Economics : Rates of Return/ IRR

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November 2017 Premier Utica and Marcellus Assets Eclipse has a substantial core asset base with a 12 year extended reach drilling inventory with all type curve areas generating highly economic returns at modest commodity prices Returns by 2017 Type Curve Acreage by Type Curve Area1 101% 80% 82% 75% 76% 60% 61% 48% 115,420 net acres 3.00 / 55 3.30 / 60 Utica Condensate Utica Rich Gas Utica Dry Gas Marcellus Condensate High-Graded Asset Base Undeveloped Risked Locations by Type Curve Area2 12 Years of Drilling Inventory 150 Net Undeveloped Locations 109 97 100 77 6 Years Inventory 50 24 0 0% 25% 50% 75% 100% 125% Condensate Rich Gas Dry Gas Marcellus IRR at 3.30 / 60 Pricing 1 As of 9/30/17. 2 Based on current 3-year, 2-rig drilling plan and 13,000 lateral, other than Marcellus Condensate which is based on 10,000 lateral. Utica Dry Gas and Utica Rich Gas based on 1,000 well spacing, Utica Condensate and Marcellus Condensate based on 750 well spacing. 10% risk factor is utilized. 5
Eclipse Resources Corp.
November 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 Plan85% Drilling Plan 89% IRRs 80% 80% 86% 78% 65% 77% 57% 57% 60% 60% 52% 55% 48% 46% 53% 52% 35% 49% 40% 40% 36% 29% 42% 28% 43% 27% 32% 26% 32% 15% 23% 20% 20% 12% 26% 24% 11% 19% 13% 11% 10% 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) 134 77 119 182 444 258 Net Undeveloped Locations 65 182 33 72 70 Net Undeveloped Locations 100 58 89 137 333 193 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. WWW.GULFPORTENERGY.COM 5
Gulfport Energy Corp.
November 2017

Single Well Economics: Utica In Ethane Rejection Utica Well Economics and Gross Locations(1) Assumptions Natural Gas 3 80% 300 255 Oil 54 Total 3P Locations 222 55% 250 60% NGLs 65% of Oil Price 2017+ 200 43% ROR 128 35% 40% 27% 31% 150 44% 100 20% 30% 23% 50 20% 23% 59 86 2017 0% 0 Condensate Highly-Rich Gas/ Highly-Rich Gas Rich Gas Dry Gas Drilling Condensate Plan Total 3P Locations ROR at 3 Gas / 54 Oil - After Hedges ROR at 3 Gas / 54 Oil - Before Hedges Highly-Rich Gas/ Highly-Rich Classification Condensate(4) Condensate(4) Gas(4) Rich Gas(4) Dry Gas(4) Modeled BTU 1275 1235 1215 1175 1050 EUR (Bcfe): 9.9 18.7 21.4 20.5 19.8 EUR (MMBoe): 1.6 3.1 3.6 3.4 3.3 % Liquids 39% 30% 21% 16% 0% Lateral Length (ft): 9,000 9,000 9,000 9,000 9,000 Proppant (lbs/ft sand): 1,500 2,000 2,000 2,000 2,000 Well Cost (MM): 8.7 9.3 9.9 9.9 9.9 Bcfe/1,000: 1.1 2.1 2.4 HIGHLY 2.3 2.2 Net F&D (/Mcfe): 1.09 0.62 RICH0.57 GAS 0.59 0.62 Net Direct Operating Expense DRY GAS (/Mcfe): LOCATIONS 1.17 RICH GAS LOCATIONS 1.27 1.36 LOCATIONS 1.39 0.74 Transportation Expense (/Mcfe): 0.38 0.45 0.52 0.55 0.65 Pre-Tax NPV10 (MM): 3.3 8.1 5.5 3.1 4.0 Pre-Tax ROR: 23% 44% 30% 20% 23% Payout (Years): 3.6 2.1 2.8 3.9 3.6 Gross 3P Locations in BTU Regime(3): 222 59 86 128 255 1. Pre-tax well economics reflect 3.00 Nymex Henry Hub natural gas prices, 54 WTI oil prices, and NGLs at 65% of WTI. NGL prices are forecast to increase in 2018 relative to WTI due to projected in-service date of Mariner East 2 project allowing for a significant increase in AR NGL exports via ship. 2. Pricing for a 1225 BTU y-grade ethane rejection barrel. 3. Undeveloped well locations as of 6/30/2017, pro forma for recent acreage acquisition. 3P locations representative of BTU regime; EUR and economics within regime will vary based on BTU content. 4. SWE cost assumptions reflect average costs per Mcfe on the first five years of the life of a well 35
Antero Resources
November 2017

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