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WPX Energy
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Q3 2020 Earnings Presentation
| Richard Muncrief | Page 2 of 11 |
December 26, 2024
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"Q3 2020 Earnings Presentation"
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2 nd Half 2020 Highlights Increasing FREE CASH FLOW 2 Exceeding PRODUCTION TARGETS Expected 2020 free cash flow increasing 50% to $300MM+ Current oil rate of ~140 Mbbl/d and raising 4Q 2020 guide: 137 - 143 Mbbl/d REDUCING Capital & Costs Lowering FY 2020 Capex by $50MM ($1.0B - $1.1B) 1 Lowering FY 2020 LOE per BOE by 14% at midpoint ($5.10 - $5.40) 2 Announced STRATEGIC Merger of Equals Combining with Devon to create a shareholder/stakeholder focused energy company 1. Lowering “Scenario One” capital guidance by $50MM from $1.05B-$1.15B to $1.0B-$1.1B. 2. Lowering 2020 full-year LOE/BOE guide from $5.90- $6.30 per BOE to $5.10-$5.40 per BOE. ? ? ? ? Delineating ADDITIONAL BENCHES Promising initial results from 2 nd & 3 rd Bone Spring in Stateline position ?