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June 2015 Corporate Presentation – Rex Energy Corp

Rex Energy Corp · Jun 10, 2015 · 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. June 2015 Corporate Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation June 2015
  2. June 2015 Corporate Presentation – Rex Energy Corp – slide 2
    Rex Energy Company Overview Focused on developing 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: Strong cash…
  3. June 2015 Corporate Presentation – Rex Energy Corp – slide 3
    FY2015 Capital Budget Program / Guidance FY 2015 Operating Capital Budget in Millions Appalachian Basin 124 - 134 Illinois Basin 11 Total 2015 Operating Capital Budget 135 - 145(1) Budget Allocation FY2015 Budget Highlights 100%…
  4. June 2015 Corporate Presentation – Rex Energy Corp – slide 4
    Upcoming Divestitures & Joint Ventures Current / In Process Asset Divestitures & JVs Closed on March 30, 2015 Butler Operated Area JV 16.6 million received at closing initial contract value of 67.6 million with option for JV partner…
  5. June 2015 Corporate Presentation – Rex Energy Corp – slide 5
    Capitalization Simple Capital Structure Senior Secured Credit Facility due 2019 350 million borrowing base capacity Covenant Senior Secured Borrowings /TTM EBITDAX 3.0x 350 million of 8.875% Senior Notes due 2020 325 million…
  6. June 2015 Corporate Presentation – Rex Energy Corp – slide 6
    Track Record of Growth Average Daily Production 220.0 170.0 MMcfe/d 120.0 193 - 203 70.0 154.0 67.1 92.7 20.0 16.1 20.3 39.0 -30.0 2009 2010 2011 2012 2013 2014 2015E Proved Reserves 1200.0 1000.0 Bcfe 800.0…
  7. June 2015 Corporate Presentation – Rex Energy Corp – slide 7
    New Developments 220.0 Recent Achievements Butler Operated Area Joint Venture Joint venture agreement with ArcLight to jointly develop 32 pre- determined wells in the Butler Operated Area 200.0 196.0 196.2 16 wells in Moraine East…
  8. June 2015 Corporate Presentation – Rex Energy Corp – slide 8
    Company Overview
  9. June 2015 Corporate Presentation – Rex Energy Corp – slide 9
    Proved Reserves (1) Based on SEC pricing for the trailing twelve months ended 12/31/14 11
  10. June 2015 Corporate Presentation – Rex Energy Corp – slide 10
    Butler Operated Area Midstream Capacity 90 MMcf/d of current processing capacity at MarkWest facilities Map of Butler Area Midstream MarkWest added 120 MMcf/d of total Processing processing capacity in 2Q 2014 Capacity Increasing…
  11. June 2015 Corporate Presentation – Rex Energy Corp – slide 11
    Utica Midstream Providers Map of Utica Midstream Acreage dedication to Blue Racer Midstream Blue Racer East Ohio Pipeline REXX Warrior Processing capacity at Natrium North Acreage Warrior facility (Blue Racer) North 14 MMcf/d of…
  12. June 2015 Corporate Presentation – Rex Energy Corp – slide 12
    Proven & Non-Proven Resource Potential(1) Over 1,500 gross liquids-rich drilling locations as of December 31, 2014 based on 650 foot spacing in the Appalachian Basin assets(2) Gross Identified Net Identified Net Resource Area…
  13. June 2015 Corporate Presentation – Rex Energy Corp – slide 13
    Hedge Position(1) 100% 2015 Basis Hedges & Firm Sales: 95,700 Mcf/d (0.80) 2016 Basis Hedges & Firm Sales: 51,753 Mcf/d (0.85) 90% Avg. Floor: 80% Avg. Floor: 63.93 3.51 70% 60% Avg. Floor: 50% 3.45 Avg. Floor: 33.18 40%…
  14. June 2015 Corporate Presentation – Rex Energy Corp – slide 14
    Legacy Butler Operated Area: Marcellus Legacy Butler Operated Area Marcellus(1) Recent Developments Bicehouse Well: Placed into sales nine wells during the first quarter of 2015 Two-Well Burr Pad: Lateral length: 3,500 Lateral…
  15. June 2015 Corporate Presentation – Rex Energy Corp – slide 15
    Legacy Butler Operated Area: Upper Devonian Legacy Butler Operated Area Upper Devonian(1) Recent Developments Perry 1HD Burgh 2HD Placed into sales the five-well Ferree pad - second planned 5.3 MMcfe/d 4.5 MMcfe/d stacked Upper…
  16. June 2015 Corporate Presentation – Rex Energy Corp – slide 16
    Moraine East Area Finished completing four wells on the Renick pad Three Marcellus wells and one Upper Devonian Burkett well Preliminary log and petrophysical data is encouraging and supports core of the Renick Pad core…
  17. June 2015 Corporate Presentation – Rex Energy Corp – slide 17
    Butler Operated Area Joint Venture Key Business Terms Description Total Wells 32 Total Consideration 67 million; 16.6 million received at closing 16 Butler Legacy Wells ArcLight = 35% WI 16 Moraine East Wells ArcLight = 35% WI…
  18. June 2015 Corporate Presentation – Rex Energy Corp – slide 18
    Enhanced Marcellus Performance Improving Well Design in Butler County 9.7 Bcfe EUR 11.7 Bcfe EUR 15.0 Bcfe EUR(1) 4.0 Bcfe 5.3 Bcfe 7.0 Bcfe (80% ethane recovery) (80% ethane recovery) (80% ethane recovery) EUR EUR EUR 8.9 Bcfe…
  19. June 2015 Corporate Presentation – Rex Energy Corp – slide 19
    Current Cost Environment Marcellus Total Well Costs - Normalized to 5,000 lateral Potential Efficiency Gains 7.00 - Consistent drilling top time performance - Consistent completions stage performance - above 6 stages per day, per…
  20. June 2015 Corporate Presentation – Rex Energy Corp – slide 20
    Efficiently Increasing Marcellus Performance 1,700 lb/ft Wellhead Gas Rates, Adjusted to 5000 ft 1,500-1,700…
  21. June 2015 Corporate Presentation – Rex Energy Corp – slide 21
    Recent Marcellus Performance on High Sand Concentration Pads 8.0 All pads adjusted to 5,000 equivalent lateral length 7.5 Optimized Recent Completion - Avg. 30-day Sales Rate (MMcfe/d) Choke Program 7.0 6.5 14.0 Bcfe…
  22. June 2015 Corporate Presentation – Rex Energy Corp – slide 22
    Marcellus Economics(1) 9,000 9 55% Ethane Recovery(2) YE2014 2015 Target 8,000 8 All-in Well Cost 5.7 million 5.5 million 7,000 7 Lateral Length 5,000 feet 5,000 feet 6,000 6 EUR, Bcfe, 80% & 55% C2 11.7 10.7 15.0 14.0 Gross…
  23. June 2015 Corporate Presentation – Rex Energy Corp – slide 23
    Appalachia Drill-Bit F&D Project Area 0.60 0.55 0.52 0.50 0.46 0.43 0.41 0.40 0.30 0.20 0.10 0.00 REXX Peer 1 Peer 2 Peer 3 Peer 4 Project Area Drill-Bit Capex Additions (MMcfe) Drill-Bit F&D (M) Butler Op.…
  24. June 2015 Corporate Presentation – Rex Energy Corp – slide 24
    Wet Gas Upside 5.00 Assumptions: 3.25 HH / 60 WTI / 30 NGLs 4.68 2.1 GPM Well: Assumes 15 bbls of condensate produced per 3,000 Mcf 4.50 0.25 4.14 4.00 1.50 3.50 1.21 3.25 3.00 2.50 2.00 3.25 1.50 2.93 2.93 1.00 0.50…
  25. June 2015 Corporate Presentation – Rex Energy Corp – slide 25
    Natural Gas Supply & Demand in Northeast By Q3 2015, takeaway projects projected to be sufficient to support production growth in the Appalachian Basin Base Consumption Consumption Growth Appalachian Storage…
  26. June 2015 Corporate Presentation – Rex Energy Corp – slide 26
    Price Exposure & Firm Transport 28
  27. June 2015 Corporate Presentation – Rex Energy Corp – slide 27
    Butler Area Focus Drives Value Creation Expanding Processing Capacity Increasing total processing capacity to 315 MMcf/d through Bluestone III Bluestone III expected to be commissioned in 4Q15 Ethane takeaway started in 2Q14…
  28. June 2015 Corporate Presentation – Rex Energy Corp – slide 28
    Ohio Utica: Warrior Prospects Warrior North Prospect Recent Developments Brace West 1H, 2H: Brace 1H Lateral Length: Avg. Lateral Placed into sales the six-well J. Hall pad in Warrior South 4,170 feet Length: 4,400 feet 5-day sales…
  29. June 2015 Corporate Presentation – Rex Energy Corp – slide 29
    Warrior North Prospect Economics(1) Assumes 55% ethane recovery 2,500 1.0 YE14 Type Increased Sand Curve Concentration All-in Well Cost 6.8 million 7.4 million 2,000 0.8 Lateral Length 5,000 feet 6,500 feet Wellhead Rate…
  30. June 2015 Corporate Presentation – Rex Energy Corp – slide 30
    Warrior South Prospect Economics(1) 3000 Assumes 55% ethane recovery 1.5 YE14 Type Increased Sand Curve Concentration 2500 1.3 All-in Well Cost 8.0 million 8.0 million Lateral Length 5,000 feet 5,000 feet 2000 1.0 EUR 1.6 MMBOE…
  31. June 2015 Corporate Presentation – Rex Energy Corp – slide 31
    Illinois Basin Conventional Oil Illinois Basin Lawrence Field / Gibson & Posey Counties Recent Developments Lawrence Net production from operated assets was 1,873 bbls/d Premium pricing NYMEX minus 2.50 Selling into local markets…
  32. June 2015 Corporate Presentation – Rex Energy Corp – slide 32
    Appendix
  33. June 2015 Corporate Presentation – Rex Energy Corp – slide 33
    Expanded Butler Operated Area Butler Extension Area Net Acreage 90,600 Butler Liquids-Rich Net Acreage 50,000 Fleeger Pad Moraine East: 24,000 net acres Gray Pad Renick Pad Western Lawrence Utica Net Acreage…
  34. June 2015 Corporate Presentation – Rex Energy Corp – slide 34
    Marcellus Non Operated Overview Non Operated Westmoreland County, PA Non-Operated Overview Sizable acreage position in Westmoreland, Clearfield and Centre Counties, PA 28,500 gross / 11,300 net Combined average production for a…
  35. June 2015 Corporate Presentation – Rex Energy Corp – slide 35
    Butler Operated Area Stacked Pays RHINESTREET SHALE Reservoir 4 Mixed Organic & Non-organic Shale 200 thick (4,500 to 4,800 deep) UPPER DEVONIAN SHALES MIDDLESEX SHALE Mixed Organic & Non-organic Shale GENESEE SHALE Mixed…

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