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Corporate May 2013 Presentation – Rex Energy Corp

Rex Energy Corp · May 10, 2013 · 35 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 May 2013 Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation May 2013 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 May 2013 Presentation – Rex Energy Corp – slide 2
    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:…
  3. Corporate May 2013 Presentation – Rex Energy Corp – slide 3
    Operational Highlights Maximizing Resource Potential Large resource base with 900 potential proved and non-proven drilling locations focused in the Appalachian Basin with an estimated 5.0 Tcfe of net resource potential (assuming full…
  4. Corporate May 2013 Presentation – Rex Energy Corp – slide 4
    Financial Highlights Strong Balance Sheet Entered 2013 with 284 million of liquidity; Pro forma liquidity as of March 31, 2013 of 439 million including March 2013 redetermination and 100 million add-on to senior notes Active Hedging…
  5. Corporate May 2013 Presentation – Rex Energy Corp – slide 5
    Growing Proved Reserves Through the Drill Bit Proved Reserves Growth (Bcfe) 700 618.1 600 500 400 366.2 300 201.7 200 125.2 100 66.0 0 2008 2009 2010 2011 2012 Oil and NGLs Natural Gas Proved Reserves PV-10 Year %…
  6. Corporate May 2013 Presentation – Rex Energy Corp – slide 6
    Liquids-Rich Non-Proven Resource Potential(1) As of December 31, 2012, we have identified approximately 900 gross potential proved and non-proven drilling locations in our liquids-rich Appalachian Basin properties Additional oil…
  7. Corporate May 2013 Presentation – Rex Energy Corp – slide 7
    2013 Capital Budget Program Budgeted 255-275 million of operating capital expenditures for 2013 86% of 2013 Budget Directed Towards Liquids-Rich Areas In Appalachia Basin, 2 operated rigs running with 30 wells planned; in Illinois…
  8. Corporate May 2013 Presentation – Rex Energy Corp – slide 8
    Consistent Production Growth 61% CAGR(1); Q1 2013 production: 75.3 MMcfe/d; 29% liquids 80.0 MarkWest Bluestone Plant 70.0 Average Daily Production (Mmcfe/d) 60.0 Additional field compression 50.0 40.0 1st Sarsen plant…
  9. Corporate May 2013 Presentation – Rex Energy Corp – slide 9
    Butler Operated Area Midstream Capacity MarkWest Y-Grade MWE Sarsen & Pipeline Bluestone Processing MarkWest Energy - Keystone Processing Complex Complex Sarsen 40 MMcf/d In Service Bluestone I 50 MMcf/d In Service Bluestone II 120…
  10. Corporate May 2013 Presentation – Rex Energy Corp – slide 10
    Ohio Utica Midstream Providers Mariner West MarkWest Energy - Cadiz Processing Complex Pipeline Interim Refrigeration 60 MMcf/d In Service Cadiz I 125 MMcf/d 2Q13 REXX Carroll Cadiz II 200 MMcf/d 2Q14 County Acreage Blue Racer East…
  11. Corporate May 2013 Presentation – Rex Energy Corp – slide 11
    2013 Hedging Summary1 100% 90% 4.54 x 4.34 80% 5.00 45% of Total NGL Volumes Hedged 96.46 x 88.46 70% 102.36 5.34 x 80.64 24% of all NGL components 60% x 4.51 hedged at 55.36/Bbl 2.11 50% 93.02 4.06 1.66 0.98 40% 30% 20%…
  12. Corporate May 2013 Presentation – Rex Energy Corp – slide 12
    2014 Hedging Summary1 Small amount of NGLs hedged in 70% 4.40 x 3.93 2014 (18,000 Bbls total) 4.60 60% 103.32 x 86.44 x 3.87 90.00 50% x 75.00 40% 103.32 x 85.01 30% 20% 4.04 10% 58% 67% 0% Oil Gas 2 3 (/bbl) (/mcf) Swaps…
  13. Corporate May 2013 Presentation – Rex Energy Corp – slide 13
    Butler Operated Marcellus Results 5-Day Sales Rate (Average Per Well)1 Butler Operated Area Target Lateral Total Ethane Total Ethane Well Name Formation Length Recovery (Mcfe/d) % Liquids Rejection (Mcfe/d) Grubbs 2H Plesniak 3H, 9H…
  14. Corporate May 2013 Presentation – Rex Energy Corp – slide 14
    Butler Operated Upper Devonian / Burkett Results 30-Day Sales Rate (Average Per Well)1 Butler Operated Area Lateral Total Total Ethane Well Name Length (Mcfe/d) % Liquids Rejection (Mcfe/d) Burgh 2HD Gilliland 11 HB 2,700 3,461 48%…
  15. Corporate May 2013 Presentation – Rex Energy Corp – slide 15
    Super-Rich Wet Gas Upside(1) 7.00 6.48 0.27 6.00 5.36 5.00 2.61 1.76 4.00 4.00 /Mcf 3.00 4.00 2.00 3.60 3.60 1.00 0.00 Dry Gas 1,250 BTU 1,300 BTU Gas NGLs Condensate Assumptions: 4.00 HH, 90.00 WTI, 50% WTI…
  16. Corporate May 2013 Presentation – Rex Energy Corp – slide 16
    Evolution of Butler Marcellus Development Improving well designs are resulting in increased EURs(1) and returns on capital Ethane Uplift and Improving Well Design Transportation Efficiencies 9.7 Bcfe 4.0 Bcfe EUR 5.3 Bcfe EUR 7.0…
  17. Corporate May 2013 Presentation – Rex Energy Corp – slide 17
    Butler County Marcellus Economics Butler Area (Operated) Assumptions Butler County Wet Gas Type Curve 7,000 Super-frac completion method yields attractive IRRs Gas Production Rate (Mcfe/d) 6,000 in current price environment…
  18. Corporate May 2013 Presentation – Rex Energy Corp – slide 18
    Ohio Utica Warrior North Prospect Overview Warrior North Prospect CHK Coniglio 6H: 16,100 gross / 15,900 net acres in Carroll County, OH (100% WI) 1.1 Mboe/d First well, Brace 1H, into sales in Q3 2012 REXX G. Graham 1H, 1,094…
  19. Corporate May 2013 Presentation – Rex Energy Corp – slide 19
    Warrior North Acreage Trade Warrior North Prospect Pre Acreage Trade Warrior North Prospect Post Acreage Trade Acreage trade for 7,000 net acres Adds 20 net drilling locations Adjusting for acreage trade, REXX now has 114 gross…
  20. Corporate May 2013 Presentation – Rex Energy Corp – slide 20
    Ohio Utica Warrior South Prospect Overview Warrior South Prospect 6,700 gross / 4,100 net acres in Guernsey, Noble and Belmont GPOR Ryser 1-25H: Rate of 2.9 Mboe/d; Counties, OH (63% WI) 73% Liquids Joint Development Agreement with…
  21. Corporate May 2013 Presentation – Rex Energy Corp – slide 21
    Illinois Basin Overview Overview Rex Energy is one of the largest producers in the basin, producing approximately 2,179 net Bbls/d of oil Lawrence Field 27,000 net acres Rex Energy has identified multiple zones with conventional…
  22. Corporate May 2013 Presentation – Rex Energy Corp – slide 22
    Marcellus Non-Operated Overview Overview Marcellus Non-Operated Sizeable acreage position with 40,900 gross / 16,100 net acres(1) in Westmoreland, Clearfield and Centre Counties, PA Westmoreland County: 6 Bcf EUR(2); attractive…
  23. Corporate May 2013 Presentation – Rex Energy Corp – slide 23
    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…
  24. Corporate May 2013 Presentation – Rex Energy Corp – slide 24
    Appendix Responsible Development of Americas Energy Resources
  25. Corporate May 2013 Presentation – Rex Energy Corp – slide 25
    Second Quarter and Full Year 2013 Guidance Second Quarter Full Year 2013 2013 Average Daily Production 84.0 88.0 MMcfe/d 90.5 94.5 Mmcfe/d Lease Operating Expense 13.5 15.5 million 58.0 62.0 million Cash G&A 6.8 7.8 million 26.0…
  26. Corporate May 2013 Presentation – Rex Energy Corp – slide 26
    Butler Operated Area Stacked Pays Stratigraphic Column 2012 2013 Rhinestreet Shale Frac one legacy vertical well to test gas quality and No planned drilling in 2013 given Marcellus / Burkett liquids potential development Reservoir…
  27. Corporate May 2013 Presentation – Rex Energy Corp – slide 27
    Marcellus Super Frac Completion Optimization Process Drushel 3H (150 ft design) Super Frac: Job Performed: Apr. 2011; On Prod: 680 Days Lateral Spacing: 450 - 600 feet apart Lateral Length: 3,000 ; 21 Stages Type curve validates lower…
  28. Corporate May 2013 Presentation – Rex Energy Corp – slide 28
    Warrior South Industry Results Comparison 65% Liquids Lateral Shrink Gas Oil NGL Boe/d (Full Ethane Boe/d assuming Company Well Name (feet) BTU % (Mcf/d) (Bbls/d) (Bbls/d) Recovery) % Liquids 3,500 Lateral* GPOR Groh 1-12H 5,414 1,247…
  29. Corporate May 2013 Presentation – Rex Energy Corp – slide 29
    Liquids Production Ratios Current Liquids Sales Ratio Liquids Sales Ratio With Full Ethane Sales Natural Iso-Butane Gasoline Butane 3% 7% Ethane 5% Natural 10% Gasoline 18% Iso- Butane 7% Propane 18% Butane Propane Ethane…
  30. Corporate May 2013 Presentation – Rex Energy Corp – slide 30
    Operated Wells in Inventory Pad Gross Well Count Net Well Count Formation Status Brace West 2 1.3 Ohio Utica Currently Completing Grubbs 2H 1 0.7 Marcellus Completed; Awaiting Sales Burgh 2HD 1 0.7 Upper Devonian Burkett Drilled…
  31. Corporate May 2013 Presentation – Rex Energy Corp – slide 31
    Operated Well Drilling Schedule Pad Gross Well Count Net Well Count Formation Status J. Anderson 5 3.9 Ohio Utica Currently Drilling Jenkins 3 3 Ohio Utica Awaiting Drilling Rig Reno 1 0.7 Marcellus Currently Drilling Perry Township…
  32. Corporate May 2013 Presentation – Rex Energy Corp – slide 32
    WPX Operated Westmoreland Drilling and Wells in Inventory Schedule Pad Gross Well Count Net Well Count Formation Status Duralia 4 1.6 Marcellus Currently Drilling McBroom 3 1.2 Marcellus Awaiting Drilling Rig Gera 4 1.6 Marcellus…
  33. Corporate May 2013 Presentation – Rex Energy Corp – slide 33
    Current Hedging Summary Crude Oil(1) 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Swap Contracts 120,000 120,000 120,000 -- -- -- -- Volume Hedged 93.02 93.02 93.02 -- -- -- -- Price Collar Contracts Volume Hedged 45,000 60,000 60,000 15,000…
  34. Corporate May 2013 Presentation – Rex Energy Corp – slide 34
    Current Hedging Summary (Contd) Natural Gas Hedges(1) 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Swap Contracts(2) Volume 2,290,000 2,520,000 2,520,000 1,410,000 1,110,000 1,110,000 1,110,000 Price 3.95 4.12 4.12 4.24 3.96 3.96 3.96 Collar…
  35. Corporate May 2013 Presentation – Rex Energy Corp – slide 35
    Current Hedging Summary (Contd) Natural Gas Liquids(1)(2) 2Q13 3Q13 4Q13 1Q14 Swap Contracts Propane Volume Hedged (Bbls) 48,000 48,000 48,000 15,000 Price per Barrel 41.29 41.29 41.29 39.14 Price per Gallon 0.98 0.98 0.98 0.98…

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