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North American Shale–Productivity Progress North American Shale–Productivity Progress Hans-Christian Freitag, VP, Integrated Technology, Baker Hughes Greg Leveille, General Manager, Unconventional Reservoirs Technology Program, ConocoPhillips Mark Zoback, Benjamin M. Page Professor of Geophysics, Stanford University Stephen Beck, Senior Director, North American Supply, IHS Jim Lockhart, Director, North American Supply, IHS (Chair) North American Shale: Productivity Progress Technology Advances in the Unconventionals Boon or Bane? HC Freitag | Vice President Integrated Technology © 2016 BAKER HUGHES INCORPORATED. ALL RIGHTS RESERVED. TERMS AND CONDITIONS OF USE: BY ACCEPTING THIS DOCUMENT, THE RECIPIENT AGREES THAT THE DOCUMENT TOGETHER WITH ALL INFORMATION INCLUDED THEREIN IS THE © 2015 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2015 Baker © CONFIDENTIAL AND PROPRIETARY PROPERTY OF BAKER HUGHES INCORPORATED AND INCLUDES VALUABLE TRADE SECRETS AND/OR PROPRIETARY INFORMATION OF BAKER HUGHES (COLLECTIVELY "INFORMATION"). BAKER HUGHES RETAINS ALL RIGHTS UNDER COPYRIGHT LAWS AND TRADE SECRET LAWS OF THE UNITED STATES OF AMERICA AND OTHER COUNTRIES. THE RECIPIENT FURTHER AGREES THAT THE DOCUMENT MAY NOT BE DISTRIBUTED, TRANSMITTED, COPIED OR REPRODUCED IN WHOLE OR 1 IN PART BY ANY MEANS, ELECTRONIC, MECHANICAL, OR OTHERWISE, WITHOUT THE EXPRESS PRIOR WRITTEN CONSENT OF BAKER HUGHES, AND MAY NOT BE USED DIRECTLY OR INDIRECTLY IN ANY WAY DETRIMENTAL TO BAKER HUGHES’ INTEREST. Activity and Productivity U.S. oil and gas drilling rigs Gas production [MMSCF] 2500 50 2000 40 1500 30 1000 20 500 10 0 0 Antrim (MI, IN, & OH) Bakken (ND) Woodford (OK) Gas Drilling Oil Drilling Barnett (TX) Fayetteville (AR) Eagle Ford (TX) Haynesville (LA & TX) Marcellus (PA,WV,OH & NY) Utica (OH, PA & WV) © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © Rest of US 'shale' 4 Source: Investors Business Daily, Baker Hughes and Energy Information Administration Drilling Efficiency U.S. Land average drilling days per horizontal well 40 35 30 25 20 15 10 Note: Analysis includes the entire population of 5 horizontal wells from each time period. Drilling days were calculated based upon the reported well spud and reported final dates. 0 2007 2015 © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © 5 Source: IHS Completion Efficiency WHEN YOU CAN WHY JUST SAVE ELIMINATE AN HOURS OR DAYS… ENTIRE PROCESS © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © 6 Efficiency Gains – Bane or Boon? 70% OF UNCONVENTIONAL WELLS DON’T REACH THEIR PRODUCTION TARGETS [Welling & Company] 30% OF ALL PERF CLUSTERS AREN’T PRODUCING [SPE 144326] © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © 7 Unconventional Well Production Rejuvenation – Not Just Refracs Recovery Factor ~x% ~xx% - - Base Incremental © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © 8 “Data Has Shape, Shape Has Meaning” More proppant = more production Less proppant = more production © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © 9 The Key is Getting the RIGHT DATA UNDERSTAND THE FORMATION © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © 10 The Key is Getting the RIGHT DATA UNDERSTAND THE FORMATION MODEL THE RESERVOIR © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © 11 The Key is Getting the RIGHT DATA UNDERSTAND THE FORMATION MODEL THE RESERVOIR PREDICT THE PERFORMANCE © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © 12 The Days Of Easy Oil … © 2015 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2015 Baker © 13 North American Shale: Productivity Progress Technology Advances in the Unconventionals Boon or Bane? HC Freitag | Vice President Integrated Technology © 2016 BAKER HUGHES INCORPORATED. ALL RIGHTS RESERVED. TERMS AND CONDITIONS OF USE: BY ACCEPTING THIS DOCUMENT, THE RECIPIENT AGREES THAT THE DOCUMENT TOGETHER WITH ALL INFORMATION INCLUDED THEREIN IS THE © 2016 Baker Hughes Incorporated. All Rights Reserved.All Rights Incorporated. Hughes 2016 Baker © CONFIDENTIAL AND PROPRIETARY PROPERTY OF BAKER HUGHES INCORPORATED AND INCLUDES VALUABLE TRADE SECRETS AND/OR PROPRIETARY INFORMATION OF BAKER HUGHES (COLLECTIVELY "INFORMATION"). BAKER HUGHES RETAINS ALL RIGHTS UNDER COPYRIGHT LAWS AND TRADE SECRET LAWS OF THE UNITED STATES OF AMERICA AND OTHER COUNTRIES. THE RECIPIENT FURTHER AGREES THAT THE DOCUMENT MAY NOT BE DISTRIBUTED, TRANSMITTED, COPIED OR REPRODUCED IN WHOLE OR 14 IN PART BY ANY MEANS, ELECTRONIC, MECHANICAL, OR OTHERWISE, WITHOUT THE EXPRESS PRIOR WRITTEN CONSENT OF BAKER HUGHES, AND MAY NOT BE USED DIRECTLY OR INDIRECTLY IN ANY WAY DETRIMENTAL TO BAKER HUGHES’ INTEREST. Unconventional Reservoir Technology Advances and Efficiency Improvements February 24, 2016 1 Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations, operating results or the industries or markets in which we operate or participate in general. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that may prove to be incorrect and are difficult to predict such as oil and gas prices; operational hazards and drilling risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects; unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; international monetary conditions and exchange controls; potential liability for remedial actions under existing or future environmental regulations or from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions, as well as changes in tax, environmental and other laws applicable to ConocoPhillips’ business and other economic, business, competitive and/or regulatory factors affecting ConocoPhillips’ business generally as set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (SEC). We caution you not to place undue reliance on our forward-looking statements, which are only as of the date of this presentation or as otherwise indicated, and we expressly disclaim any responsibility for updating such information. Use of non-GAAP financial information – This presentation may include non-GAAP financial measures, which help facilitate comparison of company operating performance across periods and with peer companies. Any non-GAAP measures included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure on our website at www.conocophillips.com/nongaap. Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the term "resource" in this presentation that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website. 2 Unconventional Reservoirs - A Technical Revolution of Enormous Scale U.S. Natural Gas Production U.S. Oil Production (billions of cubic feet per day) (million barrels per day) 75 10 65 8 Shale 2005 Gas 55 Unconventional 6 45 Conventional Decline Curve Non-Shale Gas Conventional 4 35 25 2 2000 2003 2006 2009 2012 2015 1950 1960 1970 1980 1990 2000 2010 3 Source: U.S. Department of Energy, Energy Information Administration (EIA) America’s “Big Four” Unconventional Fields are World-Class Discoveries 4 Map shows wells drilled in U.S. Lower 48 states since start of 20th century; well locations from U.S. Geological Survey; resource estimates based upon publically available sources and ConocoPhillips estimates Technology Advances and Efficiency Improvements Drilling Completions Sustainability Lateral Lengths Clusters per Well Water Recycling Drilling Days Proppant & Fluid Surface Footprint Multi-Well Pads Clusters per Stage Methane Emissions 5 Technology Advances are Driving Down Costs & Increasing Production Rates Pace of Technology Advancements Present Cumulative Improvements Cumulative 2005 Time 6 World-Class Discoveries + Rapid Technology Advances = Technically-Driven "Revolution" High Conventional Unconventional Onshore Offshore Reservoirs Shallow Water Global Resources Discovered per Annum per Discovered GlobalResources Deep First Modern Water Oil Well Low 1859 1909 1959 2009 7 Schematic representation of global hydrocarbon discovery history derived from numerous sources; shapes simplified to represent general
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