•  Improvements in Unconventional Oil and Gas

•  Examples

•  Partners in Performance

Partners  in  Performance  Interna/onal  

Rapid,  sustainable  results  

© Partners in Performance International Pty Ltd or Partners in Performance Global Solutions (PIP). All rights reserved.
 !"##$%#&!"'(%")&*($+&,-&.+"(/0'&&12&
As  more  capacity  comes  on  line  product  prices  will  likely  languish,  so  
cost  improvement  will  be  necessary  

‡ !"#$%&'()*+,-.)/&0)$+1%2&,#/&./,(%#2%&(#'.*$3&
Unconventional Gas Supply Natural  Gas  Prices  

& <;
A))*B)(*
$10.00    

$9.00    
@<

& @;
C-.,#
D%(1.#/
$8.00    

& ?< E.)F(#(# $7.00    

C4DE:4=2F462 2GHI-<45

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$6.00    

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>;
G#(,%$$+2
H)(/&I.0%( $5.00    

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& =< J#3%--%0.$$%
$4.00    
'"#!!!
$3.00    
=; K#7$%&J)(*

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:#(*.+1
4#66%/
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$2.00     789+:2;492<+*=0>+

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4#(/%-- $1.00    
&#!!! ?45>+6@0==+2?8:0A8>4=2B+==
)*+,-.

$0.00    
! Source:    Hart  Energy/Rystad  Energy  NASQ   %#!!! 2005   2006   2007   2008   2009   2010   2011   2012   2013  

"#$%&'(!)*%+!,-'%./!0!1/2+*3!,-'%./!45"6&
& $#!!!
©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          2    
%+3%LOOLWRQ3HWUROHXP¶V VKDOHJDVSURSHUWLHV
These  costs  range  widely  but  break-­‐even   is  a  challenge   DUH
among the lowest cost in the US

Comparative ranking of break-even wellhead cost for US unconventional gas plays, 2012
Gas-focused unconventional plays only

Haynesville:Largest position in the core, with EURs as high as 15 bcf/well

Fayetteville: Shallow reservoir drives very low dry-gas costs

Eagle Ford: Emphasis is on the wet gas areas that offer best economics

Current  Pricing  
Anadarko Woodford
Marcellus Southw est

Antrim

Low er Vicksburg
Barnett Southw est
Mesaverde Wasatch

Barnett Woodford
Pow der River CBM
Arkoma Woodford

New Albany
Utica - Appalachia
Barnett

Conasauga
Lance Jonah

Huron

Chattanooga

Columbia Sub-basalt
Austin Chalk
Marcellus Northeast
Granite Wash
Fruitland

Baxter
Haynesville - Tier Tw o
Travis Peak
Horseshoe Canyon

Gothic
Bossier Shale

Mesaverde Piceance
Duvernay Shale

Fayetteville

Cody
Montney

Wilcox Lobo
Cherokee

Utica - Quebec

Pierre
Eagle Ford - Wet

Mesaverde Coals

Mancos

Cotton Valley
Niobrara Codell

Pennsylvanian Coals
Haynesville - Tier One

Deep Bossier

Mannville
Raton Vermejo
Honaker Trail

Palo Duro
James Lime
Selma Chalk

Black Warrior Coals

Lance Pinedale

Almond Wamsutter
Horn River
Olmos

Eagle Ford - Dry Gas

Deep Haley

Source: Wood Mackenzie, 2012.

J. Michael Yeager, Chief Executive, BHP Billiton Petroleum, 14 May 2012 Slide 13
©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          3    
©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          4    
 Breakdown  of  development  costs  into  comple@on  costs  and  drilling  
costs  (#6-­‐A)  

Source: Session #6 - A - Robert Fulks - A New Approach to Managing Completion Operations in the Eagle Ford Shale - Weatherford

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          5    
 Costs  are  driven  by  supply  and  demand  

U.S.  Real  Cost  per  Crude  Oil,  Natural  

Cost   Gas,  and  Dry  Well  Drilled  
Cost  Category   Supply   Trend   $4  

Millions  
Labor  
Technical   $3  

Services  
Consumables   $2  

Materials  
Royal/es  
$1  
Regulatory  
Environmental  
$0  
G&A   1960   1965   1970   1975   1980   1985   1990   1995   2000   2005  

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          6    
 Major  opportuni@es:  
•  Capital  stewardship  
 
•  Development    
•  PermiYng/approvals  
•  Land  agreements    
•  Developing  local  suppliers  -­‐  earthworks,  plas/c  pipe  
extrusion  
•  Nego/a/ons  and  purchasing  from  suppliers  
•  Factory  drilling/pre-­‐comple/on  
•  Comple/ons  

•  Produc/on  efficiency  
•  Greater  output  
•  Lower  cost  
 

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          7    
 Produc@vity  requires  us  to  move  from  job  shop  to  produc@on  line  
Typical  project:  
•  10  000  over  project  life  
–  For  each  well:    
— 3-­‐15  days  to  drill  
— ~1km  of  gathering  pipeline  and  access  tracks  

•  1  000  landholders  to  communicate  with  

•  1  400  land  use  agreements  to  nego/ate  and  formalize  

•  ~1000  condi/ons  imposed  under  various  environmental  agreements  and  legisla/on  

•  Environmental  approvals  alone  running  at  more  than  100  pages  per  well  

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          8    
 Manufacturing  excellence  –  are  you  set  up?  

•  How  many  processes  will  be  repeated  a  thousand  @mes  in  

your  projects  over  the  coming  months  ?    
 
•  What  is  the  priority  you  have  given  for  industrializing  these  
processes  ?  
 
•  On  which  processes  are  your  focusing  your  efforts  of  
con@nuous  improvement?  
 
•  What  dedicated  con/nuous  improvement  resources  do  you  
have  and  who  do  they  report  to  ?  

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          9    
 Many  have  focused  on  drilling  speed  and  made  good  progress  
OGJ Unconventional Gas Article #5
FINAL

Drilling Cost and Days to TD

$1,400 $1,300 35
$1,228
$1,200 30

29
$1,000 25
$830
28  
Spud  to  Rig  Release  -­‐-­‐  Days  
$800 20

Days
21
$M

$600 15

$400 12 10
24  
per  10,000  Feet  
$200 5

$0 0
2005 2006 Most Recent 4 20  
Wells

Source: EOG Resources, 2006

OGJ Unconventional Gas Article #5
FINAL 16  
Figure 3. Impact of Improvements in Permian Basin Horizontal Wells (EOG Resources)

Concentrated NaCl
12  
Solution
Desalted
Solution
A
8  
A K K A K A K A K A K
Na+ Na+ Na+ Na+ Na+ Na+

Anode Na+ Na+ Na+ Na+ Na+ Cathode 4  

+ -
Cl- Cl- Cl- Cl- Cl-

Cl- Cl- Cl- Cl- Cl- Cl- 0  

Compe@tors  
NaCl
Solution
Water

Source: (Hayes et al., IPEC Conference, 2006).

JAF02663.PPT
Source: Southwestern Energy Corporation, 2007
Figure 4. Schematic Diagram of Electrodialysis Process for Produced Water Treatment
JAF02663.PPT

Figurein  1.Performance  
©  Partners   Overton Field: Improved Drilling
Interna/onal   Pty  Ltd  Results with iGreater
or  Partners   Experience
n  Performance   in aSPlay
Global   olu/ons  (PIP).  All  rights  reserved.                                                                                                                                          10    
 Major  savings  have  been  gained  by  sharing  and  swapping  
capital  

•  Infrastructure  sharing:    
•  Water  treatment  and  disposal  
•  Ramp  gas  plants  
•  Power  plants  
•  Telecommunica/ons  infrastructure    
•  Pipelines  
•  Construc/on  water  and  gravel      
•  Equipment  
 
•  Op/mize  capital  across  projects  :    
•  gas  field  swaps,  gas  swaps,    
•  gathering  networks  

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          11    
 While  fraught  with  ques@ons  –  the  poten@al  to  learn  from  
benchmarking  are  high  

Gas  Pipeline      
Benchmark   Client
Metric / Description (units)   A Comparison  
Lower  Upper   (*)  
Pipeline Owners Team
 64      194     -­‐
(Headcount) 64 194
Pipeline Owners Team Headcount
 0.24      0.30     -­‐
to Construction Team Headcount 0.24 0.30
Pipeline Owners Team Headcount
 0.06      0.16     -­‐
to Pipeline Cost ($m) 0.06 0.16
Pipeline Cost ($m) to Pipeline
 2.04      2.53     -­‐
Length (km) 2.04 2.53
Pipeline Owners Team Headcount
 0.12      0.37     -­‐
to Pipeline Length (km) 0.12 0.37
Pipeline Cost ($m) to Pipeline
 0.73      1.57     -­‐
Capacity (tj/d) 1 0.73 1.57
Pipeline Owners Team Headcount
 0.04      0.19     -­‐
to Pipeline Capacity (tj/d) 0.04 0.19

Source: PIP analysis   (*) Client confidential

Partners  in  Performance  Interna/onal  
Rapid,  sustainable  results  

© Partners in Performance International Pty Ltd or Partners in Performance Global Solutions (PIP). All rights reserved.
 •  Improvements in Unconventional Oil and Gas

•  Examples

•  Partners in Performance

Partners  in  Performance  Interna/onal  

Rapid,  sustainable  results  

© Partners in Performance International Pty Ltd or Partners in Performance Global Solutions (PIP). All rights reserved.
 Case  study:  e.g.  –  accelera@ng  approvals  schedule    

Wells  approved  for  drilling  

1000  
Number  of  wells  approved  

500  

0  
May   Aug   Nov   Feb   May   Aug   Nov  

Ini/al  schedule   Accelerated  schedule  

Result  was  an  accelera/on  of  3+  months  or  

 an  increase  in  approvals  banked  of  100-­‐200  wells  

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          14    
 Example:  shale  opera@ons  –  towards  the  con@nuous  factory  

KEY:   Well # 4 Well # 4 Well # 4 Well # 4 Full cycle of drilling and

Drill Complete FWT Produce completion activities completed for
Well # 1 Well # 1 Well # 1 Well # 1 a single well, typically by a single
Drill FWT Produce
crew:
Complete

CREW  AND   Well # 2 Well # 2 Well # 2 Well # 2

EQUIP  MOVE   Drill Complete FWT
Well # 3
Produce

Well # 3 Well # 3 Well # 3

•  Longest cycle time
CREW  AND  
EQUIP  MOVE   Drill Complete FWT Produce
•  Highest cost
CREW  AND   Well # 4 Well # 4 Well # 4 Well # 4
EQUIP  MOVE   Drill Complete FWT Produce

Move to specialist crews:

GREATER  SPECIALISATION   •  Specialist crews for each stage
COMPRESSES  CYCLE  TIMES  
=> compresses end to end cycle
Well # 1 Well # 1 Well # 1 Well # 1 time
Drill Complete FWT Produce
Well # 2 Well # 2 Well # 2 Well # 2
•  Lower drilling and completion
Drill FWT Produce
costs cost
Complete

Well # 3 Well # 3 Well # 3 Well # 3

Drill Complete FWT Produce
•  Lost time moving between wells
Well # 4 Well # 4 Well # 4 Well # 4
Drill Complete FWT Produce
UTILISATON  LOSS  AS  CREW  AND  
EQUIPMENT  MOVE  TO  NEW  
LOCATION  
CYCLE  TIME  COMPRESSES  
Multi wells per pad
FURTHER  

DRILLING   WELL  PAD  IDLE   •  Lowest drilling cost

Well #
1
Well #
2
Well #
3
Well #
4 COMPLETION   •  Lower completion cost
Well # Well # Well # Well #
1 2 3 4
FLOWBACK  &  WELL  TESTING   •  Optimises for crew and equipment
FAST  CHANGEOVER   FAST  CHANGEOVER   FAST  CHANGEOVER  
Well #
1
Well #
2
Well #
3
Well #
4 utilisation and opportunity is now to
PRODUCTION   minimise ‘waiting for well pad’
Well # 1 Well # 2 Well # 3 Well # 4 Well #
1
Well #
2
Well #
3
Well #
4
between process steps

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          15    
 Case  study:  e.g.  improving  net  cash  flow    

Lean  vs.  Serial  Drilled  Shale  Gas  Wells  

Net  Cash  
16  

12  

8  

Lean  Net  Cash  

4  
Serial  Net  Cash  

0  
1   31   61   91   121   151   181   211   241   271   301   331   361  

-­‐4  

-­‐8  

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          16    
 Case  study:  Ac@vely  manage  produc@vity  measures  right  down  to  the  
contractors  on  site  
Trenching/ laying/ backfill (m/day)

Piping Trunk Welding (m/day)

(m/day) Connection (m/day)
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Test (m/day)
7888&
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!"#$%&'"()*+ D58 ,-.-$"+#/*&'"()*+ 6&E58 !"#$%&'"()*+ ;<< ,-.-$"+#/*&'"()*+ =8&<<<

Gathering Connection (m/day) 0/*(")*&012#*/*3 56 '4+"$&012#*/*3 788 0/*(")*&012#*/*3 =8>? '4+"$&012#*/*3 =@&<<<

Progress / day Test (m/day)

:*$3#;)
,(*C&5&B&'(-;D&E#F#;)
! '(*;12#;)
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:*$3#;)&<=>3"%? :*$3#;)&<=? '(*;12#;)&<.=3"%> '(*;12#;)&<.>
98& 6@8& 65:::&
69::&

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688&
6G:::&
@8&

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6:::&
G@8&
69:::&

(m/day)
68& G88&
H::&
6::::&

7@8&
G8& H:::&
5::&
788&

Testing (m/day)
5:::&
78& 5@8& G::&

G:::&
588&
58&

Surface
9::&
@8& 9:::&

8& 8& :& :&

:6=6:&

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6:=6:&

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85

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Equipment Well Head (pads/day) !"#$%&'"()*+ 5@ ,-.-$"+#/*&'"()*+ 77@ !"#$%&'"()*+ ?:: ,-.-$"+#/*&'"()*+ @&?::
0/*(")*&012#*/*3 56 '4+"$&012#*/*3 789 0/*(")*&012#*/*3 567 '4+"$&012#*/*3 8&9::

(pads/day)
I&E and controls (pads/day)

Electrical Kiosk & switchboard (pads/day)

Tie-ins Complete (pads/day)

•  Identify leading indicators for key bottleneck areas

•  Single source of truth installed at site and head
office
•  Contractors focused on daily, weekly targets to
educate and lift work rate
•  Visual boards and coaching to drive right behaviours

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          17    
 Case  study:  e.g.  closing  the  gap  between  poten@al  and  actual  gas  
produc@on  
Coal seam gas field
68%     84%    
realized   realized  
poten/al     poten/al  
140.00  

120.00  

100.00  

80.00  
%  of  realised  poten/al    

60.00  

40.00  

20.00  

0.00  
15/05/2011   15/06/2011   15/07/2011   15/08/2011   15/09/2011   15/10/2011  

PIP starts here

Actual   Poten/al  

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          18    
 •  Improvements in Unconventional Oil and Gas

•  Examples

•  Partners in Performance

Partners  in  Performance  Interna/onal  

Rapid,  sustainable  results  

© Partners in Performance International Pty Ltd or Partners in Performance Global Solutions (PIP). All rights reserved.
 PIP  are  global  resources  consultants  

 
In  resources  in  the  past  4  years:  $39  billion  of  capital  project  design  NPV  op@misa@on  
                                   $6  billion  of  EBIT  improvements

Coal   Steel  

       Nickel  
Australia  

       Manganese   Olympic  Dam  

Canada  

       Aluminium   Base  Metals   South  Africa          Iron  

Australia  
©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          20    
 Partners  in  Performance  –  we  deliver  rapid,  sustainable  results  

Track  record  of  results   Wide  breadth  of  services  

n  >180  resource  engagements  in  last  5   n  Throughput  increase/de-­‐boslenecking  

years   n  Cost  reduc/on  (waste,  efficiency,  yield)  

n  Recent  work  in  Australasia,  Southern   -  Maintenance  

Africa,  South  America,  North  America,   -  Procurement  
Europe,  and  Asia   -  Contractor  management  
n  Core  team  of  200   n  Safety/emissions  

n  Pay-­‐for-­‐results  or  daily  rates  (we   n  Capital  management/op/miza/on  

deliver)    

Rigorous  and  comprehensive    

approach  
n  Deliver  cash  results     EBIT  Impact  USD  Millions  
n  Lock-­‐in  the  improvements  
n  Wire  the  organisa/on  for  sustaining  these  

results  
n  Extensive  coaching  to  leave  behind  a  high  
performing  organisa/on  

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          21    
 We  understand  the  par@culari@es  of  the  business  of  resources  and  
will  hit  the  ground  running  in  your  opera@on  

•  $5 billion (annualized) verified bottom-line benefits in the last 6 years

•  $13 billion of capital reductions on major projects in last 14 months

•  42 resource diagnostics in the last 3 years

©  Partners  in  Performance  Interna/onal  Pty  Ltd  or  Partners  in  Performance  Global  Solu/ons  (PIP).  All  rights  reserved.                                                                                                                                          22    
 Contact us:

•  Ed Frey
•  Partners in Performance
•  ed.frey@pipint.com
•  Mobile: +1 206-915-4133
•  Web: www.pipint.com

Partners  in  Performance  Interna/onal  

Rapid,  sustainable  results  

© Partners in Performance International Pty Ltd or Partners in Performance Global Solutions (PIP). All rights reserved.