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Worldwide Exploration
Bob DanielsSenior Vice President, Worldwide Exploration
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Worldwide Exploration
PerformancePerformanceConsistent DeliveryConsistent DeliveryPredictive ResultsPredictive ResultsExtensive InventoryExtensive Inventory
AssetsAssetsGulf of MexicoGulf of MexicoWest AfricaWest AfricaMozambiqueMozambique
Creating ValueCreating ValueDevelopmentDevelopmentMonetizationMonetization
BrazilBrazilSoutheast AsiaSoutheast AsiaAlaskaAlaska
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Exploration Portfolio
Exploration StrategyExploration StrategyTarget Proven BasinsTarget Proven BasinsLeverage Skill Sets and ExpertiseLeverage Skill Sets and ExpertiseSeek Big ResourcesSeek Big Resources
Focused, High-Impact
ALASKAALASKAALASKA
U.S. ONSHOREU.S. ONSHOREU.S. ONSHORE
DEEPWATER GOMDEEPWATER GOMDEEPWATER GOM
BRAZILBRAZILBRAZIL
WEST AFRICAWEST AFRICAWEST AFRICA
MOZAMBIQUEMOZAMBIQUEMOZAMBIQUEINDONESIAINDONESIAINDONESIA
CHINACHINACHINA
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PRODUCING
GOM DISCOVERY
MONETIZED
INTERNATIONAL DISCOVERY
Deepwater Discoveries
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Not Just Discoveries: Significant Discoveries
APC in 8 of the 11 Discoveries Over 100 MMBOEAPC in 8 of the 11 Discoveries Over 100 MMBOE
Source: Wood Mackenzie Study
Discoveries Area Discovery Date
N. Thunder HorseN. Thunder Horse Mississippi CanyonMississippi Canyon 20002000
Blind FaithBlind Faith Mississippi CanyonMississippi Canyon 20012001K2 / K2 NorthK2 / K2 North Green CanyonGreen Canyon 20022002
ShenziShenzi / Genghis Khan/ Genghis Khan Green CanyonGreen Canyon 20022002TahitiTahiti Green CanyonGreen Canyon 20022002
Tubular BellsTubular Bells Mississippi CanyonMississippi Canyon 20032003
PumaPuma Green CanyonGreen Canyon 20042004
Knotty Head / PonyKnotty Head / Pony Green CanyonGreen Canyon 20052005Big FootBig Foot Walker RidgeWalker Ridge 20052005
Mission DeepMission Deep Green CanyonGreen Canyon 20062006Caesar/Tonga WestCaesar/Tonga West Green CanyonGreen Canyon 2006 / 072006 / 07
Central Subsalt Miocene Fields Since 2000Central Subsalt Miocene Fields Since 2000
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Gulf of Mexico Success
APC Deepwater Success Rate 2005 APC Deepwater Success Rate 2005 -- 2007: 51%2007: 51%
Reasons for APC SuccessReasons for APC SuccessProven Oil FindersProven Oil FindersCommitment to the ProgramCommitment to the ProgramIncreasingly Valuable Acreage PositionIncreasingly Valuable Acreage PositionDisciplined Risking MethodologyDisciplined Risking MethodologyRigs to ExecuteRigs to Execute
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SILVERADOSILVERADO
VITOVITO
Gulf of Mexico
2008 2008 -- 2009 Program2009 ProgramDrill 10 Drill 10 -- 15 Exploration / Appraisal Wells15 Exploration / Appraisal Wells100+ MMBOE Resource Targets100+ MMBOE Resource Targets
~150 Leads and Prospect Inventory~150 Leads and Prospect Inventory2.2 Million Net Acres2.2 Million Net Acres
Advancing Discoveries, Prospects and Leads
MIOCENE PROSPECTS LOWER TERTIARY PROSPECTSAPC ACREAGE MIOCENE LOWER TERTIARY
LYELLLYELL
TURTLE LAKETURTLE LAKEHEIDELBERGHEIDELBERG
STURGIS NORTHSTURGIS NORTH
2008 Program2008 Program2008 Program
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Caesar/Tonga Complex
Strategy at WorkStrategy at WorkRegional ExperienceRegional ExperienceCommercial PlanCommercial PlanRigsRigsInfrastructureInfrastructure
ResultResultSubstantial Discovery inSubstantial Discovery in Heart of Middle Miocene Heart of Middle Miocene Fairway (200 Fairway (200 -- 400 MMBOE)400 MMBOE)Multiple Exploration Multiple Exploration OpportunitiesOpportunities
Success Story
EXPECTED SUBSEA TIEBACK TO CONSTITUTION
APC ACREAGE
2008 EXPLORATION PLAN
ConstitutionConstitutionAPC WI 100%APC WI 100%
TICONDEROGA FIELD
APC WI 50%
TICONDEROGA FIELD
APC WI 50%
TONGA WEST DISCOVERYAPC WI 37.5%
TONGA WEST DISCOVERYAPC WI 37.5%
CAESAR DISCOVERYAPC WI 20%
CAESAR DISCOVERYAPC WI 20%
TAHITI FIELDAPC ORRI 3%+TAHITI FIELDAPC ORRI 3%+
LYELL PROSPECT APC WI 40%
LYELL PROSPECT APC WI 40%
HEIDELBERG PROSPECT APC WI 38%
HEIDELBERG PROSPECT APC WI 38%
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Knowledge Transfer
GOM DISCOVERY
INTERNATIONAL DISCOVERY
2007 2008
Recent DiscoveriesRecent DiscoveriesRecent Discoveries
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West Africa Deepwater Exploration
Leverage Ghana DiscoveriesLeverage Ghana Discoveries2008 Program2008 Program
Drill Up to 9 Appraisal / Exploration Wells Drill Up to 9 Appraisal / Exploration Wells 150+ MMBOE Resource Targets150+ MMBOE Resource TargetsCapture Additional Blocks Along Cretaceous TrendCapture Additional Blocks Along Cretaceous Trend
Proven System with Great Upside
APC ACREAGE APC DISCOVERIES
Cretaceous Trend2 BBOE Discovered
Under-ExploredCretaceous Trend
8 BBOE Discovered
2008 DRILLING
Gross Acreage: 7.1 MillionGross Acreage: 7.1 Million
Tertiary Trend103 BBOE Discovered
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Ghana: World-Class Discoveries
2007 Ghana Discoveries2007 Ghana Discoveries2 Discoveries in 20072 Discoveries in 2007Resource Size: 200 Resource Size: 200 -- 1,000+ 1,000+ MMBOEMMBOE
2008 Activity2008 ActivityOdumOdum--1 Discovery Well1 Discovery WellDrill 5 Drill 5 -- 7 Appraisal / 7 Appraisal / Exploration WellsExploration WellsExpect Sanctioning Expect Sanctioning
Future ActivityFuture ActivityRig Contracted for Rig Contracted for 2009 2009 -- 2011 Program2011 ProgramFirst Production AnticipatedFirst Production Anticipated in 2010in 2010
Emerging Core Area
APC ACREAGE JUBILEE FIELD PROSPECTDISCOVERIES
10 miles HYEDUA-1HYEDUA-1
MAHOGANY-1MAHOGANY-1
ODUM-1ODUM-1
MAHOGANY-2MAHOGANY-2
DRILLING
Gross Acreage: 0.7 MillionGross Acreage: 0.7 Million
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Mozambique
Exploration PositionExploration PositionUnderUnder--Explored Proven Explored Proven Petroleum ProvincePetroleum ProvinceSimilar Geological Setting to Similar Geological Setting to Gulf of Mexico and Niger DeltaGulf of Mexico and Niger DeltaOver 100 Leads on 2D SeismicOver 100 Leads on 2D Seismic3+ BBOE of Resource Potential3+ BBOE of Resource Potential
2008+ Activity2008+ ActivityAcquiring 3,000 kmAcquiring 3,000 km22 3D Seismic 3D Seismic Anticipate Drilling First WellAnticipate Drilling First Well in 2009in 2009
New Exploration Frontier with a Familiar Look
TANZANIA
TANZANIA
MOZAMBIQUE
MOZAMBIQUE
APC ACREAGE 2008 ACTIVITY
OFFSHORE AREA 1APC WI 66%
OFFSHORE AREA 1APC WI 66%
ONSHORE BLOCKAPC WI 42%
ONSHORE BLOCKAPC WI 42%
Mnazi BayGas Field
Mnazi BayGas Field
Gross Acreage: 6.4 MillionGross Acreage: 6.4 Million
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Brazil: Subsalt Excitement
Exploration PositionExploration PositionMultiple Subsalt Targets Multiple Subsalt Targets Near Subsalt DiscoveriesNear Subsalt Discoveries150+ MMBOE Resource 150+ MMBOE Resource TargetsTargets
2008 Activity2008 ActivityDrill 4 Exploration Wells: Drill 4 Exploration Wells: Primary Focus on SubsaltPrimary Focus on SubsaltCurrently Drilling Serpa Currently Drilling Serpa Prospect Prospect Bringing Rig to AreaBringing Rig to Area
APC ACREAGE 2008 ACTIVITY
TupiTupi
Linguado ComplexLinguado Complex
Caxareu FieldCaxareu Field
JupiterJupiter
Espírito SantoBasin
Espírito SantoBasin
CamposBasin
CamposBasin
SantosBasin
SantosBasin
INDUSTRY SUBSALT DISCOVERIES
Gross Acreage: ~1.0 MillionGross Acreage: ~1.0 Million
SERPA PROSPECT
SERPA SERPA PROSPECTPROSPECT
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Southeast Asia: Emerging Deepwater
2008 Activity2008 ActivityDrill 3 Exploration WellsDrill 3 Exploration Wells150+ MMBOE Resource Targets150+ MMBOE Resource Targets
SOUTH CHINA SEASOUTH CHINA SEASOUTH CHINA SEA
BOHAI BAYBOHAI BAYBOHAI BAY
TARAKAN CORE AREATARAKAN CORE AREATARAKAN CORE AREA
ASTER DISCOVERYASTER DISCOVERY
East China Sea
Indian Ocean
South China Sea
Husky DiscoveryHusky Discovery
PROSPECTS
LW 21-1 LW 21-1
Gross Acreage: 17 MillionGross Acreage: 17 MillionAPC ACREAGE 2007 DISCOVERY 2008 ACTIVITY
LW 21LW 21--1 Well on Trend with 1 Well on Trend with 44--6 Tcf Husky Discovery6 Tcf Husky Discovery
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Alaska
Exposure to WorldExposure to World--Class ResourcesClass ResourcesAnchors, Satellites, Strategic GasAnchors, Satellites, Strategic GasEfficient Use of Exploration Capital Efficient Use of Exploration Capital with New Tax Lawswith New Tax Laws
Strategic Position in World-Class Basins
2008 ACTIVITYAPC ACREAGE
CHANDLERCHANDLER
2 - 10 Tcf Potential
GUBIKGUBIKUMIATUMIAT
JACOB’S LADDERJACOB’S LADDERSPARKSPARK
RENDEZVOUSRENDEZVOUS
Moose’s Tooth Alpine
Fiord
Nanuq
QannikAlpine West
SunriseLookout
Gross Acreage: 4.7 MillionGross Acreage: 4.7 Million
NPRA
ALPINE GROSS PRODUCTIONALPINE GROSS PRODUCTION
00
1010
2020
3030
4040
5050
20002000 20012001 20022002 20032003 20042004 20052005 20062006 20072007
MM
BO
EM
MB
OE
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AssetsAssetsGulf of MexicoGulf of MexicoWest AfricaWest AfricaMozambiqueMozambique
Worldwide Exploration
PerformancePerformanceConsistent DeliveryConsistent DeliveryPredictive ResultsPredictive ResultsExtensive InventoryExtensive Inventory
Creating ValueCreating ValueDevelopmentDevelopmentMonetizationMonetization
BrazilBrazilSoutheast AsiaSoutheast AsiaAlaskaAlaska
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0
100
200
300
400
500
600
700
800
900
1000
2004 2005 2006 2007
MM
BO
E (C
umul
ativ
e)
2008
Consistent Exploration Track Record~1 BBOE Net Resources Discovered: 2004 - 2007
2007 Net Discovered ResourcesExpected: 197 MMBOEDelivered: 220 MMBOE
2007 Net Discovered ResourcesExpected: 197 MMBOEDelivered: 220 MMBOE
2008 Net Discovered ResourcesExpected: 210 MMBOE2008 Net Discovered ResourcesExpected: 210 MMBOE
17
Worldwide Exploration
PerformancePerformanceConsistent DeliveryConsistent DeliveryPredictive ResultsPredictive ResultsExtensive InventoryExtensive Inventory
Creating ValueCreating ValueDevelopmentDevelopmentMonetizationMonetization
AssetsAssetsGulf of MexicoGulf of MexicoWest AfricaWest AfricaMozambiqueMozambique
BrazilBrazilSoutheast AsiaSoutheast AsiaAlaskaAlaska
18
Exploration Value Creation
Capital-Intensive
Lower-Margin
Long-Dated
Shorter Cycle Time to First Production
Tieback to Existing InfrastructureHigh-Margin
Large Resources
INVENTORY – Extensive, High-ImpactINVENTORY – Extensive, High-Impact
EXPLOREEXPLORE
DISCOVERYDISCOVERY
SELL / TRADE DEVELOP
Proven Track Record
Proven Track Record
MONETIZEMONETIZE
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Exploration Capital SpentExploration Capital Spent ~ $3 B~ $3 BNet Resources DiscoveredNet Resources Discovered ~ 1 BBOE~ 1 BBOE
Monetized for ~$4.5 B Monetized for ~$4.5 B ~ 500 ~ 500 MMBOEMMBOEBookedBooked ~ 100 MMBOE~ 100 MMBOERemaining Unbooked Remaining Unbooked ~ 400 MMBOE~ 400 MMBOE
Remaining Unbooked ValueRemaining Unbooked Value
Extracting Value from Exploration
Exploration COF ~$3 / BOE
Exploration COF ~$3 / BOE
At $10 / BOEAt $10 / BOE $4 B$4 B
PRODUCING
GOM DISCOVERY
MONETIZED
INTERNATIONAL DISCOVERY
2004 to Current
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Conclusion
Consistent, Successful Strategy and ExplorersConsistent, Successful Strategy and Explorers
Quality Exploration AssetsQuality Exploration Assets
Track Record will ContinueTrack Record will Continue
Significant Value Creation Significant Value Creation Now and in the FutureNow and in the Future
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