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Q2 2016 Earnings Presentation – Rice Energy

Rice Energy · Aug 3, 2016 · 19 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. Q2 2016 Earnings Presentation – Rice Energy – slide 1
    Second Quarter 2016 Supplemental Presentation August 3, 2016
  2. Q2 2016 Earnings Presentation – Rice Energy – slide 2
    Company Overview: More Than Just an E&P Company NYSE: RICE NYSE: RMP Upstream Rice Midstream Holdings GP Holdings Rice Midstream Partners Marcellus + Utica Shale Development Ohio Gathering System RMP Units + IDRs Pennsylvania Gathering…
  3. Q2 2016 Earnings Presentation – Rice Energy – slide 3
    Recent RICE Highlights Strong Second Quarter Results Net production of 758 MMcfe/d; 43% increase over prior year quarter Net loss of 139 million for the second quarter; 118% decrease relative to prior year quarter Adjusted EBITDAX(1)…
  4. Q2 2016 Earnings Presentation – Rice Energy – slide 4
    Second Quarter 2016 Operational Highlights MARCELLUS OPERATIONAL HIGHLIGHTS UTICA OPERATIONAL HIGHLIGHTS Turned to sales 9 gross (9 net) Marcellus wells in 2Q16 Turned to sales 9 gross (6 net) Utica wells in 2Q16 Avg. lateral length of…
  5. Q2 2016 Earnings Presentation – Rice Energy – slide 5
    RICE Second Quarter 2016 Consolidated Financial Summary Solid second quarter results supported by well-capitalized balance sheet and ample liquidity QUARTERLY HIGHLIGHTS CAPITALIZATION AT 6/30/2016 82% of 2Q16 production sold to…
  6. Q2 2016 Earnings Presentation – Rice Energy – slide 6
    Track Record of Low-Cost Growth MARCELLUS D&C COSTS (/FT.) UTICA D&C COSTS (/FT.) E&P PER UNIT CASH COSTS (/MCFE)(1) 1.80 1,507 2,588 0.44 1.50 1,269 1,218 1.34 1.23 0.43 1.13 1,715 0.38 0.34 0.23 850 0.22 1,275 0.38 0.38 0.40…
  7. Q2 2016 Earnings Presentation – Rice Energy – slide 7
    Healthy Balance Sheet Protected by Strong Hedge Book SUMMARY HEDGE SUMMARY Ample Liquidity: 1.4B of total liquidity(1) consisting of 1.1B of Hedged Volume Avg. Wtd. Floor Price BBtu/d 3.25 /MMBtu E&P liquidity and 300MM of RMH…
  8. Q2 2016 Earnings Presentation – Rice Energy – slide 8
    2016 Updated E&P and Midstream Guidance E&P (1) E&P Capital Expenditures Net Wells Turned to Sales(2) Average Net Production MM Wells MMcfe/d 830 60 800 60 730 800 740 51 700 700 660 50 115 44 26 600 250 12 552 600 545 100 40…
  9. Q2 2016 Earnings Presentation – Rice Energy – slide 9
    2016 Updated RICE Guidance Updating 2016 guidance to reflect recent results and expected performance for the rest of the year RICE 2016 E&P + RMH GUIDANCE Denotes Guidance Updates Prior Updated Prior Updated Net Wells Spud Online Spud…
  10. Q2 2016 Earnings Presentation – Rice Energy – slide 10
    2016 Updated RMP Guidance We are unable to provide a projection of full-year RMP 2016 GUIDANCE 2016 RMP net income and net cash provided by Denotes Guidance Updates operating activities, the most comparable financial Prior Updated…
  11. Q2 2016 Earnings Presentation – Rice Energy – slide 11
    Well Positioned for Strong Continued Growth Financial Strength Healthy balance sheet, ample liquidity and robust hedges 2016 budget focused on balance sheet and E&P returns while creating significant future midstream value Healthy…
  12. Q2 2016 Earnings Presentation – Rice Energy – slide 12
    Appendix 12 www.riceenergy.com
  13. Q2 2016 Earnings Presentation – Rice Energy – slide 13
    Ohio Q1 2016 Production Summary Top 100 Wells RICEs Top-Tier Well Results and Midstream Footprint Located in Prolific Appalachian Core 1,300 Utica Shale wells producing in 1Q16(1) RICE upstream & midstream assets positioned in the core…
  14. Q2 2016 Earnings Presentation – Rice Energy – slide 14
    Attractive Single Well Economics RICE continues to drive down D&C and operating costs to maximize returns Inventory currently generates 95% returns at strip; HHUB PV10 breakevens of 1.90 HHUB(1) DRY GAS SINGLE WELL ECONOMICS 150%…
  15. Q2 2016 Earnings Presentation – Rice Energy – slide 15
    Basis Exposure & Realized Pricing PRICING COMMENTARY BASIS EXPOSURE 100% Attractive FT Portfolio 90% 17% 18% (0.05) 24% 23% 2/3 of volumes receive favorable 32% Basis Differential (/MMBtu) 80% 35% (0.10) 19% 19% out of…
  16. Q2 2016 Earnings Presentation – Rice Energy – slide 16
    Hedging Summary HEDGE SUMMARY 3Q16 4Q16 2017 2018 2019 2020 RICEs gas will be marketed into 4 areas Hedged M2 / Dominion Volumes (BBtu/d) 211 165 135 169 215 242 (1) Gulf Coast (ELA, M1) Wtd Avg Floor Price (/MMBtu) 2.29 2.31 2.17…
  17. Q2 2016 Earnings Presentation – Rice Energy – slide 17
    Hedging Detail FIXED PRICE HEDGES BASIS HEDGES All-In Fixed Price Derivatives 3Q16 4Q16 2017 2018 2019 2020 Basis Contract Derivatives 3Q16 4Q16 2017 2018 2019 2020 NYMEX Natural Gas Swaps DOM Basis Swaps Volume Hedged (BBtu/d) 654…
  18. Q2 2016 Earnings Presentation – Rice Energy – slide 18
    RICE 2Q 2016 Adjusted EBITDAX Reconciliation Three Months Ended ( in thousands) June 30, 2016 Adjusted EBITDAX reconciliation to net income (loss): Net loss (138,709) Interest expense 24,802 Depreciation, depletion and amortization…
  19. Q2 2016 Earnings Presentation – Rice Energy – slide 19
    RMP 2Q 2016 Adjusted EBITDA and DCF Reconciliation Three Months Ended ( in thousands) June 30, 2016 Reconciliation of Net Income to Adjusted EBITDA and DCF: Net income 27,936 Interest expense 920 Depreciation expense 6,855…

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