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 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 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 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 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.
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 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 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 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 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 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 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 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.
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 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 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.
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%.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for an insurance company. It begins with cautionary statements regarding forward-looking statements and non-GAAP financial measures. It then summarizes the company's business model as a specialty property and casualty reinsurer based in Bermuda with an A- rating. Key metrics on financial performance are provided for recent periods. The company's senior management team is described as experienced in reinsurance. An overview of the company's flexible and opportunistic underwriting strategy is given. The presentation provides examples of different types of transactions and notes the diversification of its premium base. It concludes with sections on the company's reinsurance operations and engagement of a leading investment management firm to manage its portfolio.
This document provides an overview of Genworth MI Canada Inc., including its financial results, strategic priorities, investment portfolio, and capital strength. Some key points include: Genworth achieved strong top and bottom line growth in 2014 driven by higher mortgage insurance premium volume and rate increases. It maintains a high quality, diversified insured mortgage portfolio and investment portfolio. Genworth's capital levels significantly exceed regulatory requirements, with an MCT ratio of 185% as of 2014, allowing it to return capital to shareholders through dividend increases and share repurchases.
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 provides contact information for Devon Energy's investor relations team. It also contains safe harbor language, cautionary notes for investors, and an overview of Devon's operations and financial position. The document discusses Devon's portfolio of oil and gas assets, commitment to financial strength, track record of operational execution, and plans for disciplined capital allocation in the current low oil price environment.
This document provides contact information for Devon Energy's investor relations team. It also contains brief summaries of Devon's operations, including its focus on North American oil and gas plays like the STACK, Delaware Basin, and Eagle Ford, as well as its financial strength and capital allocation strategy of investing within cash flow. The document aims to highlight Devon's leading asset portfolio and operational results.
This document provides an investor update from Devon Energy (DVN) regarding its business and operations. It lists investor relations contacts and provides forward-looking statements and non-GAAP information disclosures. The main points are that Devon has a premier asset portfolio focused on top North American resource plays, significant financial strength following asset divestitures raising $3.2 billion, and is delivering top-tier results while disciplinedly allocating capital. Key areas discussed include the STACK play in Oklahoma where Devon has a large position and is accelerating activity, and the Meramec formation within STACK which is emerging as one of the best oil resource plays in North America.
Zep Inc. held an investor presentation in August 2014 to provide an overview of the company and its financial performance. The presentation contained the following key points:
- Zep sells highly effective chemicals and products for maintenance, cleaning, and protection across various markets. It focuses on transportation, industrial/MRO, and janitorial/sanitation industries.
- The company has experienced strong revenue growth through acquisitions completed since 2009. It has also improved EBITDA margins and return on invested capital.
- Zep generates consistent cash flow that it uses to fund operations and debt payments. However, a recent fire at its aerosol plant may impact sales and costs in the near future until production is
The document provides an earnings summary for 1Q 2021. Key points include:
- The company has a strong balance sheet with low leverage of 0.6x net debt to 2021 EBITDAX and projects $3 billion in free cash flow over the next five years.
- In 1Q 2021, the company reported adjusted EBITDAX of $510 million and free cash flow of $329 million.
- The company aims to reinvest 60-70% of capital to produce over 400 MBOE/day annually on $700-750 million in capital expenditures and launch an initial $1.375 per share annual dividend.
- The company has a diversified portfolio across multiple basins including Appal
PVA is an E&P company focused on transitioning from natural gas to oil production through development of its Eagle Ford Shale position. It has grown its Eagle Ford acreage and is seeing strong production and reserve growth from its Eagle Ford drilling program. PVA is also taking steps to improve its financial liquidity by selling non-core assets and reducing capital spending and dividends. Its strategy is focused on continued expansion of its Eagle Ford drilling inventory and reserves to grow its oil and liquids production and cash flows.
Delta is positioned to grow earnings and cash flow in 2016 through modest capacity growth, lower fuel prices providing a $3 billion tailwind, and momentum from commercial initiatives. Delta's international joint ventures and equity partnerships enhance its network and provide higher quality service for customers, while improving profitability compared to operating internationally alone. Delta's transatlantic joint ventures produce above-average margins and moving decision making for its transatlantic business to Amsterdam will further accelerate benefits.
Aeroplan is transforming its Canadian coalition loyalty program model to focus on delivering greater member value. Key changes include introducing a new Distinction program that provides differentiated recognition and rewards to high-value members based on their spending levels and travel, reworking agreements with financial partners TD and CIBC to introduce enhanced credit cards and drive growth, and improving travel rewards to offer more availability and value for members. The transformations aim to strengthen Aeroplan's market leadership position by better engaging premium members and generating higher revenues over the long term.
Aveda energy investor presentation september 2013AvedaEnergy
This investor presentation provides an overview of Aveda Transportation and Energy Services, a growing provider of specialized oilfield hauling and rentals in Western Canada and the US. The summary highlights Aveda's experienced management team, financial performance showing consecutive quarters of revenue growth, and growth strategy focused on organic expansion and acquisitions to capitalize on opportunities in key North American oil and gas plays.
Devon Energy acquired premier STACK development positions in Oklahoma, including 80,000 net surface acres prospective for 10 zones, with a risked resource potential of 400 million BOE. Devon also acquired 253,000 net Powder River Basin acres in Wyoming. Devon will sell non-core assets, including its Access Pipeline in Canada, to generate $2-3 billion in proceeds. The acquisitions and divestitures will sharpen Devon's strategic focus on top resource plays and strengthen its financial position.
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.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
1. The document reports on the operations and financial results of EnLink Midstream for February 2016. It highlights record adjusted EBITDA of $728 million for 2015 and distribution coverage ratios of around 1.0x and 1.2x.
2. EnLink Midstream executed on its strategy in 2015 by completing $4.5 billion in acquisitions, growth projects, and asset drop downs. This expanded its footprint in key resource plays like the STACK, Midland Basin, and Delaware Basin.
3. The company is well positioned for continued growth in 2016, with projections for increased gas processing volumes, crude/condensate volumes, and rigs operating on dedicated acreage compared to 2014 levels.
Ladder Capital - Investor PresentationDavid Merkur
Ladder Capital is a leading commercial real estate investment trust with $5.6 billion in assets and $1.5 billion in book equity. It has a core competency in commercial real estate credit underwriting and offers three complementary products - commercial real estate loans, equity, and securities. Ladder has a national direct origination platform and a diversified and granular asset base focused on the middle market. It is an internally-managed CRE finance REIT with high insider ownership and a cycle-tested management team.
- QTS Realty Trust reported financial results for the first quarter of 2021, with adjusted EBITDA of $82 million, operating FFO per share of $0.76, and revenue of $149 million.
- Leasing activity was strong in Q1, with $21 million in new and modified lease signings. Backlog of signed but not commenced leases was $81 million in annualized GAAP rent.
- Guidance for full year 2021 was reiterated, with revenue expected to be $606 million at the midpoint and adjusted EBITDA expected to be $336.5 million at the midpoint.
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.
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 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.
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%.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for an insurance company. It begins with cautionary statements regarding forward-looking statements and non-GAAP financial measures. It then summarizes the company's business model as a specialty property and casualty reinsurer based in Bermuda with an A- rating. Key metrics on financial performance are provided for recent periods. The company's senior management team is described as experienced in reinsurance. An overview of the company's flexible and opportunistic underwriting strategy is given. The presentation provides examples of different types of transactions and notes the diversification of its premium base. It concludes with sections on the company's reinsurance operations and engagement of a leading investment management firm to manage its portfolio.
This document provides an overview of Genworth MI Canada Inc., including its financial results, strategic priorities, investment portfolio, and capital strength. Some key points include: Genworth achieved strong top and bottom line growth in 2014 driven by higher mortgage insurance premium volume and rate increases. It maintains a high quality, diversified insured mortgage portfolio and investment portfolio. Genworth's capital levels significantly exceed regulatory requirements, with an MCT ratio of 185% as of 2014, allowing it to return capital to shareholders through dividend increases and share repurchases.
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 provides contact information for Devon Energy's investor relations team. It also contains safe harbor language, cautionary notes for investors, and an overview of Devon's operations and financial position. The document discusses Devon's portfolio of oil and gas assets, commitment to financial strength, track record of operational execution, and plans for disciplined capital allocation in the current low oil price environment.
This document provides contact information for Devon Energy's investor relations team. It also contains brief summaries of Devon's operations, including its focus on North American oil and gas plays like the STACK, Delaware Basin, and Eagle Ford, as well as its financial strength and capital allocation strategy of investing within cash flow. The document aims to highlight Devon's leading asset portfolio and operational results.
This document provides an investor update from Devon Energy (DVN) regarding its business and operations. It lists investor relations contacts and provides forward-looking statements and non-GAAP information disclosures. The main points are that Devon has a premier asset portfolio focused on top North American resource plays, significant financial strength following asset divestitures raising $3.2 billion, and is delivering top-tier results while disciplinedly allocating capital. Key areas discussed include the STACK play in Oklahoma where Devon has a large position and is accelerating activity, and the Meramec formation within STACK which is emerging as one of the best oil resource plays in North America.
Zep Inc. held an investor presentation in August 2014 to provide an overview of the company and its financial performance. The presentation contained the following key points:
- Zep sells highly effective chemicals and products for maintenance, cleaning, and protection across various markets. It focuses on transportation, industrial/MRO, and janitorial/sanitation industries.
- The company has experienced strong revenue growth through acquisitions completed since 2009. It has also improved EBITDA margins and return on invested capital.
- Zep generates consistent cash flow that it uses to fund operations and debt payments. However, a recent fire at its aerosol plant may impact sales and costs in the near future until production is
The document provides an earnings summary for 1Q 2021. Key points include:
- The company has a strong balance sheet with low leverage of 0.6x net debt to 2021 EBITDAX and projects $3 billion in free cash flow over the next five years.
- In 1Q 2021, the company reported adjusted EBITDAX of $510 million and free cash flow of $329 million.
- The company aims to reinvest 60-70% of capital to produce over 400 MBOE/day annually on $700-750 million in capital expenditures and launch an initial $1.375 per share annual dividend.
- The company has a diversified portfolio across multiple basins including Appal
PVA is an E&P company focused on transitioning from natural gas to oil production through development of its Eagle Ford Shale position. It has grown its Eagle Ford acreage and is seeing strong production and reserve growth from its Eagle Ford drilling program. PVA is also taking steps to improve its financial liquidity by selling non-core assets and reducing capital spending and dividends. Its strategy is focused on continued expansion of its Eagle Ford drilling inventory and reserves to grow its oil and liquids production and cash flows.
Delta is positioned to grow earnings and cash flow in 2016 through modest capacity growth, lower fuel prices providing a $3 billion tailwind, and momentum from commercial initiatives. Delta's international joint ventures and equity partnerships enhance its network and provide higher quality service for customers, while improving profitability compared to operating internationally alone. Delta's transatlantic joint ventures produce above-average margins and moving decision making for its transatlantic business to Amsterdam will further accelerate benefits.
Aeroplan is transforming its Canadian coalition loyalty program model to focus on delivering greater member value. Key changes include introducing a new Distinction program that provides differentiated recognition and rewards to high-value members based on their spending levels and travel, reworking agreements with financial partners TD and CIBC to introduce enhanced credit cards and drive growth, and improving travel rewards to offer more availability and value for members. The transformations aim to strengthen Aeroplan's market leadership position by better engaging premium members and generating higher revenues over the long term.
Aveda energy investor presentation september 2013AvedaEnergy
This investor presentation provides an overview of Aveda Transportation and Energy Services, a growing provider of specialized oilfield hauling and rentals in Western Canada and the US. The summary highlights Aveda's experienced management team, financial performance showing consecutive quarters of revenue growth, and growth strategy focused on organic expansion and acquisitions to capitalize on opportunities in key North American oil and gas plays.
Devon Energy acquired premier STACK development positions in Oklahoma, including 80,000 net surface acres prospective for 10 zones, with a risked resource potential of 400 million BOE. Devon also acquired 253,000 net Powder River Basin acres in Wyoming. Devon will sell non-core assets, including its Access Pipeline in Canada, to generate $2-3 billion in proceeds. The acquisitions and divestitures will sharpen Devon's strategic focus on top resource plays and strengthen its financial position.
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.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
1. The document reports on the operations and financial results of EnLink Midstream for February 2016. It highlights record adjusted EBITDA of $728 million for 2015 and distribution coverage ratios of around 1.0x and 1.2x.
2. EnLink Midstream executed on its strategy in 2015 by completing $4.5 billion in acquisitions, growth projects, and asset drop downs. This expanded its footprint in key resource plays like the STACK, Midland Basin, and Delaware Basin.
3. The company is well positioned for continued growth in 2016, with projections for increased gas processing volumes, crude/condensate volumes, and rigs operating on dedicated acreage compared to 2014 levels.
Ladder Capital - Investor PresentationDavid Merkur
Ladder Capital is a leading commercial real estate investment trust with $5.6 billion in assets and $1.5 billion in book equity. It has a core competency in commercial real estate credit underwriting and offers three complementary products - commercial real estate loans, equity, and securities. Ladder has a national direct origination platform and a diversified and granular asset base focused on the middle market. It is an internally-managed CRE finance REIT with high insider ownership and a cycle-tested management team.
- QTS Realty Trust reported financial results for the first quarter of 2021, with adjusted EBITDA of $82 million, operating FFO per share of $0.76, and revenue of $149 million.
- Leasing activity was strong in Q1, with $21 million in new and modified lease signings. Backlog of signed but not commenced leases was $81 million in annualized GAAP rent.
- Guidance for full year 2021 was reiterated, with revenue expected to be $606 million at the midpoint and adjusted EBITDA expected to be $336.5 million at the midpoint.
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.
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 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.
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 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 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 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. 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.
Strategic Plan 2040 || Business and Management Plan 2019-2023Petrobras
The presentation contains forward-looking statements about future events that are not based on historical facts and are not assurances of future results. Such statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. The document also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS and may not be comparable to similarly-titled measures provided by other companies.
This document provides contact information for Devon Energy's investor relations team. It also contains forward-looking statements and cautions readers that certain terms used such as "resource potential" are more speculative than proved reserves estimates. The document discusses Devon's asset portfolio, financial strength following divestitures, and operating strategy to maximize production and reduce costs. It highlights top-performing areas including the STACK play in Oklahoma and Delaware Basin in New Mexico, and provides details on well results and significant inventory in these core resource plays.
The document discusses Morgan Stanley's MLP Bus Tour and provides an overview of EnLink Midstream. It notes that EnLink has stable cash flows from long-term fee-based contracts, including a significant portion from its sponsor Devon Energy. It is focused on executing in its core areas of Oklahoma, Permian Basin, and Louisiana. EnLink has a strong financial position as an investment grade company with a $1.5 billion credit facility and high-quality customers.
This document provides an investor update from Devon Energy (DVN). It summarizes DVN's asset portfolio, financial strength following asset divestments, and operating strategy. Key points include DVN focusing its capital investments within cash flow on top-tier oil and gas plays like the STACK and Delaware Basin, achieving significant cost savings, and maintaining a disciplined capital allocation approach.
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.
This document provides contact information for Devon Energy's investor relations team. It also contains standard legal disclaimers about forward-looking statements and the use of non-GAAP financial measures in company presentations. The rest of the document summarizes Devon's operations and financial position, highlighting its high-quality asset portfolio, significant financial strength, and track record of strong well results and cost reductions. It focuses on Devon's leading positions in the STACK and Delaware Basin plays and provides details on recent well performance and significant resource potential across the company's key areas.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclaimers about forward-looking statements, non-GAAP financial measures, and SEC definitions. The rest of the document summarizes Devon's asset portfolio and operating strategy, highlights successful well results and cost savings, and discusses two of Devon's key resource plays, STACK and the Meramec, in more detail.
EnLink Midstream is pursuing growth through four avenues: 1) dropdown acquisitions from sponsor Devon Energy, 2) expanding with Devon in key regions like the Anadarko Basin, 3) organic growth projects like expanding pipelines and plants, and 4) mergers and acquisitions. EnLink has a large portfolio of midstream assets across major basins in the US and a stable cash flow supported by long-term contracts, positioning it for sustainable growth through these avenues to potentially double in size by 2017.
This presentation discusses Molson Coors' strategic framework and priorities. It summarizes that Molson Coors aims to drive sustainable growth and long-term shareholder returns through brand-led profit growth, cash generation, and disciplined capital allocation with a focus on profit after capital charge. Key priorities for 2017 include integrating the MillerCoors acquisition, achieving cost savings, paying down debt, and delivering top- and bottom-line performance.
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.
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.
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 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.
2. 2| Investor Presentation
Investor Contacts & Notices
Investor Relations Contacts
Scott Coody Chris Carr
VP, Investor Relations Supervisor, Investor Relations
405-552-4735 405-228-2496
Email: investor.relations@dvn.com
Forward-Looking Statements
This presentation includes "forward-looking statements" as defined
by the Securities and Exchange Commission (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
Investor Notices
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.
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 third-quarter 2018 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, potential locations, risked and unrisked
locations, estimated ultimate recovery (EUR), 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
Disciplined Growth Strategy
U.S. oil growth ahead of plan
No change to capital spending outlook
Corporate cost savings: ~$475 million/year
Reduced consolidated debt by >40%
Repurchasing ~20% of outstanding stock
Raised quarterly dividend 33%
KEY ACCOMPLISHMENTS IN 2018
KEY STRATEGIC OBJECTIVES
Fund high-return projects
Maintain financial strength
Return cash to shareholders
Generate free cash flow
1
2
3
4
5. 5| Investor Presentation
2018e
Executing The Multi-Year Business Plan
+15% – 17% CAGR
Multi-Year Targets
(2017-2020)
17% YoY growth
9% YoY growth in U.S.
G&A/interest: ↓$475 MM
Trending above 3-year plan
~$5 billion by year end
>40% decrease in debt
Note: Assumes $65 WTI, $3 Henry Hub and current WCS strip pricing
U.S. oil production
(retained assets)
Total BOE production
(retained assets)
Per-unit cost savings
(G&A, interest & LOE)
Cash flow growth
Excess cash inflow
(Free cash flow + divestiture proceeds)
Net debt to EBITDA ratio
Exceeding 2018 plan
On track with 2018 plan
+5% – 7% CAGR
>20% by 2020
$6 – $8 billion
~1.0x – 1.5x
>20% CAGR
(on a per-share basis)
6. 6| Investor Presentation
Strategic Deployment Of Excess Cash
$4 Billion
share-repurchase program underway
KEY INITIATIVES UNDERWAY
33% Increase
in quarterly cash dividend
$1 Billion
debt reduction plan
$4 billion share-repurchase program underway
— Represents ~20% of outstanding shares
— $2.7 billion repurchased to date (as of 11/7/18)
Expect program to be completed by Q1 2019
Retired $828 million of upstream debt YTD
— Plan to retire $257 million of maturing debt
(by early 2019)
Raised quarterly dividend by 33% in 2018
— Target cash flow payout ratio: 5% - 10%
7. 7| Investor Presentation
Significant Financial Strength
Investment-grade credit ratings
Substantial liquidity: $3.1 billion of cash
Net debt to EBITDA target: 1.0x to 1.5x
— Currently within target range
Disciplined hedging program
— Targeting ~50% of oil & gas volumes
— Utilizing basis swaps to protect regional pricing
PROTECTING OUR ABILITY
TO EXECUTE
INVESTMENT-
GRADE
CREDIT RATINGS
Low
Leverage
Net debt to EBITDA
target: <1.5x
Excellent
Liquidity
Cash: $3.1B
Disciplined
Hedging
Targeting ~50%
of total volumes
8. 8| Investor Presentation
Highly-Regarded ESG Performance
Devon is rated in the top half of its peers under
MSCI’s rating methodology.
54
58
Peer Group Avg.
67
74
Peer Group Avg.
64
74
Peer Group Avg.
ENVIRONMENT SCORE
SOCIAL SCORE
GOVERNANCE SCORE
OVERALL SCORE
DEVON’S RANKINGS:
Overall 79th percentile
Environment 58th percentile
Social 81th percentile
Governance 80th percentile
0 25 50 75 100
ENVIRONMENT SCORE SOCIAL SCORE
Note: ISS scoring scale ranges from 1 to 10. The best score possible is 1.
+41%
VERSUS PEER AVG. VERSUS PEER AVG.
DVN’s SCORE: 2
PEER AVERAGE: 3.4
DVN’s SCORE: 3
PEER AVERAGE: 3.3
+10%79
For additional information see our 2018 Sustainability Report.
Percentile0 100
TOP-QUARTILE
PERFORMANCE
9. 9| 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
Accelerate operational efficiencies
Capture
FULL VALUE
Improve
RETURNS
10. 10| Investor Presentation
O U T S TA N D I N G S H A R E SU . S . R E TA I N E D A S S E T SE & P C A P I TA L P R O G R A M
2019 Preview: Keeping Our Discipline
15%-19%Growth$2.4-$2.7 Billion
OPTIMIZED
FOR RETURNS
P O S I T I O N E D F O R
F R E E C A S H F LO W
~20%Reduction
DRIVEN BY LOW-RISK
DEVELOPMENT PROGRAM
OIL
GROWTH
SHARE
REDUCTION
$
ENHANCING PER-SHARE
CASH FLOW GROW TH
KEY MESSAGES
U.S. resource plays account for ~90% of capital
Delaware Basin top-funded asset in portfolio
STACK & Rockies key contributors to oil growth
11. 11| Investor Presentation
Protecting Pricing & Flow Assurance
Gulf Coast
Access to Premium Gulf Coast Markets
STACK
Delaware
Basin
BASIS SWAPS &
FIRM TRANSPORT
FIELD-LEVEL
REALIZATIONS
(1) Represents Q3 2018 U.S. oil realizations and includes benefits of basis swaps & firm transport
of WTI(1)
97%
• Firm transport: 30
MBOD (Marketlink)
• Firm transport: ~20 MBOD (Longhorn)
• Firm sales: 100 MBOD (guaranteed flow)
Oil Realizations
U.S.
Capturing the benefit of higher NGLs Pricing
Realized NGLs price ($/Bbl)
$15.15
$18.46
$22.56
$24.10
$29.59
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
KEY MESSAGES
Majority of production has access to Gulf Coast
Delaware Basin oil production is price protected
NGLs benefit from access to Mont Belvieu
95% IMPROVEMENT
YEAR OVER YEAR
12. 12| Investor Presentation
Securing The Supply Chain
SERVICES & SUPPLIES SECUREDSERVICES & SUPPLIES SECURED Expect mid-single digit inflation in 2019
— Efficiencies expected to offset cost pressures
Multi-year development plans allow for longer-term
commitments at below-market rates
— Decoupling bundled services across supply chain
— Expanded vendor universe to achieve savings
— Services and supplies secured through 2019
Contracting strategy delivering strong results
— Long-term dedicated frac crews at below market rates
— Regional sand strategy delivering 30% savings
— Majority of rigs protected at below market rates
13. 13| Investor Presentation
Delaware Basin – Franchise Asset
World-class oil opportunity
Multi-decade growth platform
Up to 15 target intervals
Accelerating development activity
Key Development Projects
Core Development Area
POTATO BASIN
TODD
THISTLE/GAUCHOCOTTON DRAW
RATTLESNAKE
Seawolf
Flowing back
Eddy
Loving
Lea
Fighting Okra
Completing
North Thistle 34
Drilling
For additional information see our Q3 operations report
Flagler
Drilling
Van Doo Dah
Drilling
Snapping
Drilling
Lusitano
Flowing back
Spud Muffin
Q4 2018 Spud
Boundary Raider Area
Drilling
14. 14| Investor Presentation
Delaware Basin – Advantaged State-Line Area
2018 YTD 2018e Exit 2019e
72
~90
Improved infrastructure driving lower costs
LOE & Transportation Expense ($/BOE)
High-return oil growth positioned to advance
(MBOED)
$17.20
$9.54 $9.03
~$7.50
<$7.00
Peak 2015 Rates 2016 2017 2018e 2019e
~60%
IMPROVEMENT
Note: 2015-2017 costs are pro forma for revenue recognition accounting rules implemented in 2018.
Well productivity reaching record highs
Average Cumulative Oil Production Per Well (MBO)
2018
2015-2017 avg.
0
50
100
150
1 2 3 4 5 6 7 8 9 10 11 12
Months Online
>70% IMPROVEMENT
2018 VERSUS 3-YEAR AVERAGE
Accelerating activity in 2019
Upstream Capital ($B)
>5 MBOED vs. plan
RAISING GUIDANCE (vs. 2018)
~40% oil growth
1Billion2019e
Capital
T O P F U N D E D A S S E T
~$
15. 15| Investor Presentation
STACK – Next Steps To Optimize Development Returns
Upcoming activity highly accretive to corporate
return targets
— Growth trajectory re-established by year end
— Well placement focused in Upper Meramec
— D&C costs expected to further improve
Positioned for production growth in 2019
— 2nd highest funded asset in portfolio
— Targeting 4-8 wells per drilling unit
Significant growth inventory remaining
— 130K net acres in over-pressured oil window
— Acreage position >90% undeveloped
— Meramec inventory risked at 6 wells per unit
Pony Express
4 wells per unit
Online Q4 2018
ML Block
8 wells per unit
2019 project
Kingfisher
Canadian
Custer
Blaine
Upcoming Developments
UPCOMING STACK DEVELOPMENT ACTIVITY
1
5
9
Geis
7 wells per unit
Flowing Back
Shangri-La
5 wells per unit
Online Q4 2018
Showboat
12 wells per unit
1 2
3
2
6
10
Safari
4 wells per unit
Online Q4 2018
Doppelganger/Kraken
8 & 7 wells per unit
2019 project
3
7
11
Scott
6 wells per unit
2019 project
4
8
12
4-8 wells
UPCOMING ACTIVITY
PER
UNIT
Developments Online
Horsefly
10 wells per unit
Bernhardt
8 wells per unit
4
6
7
9
Coyote
7-well project
8
10
11
12
5
Whiskey Jack
5 wells per unit
Online Q4 2018
Northwoods
4 wells per unit
2019 project
Brachiosaurus
4 wells per unit
2019 project
Minnie Ha Ha
6 wells per unit
2019 project
Morning Thunder
4 wells per unit
2019 project
16. 16| Investor Presentation
Rockies – An Emerging Growth Opportunity
Accelerating capital activity in 2019
— Expect to operate 4 rigs by early next year
— Represents 2x increase in activity from 2018
— No permitting or infrastructure constraints
Shifting Super Mario area into development
— ~35 Turner wells planned to spud in 2019
— Multi-year Turner inventory (~200 wells)
Niobrara provides significant upside potential
— Initial 3 wells successful (product mix: ~90% oil)
— >10 additional tests scheduled in 2019
— Net acres: ~200,000 in oil fairway
2019 Outlook: Accelerating Activity
Drilling activity by zone
Niobrara
Other
2019
DRILLING
ACTIVITY
2018e 2019e
25
(wells)
45-50
(wells)
Turner
RECENT POWDER RIVER BASIN ACTIVITY
Super Mario Area
Turner
Niobrara
Converse
RU DILTS Fed 1X & 3X
Avg. 30-Day IP: 1,050 BOED per well
RU JFW Fed 13 3X & 4X
Avg. 30-Day IP: 1,500 BOED per well
Conley Draw 1X
Avg. 30-Day IP: 1,300 BOED
(~90% oil)
SDU Tillard 1X
Avg. 30-Day IP: 1,200 BOED
(~90% oil)
PDU WJ Ranch 22
Avg. 30-Day IP: 1,100 BOED
(~90% oil)
RU State Fed 2X & 4X
Avg. 30-Day IP: 1,450 BOED per well
SDU Tillard 2X
Avg. 30-Day IP: 1,650 BOED
(~90% oil)
19. 19| Investor Presentation
KEY METRICS Q3 ACTUALS
U.S. oil – retained (MBbls/d) 125
Canada oil (MBbls/d) 102
NGLs – retained (MBbls/d) 107
Gas - retained (MMcf/d) 1,001
Total retained assets (MBoe/d) 500
U.S. divested assets (MBoe/d) 22
Total (MBoe/d) 522
LOE & GP&T ($/BOE) $9.45
General & administrative expenses ($MM) $147
Financing costs, net ($MM) $75
Upstream capital ($MM) $523
Q3 2018 - ASSET DETAIL DELAWARE STACK ROCKIES EAGLE FORD BARNETT HEAVY OIL
RETAINED PRODUCTION
Oil (MBbl/d) 44 29 15 31 - 102
NGL (MBbl/d) 19 40 2 15 30 -
Gas (MMcf/d) 103 337 18 84 447 11
Total (MBoe/d) 79 126 19 60 105 104
ASSET MARGIN (per Boe)
Realized price $46.80(2) $31.48 $55.83 $49.44 $17.78 $39.99(3)
Lease operating expenses ($4.90) ($2.16) ($6.90) ($2.34) ($2.14) ($9.61)
Gathering, processing & transportation ($2.01) ($5.05) ($1.68) ($4.92) ($7.53) ($3.93)
Production & property taxes ($3.37) ($1.71) ($6.81) ($2.72) ($1.24) ($0.83)
Cash margin $36.52 $22.56 $40.44 $39.46 $6.87 $25.62
CAPITAL ACTIVTY (Q3 avg.)
Upstream capital ($MM) $198 $167 $29 $35 $15 $60
Operated development rigs 8 8 2 1
Operated frac crews 2 2 0.5 1
Operated spuds 25 26 6 9
Operated wells tied-in 27 26 7 10
Average lateral length 7,000’ 9,800’ 8,700’ 5,200’
GUIDANCE Q4 2018e
U.S. oil – retained (MBbls/d) 127 – 131
Canada oil (MBbls/d)(2) 110 – 115(1)
NGLs – retained (MBbls/d) 106 – 110
Gas – retained (MMcf/d) 955 – 1,010
Total retained assets (MBoe/d) 502 – 524
U.S. divested assets (MBoe/d) 13 – 19
Total (MBoe/d) 515 – 543
Lease operating expense & GP&T ($/BOE) $9.50 – $9.75
Production & property taxes ($MM) $85 – $95
General & administrative expenses ($MM) $140 – $160
Financing costs, net ($MM) $75 – $85
Upstream capital ($MM) $550 – $650
Avg. basic share count outstanding (MM) 450 – 460
(1) Guidance assumes Jackfish complex curtailments continue throughout December.
(2) Includes benefits of regional basis swaps and firm transport in the Delaware totaling $42 million.
(3) Includes benefits of regional basis swaps in Canada totaling $84 million.
Q3 2018 – Key Modeling Stats & Outlook
20. 20| Investor Presentation
2018 Outlook: U.S. Growth Initiatives Ahead Of Plan
U.S. growth exceeding expectations YTD
2018e oil production growth rates (retained assets)
U.S. Oil Production (MBOD) 2018e 2017 %
Delaware Basin 42 30
STACK 32 25
Rockies 15 10
Eagle Ford 28 34
Other 6 6
Total retained assets 123 105 +17%
Divested assets (sold or to be sold) 9 11
Total reported oil production 132 116 +13%
Original Budget Current Outlook
+15%
(vs. 2017)
+17%
(vs. 2017)
Basis Points
+200
No change to capital spending plans
2018e E&P capital
$2.4B10%
90%
U.S. ASSETS
2018e E&P
CAPITAL
CANADA
KEY MESSAGES
U.S. oil growth to accelerate into 2019
No change to activity with higher pricing
Generating free cash flow ($249 million in Q3)
21. 21| Investor Presentation
Divestiture Program Accelerates Value Creation
SALESPRICE:
$3.125 Billion
ACCRETIVE MULTIPLE:
12x Cash Flow
TRANSACTION DETAILS Resource quality & depth allows for high-grading
of portfolio
Announced $4.7 billion of divestitures to date
— Closed EnLink transaction in July ($3.125 billion)
— Upstream asset sales: $1.6 billion
— No incremental cash taxes from transactions
Expect to exceed $5 billion divestiture target
around year end
— Rockies CO2 projects (bids by year end)
— Central Basin Platform assets (bids by year end)
Continuously evaluating options to further high-
grade upstream portfolio
Next Steps in High-Grading Portfolio
Rockies CO2
Central Basin Platform
Production: 4 MBOED (~80% oil)
Data room: Open
Production: 4 MBOED (~45% oil)
Data room: Open
22. 22| Investor Presentation
Eagle Ford & Barnett Shale
Q3 Results
20 Eagle Ford Wells
Avg. 30-Day IP: ~3,000 BOED/Well
EAGLE FORD OVERVIEW
Q3 production averaged 60 MBOED (51% oil)
Strong well results drive 10% growth vs. Q2
— 20 new wells : IP30 ~3,000 BOED (50% oil)
— Completion design contributes to performance
Free cash flow accelerates (~$500 million in 2018e)
Q4 outlook: ~60 MBOED (15 new wells online)
BARNETT SHALE OVERVIEW
Sale price: ~$50 million
Production: ~4 MBOED
DentonWise
Dewitt
Divest Details
2018 Dow JV ActivityFREE CASH FLOW
500$
Q3 production averaged 105 MBOED (~30% NGLs)
Dow JV and refrac activity stabilizing production
NGL pricing drives margin expansion
GP&T expense to decline by ~$90 million in 2019
Wise County package sold for ~$50 million (Q4 close)
MILLION IN 2018e
~ 10%OIL GROWTH
(VS Q2 2018)
23. 23| Investor Presentation
Heavy Oil – Overview & Outlook
Q3 net production: 104,000 Boe per day
— Jackfish 1 maintenance impact: ~15 MBOD
— Jackfish 2&3 produced at nameplate capacity
— LOE per Boe declined 16% vs. Q2 2018
Full-scale operations restored at Jackfish complex
— Rates reach ~110% of nameplate capacity in October
Adjusted November production rates at Jackfish due
to market conditions (~8 MBOD impact to Q4)
— Previously incorporated in Q4 oil production outlook
(press release issued 10/16/18)
Potential to continue curtailing barrels in December
— Decision based on real-time pricing
WCS basis swaps protect Q4 cash flow (~$150 MM benefit)
SAGD Sweet Spot
1$
INCREASE PER BBL
FOR EVERY INCREMENTAL
40MM
$
ANNUALIZED CASH FLOW
Q3 PRODUCTION GROSS NET
Jackfish 1 (MBOD) 20.4 19.4
Jackfish 2 (MBOD) 34.9 33.1
Jackfish 3 (MBOD) 34.8 33.0
Lloydminster (MBOED) 20.7 18.3
Total Heavy Oil (MBOED) 110.8 103.8
24. 24| Investor Presentation
Heavy Oil – Mitigating Pricing Pressures In 2019
Actively adding WCS financial swaps in 2019
(21 MBOD at ~$23 off WTI in 1H 2019)
Secured firm transport to Gulf Coast
(Agreements cover ~10% of production)
Seeking accretive rail contracts
(Targeting up to 20% of production)
Directly connected to Northwest upgrader
(Limits impact of future apportionments)
Line 3 expansion in Q4 2019 (+370 MBOD capacity)
PADD 2
Houston
Edmonton
Jackfish
Enbridge
Mainline
Flanagan South
~$30 off WTI in 2019
WCS Pricing
Pipelines
Rail
Seaway
Cushing
~$2 off WTI in 2019
Gulf Coast WCS Pricing
All in cost: ~$20/BBL
Rail Opportunities
Canadian Heavy Oil Marketing Opportunities
$(50)
$(40)
$(30)
$(20)
$(10)
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
Differentials Narrowing into 2019
$/Barrel Differential (WCS vs. WTI)
WCS differential to WTI
Further improvements
expected as industry adds
incremental rail activity