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March 2016 Investor Presentation – Eclipse Resources Corp.

Eclipse Resources Corp. · Mar 4, 2016 · 37 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. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 1
    Investor Presentation March 2016 NYSEECR
  2. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 2
    March2016IRPresentation 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…
  3. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 3
    March2016IRPresentation 2015 Accomplishments Grew EBITDAX 81% year over year to 113 million, beating consensus and internal estimates Underspent CAPEX budget by 42 million, or 12%; total capex of 310 million Financial Ended the…
  4. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 4
    March2016IRPresentation Key Investment Highlights ECR 10 Wells ECR 2 Wells 102,000 Core Utica Shale Acres IP Rate 4.6 IP Rate 7.6 MMcfe/d MMcfe/d 27,000 Liquids Rich Marcellus Shale Acres 60% Liquids Avg. 6,044 64% Liquids…
  5. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 5
    March2016IRPresentation 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…
  6. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 6
    March2016IRPresentation Production Outlook Highlights Net Turn-to-Sales (Wells) 14.0 Eclipse has achieved a 190% compounded annual production growth rate since 1Q14 12.0 13.2 before voluntarily curtailing its production at 10.0…
  7. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 7
    March2016IRPresentation Eclipse Q1 & Full Year 2016 Guidance 2016 Capital Expenditures Q1 2016E FY 2016E Other Low High Low High…
  8. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 8
    March2016IRPresentation 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…
  9. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 9
    March2016IRPresentation 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,…
  10. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 10
    March2016IRPresentation Operated Wells in Progress Eclipse has elected to defer completions on 21 Utica wells (17.9 net) and 2 Utica wells (2.0 net) in the companys Condensate and Dry Gas Type Curve windows, respectively Operated…
  11. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 11
    March2016IRPresentation 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…
  12. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 12
    March2016IRPresentation Fuchs/Dietrich Optimized Well Pad vs. Shroyer Well Pad 1st 90 Days Fuchs/Dietrich Pads pressure managed drawdowns at Type Curve IPs exceed performance of early Shroyer Pad drawdowns at significantly higher…
  13. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 13
    March2016IRPresentation 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…
  14. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 14
    March2016IRPresentation Utica Shale - Single Well Economics (1) Eclipses operated wells have trended from 6,000 laterals in Est. Undeveloped Est. Remaining 2013 and 2014 to 8,000 laterals in 2015 and to 13,000+ Net Acres (2) Net…
  15. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 15
    March2016IRPresentation Type Curve 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 Ga s IP Ra te (Mcf/d) 2,250…
  16. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 16
    Appendix
  17. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 17
    March2016IRPresentation 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…
  18. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 18
    March2016IRPresentation 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…
  19. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 19
    March2016IRPresentation 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…
  20. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 20
    March2016IRPresentation 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…
  21. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 21
    March2016IRPresentation Proved Reserves Summary 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…
  22. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 22
    March2016IRPresentation Firm Transportation and Sales Outlets Firm Transportation Costs (/MMBtu) Annual Average Firm Transportation MMBtu/d 2016 2017 2018 2019 + 0.70 North East 0.61 Texas Eastern - M3 37,500 37,500 37,500…
  23. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 23
    March2016IRPresentation NGL Infrastructure 4Q15 average realized price of 14.50 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…
  24. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 24
    March2016IRPresentation Non-GAAP Reconciliations Adjusted EBITDAX For the three months ended For the year ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 Net income (loss) (813,869) (33,023)…
  25. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 25
    March2016IRPresentation Financial and Operational Summary FY 2014 1Q15 2Q15 3Q15 4Q15 FY 2015 1Q16 Guidance FY 2016 Guidance Production Natural Gas (Mcf/d) 54,137 109,614 114,131 145,787 171,891 133,555 NGL (MBbls/d) 1,468 4,383…
  26. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 26
    March2016IRPresentation Favorable Lease Expiration Schedule Eclipse is aggressively amending leases whose primary term is set to expire in 2017 and 2018 to replace the five year lump sum extension option to optional annual payments…
  27. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 27
    March2016IRPresentation Hedging Summary Volume Weighted Average Natural Gas Hedges Production Period (MMBtu/d) Price (/MMBtu) Natural Gas Swaps 65,000 Ja nua ry 2016 December 2016 3.28 Natural Gas Call/Put Options Cei l i ng…
  28. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 28
    March2016IRPresentation Dry Gas East(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 80% Eclipse Acreage Area Bcfe / 1000' 2.1 Inter-Lateral Spacing (ft.) 850 Lateral Length (ft.) 10,000 70%…
  29. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 29
    March2016IRPresentation Dry Gas Central(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 70% Bcfe / 1000' 1.9 Inter-Lateral Spacing (ft.) 850 Lateral Length (ft.) 10,000…
  30. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 30
    March2016IRPresentation Dry Gas West(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 60% Bcfe / 1000' 1.8 Eclipse Acreage Area Inter-Lateral Spacing (ft.) 850 Lateral Length (ft.) 10,000 50%…
  31. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 31
    March2016IRPresentation Rich Gas(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 20% Bcfe / 1000' 1.7 Eclipse Acreage Area Inter-Lateral Spacing (ft.) 850 Lateral Length (ft.) 10,000 Gross EUR…
  32. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 32
    March2016IRPresentation Condensate/Rich Gas(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 14% Bcfe / 1000' 1.4 Inter-Lateral Spacing (ft.) 750 Lateral Length (ft.) 10,000…
  33. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 33
    March2016IRPresentation Lean Condensate(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 20% Bcfe / 1000' 0.9 Inter-Lateral Spacing (ft.) 750 Lateral Length (ft.) 10,000…
  34. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 34
    March2016IRPresentation Rich Condensate(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 18% Bcfe / 1000' 0.8 Eclipse Acreage Area Inter-Lateral Spacing (ft.) 750 16% Lateral Length (ft.) 10,000…
  35. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 35
    March2016IRPresentation Very Rich Condensate(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 20% Bcfe / 1000' 0.7 Inter-Lateral Spacing (ft.) 750 Lateral Length (ft.)…
  36. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 36
    March2016IRPresentation Marcellus East(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 35% Bcfe / 1000' 1.5 Inter-Lateral Spacing (ft.) 750 Lateral Length (ft.) 10,000 30%…
  37. March 2016 Investor Presentation – Eclipse Resources Corp. – slide 37
    March2016IRPresentation Marcellus West(1) Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics Eclipse Acreage Area 10% Bcfe / 1000' 0.6 Inter-Lateral Spacing (ft.) 750 Lateral Length (ft.) 10,000…

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