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Q1 2015 EARNINGS CALL – Rice Energy

Rice Energy · May 7, 2015 · 20 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 2015 EARNINGS CALL – Rice Energy – slide 1
    First Quarter 2015 Supplemental Slides May 7, 2015
  2. Q1 2015 EARNINGS CALL – Rice Energy – slide 2
    Concentrated, Core Assets COMPANY TOTAL CORE ASSETS Highly concentrated position of 146,000 net acres in the Legend RMP Gathering Pipeline cores of the lowest breakeven gas shale plays in the U.S. RMP Gathering Pipeline to be…
  3. Q1 2015 EARNINGS CALL – Rice Energy – slide 3
    First Quarter 2015 Highlights Turned eight Pennsylvania Marcellus wells to sales Execution is Driving Average lateral length of 6,225 ft. & 60-day average rate of 13 MMcf/d Initiated production from two Ohio Utica wells…
  4. Q1 2015 EARNINGS CALL – Rice Energy – slide 4
    First Quarter 2015 Financial Summary Solid first quarter results supported by well capitalized balance sheet and ample liquidity Financial Summary Operating Statistics 1Q15 net production of 440 MMcfe/d; 11% increase above 4Q14 1Q…
  5. Q1 2015 EARNINGS CALL – Rice Energy – slide 5
    Ample Liquidity and Financial Flexibility RICE is capable of funding 100% of 2015 capital plan with liquidity on-hand Favorable credit metrics & covenants ensure flexibility Cash & Revolver Capacity 3/31/15 MM 1,000 875 1.2B pro…
  6. Q1 2015 EARNINGS CALL – Rice Energy – slide 6
    Efficient Capital Allocation Drives Strong 2015 Growth 2015E E&P Guidance D&C & Land Capital Expenditures Net Wells Turned to Sales (1) Average Net Daily Production MM Wells MMcfe/d 900 830 50 500 480 43 800 680 40 36 400 700 7…
  7. Q1 2015 EARNINGS CALL – Rice Energy – slide 7
    Strong Execution Drives Consistent Results Highlights Marcellus Development Map Concentrated core Marcellus assets in southwestern PA 89,000 net acres, 100% operated, 90% WI avg. 83 net Marcellus wells producing at 1Q15 Avg. 1Q15…
  8. Q1 2015 EARNINGS CALL – Rice Energy – slide 8
    Utica: Dry-Gas Core Established, Significant Growth Ahead Operational Highlights Utica Development Map Concentrated core Utica assets in southeastern OH 57,000 net acres, 98% in Belmont County (75% dry gas) 5 operated wells (3 net)…
  9. Q1 2015 EARNINGS CALL – Rice Energy – slide 9
    Utica: Demonstrating Consistency & Repeatability Wells are extremely prolific and consistent in terms of production and pressure profiles Rate vs Time Cumulative Production vs Time Rate vs Cumulative Production Wellhead Pressure vs…
  10. Q1 2015 EARNINGS CALL – Rice Energy – slide 10
    Confirmed World Class Shale Across Entire Position Focused acreage concentration allows for quick delineation and repeatable results. RICE has no stepouts. Porosity 1150 BTU 13% 0% 1050 BTU West End East End 10 Miles 123…
  11. Q1 2015 EARNINGS CALL – Rice Energy – slide 11
    Strategic Midstream Assets in Appalachia Overview SYSTEM MAP Complete build-out of infrastructure by YE Legend RMP Gathering Pipeline 2015 RMP Gathering Pipeline to be Constructed Hancock 6.7 MMDth/d gathering capacity RICE…
  12. Q1 2015 EARNINGS CALL – Rice Energy – slide 12
    RICE Midstream Holdings Retained Midstream Overview Overview of Assets Assets include OH gas gathering and PA/OH Legend RICE Gathering Pipeline water sourcing and distribution RICE Gathering Pipeline to be Constructed Hancock RICE…
  13. Q1 2015 EARNINGS CALL – Rice Energy – slide 13
    Basis Exposure and Realized Pricing Basis Exposure and Basis Differential /MMBtu Expect Appalachian basis exposure 100% (M2 + DOM) to decrease throughout 90% 20% 16% 24% 24% the year as firm transportation projects 80% 39% 33%…
  14. Q1 2015 EARNINGS CALL – Rice Energy – slide 14
    Hedging Summary Hedge & Basis Summary RICEs gas will be marketed into 4 areas Rem. (1) Appalachia (M2, Dominion) 2015 2016 2017 (2) TCO Hedged M2 / Dominion Volumes (BBtu/d) 140 92 10 (3) Gulf Coast (ELA, M1) Wtd Avg Floor Price…
  15. Q1 2015 EARNINGS CALL – Rice Energy – slide 15
    RICE Market Snapshot Rice Energy Inc Rice Midstream Partners LP (NYSE: RICE) (NYSE: RMP) millions, except per share data, as of 05/01/15 millions, except per share data, as of 05/01/15 Management Ownership 30% Common Units 29…
  16. Q1 2015 EARNINGS CALL – Rice Energy – slide 16
    Appendix 16 www.riceenergy.com
  17. Q1 2015 EARNINGS CALL – Rice Energy – slide 17
    2015 RICE Guidance E&P GUIDANCE (1) Net Wells Spud Guidance Production Guidance (4) Pennsylvania 39 T otal Net Production (MMcfe/d) 470 490 Operated Utica(2) 13 % Natural gas 100 % Non-operated Utica 9 % Marcellus 78 % Ohio(2) 22 %…
  18. Q1 2015 EARNINGS CALL – Rice Energy – slide 18
    Economic Assumptions Summary Marcellus W. Greene Utica Dry Utica Wet Type Well Assumptions Lateral Length 7,000 7,000 8,000 8,000 Net Locations IRR (adj midstream fees) IRR (full midstream fees) EUR (Bcf/1,000') 2.0 2.0 2.5 2.2 4…
  19. Q1 2015 EARNINGS CALL – Rice Energy – slide 19
    RICE Hedging Detail We employ financial instruments (primarily swaps & costless collars) to mitigate commodity price risk Assures base level of cash flow to reinvest in growth Target hedging 50% of forecasted production up to two years…
  20. Q1 2015 EARNINGS CALL – Rice Energy – slide 20
    1Q 2015 Adjusted EBITDA Reconciliation Three Months Ended ( in thousands) March 31, 2015 Adjusted EBITDAX reconciliation to net income (loss): Net income 4,687 Interest expense 16,129 Depreciation, depletion and amortization…

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