November2015Corporate 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…
November2015Corporate 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…
November2015Corporate Third 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…
November2015Corporate Robust Growth Outlook Average Daily Production (MMcfe/d) 270 230 (1) 225 2015 Full Year Guidance Midpoint: 203 MMcfe/d 225.2 198.6 180 159.6 135 123.8 90 85.8 45 38.3 41.9 - 1Q14 2Q14 3Q14 4Q14…
November2015Corporate Eclipse 2015 Guidance Q3 2015 Q4 2015E Full Year 2015E 2015E CapEx = 330 MM(3) Actual Low High Low High Forecasted Production Average Daily (MMcfe/d) 225.2 225 235 202 205 % Natural Gas 65% 68% 74% 64% 66%…
November2015Corporate Liquidity, Capitalization & Hedging Highlights Liquidity ( MM)(1) Strong liquidity and hedge position 375 28 Ended third quarter with liquidity of 325 million 300 125 325 Approximately 104,000 MMBtu/d of…
Asset Overview
November2015Corporate Premier Southern Utica & Rich Marcellus Position(1) Eclipses core acreage position is well delineated in the heart of a world-class play ECR 2 Wells ECR 10 Wells IP Rate 7.6 MMcfe/d IP Rate 4.6 MMcfe/d 64%…
November2015Corporate Operated Wells in Progress Eclipse has elected to defer completions on 21 Utica wells (17.6 net) in the companys Condensate type curve window and 3 Utica wells (3.0 net) in the Dry Gas Operated Net Well…
November2015Corporate 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…
November2015Corporate 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…
November2015Corporate 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…
November2015Corporate 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…
November2015Corporate 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…
November2015Corporate 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 0.05 0.06 0.05 Texas Eastern - M3 35,417…
November2015Corporate NGL Infrastructure 3Q15 average realized price of 4.16 per barrel and represents Mount Belvieu Eclipse 19% of total production for the quarter 12% 8% Mariner East II contract to begin in fourth quarter 2016…
Appendix
November2015Corporate 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…
November2015Corporate 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…
November2015Corporate 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%…
November2015Corporate 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…
November2015Corporate 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%…
November2015Corporate 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…
November2015Corporate 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…
November2015Corporate 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…
November2015Corporate Hedging Summary Volume Weighted Average Natural Gas Hedges Production Period (MMBtu/d) Price (/MMBtu) Natural Gas Swaps 60,000 Current December 2015 3.77 7,000 Current October 2015 2.84 40,000 November…
November2015Corporate 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%…
November2015Corporate 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…
November2015Corporate Non-GAAP Reconciliations Adjusted EBITDAX Three Months Ended Sept 30, June 30, December 31, September 30, ( in thousands) 2015 2015 2014 2014 Net Loss (81,468) (41,970) (33,023) (19,054) Depreciation,…
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