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August 2015 Investor Presentation – Rex Energy Corp

Rex Energy Corp · Aug 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. August 2015 Investor Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation August 2015
  2. August 2015 Investor 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. August 2015 Investor 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. August 2015 Investor 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. August 2015 Investor 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. August 2015 Investor 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. August 2015 Investor Presentation – Rex Energy Corp – slide 7
    New Developments 220.0 Recent Achievements Sale of Keystone Clearwater Solutions 206.8 Announced sale of Keystone Clearwater Solutions on June 18, 2015 Transaction valued at 130 million, inclusive of cash and debt 200.0 196.0 196.2…
  8. August 2015 Investor Presentation – Rex Energy Corp – slide 8
    Company Overview
  9. August 2015 Investor Presentation – Rex Energy Corp – slide 9
    Proved Reserves (1) Based on SEC pricing for the trailing twelve months ended 12/31/14 11
  10. August 2015 Investor 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. August 2015 Investor 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. August 2015 Investor 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. August 2015 Investor Presentation – Rex Energy Corp – slide 13
    Hedge Position(1) 100% 2015 Basis Hedges & Firm Sales: 94,539 Mcf/d (0.81) 2016 Basis Hedges & Firm Sales: 51,753 Mcf/d (0.85) 90% Avg. Floor: 3.55 80% Avg. Floor: 60.97 Avg. Floor: 31.92 70% 60% Avg. Floor: 3.45 Avg.…
  14. August 2015 Investor Presentation – Rex Energy Corp – slide 14
    Legacy Butler Operated Area Legacy Butler Operated Area: Field Highlights Marcellus & Upper Devonian(1) Contiguous acreage position that is only 11 miles in length and Two-Well Hamilton Pad Two-Well Burr Pad: 6 miles wide Upper…
  15. August 2015 Investor Presentation – Rex Energy Corp – slide 15
    Moraine East Area 2015 HBO / HBP 2016 2017 HBO / HBP Finished completing four wells (three Marcellus, one Upper Devonian Burkett) on the Renick pad and tested all four wells 24 Hour IP Test Rate Natural Gas NGLs Condensate Total…
  16. August 2015 Investor Presentation – Rex Energy Corp – slide 16
    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…
  17. August 2015 Investor Presentation – Rex Energy Corp – slide 17
    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…
  18. August 2015 Investor Presentation – Rex Energy Corp – slide 18
    Efficiently Increasing Marcellus Performance 1,700 lb/ft Wellhead Gas Rates, Adjusted to 5000 ft 1,500-1,700…
  19. August 2015 Investor Presentation – Rex Energy Corp – slide 19
    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…
  20. August 2015 Investor Presentation – Rex Energy Corp – slide 20
    Marcellus Four-Well Pad 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…
  21. August 2015 Investor Presentation – Rex Energy Corp – slide 21
    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.…
  22. August 2015 Investor Presentation – Rex Energy Corp – slide 22
    Moraine East Upside 5.00 Assumptions: 3.25 HH / 60 WTI / 20 NGLs Legacy Butler Op. Area: 1.7 GPM Well; Assumes .8 bbls of condensate/1,000 lateral; 1,250 BTU Moraine East Area: 1.7 GPM Well; Assumes 15 bbls of condensate/1,000 lateral;…
  23. August 2015 Investor Presentation – Rex Energy Corp – slide 23
    Western Lawrence Utica REXX HilCorp Chesapeake Energy Currently drilling the Patterson 2H well, first dry gas Utica well in the area, to test potential of Western Lawrence Utica acreage Lateral length of 7,000 feet Expect to…
  24. August 2015 Investor Presentation – Rex Energy Corp – slide 24
    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…
  25. August 2015 Investor Presentation – Rex Energy Corp – slide 25
    Firm Transport and Processing Capacity Processing Capacity Butler Warrior Warrior Total Area North South Current Reserved Processing Capacity (Mcf/d) 180,000 25,000 20,000 225,000 Interruptible Processing Capacity -- -- 15,000…
  26. August 2015 Investor Presentation – Rex Energy Corp – slide 26
    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…
  27. August 2015 Investor Presentation – Rex Energy Corp – slide 27
    Ohio Utica: Warrior Prospects Warrior North Prospect Recent Developments Brace 1H Brace West 1H, 2H: Avg. Lateral Placed into sales the six-well J. Hall pad in Warrior South Lateral Length: 4,170 feet Length: 4,400 feet 5-day sales…
  28. August 2015 Investor Presentation – Rex Energy Corp – slide 28
    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…
  29. August 2015 Investor Presentation – Rex Energy Corp – slide 29
    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…
  30. August 2015 Investor Presentation – Rex Energy Corp – slide 30
    Appendix
  31. August 2015 Investor Presentation – Rex Energy Corp – slide 31
    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…
  32. August 2015 Investor Presentation – Rex Energy Corp – slide 32
    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…
  33. August 2015 Investor Presentation – Rex Energy Corp – slide 33
    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…
  34. August 2015 Investor 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. August 2015 Investor 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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