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Corporate June 2012 Presentation – Rex Energy Corp

Rex Energy Corp · Jun 10, 2012 · 44 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Corporate June 2012 Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation June 2012 Responsible Development of Americas Energy Resources Rex Energy Corporation 476 Rolling Ridge Drive State College, PA 16801 P: (814) 278-7267 F: (814) 278-7286 E:…
  2. Corporate June 2012 Presentation – Rex Energy Corp – slide 2
    Rex Energy Overview Market Data NASDAQ: REXX Common shares outstanding: 52.9 million1 18% Ownership with corporate officers and directors Share Price: 10.252 Market Capitalization: 542.2 million2 52 Week Price Range: 8.80 - 18.002…
  3. Corporate June 2012 Presentation – Rex Energy Corp – slide 3
    Strong Balance Sheet Liquidity Sources ( millions) Cash as of 3/31/2012 6 9M12 Op. Cash Flow Analyst Consensus 56 Sale of Midstream Assets 120 Subtotal 182 Availability on senior credit facility1 120 Availability on second lien…
  4. Corporate June 2012 Presentation – Rex Energy Corp – slide 4
    Midstream Divestiture MarkWest Energy Partners will acquire Keystone Midstream Services for 512 million Net proceeds of 120 million; Exceeds previously announced guidance range of 90-110 million for both midstream and Rockies…
  5. Corporate June 2012 Presentation – Rex Energy Corp – slide 5
    Annual Consecutive Growth 80,000 78% Average Daily Production (Mcfe) 70,000 60,000 50,000 40,000 92% 30,000 26% 20,000 4% 10,000 0 2009 (A) 2010 (A) 2011 (A)1 2012 Revised Midcase Guidance (E) Natural Gas NGL &…
  6. Corporate June 2012 Presentation – Rex Energy Corp – slide 6
    Six Consecutive Quarters Double Digit Growth 70,000 24% 60,000 Average Daily Production (Mcfe/d) 12% 50,000 24% 40,000 28% 21% 30,000 12% 20,000 10,000 0 4Q10 (A) 1Q11 (A) 2Q11 (A) 3Q11 (A) 4Q11 (A) 1Q12 (A)…
  7. Corporate June 2012 Presentation – Rex Energy Corp – slide 7
    Crude Oil & Liquids Production Growth 3,500 25% 3,000 24% 101% 2,500 4% 516% Mmbls/d 2,000 1,500 1,000 500 0 2010 (A) 2011 (A) 2012 (E) Oil NGLs 9
  8. Corporate June 2012 Presentation – Rex Energy Corp – slide 8
    2011 Proved Reserves Proved Reserves Growth 400 Year-End Proved Reserves (Bcfe) 350 300 250 200 150 100 50 0 2008 2009 2010 2011 Oil & NGLs Natural Gas 10
  9. Corporate June 2012 Presentation – Rex Energy Corp – slide 9
    2012 Operating Capital Budget 11
  10. Corporate June 2012 Presentation – Rex Energy Corp – slide 10
    Current Hedging Summary Crude Oil Current Production Hedged % of Current % of Current Avg. Floor Avg. Ceiling 100% with Floor with Ceiling Price Price 90% 2012 87% 87% 68.39 111.08 2013 81% 81% 72.44 112.56 80% 70% Natural Gas…
  11. Corporate June 2012 Presentation – Rex Energy Corp – slide 11
    Acreage Summary Other Operated Utica Acreage in Warren/Mercer County Pennsylvania 16,100 gross (7,600 net) Other Marcellus Acreage 19,800 gross Carroll County Warrior Prospect (5,400 net) 15,000 acres acres1 Westmoreland,…
  12. Corporate June 2012 Presentation – Rex Energy Corp – slide 12
    Rex Energy Liquids-Rich Resource Potential1 Total Liquids-Rich Operating Area Butler Upper Devonian: Resource Potential1 Liquids Rich MMBOE Bcfe Butler Marcellus: Oil & Condensate 50.8 305.0 Liquids Rich NGLs 104.6 627.3 Warrior…
  13. Corporate June 2012 Presentation – Rex Energy Corp – slide 13
    Proved Reserves with Ethane Solution 15
  14. Corporate June 2012 Presentation – Rex Energy Corp – slide 14
    Rex Energy Ethane Resource Potential Net Unproved Resource Additional Ethane Recoveries Net Unproved Resource Potential Region Potential (Bcfe) (Mcfe) w/ Ethane (Bcfe) Upper Devonian: 1,190.3 399.5 1,589.8 Liquids Rich Butler…
  15. Corporate June 2012 Presentation – Rex Energy Corp – slide 15
    Leasing Program Update Marcellus Acreage Year-End 2011 1Q12 Change Butler Operated Area 44,800 46,000 +1,200 Westmoreland County, PA 7,600 9,500 +1,900 Centre/Clearfield, PA 12,500 12,700 +200 Other Marcellus 1,500 1,500 -- Total…
  16. Corporate June 2012 Presentation – Rex Energy Corp – slide 16
    Liquids Rich Net Acreage Growth 80,000 71,000 70,000 65,300 + 4,800 60,000 + 13,000 50,000 41,600 Net Acres 40,000 + 900 34,000 + 10,700 30,000 + 7,600 20,000 10,000 0 Year-End 2009 Year-End 2010 Year-End…
  17. Corporate June 2012 Presentation – Rex Energy Corp – slide 17
    Appalachia Overview Butler Area (Operated) 68,400 gross (46,000 net) acres Access to three producing horizons1: Marcellus Shale (liquids rich) Utica Shale (dry gas) Upper Devonian Shale Burkett (liquids rich) Potential fourth…
  18. Corporate June 2012 Presentation – Rex Energy Corp – slide 18
    Butler Operated Area Consolidated acreage position of 68,400 gross (46,000 net) acres (Butler, Beaver and Lawrence Counties) Butler Operated Area Allows for minimal rig movement Burgh; Upper Decreases in drilling time…
  19. Corporate June 2012 Presentation – Rex Energy Corp – slide 19
    Marcellus Super Frac Results Drushel 3H (150 ft design) Super Frac: Carson 3H (150 ft design) Super Frac: Job Performed: April 2011 Job Performed: March 2012 Days on Production: 376 days Lateral Length: 3,900 Lateral Length: 3,000 26…
  20. Corporate June 2012 Presentation – Rex Energy Corp – slide 20
    Devonian Shales & Utica/Point Pleasant FORMATION NAME & DESCRIPTION Butler County Area presents the potential of four productive reservoirs, three of which have liquids potential RHINESTREET SHALE Reservoir 4 UPPER DEVONIAN…
  21. Corporate June 2012 Presentation – Rex Energy Corp – slide 21
    Butler Marcellus Super Rich Wet Gas Stream +5% Liquids Recovery Burgh ; Upper Devonian/Rhinestreet +5% Liquids Test Location Recovery Grubbs ; Plesniak Super-Frac Super Rich Stimulation Marcellus Test Wack ; Super Pallack…
  22. Corporate June 2012 Presentation – Rex Energy Corp – slide 22
    Butler County Marcellus Economics Butler County Wet Gas Type Curve Butler Area (Operated) Assumptions 6,000 Gas Production Rate (Mcfe/d) Well costs of 5.3 million per well 5,000 4,000 Lateral length of 3,500 ft. 3,000 30-Day…
  23. Corporate June 2012 Presentation – Rex Energy Corp – slide 23
    Butler Area Midstream & Infrastructure Firm transportation of 85.0 gross MMcf/d Butler Operated Area 25.0 gross MMcf/d available March 2012 Cheeseman 1 Remaining 60.0 gross MMcf/d available January 2013 Pipeline tap into NFG Sarsen…
  24. Corporate June 2012 Presentation – Rex Energy Corp – slide 24
    Utica Shale Overview 104,000 gross (71,400 net) acres Butler County Operations 68,400 gross (46,000 net) acres Cheeseman 1H Utica Well 5.3 MMcf/d 30- day rate (dry gas) Ohio Warrior Prospect 15,000 acres Spud first well, Brace 1H,…
  25. Corporate June 2012 Presentation – Rex Energy Corp – slide 25
    Ohio Utica Warrior Prospect REXX G. Graham Well Expected Location 15,000 net acres in the Utica Shale CHK Mangun 22-15-5 8H: Spud first well, Brace 1H, in April 2012 REXX Brace 1H Well: 1.5 Mboe/d Spud April 2012 Reached TD in…
  26. Corporate June 2012 Presentation – Rex Energy Corp – slide 26
    After-Frac Shut-in of Utica and Marcellus Wells Gas Flow Water Flow Water Flow Gas Flow Frac Fluid Sw = 75% Wellbore Formation Formation Sw=15% Sw=15% Frac Fluid Sw = 75% Gas Flow Water Flow Water Flow Gas Flow…
  27. Corporate June 2012 Presentation – Rex Energy Corp – slide 27
    Ohio Utica Warrior South Prospect 4,500 gross (2,800 net) acres1 Proposed MWE Liquids Line Located in Guernsey, Noble and Belmont Counties REXX Noble Well Acreage within liquids rich window of the Location Utica Shale APC Frec…
  28. Corporate June 2012 Presentation – Rex Energy Corp – slide 28
    Illinois Basin Overview Illinois Basin 23,525 gross ( 23,495 net) acres in Illinois Basin Basin has produced over 4 billion barrels since 1906 Basin currently produces 2,365 gross (1,840 net) barrels per day Lawrence Field…
  29. Corporate June 2012 Presentation – Rex Energy Corp – slide 29
    Lawrence Field ASP Overview 13,100 gross (13,000 net) acres in Lawrence Field Illinois Basin Estimated 1 billion barrels of original-oil-in-place (OOIP) Middagh Unit, ASP Project Field has produced 400 MMBbls since 1906…
  30. Corporate June 2012 Presentation – Rex Energy Corp – slide 30
    Lawrence Field ASP Update Middagh Pilot: Production averaged 60.7 gross BOPD in 1Q12 compared to 65-75 gross BOPD in 4Q11. This confirms the year-end Perkins-Smith Middagh Pilot Griggs proved reserves booking of 13% of pore volume…
  31. Corporate June 2012 Presentation – Rex Energy Corp – slide 31
    ASP Economics Resource Potential Range Confirmed Resource Potential: North & Central Lawrence Units1 Proved reserve bookings at 13% of pore volume Low Case High Case recovery confirming mid-point resource potential range of 31.5…
  32. Corporate June 2012 Presentation – Rex Energy Corp – slide 32
    Marcellus Non-Operated Overview Westmoreland, Clearfield and Centre Counties, PA Sizeable acreage position with 43,000 gross (18,300 net) acres1 34 Wells producing in Westmoreland County 8 Wells producing in Clearfield and Centre…
  33. Corporate June 2012 Presentation – Rex Energy Corp – slide 33
    Westmoreland County Marcellus Economics Westmoreland County Dry Gas Type Curve Westmoreland County (Non-Operated) 5,000 Gas Production Rate (Mcfe/d) 4,500 Assumptions 4,000 3,500 Well costs of 5.8 million per well 3,000 Lateral…
  34. Corporate June 2012 Presentation – Rex Energy Corp – slide 34
    Appendix Responsible Development of Americas Energy Resources
  35. Corporate June 2012 Presentation – Rex Energy Corp – slide 35
    Second Quarter and Full Year 2012 Guidance Second Quarter Full Year 2012 2012 Average Daily Production 61.0 66.0 Mmcfe/d 67.0 72.0 Mmcfe/d Lease Operating Expense 10.0 12.0 million 48.0 53.0 million Cash G&A 5.0 6.0 million 20.0…
  36. Corporate June 2012 Presentation – Rex Energy Corp – slide 36
    Liquids Production Ratios Current Liquids Sales Ratio Liquids Sales Ratio With Full Ethane Sales Iso-Butane 3% Natural Ethane Butane Natural 6% Gasoline 5% 7% Gasoline 20% Iso-Butane Propane 8% 19% Propane Ethane Butane…
  37. Corporate June 2012 Presentation – Rex Energy Corp – slide 37
    Wet Gas Economic Yields 3.75 NYMEX equates to 3.95 per Mcf of net revenue 3.75 NYMEX Henry Hub 100.00 NYMEX WTI Wellhead Production 1 mcf of Natural Gas Natural Gas NGLs Production by Product .900 mcf 1.64 gallons/ mcf(1)…
  38. Corporate June 2012 Presentation – Rex Energy Corp – slide 38
    Butler Area Utica Shale Resource Potential1 Rex Energy Cheeseman 1H 5.3 MMcf/d Dry Gas 30-Day Test Rate Butler Operated Area: Utica Shale Dry Gas Unproved Prospective 46,100 Acreage2 Net Potential Well Locations3 108 EUR4 4.5…
  39. Corporate June 2012 Presentation – Rex Energy Corp – slide 39
    Non-Operated Midstream and Infrastructure Westmoreland County, PA Clearfield Centre County 17.0 gross MMcf/d capacity through Ecker Station tap Non-Operated Area into Dominion line 35.0 gross MMcf/d capacity through high pressure…
  40. Corporate June 2012 Presentation – Rex Energy Corp – slide 40
    Butler Marcellus Operated Wells In Inventory Pad Gross Well Count Net Well Count Status Gilliland 11-HB 1 0.7 Completed awaiting pipeline Gilliland - Marcellus Wells 5 3.5 Frac complete; Awaiting sales Graham 3 2.1 Drilled awaiting…
  41. Corporate June 2012 Presentation – Rex Energy Corp – slide 41
    Butler Operated Drilling Schedule Pad Gross Well Count Net Well Count Status Wack 1 0.7 Awaiting Drilling Rig Stebbins 1 0.7 Awaiting Drilling Rig Burgh (Rhinestreet test well) 1 0.7 Awaiting Drilling Rig Breakneck Beagle Club 2…
  42. Corporate June 2012 Presentation – Rex Energy Corp – slide 42
    Utica Shale Drilling & Completion Schedule Area Pad Gross Well Count Net Well Count Status Carroll County, OH Brace 1 0.8 Drilled Awaiting Completion Butler County, PA Hufnagel 1 0.7 Awaiting Drilling Rig Noble County, OH Noble…
  43. Corporate June 2012 Presentation – Rex Energy Corp – slide 43
    Current Hedging Summary Full Year 2012-2013 Crude Oil(1) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Collar Contracts Volume Hedged 150,000 150,000 150,000 135,000 135,000 135,000 135,000 Ceiling 111.08 111.08 111.08 112.56 112.56 112.56…
  44. Corporate June 2012 Presentation – Rex Energy Corp – slide 44
    Current Hedging Summary Contd Natural Gas Hedges Contd(1) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Put Contracts Volume - - - 660,000 660,000 660,000 660,000 Floor - - - 5.00 5.00 5.00 5.00 Collar Contracts with Short Puts Volume…

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