300,000 barrels.
Devon Energy is completing its transformation into a U.S. oil growth company by focusing on its world-class oil assets in the Delaware Basin, STACK, Eagle Ford, and Powder River. It is pursuing strategic alternatives for its Barnett Shale and Canadian assets. Devon is targeting $780 million in cost savings and increasing its share buyback program to $5 billion to reduce shares outstanding by nearly 30%. It is increasing its quarterly dividend by 13% and has a multi-decade inventory of high-return locations supporting long-term growth.
Devon Energy is completing its transformation into a U.S. oil growth company by focusing on its world-class oil assets in the Delaware Basin, STACK, Eagle Ford, and Powder River Basin. It is pursuing strategic alternatives for its Barnett Shale and Canadian assets to be completed by the end of 2019. Devon is targeting $780 million in cost savings from its retained U.S. oil business and has increased its share buyback program to $5 billion.
- Devon Energy is completing its transformation into a U.S. oil growth company by focusing on its core U.S. oil assets and pursuing strategic alternatives for its Canadian and Barnett Shale assets.
- It is targeting $780 million in annual cost savings by 2021 from operational efficiencies and restructuring, and has an increased $5 billion share repurchase program.
- The company expects to deliver 12-17% annual oil production growth through 2021 and generate over $1.6 billion in cumulative free cash flow at $55 WTI oil prices, while maintaining its strong financial position.
This document is Devon Energy's January 2019 investor presentation which provides an overview of the company. It summarizes Devon's key assets including its Delaware Basin, STACK, and Rockies positions. It highlights Devon's disciplined growth strategy of focusing investment on its top U.S. oil plays, maintaining financial strength through debt reduction and hedging, and returning cash to shareholders. The presentation also reviews Devon's operational excellence, strong ESG performance, and secured supply chain positioning the company for continued success.
Devon Energy is an oil and gas exploration and production company with operations focused on North America. In a December 2018 investor presentation, Devon outlines its disciplined growth strategy, strong financial position, and high-return capital program focused on its top U.S. assets including the Delaware Basin and STACK play. Devon expects to deliver oil production growth of 15-19% in 2019 with a capital budget of $2.4-2.7 billion, maintaining financial strength and returning cash to shareholders.
Devon Energy presented at the Bank of America Merrill Lynch Global Energy Conference on November 14, 2018. Devon is an oil and gas exploration and production company with a market capitalization of around $20 billion and Q3 production of 522 thousand barrels of oil equivalent per day, of which 67% was liquids. Devon outlined its disciplined growth strategy, key accomplishments in 2018 including US oil growth ahead of plan and debt reduction of over 40%, and strategic objectives including funding high-return projects and returning cash to shareholders.
Devon Energy has developed a competitive advantage through its technology and data-driven approach. It has established centers of excellence and strategic partnerships to rapidly deploy innovations across its operations. Devon's culture embraces data-driven decision making, and it has realized hundreds of millions in annual savings through optimized drilling, completions, production, and supply chain management. Devon sees its continued investment in artificial intelligence, machine learning, and other advanced analytics as offering a multibillion dollar opportunity to further improve performance across its operations.
2. 2| Investor Presentation
Investor Contacts & Notices
Investor Relations Contacts
Scott Coody, Vice President, Investor Relations
(405) 552-4735 / scott.coody@dvn.com
Chris Carr, Supervisor, Investor Relations
(405) 228-2496 / chris.carr@dvn.com
Forward-Looking Statements
This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission (the “SEC”). Such statements are subject to a variety of
risks and uncertainties that could cause actual results or developments to differ materially from those projected in the forward-looking statements. Please refer to the
slide entitled “Forward-Looking Statements” included in this presentation for other important information regarding such statements.
Use of Non-GAAP Information
This presentation may include non-GAAP financial measures. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-
GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. For additional disclosure regarding such non-GAAP measures, including
reconciliations to their most directly comparable GAAP measure, please refer to Devon’s most recent earnings release at www.devonenergy.com.
Cautionary Note to Investors
The 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. This presentation may contain certain
terms, such as resource potential, risked or unrisked resource, potential locations, risked or unrisked locations, exploration target size and other similar terms. 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. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosure in our
Form 10-K, available at www.devonenergy.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov.
4. 4| Investor Presentation
Devon’s 2020 Vision
Deliver >25% oil production CAGR in Delaware & STACK
$1.0 billion of assets sold over last year
Attain high investment-grade credit rating
Sustainably increase dividend (33% increase in 2018)
Focus on capital efficiency
Portfolio simplification
Improve financial strength
Return cash to shareholders
TOP OBJECTIVE: OPTIMIZE RETURNS & DELIVER CAPITAL-EFFICIENT, CASH-FLOW GROWTH
$1 billion share repurchase program underway
Target net debt to EBITDA of 1.0x to 1.5x
Reduce per-unit cash costs by ~15%
Further high-grade portfolio (>$5 billion of potential asset sales)
Management incentives aligned with returns
Generate free cash flow above $50 WTI
5. 5| Investor Presentation
2020 Vision To Drive Significant Cash Flow Growth
114
100
125
150
175
200
2017 2018e 2019e 2020e
$-
$6
$12
$18
2017 2018e 2019e 2020e
G&A
Op. Cost
Interest
Cost savings to expand margins
Upstream Per-Unit Cash Cost ($/BOE)
Growing higher-value production
U.S. Oil Production (MBOD)
MID-TEENS CAGR
DRIVEN BY >25% CAGR IN
DELAWARE & STACK
~15% COST SAVINGS
2017 2018e 2019e 2020e
$2.2
CAGR
>15%
Driving upstream cash flow expansion
$ Billions ($50 WTI & $3 HH)
Significant upside to higher prices
At $60 WTI Through 2020
CUMULATIVE FREE CASH FLOW
2.5Billion
6. 6| Investor Presentation
2018 Capital & Production Outlook
DEL AWARE & STACK
>35% Increase$2.2-2.4 Billion
2 0 1 8 e E & P C A P I TA L
OPTIMIZED
FOR RETURNS
90% DEVOTED TO
U.S. RESOURCE PL AYS
$50 WTI
S E L F F U N D E D AT
(2017 VS 2018)
OIL
GROWTH
FOCUSED
DEVELOPMENT
PROGRAM
$
NO PL ANS TO INCREASE
ACTIVIT Y LEVELS
7. 7| Investor Presentation
Shareholder-Friendly Initiatives
$1 billion share
repurchase program
initiated in Q1 2018
Return cash to shareholders
33% increase in
quarterly cash
dividend
$1 billion debt
reduction plan
underway
8. 8| Investor Presentation
Operational Excellence
Maximize base production
Minimize controllable downtime
Enhance well productivity
Leverage midstream operations
Control operating costs
Optimize capital program
Disciplined project execution
Perform premier technical work
Focus on development drilling
Increase capital efficiency
Capture
FULL VALUE
Improve
RETURNS
9. 9| Investor Presentation
Operational Excellence: Multi-Zone Strategy
Multi-zone development strategy underway
>10 multi-zone projects scheduled in 2018
Initial results encouraging
— $1 million savings per well at Anaconda project
— 30% drilling efficiencies achieved at Showboat
— Initial Coyote well 24-hr IP: 8,200 BOED
Massive technology upside
For additional information see our Q4 operations report.
>40%NPV UPLIFT
PER SECTION
MULTI-ZONE
DEVELOPMENT
10. 10| Investor Presentation
Innovation Momentum - Technology Projects In Flight
Improved 3D seismic
interpretation
High-graded location selection
Optimized landing zones
Well productivity predictions
Depletion analysis
Geospatial optimization
Cyber-geosteering
Flat, in-zone wells
Fiber-optic sensing
Prolonged drill-bit life
Coiled-tubing drill-outs
Efficient flowbacks
Cutting-edge frac modeling
Accounting process
automation
World-class partnerships in
digital innovation platforms
Enterprise dashboards for
information
Accessible mobile
applications across all
aspects of the business
Water-treatment options
Frac fluid chemistry
Data acquisition and
management systems
Leak detection in piping
systems
Water transfer and storage
safety
Predictive pump failures
Field-issue prioritization
Optimized compressors
Production monitoring
Flood optimization
Inter-well communication
(data analytics)
Gas lift for EOR
Targeting hundreds of millions
in value creation annually
S U B S U R F A C E
D R I L L I N G &
C O M P L E T I O N S
P R O D U C T I O N
O P E R A T I O N S
W A T E R
M A N A G E M E N T C O R P O R A T E
11. 11| Investor Presentation
Delaware Basin – Franchise Asset
World-class oil opportunity
Multi-decade growth platform
Up to 15 target intervals
Accelerating development activity
Future Projects (Timing TBD)
Current Developments
Core Development Area
POTATO BASIN
TODD
THISTLE/GAUCHO
COTTON DRAW
RATTLESNAKE
Lusitano
Drilling
Boomslang
Flowing Back
Seawolf
Drilling
Medusa
Drilling
Anaconda
10 Wells Online
Spud Muffin
Flagler
Cobra
Tomb Raider
Eddy
Loving
Lea
Fighting Okra
2018 Spud
Snapping
2018 Spud
Van Doo Dah
12. 12| Investor Presentation
Delaware Basin – Multi-Zone Projects Ramping Up
For additional information see our Q4 operations report.
THISTLE/GAUCHO
Lea
Eddy
Boomslang
Flowing Back (11 wells)
Anaconda
10 Wells Online
Boomslang Project
11 wells across 3 landing zones
LEONARD
A
B
C
BONE
SPRING
1ST
2ND
Initial
Development
(11-Well Program)
Future
Potential
Anaconda project online
— Initial multi-zone project
— Achieved savings of $1 MM per well
— 30-day rates: ~1,600 BOED per well
Initial Boomslang wells flowing back
— Record drilling time achieved
— 15% drilling improvement vs. Anaconda
— Peak rates expected in Q2
13. 13| Investor Presentation
Delaware Basin – Most Active Asset In 2018
~50%
$725 MM
Leonard
Bone Spring
Wolfcamp
Significant increase in activity
2018 E&P Capital
Driving high-return growth
Production (MBOED)
INCREASE VS. 2017
60
Q4 2017 Q1 2018e Q2 2018e Q3 2018e Q4 2018e 2018e
Exit Rate
>85
GROWTH
>40%
14. 14| Investor Presentation
Delaware Basin – Significant Resource Opportunity
Note: Graphic for illustrative purposes only and not necessarily
representative across Devon’s entire acreage position.
Basin Slope
DELAWARE
SANDS
Madera
Lower
Brushy
LEONARD
A
B
C
BONESPRING
1st
2nd
(Upper &
Lower)
3rd
WOLFCAMP
X/Y
A, B, C
& D
Risked Location Unrisked Location
1 Section 1 Section
>4,000’
OFPAY
6,500
>1.3 MM
RISKED LOCATIONS
NET EFFECTIVE ACRES
15. 15| Investor Presentation
STACK – Franchise Asset
Future Projects (Timing TBD)
2018 Developments
Canadian
Kingfisher
Blaine
Caddo
Coyote
Completing (7 wells)
Showboat
Completing (24 wells)
Horsefly
Drilling (10 wells)
Minnie Haha
Bernhardt
2018 Spud (8 wells)
Northwoods
Centaur
Best-in-class acreage position
>600k net acres by formation
Up to 4 target intervals per unit
Accelerating development activity
Geis
2018 Spud (6 wells)
Cascade
2018 Spud (7 wells)
Kraken
2018 Spud (16 wells)
16. 16| Investor Presentation
STACK – Multi-Zone Activity Underway
For additional information see our Q4 operations report.
Showboat drilling concluded
— 30% drilling efficiencies reached
— Average cost savings: $500k per well
— First production: Q2 2018
Completion activity underway at Coyote
— Improved drilling times by up to 25%
— Initial well 24-hr IP: 8,200 BOED
Showboat Development
First multi-zone STACK development
MERAMEC
UPPERLOWER
WDFD
KingfisherBlaine
Coyote
Completing (7 wells)
Showboat (2 drilling units)
Completing (24 wells)
21. 21| Investor Presentation
Forward-Looking Statements
This presentation includes "forward-looking statements" as defined by the SEC. Such statements include those concerning strategic plans, expectations and objectives
for future operations, and are often identified by use of the words “expects,” “believes,” “will,” “would,” “could,” “forecasts,” “projections,” “estimates,” “plans,”
“expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. 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. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company.
Statements regarding our business and operations are subject to all of the risks and uncertainties normally incident to the exploration for and development and
production of oil and gas. These risks include, but are not limited to: the volatility of oil, gas and NGL prices; uncertainties inherent in estimating oil, gas and NGL
reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in oil and gas operations;
regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters; risks related to our
hedging activities; counterparty credit risks; risks relating to our indebtedness; cyberattack risks; our limited control over third parties who operate our oil and gas
properties; midstream capacity constraints and potential interruptions in production; the extent to which insurance covers any losses we may experience; competition for
leases, materials, people and capital; our ability to successfully complete mergers, acquisitions and divestitures; and any of the other risks and uncertainties identified in
our Form 10-K and our other filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or
developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this presentation are made as of the
date of this presentation, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the forward-
looking statements as a result of new information, future events or otherwise.
23. 23| Investor Presentation
Cash-Flow Generating Assets
30%EAGLE FORD
20%BARNETT
15%ENLINK
$2.3B
CASH FLOW
2017
35%HEAVY OIL
(1) Represents field-level cash flow before G&A and taxes.
(1)
HEAVY OIL
BARNETT
EAGLE FORD
24. 24| Investor Presentation
Rockies – An Emerging Oil Growth Asset
Premier Powder River Basin position
— Q4 net production: 19 MBOED
— ~400,000 net surface acres
Stacked pay: >10 prospective intervals
“Super Mario” Turner activity accelerating
2018 plans
— $150 million of capital investment
— Spud ~20 wells
POWDER RIVER BASIN ACTIVITY
(1) All activity normalized for 10,000’ laterals.
25. 25| Investor Presentation
2020 Vision: Management Compensation
Cash Flow from Operations + After-tax Interest Expense + EnLink Distributions
Average Book Equity + Average Net Debt
Internal rate of return on capital investment over 2 year period,
after burdening for G&A and corporate costs
RETURN MEASURE #1 CASH RETURN ON CAPITAL EMPLOYED
RETURN MEASURE #2 RETURN ON CAPITAL PROGRAM
20%
TA R G E T
=
15%
TA R G E T
=