Economics : Break-Even

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Attractive Single Well Economics RICE continues to drive down D&C and operating costs to maximize returns Inventory currently generates 95% returns at strip; HHUB PV-10 breakevens of 1.75 HHUB(1) DRY GAS SINGLE WELL ECONOMICS 206% 142% 166% 92% 115% 53% 72% 39% 2.50 3.00 NYMEX (/MMBtu) 3.50 4.00 MARCELLUS UTICA Net Locations (2) 861 194 HHUB PV-10 Breakeven (/MMBtu) 1.67 1.90 __________________________ Note: Marcellus and Utica economics assume E&P is burdened by 50% of the gathering and compression fee and 50% of water completion fees (Rices direct subsidiary, REO, owns a 26% LP interest in RMP, 100% of Rice Olympus Midstream and 91.75% of RMP IDRs). Assumes long-term well costs of 875 per lateral foot and 1,235 per lateral foot in the Marcellus and Utica, respectively. Assumes EURs of 17.3 Bcf and 21.0 Bcf in the Marcellus and Utica, respectively. 1. Strip pricing as of February 10, 2017. 2. Excludes 47 wet OH Utica net undeveloped locations and 228 dry gas PA Utica net undeveloped locations. 46 www.riceenergy.com
Rice Energy
March 2017

Range Has Lowest Break-Even in SW Appalachia Operator Specific Breakeven Calculations 4.50 4.00 3.50 3.00 2.43 2.50 2.00 1.50 1.00 0.50 - Lowest Break-Even Cost in SW Appalachia Also Demonstrates the Quality of Ranges Appalachian Asset Base Source: RS Energy Group Marcellus Shale Basin Update February 15, 2017 8
Range Resources Corp
March 2017

CAPITAL EFFICIENCY LONGER LATERALS IMPROVE ROR Anteros typical Marcellus well in 2017 will have a 9,200 lateral length, an EUR of 22.3 Bcfe, including 857 MBbls of NGLS and 66 MBbls of oil and cost 7.7 MM(1) Antero 2016 average 6,500 Foot Lateral(2) lateral: 9,000 feet Pre-Tax Economics Pre-Tax Economics AR Variance to Peer Average ROR (%) 63% ROR (%) 78% ROR (%) +15% PV-10 (MM) 10.0 PV-10 (MM) 15.0 PV-10 (MM) +5.0 Breakeven Nymex Breakeven Nymex Breakeven Nymex 1.09 0.89 (0.20) (/MMBtu) (/MMBtu) (/MMBtu) Dev. Cost (/Mcfe) 0.42 Dev. Cost (/Mcfe) 0.38 Dev. Cost (/Mcfe) (0.04) 6,500 9,000 NOTE: Assumes 2.0 Bcf/1,000 type curve for the Antero Marcellus Highly-Rich Gas/Condensate (1275 1350 Btu). 1. Assumes ethane rejection. 2. Represents 2016 Marcellus average for peers including: CNX, COG, EQT, RICE, RRC based on public guidance. 13
Antero Resources
January 2017

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