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Corporate August 2012 Presentation – Rex Energy Corp

Rex Energy Corp · Aug 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 August 2012 Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation August 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 August 2012 Presentation – Rex Energy Corp – slide 2
    Rex Energy Overview Market Data NASDAQ: REXX Common shares outstanding: 52.8 million1 18% Ownership with corporate officers and directors Share Price: 12.472 Market Capitalization: 659.4 million2 52 Week Price Range: 8.80 - 18.002…
  3. Corporate August 2012 Presentation – Rex Energy Corp – slide 3
    Upcoming Catalysts Catalysts Results from first Ohio Utica Shale well Brace 1H First sales expected in September 2012 Continued enhancement of the Butler Operated assets Increasing EURs with Super Frac completion method Further…
  4. Corporate August 2012 Presentation – Rex Energy Corp – slide 4
    Strong Balance Sheet Liquidity Sources ( millions) Cash as of 6/30/2012 15.6 6M12 Op. Cash Flow Analyst Consensus 44.0 Subtotal 59.6 Availability on senior credit facility1 185.0 Availability on second lien facility 50.0…
  5. Corporate August 2012 Presentation – Rex Energy Corp – slide 5
    Current Hedging Summary Crude Oil Current Production Hedged % of Current % of Current Avg. Floor Avg. Ceiling with Floor with Ceiling Price Price 80% 2012 73% 73% 68.39 111.08 70% 2013 68% 68% 72.44 112.56 2014(1) 25% 25% 80.00…
  6. Corporate August 2012 Presentation – Rex Energy Corp – slide 6
    Annual Consecutive Growth 80,000 81% Average Daily Production (Mcfe) 70,000 60,000 50,000 40,000 92% 30,000 26% 20,000 3% 10,000 0 2009 (A) 2010 (A) 2011 (A)1 2012 Revised Midcase Guidance (E) Natural Gas NGL &…
  7. Corporate August 2012 Presentation – Rex Energy Corp – slide 7
    2011 Proved Reserves 9
  8. Corporate August 2012 Presentation – Rex Energy Corp – slide 8
    Rex Energy Liquids-Rich Resource Potential1 Total Liquids-Rich Operating Area Butler Marcellus: Resource Potential1 Liquids Rich MMBOE Bcfe Butler Upper Devonian: Oil & Condensate 50.8 305.0 Liquids Rich NGLs 104.6 627.3 Warrior…
  9. Corporate August 2012 Presentation – Rex Energy Corp – slide 9
    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…
  10. Corporate August 2012 Presentation – Rex Energy Corp – slide 10
    Proved Reserves with Ethane Solution 12
  11. Corporate August 2012 Presentation – Rex Energy Corp – slide 11
    2012 Operating Capital Budget 13
  12. Corporate August 2012 Presentation – Rex Energy Corp – slide 12
    Revised 2012 Capital Budget 14
  13. Corporate August 2012 Presentation – Rex Energy Corp – slide 13
    Acreage Summary Other Operated Utica Acreage in Warren/Mercer County Pennsylvania 16,200 gross (7,700 net) Carroll County Warrior Prospect 15,400 acres Westmoreland, Centre, Clearfield Non-Operated Area Guernsey, Noble &…
  14. Corporate August 2012 Presentation – Rex Energy Corp – slide 14
    Appalachia Overview Butler Area (Operated) 69,000 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…
  15. Corporate August 2012 Presentation – Rex Energy Corp – slide 15
    Butler Operated Area Consolidated acreage position of 69,000 gross (46,000 net) acres (Butler, Beaver and Lawrence Counties) Butler Operated Area Allows for minimal rig movement Burgh; Upper Decreases in drilling time Devonian Test…
  16. Corporate August 2012 Presentation – Rex Energy Corp – slide 16
    Marcellus Super Frac Type-Curve Results Drushel 3H (150 ft design) Super Frac: Super Frac: Type-Curve Considerations as Job Performed: April, 2011 compared to YE 2011- 5.3 BCFE Type Curve Days on Production: + 1 Year 24 hr IP = 4,500…
  17. Corporate August 2012 Presentation – Rex Energy Corp – slide 17
    Devonian Shales & Utica/Point Pleasant FORMATION NAME & DESCRIPTION Butler County Area presents the potential of four productive reservoirs, three of which have liquids potential Upper Devonian & Marcellus Shales RHINESTREET SHALE…
  18. Corporate August 2012 Presentation – Rex Energy Corp – slide 18
    Butler Super Rich Wet Gas Stream Burgh; Upper Devonian FORMATION NAME & DESCRIPTION Test Location for +30% Increased Liquids RHINESTREET SHALE Reservoir 4 Grubbs; Super Rich UPPER DEVONIAN SHALES Mixed Organic & Non-organic…
  19. Corporate August 2012 Presentation – Rex Energy Corp – slide 19
    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…
  20. Corporate August 2012 Presentation – Rex Energy Corp – slide 20
    Utica Shale Overview 106,200 gross (72,200 net) acres Butler County Operations 69,000 gross (46,000 net) acres Cheeseman 1H Utica Well 5.3 MMcf/d 30-day rate (dry gas); 4.1 MMcf/d 60-day rate; 3.7 MMcf/d 120- day rate Ohio Warrior…
  21. Corporate August 2012 Presentation – Rex Energy Corp – slide 21
    Ohio Utica Warrior North Prospect Exceeded +15,000 acres of leasehold in REXX G. Graham Well Expected Location Warrior North CHK Coniglio 6H: 1.1 Mboe/d REXX Brace 1H Drilling operations began in 2Q-2012 Completed 4,175 Lateral…
  22. Corporate August 2012 Presentation – Rex Energy Corp – slide 22
    Ohio Utica Warrior South Prospect 5,600 gross (3,100 net) acres1 Located in Guernsey, Noble and Belmont GPOR GPOR Wagner 1-28H Test Rate of 17.1 MMcf/d, 432 Counties Groh 1-12H bbls of condensate/day, 1,881 bbls of NGLs/day…
  23. Corporate August 2012 Presentation – Rex Energy Corp – slide 23
    Illinois Basin Conventional Oil Infill & Recompletions Illinois Basin 23,525 gross ( 23,495 net) acres in Illinois Basin Basin has produced over 4 billion barrels since 1906 Rex currently produces 2,365 gross (1,840 net) barrels…
  24. Corporate August 2012 Presentation – Rex Energy Corp – slide 24
    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…
  25. Corporate August 2012 Presentation – Rex Energy Corp – slide 25
    Lawrence Field ASP Update Middagh Pilot: Oil cuts in the Pilot increased from 1.0% to 12.0% in total unit, with individual wells Perkins-Smith Middagh Pilot Griggs experiencing oil cuts above 20% 58 Acres 15 Acres 72 Acres Peak…
  26. Corporate August 2012 Presentation – Rex Energy Corp – slide 26
    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…
  27. Corporate August 2012 Presentation – Rex Energy Corp – slide 27
    Marcellus Non-Operated Overview Westmoreland, Clearfield and Centre Counties, PA Sizeable acreage position with 52,400 gross (18,500 net) acres1 34 Wells producing in Westmoreland County 8 Wells producing in Clearfield and Centre…
  28. Corporate August 2012 Presentation – Rex Energy Corp – slide 28
    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…
  29. Corporate August 2012 Presentation – Rex Energy Corp – slide 29
    Appendix Responsible Development of Americas Energy Resources
  30. Corporate August 2012 Presentation – Rex Energy Corp – slide 30
    Third Quarter and Full Year 2012 Guidance Third Quarter Full Year 2012 2012 Average Daily Production 73.0 76.0 MMcfe/d 68.0 73.0 MMcfe/d Lease Operating Expense 11.0 - 13.0 million 46.0 50.0 million Cash G&A 6.0 7.0 million 20.0…
  31. Corporate August 2012 Presentation – Rex Energy Corp – slide 31
    Leasing Program Update Marcellus Acreage Year-End 2011 1Q12 2Q12 Change Butler Operated Area 44,800 46,000 46,000 -- Fayette/Somerset 1,500 1,500 1,500 -- Williams JV Acreage 16,400 17,200 18,500 +1,300 Other Marcellus 3,600 3,900…
  32. Corporate August 2012 Presentation – Rex Energy Corp – slide 32
    Liquids Rich Net Acreage Growth 80,000 71,000 72,200 70,000 65,300 + 4,800 + 900 60,000 + 13,000 50,000 41,600 Net Acres 40,000 + 900 + 300 34,000 + 10,700 30,000 + 7,600 20,000 10,000 0 Year-End 2009…
  33. Corporate August 2012 Presentation – Rex Energy Corp – slide 33
    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…
  34. Corporate August 2012 Presentation – Rex Energy Corp – slide 34
    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)…
  35. Corporate August 2012 Presentation – Rex Energy Corp – slide 35
    Butler Area Utica Shale Resource Potential1 Rex Energy Cheeseman 1H 5.3 MMcf/d Dry Gas 30-Day Test Rate; 4.1 MMcf/d Dry Gas 60-day Test Rate; 3.7 MMcf/d Dry Gas 120-day Test Rate Butler Operated Area: Utica Shale Dry Gas…
  36. Corporate August 2012 Presentation – Rex Energy Corp – slide 36
    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…
  37. Corporate August 2012 Presentation – Rex Energy Corp – slide 37
    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…
  38. Corporate August 2012 Presentation – Rex Energy Corp – slide 38
    Marcellus Midstream Overview MWE Mariner West MWE Mariner East MarkWest Houston Fractionator New MarkWest Liberty Pipeline EPD ATEX Pipeline 40
  39. Corporate August 2012 Presentation – Rex Energy Corp – slide 39
    Butler Marcellus Operated Wells In Inventory Pad Gross Well Count Net Well Count Status Bricker 1 0.7 Drilled awaiting completion Graham 3 2.1 Drilled awaiting completion Pallack 2 1.4 Drilled awaiting completion Plesniak 2 1.4…
  40. Corporate August 2012 Presentation – Rex Energy Corp – slide 40
    Butler Operated Drilling Schedule Pad Gross Well Count Net Well Count Status Breakneck Beagle Club 4 2.8 Currently Drilling Burgh (Upper Devonian test well) 1 0.7 Awaiting Drilling Rig Stebbins 1 0.7 Awaiting Drilling Rig Rape 1…
  41. Corporate August 2012 Presentation – Rex Energy Corp – slide 41
    Ohio Utica Shale Drilling & Completion Schedule Area Pad Gross Well Count Net Well Count Status Carroll County, OH Brace 1 0.8 Completed awaiting pipeline Warrior South Guernsey 1 1 0.8 Currently Drilling Warrior South Noble 1 1 0.8…
  42. Corporate August 2012 Presentation – Rex Energy Corp – slide 42
    Current Hedging Summary Full Year 2012-2013 Crude Oil(1) 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Collar Contracts Volume Hedged 150,000 150,000 135,000 135,000 135,000 135,000 Ceiling 111.08 111.08 112.56 112.56 112.56…
  43. Corporate August 2012 Presentation – Rex Energy Corp – slide 43
    Current Hedging Summary Contd Natural Gas Hedges(1) 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Swap Contracts Volume 1,590,000 1,590,000 1,560,000 1,470,000 1,470,000 1,470,000 300,000 300,000 300,000 300,000 Price 4.17 4.17…
  44. Corporate August 2012 Presentation – Rex Energy Corp – slide 44
    Management Team Management Team Title Thomas C. Stabley Chief Executive Officer Patrick M. McKinney President & Chief Operating Officer Michael L. Hodges Chief Financial Officer Curtis J. Walker Chief Accounting Officer David…

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