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August 2015 Investor Presentation – Eclipse Resources Corp.

Eclipse Resources Corp. · Aug 13, 2015 · 33 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 – Eclipse Resources Corp. – slide 1
    Investor Presentation August 2015 NYSEECR
  2. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 2
    August2015Corporate Company Overview Eclipse Resources is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin Eclipse Asset Area…
  3. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 3
    August2015Corporate Key Investment Highlights 101,000 net acre position located in what appears to be the core of the Utica play Premier Southern Utica and Highly 27,000 net acre position located in the Highly Liquids Rich area of…
  4. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 4
    August2015Corporate Second Quarter 2015 Highlights Eclipse continues to grow its production while improving drilling performance, resulting in increased efficiencies and enhanced returns Net Production (MMcfe/d) Adjusted…
  5. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 5
    August2015Corporate Robust Growth Outlook Average Daily Production (MMcfe/d) Net Turn-to-Sales (Wells) 225 14 210.0 2015 Full Year Guidance Midpoint: 195 MMcfe/d 198.6 12 180 12 159.6 10 135 123.8 8 9 90 85.8 6 7 6 45…
  6. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 6
    August2015Corporate Eclipse 2015 Guidance Q2 2015 Q3 2015E Full Year 2015E Actual Low High Low High Forecasted Production Average Daily (MMcfe/d) 198.6 205 215 190 200 2015E CapEx = 352 MM(3) % Natural Gas 57% 64% 66% 64% 66% %…
  7. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 7
    August2015Corporate Liquidity, Capitalization & Hedging Highlights Liquidity ( MM)(1) 450 Strong liquidity and hedge position Ended second quarter with liquidity of 355 million 375 28 Approximately 82,000 MMBtu/d of natural gas…
  8. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 8
    Asset Overview
  9. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 9
    August2015Corporate Premier Southern Utica & Rich Marcellus Position(1) Eclipses core acreage position is well delineated in the heart of a world-class play ECR 10 Wells ECR 2 Wells ** IP Rate 4.6 MMcfe/d IP Rate 7.6 MMcfe/d…
  10. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 10
    August2015Corporate Operated Wells in Progress Eclipse has elected to defer completions on 21 Utica wells (16.8 net) in the companys Condensate type curve window Operated Net Well Summary Operated Wells as of June 30, 2015 70…
  11. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 11
    August2015Corporate Type Curve Assumptions(1) Condensate Areas Rich Gas Areas Dry Gas Areas Marcellus Areas Type Curve Ri ch Lea n Condensate Ri ch Dry Ga s Dry Ga s Ma rcel l us Ma rcel l us Metrics Condensate Condensate / Ri ch…
  12. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 12
    August2015Corporate Single Well Economics(1) Internal Rate of Return by Type Curve 225% 200% 175% 150% 125% 100% 75% 50% 25% 0% Gas: 2.50 Gas: 3.00 NYMEX Gas: 3.50 Gas: 4.00 Oil: 42.50 Oil: 60.00 Strip…
  13. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 13
    August2015Corporate Enhanced Return of Extended Reach Laterals Eclipses operated wells have trended from 6,000 Type Well Cost per Foot (Dry Gas East) 1,800 laterals in 2013 and 2014 to 8,000 laterals in 2015 1,749 and 10,000…
  14. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 14
    August2015Corporate Top Tier Drilling Performance Enhancing Capital Efficiency Operated Lateral Length (Ft) Operated vs. Non-Op Drilling Days(1) 10,000 Eclipse 17 Last 20 Wells 39% Drilled 8,000 Faster 8,300 Non-Op…
  15. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 15
    August2015Corporate Well Cost Progression Eclipse has reduced its type well drilling and completion costs in each development area through drilling efficiencies, modified casing designs and downward pressure on completions…
  16. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 16
    August2015Corporate Diversified Midstream Strategy Eclipses acreage is centered across a confluence of major pipelines in the country providing significant in- and out-of-basin optionality Highlights Firm gathering, processing…
  17. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 17
    August2015Corporate Firm Transportation and Sales Outlets Firm Transportation Costs ( / MMBtu) Annual Average Firm Transportation 0.70 MMBtu/d 2015 2016 2017 2018+ 0.60 North East 0.60 0.58 0.05 0.55 0.06 Texas Eastern - M3…
  18. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 18
    August2015Corporate Firm Transportation Value Impact Overview 2015E Average Differential (1) (1) 2Q15 3Q15E FY 2015E During the quarter, the company Average NYMEX Henry Hub (/MMBtu) 2.74 commenced utilization of its firm…
  19. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 19
    August2015Corporate NGL Infrastructure 2Q15 average realized price of 14.01 per barrel and represents Mount Belvieu Eclipse 23% of total production for the quarter 12% 8% Mariner East II contract to begin in fourth quarter 2016…
  20. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 20
    Appendix
  21. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 21
    August2015Corporate Production(1) vs. Type Curves(2) Eclipses results are tracking type curve Dry Gas Areas expectations 10,000 Eclipse is currently producing wells on a restricted choke program to enhance 1,000…
  22. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 22
    August2015Corporate Type Curve & Cost Assumptions Rich Lean Condensate / Dry Gas Dry Gas Marcellus Marcellus Rich Gas Condensate Condensate Rich Gas West East West East Identified Locations Base Case (750' Wet / 1,000' Dry) 21…
  23. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 23
    August2015Corporate Dry Gas Window Type Curves Type Curve Dry Gas Dry Gas Single Well Economics(1) Metrics West East 125% Dry Gas West Dry Gas East 106% EUR (Bcfe) 16.5 21.5 100% EUR (Bcfe/1000 ft) 2.1 2.7 69% %Gas 100% 100%…
  24. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 24
    August2015Corporate Condensate Window Type Curves Type Curve Rich Lean Single Well Economics(1) Metrics Condensate Condensate 80% 76% Rich Condensate Lean Condensate EUR (Bcfe) 5.7 8.5 60% EUR (Bcfe/1000 ft) 0.7 1.1 46% %Gas…
  25. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 25
    August2015Corporate Rich Gas Window Type Curves Type Curve Condensate Rich Single Well Economics(1) Metrics / Rich Gas Gas 75% Condensate/Rich Gas Rich Gas 60% EUR (Bcfe) 10.0 14.0 60% EUR (Bcfe/1000 ft) 1.3 1.8 53% %Gas 59%…
  26. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 26
    August2015Corporate Marcellus Window Type Curves Type Curve Marcellus Marcellus Single Well Economics(1) Metrics West East 225% Marcellus West Marcellus East 191% EUR (Bcfe) 5.3 12.1 EUR (Bcfe/1000 ft) 0.7 1.5 150% 123% %Gas…
  27. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 27
    August2015Corporate Highly Experienced Management Team Years in Name Position Prior Experience Industry Benjamin Hulburt President & CEO 14 Thomas Liberatore Chief Operating Officer 34 Matthew DeNezza Chief Financial Officer…
  28. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 28
    August2015Corporate Northeast Supply/Demand Balance Significant excess out-of-basin transportation capacity to support production growth expectations over the medium term 60 Northeast Supply-Demand and New Pipeline Capacity 60…
  29. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 29
    August2015Corporate Hedging Summary(1) Eclipse Resources 2015 gas production is hedged at an average price of 3.76/MMBtu Volume Weighted Average Natural Gas Hedges Production Period (MMBtu/d) Price (/MMBtu) Natural Gas Swaps…
  30. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 30
    August2015Corporate Favorable Lease Expiration Schedule 58% of leases have a 5-year extension option Utica Core Area Leasehold Expiration(1) 50% 45.6% 45% 40% 35% 30% 28.4% 25%…
  31. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 31
    August2015Corporate Growing Proved Reserves(1) Eclipse has been able to achieve significant growth in proved reserves and proved developed reserves since the commencement of its active drilling program in late 2013 Net Oil Net NGL…
  32. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 32
    August2015Corporate Non-GAAP Reconciliations Adjusted EBITDAX Three Months Ended June 30, March 31, December 31, September 30, June 30, ( in thousands) 2015 2015 2014 2014 2014 Net Loss (41,970) (34,103) (33,023) (19,054)…
  33. August 2015 Investor Presentation – Eclipse Resources Corp. – slide 33
    August2015Corporate Financial and Operational Summary 1Q14 2Q14 3Q14 4Q14 FY 2014 1Q15 2Q15 3Q15E(1) FY 2015E(1) Production Natural Gas (Mcf/d) 30,656 27,020 67,286 90,784 54,137 109,614 114,131 NGL (MBbls/d) 100 1,243 1,265…

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