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Q1 2011 Earnings Call – Rex Energy Corp

Rex Energy Corp · May 4, 2011 · 21 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. Q1 2011 Earnings Call – Rex Energy Corp – slide 1
    Rex Energy Q1 2011 Conference Call Together We Can Make A Difference Rex Energy Corporation 476 Rolling Ridge Drive State College, PA 16801 P: (814) 278-7267 F: (814) 278-7286 E: InvestorRelationsRexEnergyCorp.com…
  2. Q1 2011 Earnings Call – Rex Energy Corp – slide 2
    2011 Focus 1) Maintain a safe workplace, free of injury and environmental damage. 2) Fill the Sarsen plant as soon as possible. 3) Complete our Butler County drilling program in anticipation of having additional midstream capacity…
  3. Q1 2011 Earnings Call – Rex Energy Corp – slide 3
    Key Takeaways 1st Quarter Financial Highlights Average Daily Production: o Up 22% from 4th quarter 2010 o Up 46% from 1st quarter 2010 Operating Revenue1: o Up 25% from 4th quarter 2010 o Up 50% from 1st quarter 2010 Lease…
  4. Q1 2011 Earnings Call – Rex Energy Corp – slide 4
    Daily Production & Pricing 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter Quarter to Quarter 2010 2010 2010 2011 Change % Change Production Average Per Day Oil (Bbls) 1,856 1,912 1,924 1,945 21 1% Gas (Mcf) 7,357 8,415 10,647 14,274…
  5. Q1 2011 Earnings Call – Rex Energy Corp – slide 5
    Selected Financial Highlights 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter Quarter to Quarter (in millions except per share data) 2010 2010 2010 2011 Change % Change Operating Revenue 15.7 16.9 19.5 23.4 3.9 20% Gain (Loss) on Oil…
  6. Q1 2011 Earnings Call – Rex Energy Corp – slide 6
    Current Hedging Summary Current Production Hedged Crude Oil 110% % of Current % of Current Avg. Floor Avg. Ceiling 100% with Floor with Ceiling Price Price 2011 92% 92% 68.54 104.69 90% 2012 92% 92% 67.10 112.03 80% 2013 43% 43%…
  7. Q1 2011 Earnings Call – Rex Energy Corp – slide 7
    Balance Sheet 1st Quarter ( in millions) 2011 Assets Cash & Cash Equivalents 10.2 Other Current Assets 33.5 Net Property and Equipment 354.0 Other Net Assets 31.4 Total Assets 429.1 Liabilities and Owners Equity Current…
  8. Q1 2011 Earnings Call – Rex Energy Corp – slide 8
    Capital Spending Increase Current Budget 148,747 Capital Budget (Net of Drilling Carries) Budget Additions Drill Nine Additional Marcellus Wells 13,650 ( in millions) Appalachia Illinois Rockies Total Leasing 10,000 Perkins Smith…
  9. Q1 2011 Earnings Call – Rex Energy Corp – slide 9
    Guidance 2nd Quarter 2011 Full Year 2011 Production 30.6 32.2 MMcfe/d 34.7 39.4 MMcfe/d Exit Rate (December 2011 Production) 40.7 48.5 MMcfe/d Lease Operating Expenses n/a 32.0 37.0 million Cash General & Administrative n/a 20.0…
  10. Q1 2011 Earnings Call – Rex Energy Corp – slide 10
    Marcellus Operated Overview Butler County, PA Increased 6,500 gross acres in first quarter to 54,000 gross Marcellus Operated Area in PA (37,000 net) acres 2011 Operational Assumptions o Drilling the full year with one rig, and two…
  11. Q1 2011 Earnings Call – Rex Energy Corp – slide 11
    Butler Operated Drilling & Completion Schedule Gross Well Net Well Rig Pad Status Count Count UDI 54 Drushel(1) 5.0 3.5 4 of 5 wells fracd with 5 day average rates of 3.7 Mmcfepd UDI 54 Talarico 3.0 2.1 All wells drilled; frac…
  12. Q1 2011 Earnings Call – Rex Energy Corp – slide 12
    Marcellus Non-Operated Overview Westmoreland, Clearfield and Centre Counties, PA 50,000 gross (20,000 net) acres 2011 Operational Assumptions o Two rig program for the full year with a third rig drilling four wells in Clearfield…
  13. Q1 2011 Earnings Call – Rex Energy Corp – slide 13
    Westmoreland & Clearfield Non Operated Drilling & Completion Schedule Gross Well Net Well County Rig Pad Status Count Count Two placed in service Westmoreland H&P 287 Uschak 2(1) 5.0 2.0 Remaining three awaiting on completion…
  14. Q1 2011 Earnings Call – Rex Energy Corp – slide 14
    Lawrence Field ASP Update Project Update Preliminary oil response seen: o Production increased from 16-62 gross BOPD o Oil cuts increased from 1.0% to 5.0% in total unit o Individual well oil cuts Middagh Pilot increased from 1.5%…
  15. Q1 2011 Earnings Call – Rex Energy Corp – slide 15
    Single and Dual Matrix Porosity Areas Example of Seismic from Example of Seismic from Faulted/Fractured Area 3D Seismic Results Lightly Fractured Area (Dual Matrix Porosity Model) (Matrix Porosity Model) Steege 11-33H Herrington…
  16. Q1 2011 Earnings Call – Rex Energy Corp – slide 16
    Niobrara Overview 56,000 gross (39,000 net) acres 3 horizontal wells drilled (infill and Matrix Porosity DJ Basin results) Silo DJ Basin Niobrara Summary Field Rex Energy Thick Source Rock 300+ ft. BJB 1H Non-Commercial High…
  17. Q1 2011 Earnings Call – Rex Energy Corp – slide 17
    Rex Energy Appendix Together We Can Make A Difference
  18. Q1 2011 Earnings Call – Rex Energy Corp – slide 18
    Current Hedging Summary(1) Crude Oil 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Collar Contracts Volume Hedged 144,000 144,000 144,000 135,000 135,000 135,000 135,000 60,000 60,000 60,000 60,000 Ceiling 104.69 104.69…
  19. Q1 2011 Earnings Call – Rex Energy Corp – slide 19
    Current Hedging Summary(1) Natural Gas Hedges Contd 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Put Contracts Volume 180,000 180,000 180,000 - - - - - - - - Floor 8.00 8.00 8.00 - - - - - - - - Put Spread…
  20. Q1 2011 Earnings Call – Rex Energy Corp – slide 20
    EBITDAX 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter (in thousands) 2010 2010 2010 2011 Net Income (Loss) from Continuing Operations 813 9,540 (6,559) (7,602) Add Back (Less): DD&A & Accretion 5,139 4,979 6,595 5,878 Non-Cash…
  21. Q1 2011 Earnings Call – Rex Energy Corp – slide 21
    Clean Earnings 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter (in thousands) 2010 2010 2010 2011 Income (Loss) From Continuing Operations Before Income Taxes, as reported 956 16,150 (10,518) (12,315) Add Back (Less): Unrealized…

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