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January 2016 Investor Presentation – Eclipse Resources Corp.

Eclipse Resources Corp. · Jan 4, 2016 · 41 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. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 1
    Investor Presentation January 2016 NYSEECR
  2. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 2
    January2016Corporate 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 with over 100,000…
  3. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 3
    January2016Corporate Key Investment Highlights ECR 10 Wells ECR 2 Wells 101,000 Core Utica Shale Acres IP Rate 4.6 MMcfe/d IP Rate 7.6 MMcfe/d 27,000 Liquids Rich Marcellus Shale Acres 60% Liquids Avg. 6,044 64% Liquids Avg.…
  4. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 4
    January2016Corporate Strong Operational Performance Operated Lateral Length (Ft) Operated vs. Non-Op Drilling Days(1) 16,000 14,000 Eclipse 17 Last 20 Wells 34% 13,492 Drilled 12,000 Faster 10,000 Non Op 25 8,000…
  5. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 5
    January2016Corporate Production Outlook Reserve Growth Net Turn-to-Sales (Wells) 14.0 Eclipse exited 2015 with an approximately 270 MMcfe/d net production rate(1) 12.0 12.3 1Q16 forward Henry Hub gas price is 1.99/Mcf 10.0…
  6. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 6
    January2016Corporate Eclipse 2015 & 1Q16 Guidance Q3 2015 Q4 2015E Full Year 2015E Q1 2016E Actual Low High Low High Low High Forecasted Production Average Daily (MMcfe/d) 225.2 225 235 202 205 200 % Natural Gas 65% 68% 74% 64%…
  7. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 7
    January2016Corporate Liquidity, Capitalization & Hedging Highlights Liquidity ( MM)(1) Year-end liquidity of 281 million(1) 375 Approximately 135,000 MMBtu/d of natural gas hedged at average price of 3.11/MMbtu for 2016 300 28…
  8. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 8
    January2016Corporate 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…
  9. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 9
    January2016Corporate Operated Wells in Progress Eclipse has elected to defer completions on 21 Utica wells (17.6 net) and 2 Utica wells (2.0 net) in the companys Condensate and Dry Gas Type Curve windows, respectively Operated Net…
  10. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 10
    January2016Corporate Fuchs/Dietrich Pads Dry Gas East The Fuchs A unit and Dietrich A and C units consist of seven wells drilled off of two pads in the Dry Gas East Type Curve Area Eclipse drilled the wells at horizontal lateral…
  11. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 11
    January2016Corporate Fuchs/Dietrich Optimized Well Pad vs. Shroyer Wells Dry Gas East Fuchs/Dietrich initial pressure and production data exceeds performance seen from ECRs Shroyer wells Started bringing Fuchs and Dietrich wells on…
  12. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 12
    January2016Corporate Utica Type Well Economics Update Eclipse has updated Type Well Economics in each Type Curve Area to reflect current expectations for an optimized well design: The previous Dry Gas West Type Curve Area was…
  13. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 13
    January2016Corporate Aggressive Pressure Management Aggressive pressure management enhances fracture conductivity, reservoir permeability in both Dry Gas and Liquids Rich Areas In Shale reservoirs, as reservoir pressure…
  14. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 14
    January2016Corporate Aggressive Pressure Management - Dry Gas Areas Eclipse believes that aggressively pressure managed wells in the Dry Gas Areas produce 35% more gas prior to initial decline as compared with moderately pressure…
  15. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 15
    January2016Corporate Aggressive Pressure Management - Lean Condensate Area Eclipse believes that aggressively pressure managed wells in the Lean Condensate Area produce 50% more gas equivalent prior to initial decline as compared…
  16. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 16
    January2016Corporate Enhanced Returns of Extended Reach Laterals Eclipses operated wells have trended from 6,000 laterals in Type Well Cost per Foot -Dry Gas East/Condensate(M) 2013 and 2014 to 8,000 laterals in 2015 and 10,000…
  17. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 17
    January2016Corporate Utica Type Curve Areas w/Pt. Pleasant OGIPs Eclipse has continued to refine its Gas In Place estimates in the Utica Shale core area (map depicts OGIP of Point Pleasant corridor only) Marcellus Type Curve…
  18. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 18
    January2016Corporate 10,000 Lateral Type Well Economics Summary Very Rich Rich Lean Condensate/ Dry Gas Dry Gas Dry Gas Marcellus Marcellus Rich Gas Condensate Condensate Condensate Rich Gas West Central East West East Gas IP…
  19. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 19
    January2016Corporate Dry Gas Area Comparison Plots 25,000 Dry Gas East Dry Gas Area Type Curve 20,000 initial production rates were decreased to achieve an Gas (Mcf/day) 15,000 aggressively managed pressure drawdown and…
  20. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 20
    January2016Corporate Rich Gas Area Comparison Plots 15,000 Rich Gas Area Type Curve Rich Gas initial production rates were 100 Condensate Yield (Bbl/Mmcf) New Type Curve decreased to achieve an 10,000 10 Old Type…
  21. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 21
    January2016Corporate Condensate Area Comparison Plots 8,000 Lean Condensate Condensate Area Type Curve 6,000 initial production rates were 100 Condensate Yield Gas (Mcf/day) (Bbl/Mmcf) decreased to achieve an 4,000…
  22. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 22
    January2016Corporate Marcellus Area Comparison Plots 8,000 Marcellus Area Type Curve Marcellus East 100 initial production rates were Condensate Yield (Bbl/Mmcf) 6,000 decreased to achieve an Gas (Mcf/day)…
  23. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 23
    Appendix
  24. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 24
    January2016Corporate 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…
  25. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 25
    January2016Corporate 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…
  26. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 26
    January2016Corporate 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…
  27. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 27
    January2016Corporate NGL Infrastructure 4Q15 average realized price of 13.50 per barrel and represents Mount Belvieu Eclipse 15% of total production for the quarter 12% 8% Mariner East II contract to begin in fourth quarter 2016…
  28. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 28
    January2016Corporate 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,…
  29. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 29
    January2016Corporate Financial and Operational Summary (in thousands, except per share data) 1Q14 2Q14 3Q14 4Q14 FY 2014 1Q15 2Q15 3Q15 2015 Guidance Production Natural Gas (Mcf) 30,656 27,020 67,286 90,784 54,137 109,614…
  30. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 30
    January2016Corporate Favorable Lease Expiration Schedule 57% of leases have a 5-year extension option Eclipse is aggressively amending leases whose primary term is set to expire in 2017 and 2018 to replace the five year lump sum…
  31. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 31
    January2016Corporate Hedging Summary Volume Weighted Average Natural Gas Hedges Production Period (MMBtu/d) Price (/MMBtu) Natural Gas Swaps 65,000 January 2016 December 2016 3.28 Natural Gas Collar Floor purchased (put)…
  32. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 32
    January2016Corporate Dry Gas East(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 70% Bcfe / 1000' 2.1 Lateral Length 10,000 Gross EUR (Mmcfe, Post-Processing) 20,893 60%…
  33. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 33
    January2016Corporate Dry Gas Central(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 60% Bcfe / 1000' 1.9 Lateral Length 10,000 Gross EUR (Mmcfe, Post-Processing) 18,987…
  34. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 34
    January2016Corporate Dry Gas West(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 55% Bcfe / 1000' 1.8 Lateral Length 10,000 50% Gross EUR (Mmcfe, Post-Processing) 17,672…
  35. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 35
    January2016Corporate Rich Gas(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 35% Bcfe / 1000' 1.8 Lateral Length 10,000 Gross EUR (Mmcfe, Post-Processing) 17,730 30% PPT…
  36. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 36
    January2016Corporate Condensate/Rich Gas(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 35% Eclipse Acreage Area Bcfe / 1000' 1.4 Lateral Length 10,000 Gross EUR (Mmcfe, Post-Processing)…
  37. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 37
    January2016Corporate Lean Condensate(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 50% Bcfe / 1000' 0.9 Lateral Length 10,000 45% Gross EUR (Mmcfe, Post-Processing)…
  38. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 38
    January2016Corporate Rich Condensate(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 50% Eclipse Acreage Area Bcfe / 1000' 0.9 Lateral Length 10,000 45% Gross EUR (Mmcfe, Post-Processing)…
  39. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 39
    January2016Corporate Very Rich Condensate(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 55% Bcfe / 1000' 0.7 Lateral Length 10,000 50% Gross EUR (Mmcfe, Post-Processing)…
  40. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 40
    January2016Corporate Marcellus East(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 90% Eclipse Acreage Area Bcfe / 1000' 1.6 Lateral Length 10,000 80% Gross EUR (Mmcfe, Post-Processing)…
  41. January 2016 Investor Presentation – Eclipse Resources Corp. – slide 41
    January2016Corporate Marcellus West(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 20% Bcfe / 1000' 0.6 Eclipse Acreage Area Lateral Length 10,000 Gross EUR (Mmcfe, Post-Processing) 6,486…

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