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Q3 2011 Earnings Call – Rex Energy Corp

Rex Energy Corp · Nov 2, 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. Q3 2011 Earnings Call – Rex Energy Corp – slide 1
    Rex Energy Third Quarter 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. Q3 2011 Earnings Call – Rex Energy Corp – slide 2
    Key Takeaways 3rd Quarter Highlights Exceeded increased production guidance Daily average production of 43.8 MMcfe/d 24% growth in production over second quarter Recently completed Utica Shale Test Well (Cheeseman 1H) in Butler…
  3. Q3 2011 Earnings Call – Rex Energy Corp – slide 3
    Selected Operational and Financial Highlights 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter Quarter to Quarter 2010 2011 2011 2011 Change % Change Production Average Per Day Oil (Bbls) 1,924 1,945 1,844 1,968 124 7% Gas (Mcf)…
  4. Q3 2011 Earnings Call – Rex Energy Corp – slide 4
    Current Hedging Summary Current Production Hedged Crude Oil 100% % of Current % of Current Avg. Floor Avg. Ceiling with Floor with Ceiling Price Price 90% 2012 92% 92% 68.39 111.08 80% 2013 57% 57% 73.67 113.83 70% Commodity %…
  5. Q3 2011 Earnings Call – Rex Energy Corp – slide 5
    Guidance 4th Quarter 2011 Full Year 2011 Production 46.0 50.0 MMcfe/d 37.0 40.4 MMcfe/d Exit Rate (December 2011 Production) 48.5 55.0 MMcfe/d (Revised) Lease Operating Expenses 9.3 - 9.6 million 31.0 34.0 million Cash General &…
  6. Q3 2011 Earnings Call – Rex Energy Corp – slide 6
    2011 Capital Budget Capital Budget Allocation by Activity 0% 8% 2011 Capital Program Breakdown Drilling and Exploitation Activity Budget ( in millions) Tertiary Recovery Projects Drilling and Exploitation 161.6 27% Facilities,…
  7. Q3 2011 Earnings Call – Rex Energy Corp – slide 7
    Butler Operated Area Butler Operated Area Total acreage position of 65,000 gross (44,500 net) acres Allows for minimal rig movement Cheeseman 1 Utica Shale Test 9.2 MMcf/d 24-Hour Test Rate Decreases in drilling time Maximizes…
  8. Q3 2011 Earnings Call – Rex Energy Corp – slide 8
    Butler Area Midstream & Infrastructure Butler Operated Area Firm transportation of 85.0 gross MMcf/d 25.0 gross MMcf/d available March 2012 Cheeseman 1 Pipeline tap into NFG Remaining 60.0 gross MMcf/d available January 2013 Sarsen…
  9. Q3 2011 Earnings Call – Rex Energy Corp – slide 9
    Butler Operated Drilling & Completion Schedule Gross Well Net Well Rig Pad Status Count Count UDI 54 Grosick(1) 7.0 3.0 Beginning fracture stimulation on 3 of 7 wells UDI 54 Carson 3.0 2.1 Drilling complete, awaiting fracture…
  10. Q3 2011 Earnings Call – Rex Energy Corp – slide 10
    Marcellus Non-Operated Overview Westmoreland, Clearfield and Centre Counties, PA Sizeable acreage position with 43,000 gross (16,600 net) acres(1) Pipeline Capacity / Midstream Capabilities 29,000 mcf/d current capacity in…
  11. Q3 2011 Earnings Call – Rex Energy Corp – slide 11
    Westmoreland & Clearfield Non Operated Drilling & Completion Schedule Gross Well Net Well County Rig Pad Status Count Count Westmoreland H&P 287 National Metals 2.0 0.8 Currently fracture stimulating Westmoreland H&P 287 Frye 2.0…
  12. Q3 2011 Earnings Call – Rex Energy Corp – slide 12
    Utica Shale Overview 85,300 gross (58,700 net) acres in the Utica Shale in Carroll County Butler County Operations 65,00 gross (44,300 net) acres Rex Energy Cheeseman 1H Ohio Warrior Prospect 11,000 gross (11,000 net) 9.2 MMcf/d…
  13. Q3 2011 Earnings Call – Rex Energy Corp – slide 13
    Ohio Utica Warrior Prospect 11,000 gross (11,000 net) acres in the Utica Shale (1) CHK Mangun 22-15-5 Close access to infrastructure and pipelines 8H -1.5 Mboe/d Acreage within liquids rich window of the Utica Shale Several…
  14. Q3 2011 Earnings Call – Rex Energy Corp – slide 14
    Lawrence Field ASP Update Preliminary oil response seen: Production increased from 16 BOPD and has maintained a range of 73 82 gross BOPD in Perkins-Smith Middagh Pilot Griggs the last 30 days with increasing oil cuts in 58 Acres 15…
  15. Q3 2011 Earnings Call – Rex Energy Corp – slide 15
    Niobrara Overview 56,000 gross (39,000 net) acres DJ Basin 5 horizontal wells drilled all appear non-commercial Silo Field DJ Basin Niobrara Summary Not considered a true resource play Extensive faulting and heterogeneous…
  16. Q3 2011 Earnings Call – Rex Energy Corp – slide 16
    Rex Energy Question and Answer Session Together We Can Make A Difference
  17. Q3 2011 Earnings Call – Rex Energy Corp – slide 17
    Rex Energy Appendix Together We Can Make A Difference
  18. Q3 2011 Earnings Call – Rex Energy Corp – slide 18
    EBITDAX 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter (in thousands) 2010 2011 2011 2011 Net Income (Loss) (6,559) (7,602) 3,484 (8,146) Add Back (Less): DD&A & Accretion 6,595 5,878 6,161 7,679 Non-Cash Compensation (254) 470…
  19. Q3 2011 Earnings Call – Rex Energy Corp – slide 19
    Adjusted Earnings 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter (in thousands) 2010 2011 2011 2011 Income (Loss) Before Income Taxes, as reported (10,518) (12,315) 5,700 (12,514) Add Back (Less): Unrealized Loss (Gain) on…
  20. Q3 2011 Earnings Call – Rex Energy Corp – slide 20
    Current Hedging Summary Crude Oil(1) 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Collar Contracts Volume Hedged 144,000 150,000 150,000 150,000 150,000 90,000 90,000 90,000 90,000 Ceiling 104.69 111.08 111.08 111.08 111.08 113.83…
  21. Q3 2011 Earnings Call – Rex Energy Corp – slide 21
    Current Hedging Summary Natural Gas Hedges Contd(1) 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Put Contracts Volume 180,000 - - - - 210,000 210,000 210,000 210,000 Floor 8.00 - - - - 5.00 5.00 5.00 5.00 Put Spread Contracts…

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