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November 2015 Corporate Presentation – Rex Energy Corp

Rex Energy Corp · Nov 9, 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. November 2015 Corporate Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation November 2015
  2. November 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: 100% oil…
  3. November 2015 Corporate Presentation – Rex Energy Corp – slide 3
    FY2015 Capital Budget Program / Guidance FY 2015 Operating Capital Budget in Millions Appalachian Basin 149 million Illinois Basin 11 million Total 2015 Operating Capital Budget 160 million(1) Budget Allocation FY2015 Budget…
  4. November 2015 Corporate Presentation – Rex Energy Corp – slide 4
    FY2016 Capital Budget Preliminary Budget(1) 160 140 145 120 100 80 95 60 40 20 0 Low-End High-End FY2016 Preliminary Budget Assumes one-full time drilling rig in the Appalachian Basin Drilling of 25 30 gross wells…
  5. November 2015 Corporate Presentation – Rex Energy Corp – slide 5
    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…
  6. November 2015 Corporate Presentation – Rex Energy Corp – slide 6
    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…
  7. November 2015 Corporate Presentation – Rex Energy Corp – slide 7
    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 20.3 39.0 16.1 -30.0 2009 2010 2011 2012 2013 2014 2015E Proved Reserves 1200.0 1000.0 Bcfe 800.0…
  8. November 2015 Corporate Presentation – Rex Energy Corp – slide 8
    New Developments 220.0 Recent Achievements Senior Secured Credit Facility 206.8 Re-affirmed borrowing base of 350 million Amendment allows for repurchase of up to 25 million of common stock 200.0 196.0 196.2 or senior unsecured…
  9. November 2015 Corporate Presentation – Rex Energy Corp – slide 9
    Company Overview
  10. November 2015 Corporate Presentation – Rex Energy Corp – slide 10
    Proved Reserves (1) Based on SEC pricing for the trailing twelve months ended 12/31/14 12
  11. November 2015 Corporate Presentation – Rex Energy Corp – slide 11
    Butler Operated Area Midstream Capacity 210 MMcf/d of total current processing capacity at MarkWest Map of Butler Area Midstream facilities Increasing total processing capacity to Processing 315 MMcf/d through construction of…
  12. November 2015 Corporate Presentation – Rex Energy Corp – slide 12
    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…
  13. November 2015 Corporate Presentation – Rex Energy Corp – slide 13
    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…
  14. November 2015 Corporate Presentation – Rex Energy Corp – slide 14
    Hedge Position(1) 100% 2015 Basis Hedges & Firm Sales: 87,549 Mcf/d (0.81) 90% 2016 Basis Hedges & Firm Sales: 62,437 Mcf/d (0.89) Avg. Floor: 80% 3.30 Avg. Floor: 60.97 Avg. Floor: Avg. Floor: 31.92 70% 3.73 60% Avg.…
  15. November 2015 Corporate Presentation – Rex Energy Corp – slide 15
    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…
  16. November 2015 Corporate Presentation – Rex Energy Corp – slide 16
    Moraine East Area Average lateral length is 6,200 feet Finished completing four wells (three Marcellus, one Upper 2015 HBO / HBP 2016 2017 HBO / HBP Devonian Burkett) on the Renick pad and tested all four wells 24 Hour IP Test Rate…
  17. November 2015 Corporate Presentation – Rex Energy Corp – slide 17
    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…
  18. November 2015 Corporate Presentation – Rex Energy Corp – slide 18
    Efficiently Increasing Marcellus Performance(1) Wellhead Gas Rates, Adjusted to 5,000 ft 10,000 Wellhead Gas Rate (Mcf/d) 1,000 IP Rate vs Sand/ft 6000 5000 15.0 Bcfe Target IP Rate (Mcf/d) 11.7 Bcfe Type Curve…
  19. November 2015 Corporate 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. November 2015 Corporate Presentation – Rex Energy Corp – slide 20
    Current Cost Environment Marcellus Total Well Costs Potential Efficiency Gains - Normalized to 5,000 lateral - Consistent drilling top time performance - Consistent completions stage performance - above 6 stages per day, per pad…
  21. November 2015 Corporate Presentation – Rex Energy Corp – slide 21
    2015 Drilling Efficiencies 20.0 18.0 17.5 17.1 16.1 16.0 14.2 14.0 14.0 13.6 12.1 12.0 11.3 11.1 10.6 10.2 10.1 10.0 9.4 9.5 8.8 8.6 8.5 8.0 7.3 6.0 4.0 2.0 0.0 Bloom Renick Renick Renick Renick Adams Adams Harvey…
  22. November 2015 Corporate Presentation – Rex Energy Corp – slide 22
    Marcellus Four-Well Pad Economics(1) 9,000 9 55% Ethane Recovery(2) Year-End YE2014 2015 Target 8,000 8 All-in Well Cost 5.7 million 5.2 million 7,000 7 Lateral Length 5,000 feet 5,000 feet 6,000 6 EUR, Bcfe, 80% & 55% C2…
  23. November 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. November 2015 Corporate Presentation – Rex Energy Corp – slide 24
    Moraine East Upside 5.00 Assumptions: 3.25 HH / 60 WTI / 20 NGLs 4.68 Legacy Butler Op. Area: 1.7 GPM Well; Assumes .8 bbls of condensate/1,000 Mcf Moraine East Area: 2.1 GPM Well; Assumes 15 bbls of condensate/1,000 Mcf 4.50 0.75…
  25. November 2015 Corporate Presentation – Rex Energy Corp – slide 25
    Western Lawrence Utica REXX HilCorp Chesapeake Energy Completed 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 Currently flowing…
  26. November 2015 Corporate Presentation – Rex Energy Corp – slide 26
    Firm Transport and Processing Capacity Appalachian Basin 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…
  27. November 2015 Corporate Presentation – Rex Energy Corp – slide 27
    Ohio Utica: Warrior Prospects Warrior North Prospect Recent Developments Three-Well Kiko Pad Brace 1H Lateral Length: Brace West 1H, 2H: Placed into sales the six-well J. Hall pad in Warrior South Lateral Length: 4,170 feet Avg.…
  28. November 2015 Corporate Presentation – Rex Energy Corp – slide 28
    Warrior North Prospect Economics(1) Assumes 55% ethane recovery 3,000 1.2 YE14 Type Increased Sand Curve Concentration 2,500 1.0 All-in Well Cost 6.8 million 7.4 million Lateral Length 5,000 feet 6,500 feet 2,000 0.8 Wellhead…
  29. November 2015 Corporate Presentation – Rex Energy Corp – slide 29
    Warrior South Prospect Economics(1) 3,000 Assumes 55% ethane recovery 1.5 YE14 Type Increased Sand Curve Concentration 2,500 1.3 All-in Well Cost 8.0 million 8.0 million Lateral Length 5,000 feet 5,000 feet 2,000 1.0 EUR 1.6…
  30. November 2015 Corporate Presentation – Rex Energy Corp – slide 30
    Appendix
  31. November 2015 Corporate 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. November 2015 Corporate 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. November 2015 Corporate 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. November 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. November 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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