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Corporate Presentation – Rex Energy Corp

Rex Energy Corp · Apr 1, 2014 · 32 slides

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Slides

  1. Corporate Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation April 2014 Responsible Development of Americas Energy Resources Rex Energy Corporation 366 Walker Drive State College, PA 16801 P: (814) 278-7267 F: (814) 278-7286 E:…
  2. Corporate Presentation – Rex Energy Corp – slide 2
    Rex Energy Overview Acreage(1) 163,100 Net Acres Proved Reserves 849.8 Bcfe (39% Liquids) 2014E Production 143.0 149.0 MMcfe/d 4Q 2013 Production 110.4 MMcfe/d 2014E Capex 350 - 365 million 2014E Wells Drilled 60 - 67 Operated…
  3. Corporate Presentation – Rex Energy Corp – slide 3
    Developing Liquids-Rich Asset Base Focused on developing our liquids-rich acreage in the Appalachian and Illinois Basins Appalachian Basin: Targeting wet gas windows in the Pennsylvania Marcellus and Ohio Utica Shales Illinois Basin:…
  4. Corporate Presentation – Rex Energy Corp – slide 4
    Operational Highlights Maximizing Resource Potential Large resource base with 1,000 potential proved and non-proven drilling locations focused in the Appalachian Basin with an estimated 4.9 Tcfe of net resource potential (assuming full…
  5. Corporate Presentation – Rex Energy Corp – slide 5
    Financial Highlights Strong Balance Sheet Current structure common stock, bank debt and senior notes No debt maturity until 2018 (bank debt) and 2020 (senior notes) Current credit facility of 375 million; 59 million outstanding as of…
  6. Corporate Presentation – Rex Energy Corp – slide 6
    Growing Proved Reserves Through the Drill Bit Proved Reserves Growth (Bcfe) 1000 900 849.8 800 700 618.1 600 500 366.2 400 300 201.7 200 125.2 100 66.0 0 2008 2009 2010 2011 2012 2013 Oil and NGLs Natural Gas Proved…
  7. Corporate Presentation – Rex Energy Corp – slide 7
    Liquids-Rich Non-Proven Resource Potential(1) Over 1,000 gross potential proved and non-proven drilling locations, based on 750 foot spacing, in the liquids-rich Appalachian Basin properties(2) Additional oil resource potential…
  8. Corporate Presentation – Rex Energy Corp – slide 8
    2014 Capital Budget Program / Guidance Budgeted 350 - 365(1) million of operating capital expenditures for 2014 98% of 2014 budget directed towards liquids-rich areas 2014 Capital Program Breakdown(1) 2014 Drilling & Exploration…
  9. Corporate Presentation – Rex Energy Corp – slide 9
    Consistent Production Growth 55% CAGR(1); Q4 2013 production: 110.4 MMcfe/d; 31% liquids 120 MarkWest Bluestone Plant 100 Average Daily Production (Mmcfe/d) 80 Additional Field Compression 60 1st Sarsen plant starts…
  10. Corporate Presentation – Rex Energy Corp – slide 10
    Butler Area Midstream Capacity 90 MMcf/d of current processing Map of Butler Area Pipelines capacity at MarkWest facilities Processing Expecting to add 120 MMcf/d of Capacity processing capacity in 2Q 2014 at MarkWest facilities…
  11. Corporate Presentation – Rex Energy Corp – slide 11
    Utica Midstream Providers Acreage dedication to Blue Racer Map of Utica Pipelines Midstream Blue Racer East Ohio Pipeline Processing capacity at Natrium REXX Warrior facility (Blue Racer) North Acreage Warrior North 14 MMcf/d…
  12. Corporate Presentation – Rex Energy Corp – slide 12
    2014 Hedging Summary(1) 100% Avg. Floor: 92.58 Avg. Floor: 4.08 Avg. Floor: 90.00 4.61 Avg. Floor: 1.34 80% x 75.00 x 4.05 1.08 1.34 102.58 1.08 x 89.02 60% Avg. Floor: 1.33 Avg. 40% 97.51 4.12 1.33 Differential: (0.36)…
  13. Corporate Presentation – Rex Energy Corp – slide 13
    Marcellus: Liquids-Rich Butler Area Well Results(1): 5-Day Sales Rates (MMcfe/d); Liquids % Acreage & Inventory Warner 1H, 2H Total Net Acres 54,600 5.3 MMcfe/d; 53% Liquids Average Working Interest 70% Gross / Net Identified…
  14. Corporate Presentation – Rex Energy Corp – slide 14
    Upper Devonian: Liquids-Rich Butler Area Well Results(1): 5-Day Sales Rates (MMcfe/d); Liquids % Acreage & Inventory Existing Total Net Acres 54,600 Burgh 2HD 4.5 MMcfe/d; 53% liquids Average Working Interest 70% Perry 1HD 5.3…
  15. Corporate Presentation – Rex Energy Corp – slide 15
    Baillie Trust Stacked Laterals 750 spacing 100 50 175 600 spacing 600 spacing Average lateral length of 4,300 feet Tested both Marcellus and Upper Devonian through use of stacked laterals Utilizing microseismic testing…
  16. Corporate Presentation – Rex Energy Corp – slide 16
    Wet Gas Upside 8.00 7.00 6.78 0.43 6.00 5.83 5.00 2.75 2.23 4.00 4.00 3.00 2.00 4.00 3.60 3.60 1.00 0.00 Wellhead Gas (Mcf) 1.7 GPM 2.1 GPM Gas NGLs Condensate Assumptions: 4.00 HH, 95.00 WTI, 55.00 WTI for NGLS;…
  17. Corporate Presentation – Rex Energy Corp – slide 17
    Efficiently Increasing Marcellus EURs(1) Ethane Ethane Improving Well Design in Butler County Uplift(3) Uplift(4) 9.7 Bcfe EUR 9.7 Bcfe EUR (80% ethane recovery) (80% ethane recovery) 4.0 Bcfe EUR 5.3 Bcfe EUR 7.0 Bcfe EUR 8.9 Bcfe…
  18. Corporate Presentation – Rex Energy Corp – slide 18
    Marcellus Economics(1) 9.7 Bcfe EUR: 80% Ethane Recovery(2) 40% 6,000 4.0 3.5 5,000 35% 3.0 Cummulative Production (Bcfe) IRR Strip 4,000 30% Pricing(3) Production Rate (Mcfe/d) IRR (%) 2.5 3,000 2.0…
  19. Corporate Presentation – Rex Energy Corp – slide 19
    Utica: Liquids / Condensate Window Warrior North Prospect(1) Acreage & Inventory Completed Wells Total Net Acres 21,300 REXX G. Graham 1H: Pad in Process 1.7 MBoe/d; 70% liquids REXX Brace West 1H, 2H: Warrior North Average Working…
  20. Corporate Presentation – Rex Energy Corp – slide 20
    Ohio Utica Warrior North Prospect 17,200 gross / 16,900 net acres in Carroll County, OH 108 potential gross drilling locations Warrior North Prospect Recently completed three-well Ocel pad Average lateral length of 4,400 feet REXX G.…
  21. Corporate Presentation – Rex Energy Corp – slide 21
    Ohio Utica Warrior North Prospect Economics(1) Assumes 55% ethane recovery 55% 1,400 0.6 IRR Strip 1,200 Cumulative Production (MMboe) 0.5 Pricing(2) 50% 1,000 Production Rate (Boe/d) 0.4 800 45% 0.3 IRR Strip 600…
  22. Corporate Presentation – Rex Energy Corp – slide 22
    Ohio Utica Warrior South Prospect 7,100 gross / 4,400 net acres in Guernsey, Noble and Warrior South Prospect Belmont Counties, OH (63% WI) 35 potential gross drilling locations(1) 5-Well J. Anderson Pad (Boe/d)(2) Natural Total Gas…
  23. Corporate Presentation – Rex Energy Corp – slide 23
    Ohio Utica Warrior South Prospect Economics(1) Assumes 55% ethane recovery 2,500 1.1 1.0 80% 0.9 Cumulative Production (MMboe) 2,000 0.8 IRR Strip 0.7 70% Pricing 1,500 Production Rate (Boe/d) 0.6 0.5 1,000 0.4 60%…
  24. Corporate Presentation – Rex Energy Corp – slide 24
    Illinois Basin: Conventional Oil Lawrence Field and Gibson/Posey Counties Acreage & Inventory Total Net Acres 62,200 Average Working Interest 100% 2013 Operational Update Lawrence Field Rigs 1 Wells Completed 29 Wells Placed…
  25. Corporate Presentation – Rex Energy Corp – slide 25
    Marcellus Non-Operated Overview Overview Marcellus Non-Operated Sizeable acreage position with 32,700 gross / 12,900 net acres(1) in Westmoreland, Clearfield and Centre Counties, PA Westmoreland County: 5.5 Bcf EUR(2); attractive…
  26. Corporate Presentation – Rex Energy Corp – slide 26
    Appendix Responsible Development of Americas Energy Resources
  27. Corporate Presentation – Rex Energy Corp – slide 27
    Butler Operated Area Stacked Pays RHINESTREET SHALE Reservoir 4 Mixed Organic & Non-organic Shale 200 thick (4,500 to 4,800 deep) UPPER DEVONIAN SHALES MIDDLESEX SHALE Mixed Organic & Non-organic Shale GENESEE SHALE Mixed…
  28. Corporate Presentation – Rex Energy Corp – slide 28
    Liquids Production Ratios Current Liquids Sales Ratio Liquids Sales Ratio With Full Ethane Sales Ethane Iso-Butane 3% 3% Butane 5% Natural Gasoline Natural 6% Gasoline 19% Iso- Butane 7% Propane 20% Butane Propane…
  29. Corporate Presentation – Rex Energy Corp – slide 29
    Lawrence Field Implementing ASP flood operations in Lawrence field Lawrence Field ASP acreage in Lawrence County, IL Middagh Pilot Perkins-Smith Middagh Pilot 58 Acres 15 Acres Oil cuts in the Pilot increased from 1.0% to 12.0% in…
  30. Corporate Presentation – Rex Energy Corp – slide 30
    Current Hedging Summary Crude Oil(1) 2Q14 3Q14 4Q14 1Q15 2Q15 Swap Contracts2 Volume Hedged 105,000 90,000 90,000 -- -- Price 97.15 97.72 97.72 -- -- Collar Contracts Volume Hedged 15,000 15,000 15,000 -- -- Ceiling 97.65 97.65…
  31. Corporate Presentation – Rex Energy Corp – slide 31
    Current Hedging Summary (Contd) Natural Gas Hedges(1) 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Swap Contracts(2) Volume 2,610,000 2,610,000 2,610,000 900,000 900,000 900,000 900,000 Price 4.11 4.11 4.11 4.13 4.13 4.13 4.13 Collar…
  32. Corporate Presentation – Rex Energy Corp – slide 32
    Current Hedging Summary (Contd) Natural Gas Liquids(1)(2) 2Q14 3Q14 4Q14 Swap Contracts Propane Volume Hedged (Bbls) 111,000 111,000 111,000 Price per Barrel 45.36 45.36 45.36 Price per Gallon 1.08 1.08 1.08 Butane Volume Hedged…

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