Economics : Rates of Return/ IRR

Showing 3 Results


June 2017 Elevation of Utica Type Curves1 Higher production and pressure performance of Gen 3 completions driving up 2017 Utica Type Curve EURs in all Utica Shale type curve areas due to increased stimulated reservoir volumes and higher fracture conductivity 2016 2017 % Change Strong IRRs IP Rate Per 1,000 1.5 1.8 17% DRY GAS (MMcf/d) UTICA 82% EUR2 1.9 2.2 13% (Bcf/1,000) 61% % Liquids 0% 0% 0% Well Cost 935 976 4% (/1,000) 3.00 / 55 3.30 / 60 2016 2017 % Change Strong IRRs CONDENSATE IP Rate Per 1,000 0.3 0.4 21% (MMcf/d) UTICA 80% EUR2 0.9 1.1 16% (Bcfe/1,000) 60% % Liquids 54% 53% (2%) Well Cost 800 818 2% (/1,000) 3.00 / 55 3.30 / 60 2016 2017 % Change Strong IRRs IP Rate Per 1,000 RICH GAS 1.1 1.7 55% (MMcf/d) UTICA EUR2 76% 1.8 2.2 22% (Bcfe/1,000) % Liquids 30% 21% (30%) 48% Well Cost 800 818 2% 3.00 / 55 3.30 / 60 (/1,000) 1 Type curve economics assume the middle of the type curve area; all metrics shown are for laterals of 13,000. 2 Assumes ethane rejection with contractual 30% recovery. 15
Eclipse Resources Corp.
June 2017

2017 Activity Economic Focus During 2017, plan to focus Utica Shale activity in the dry gas windows and SCOOP activity in the wet gas window of the play. Allocation of capital split between two top-tier basins with dry gas and liquids inventory. SCOOP Single Well Economics(1,2) Utica Single Well Economics(1,2) 140% 140% 130% 122% 129% 120% 120% 125% 120% 100% 2017 109% 100% 2017 91% Drilling Plan 85% Drilling Plan 89% IRRs 80% 80% 86% 78% 65% 77% 57% 57% 60% 60% 52% 55% 48% 46% 53% 52% 35% 49% 40% 36% 40% 29% 42% 28% 43% 27% 32% 32% 26% 15% 23% 20% 20% 12% 26% 24% 11% 19% 13% 10% 11% 0% 0% Gas 2.50 / Oil 42.50 Gas 3.00 / Oil 50.00 Gas 3.50 / Oil 58.00 Gas 4.00 / Oil 67.00 Gas 2.50 / Oil 42.50 Gas 3.00 / Oil 50.00 Gas 3.50 / Oil 58.00 Gas 4.00 / Oil 67.00 Woodford Dry Gas Woodford Wet Gas Woodford Condensate Condensate West Condensate East Wet Gas Springer Oil Springer Gas / Condensate Dry Gas West Dry Gas Central Dry Gas East Woodford Woodford Woodford Springer Gas Springer Condensate Condensate Wet Dry Gas Dry Gas Dry Gas Dry Gas Wet Gas Condensate Condensate Oil West East Gas West Central East Gross Undeveloped Locations 402 528 249 215 354 Gross Undeveloped Locations(3) 139 83 130 191 456 255 Net Undeveloped Locations 65 182 33 72 70 Net Undeveloped Locations 104 62 97 143 342 191 1) Assumes ethane rejection. 2) Well economics are adjusted for transport fees and regional price differentials. 3) Assumes net undeveloped locations grossed up from 75% working interest. 7
Gulfport Energy Corp.
May 2017

Warrior North Economics(1) 2,000 1,200 YE15SEC YE16SEC Upside Case 55% Ethane Recovery(2) Curve Curve 2017 1,800 1,000 All-in Well Cost 5.5 million 6.2 million 6.2 million 1,600 Lateral Length 5,000 ft 6,500 ft 6,500 ft 1,400 800 Cum Gross Prod (MBoe) EUR (MMBOE) 1.2 1.6 1.9 Gross Rate (Boe/d) 1,200 F&D Cost (/BOE) 4.55 3.89 3.32 1,000 600 3.00 NYMEX 800 32% 47% 59% Oil Price: 2017+: 55 400 600 3.00 NYMEX 23% 35% 46% 400 Oil Price: 2017+: 50 200 IRR (3,4,5) 200 3.25 NYMEX 35% 50% 62% Oil Price: 2017+: 55 0 0 0 10 20 30 40 50 60 Production Month Strip Pricing 32% 47% 59% YE15 SEC Curve YE16 SEC Curve Upside Case Avg. 30-day sales rate (MBOE/d) 1.4 1.8 1.3 1.7 1.1 1.5 (1) See note on Hydrocarbon Volumes and disclaimers at beginning of presentation. (2) Economics reflect 55% ethane recovery. (3) Historical price differentials applied to Condensate. Futures differentials applied for gas production for all scenarios. (4) C2 and C3+ NGL prices indexed at 17% and 54% of oil, respectively during the first year strip. (5) Strip Pricing as of 02.13.2017 Oil: 2017: 54.4, 2018: 55.17, 2019: 54.94, 2020: 54.89, 2021: 55.05// Gas: 2017: 3.2, 2018: 3.06, 2019: 2.87, 2020: 2.85, 2021: 2.85 23
Rex Energy Corp
May 2017

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