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Vantage Energy Acquisition – Rice Energy

Rice Energy · Sep 26, 2016 · 20 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. Vantage Energy Acquisition – Rice Energy – slide 1
    RICE MIDSTREAM PARTNERS Capturing the Core: Transformative Acquisition of Vantage Energy Inc. September 26, 2016 1 www.riceenergy.com
  2. Vantage Energy Acquisition – Rice Energy – slide 2
    Acquisition Summary Enhancing Core, Dry-Gas Position in Appalachia Transaction On September 26, 2016 Rice Energy and Rice Midstream Partners announced the acquisition of Vantage Energy for total consideration of PA OH 2.7 billion…
  3. Vantage Energy Acquisition – Rice Energy – slide 3
    Strategic Acquisition Consistent with RICEs Strategy Core acquisition with organic upside potential Vantage Energy Inc. Increases RICEs acreage by 55%(1) 174,000 effective net acres 85,000 PA Marcellus(3) Increases Marcellus locations…
  4. Vantage Energy Acquisition – Rice Energy – slide 4
    Proven Acreage with Consistent Results PA Marcellus Cumulative Production versus Time(2) Producing Marcellus Wells SW PA Vantages 72 producing Marcellus wells de- risk the acquired asset base 12,000,000 Consistent results indicate…
  5. Vantage Energy Acquisition – Rice Energy – slide 5
    RICEs Proven Approach is Repeatable on the Acquired Assets Since IPO, RICE has efficiently developed and grown its core dry gas E&P and midstream assets By following the same playbook with the same team, RICE intends to replicate its…
  6. Vantage Energy Acquisition – Rice Energy – slide 6
    Compelling Pro Forma Company Profile 2016E Production 720-740 MMcfe/d 35 MMcfe/d(1) 755-775 MMcfe/d 2017E Production 900-955 MMcfe/d 380-400 MMcfe/d 1,280-1,355 MMcfe/d 70%YoY Growth 560MM D&C 40MM D&C(1) 600MM D&C 2016E Upstream…
  7. Vantage Energy Acquisition – Rice Energy – slide 7
    Rice Energy Unique Combination of Size, Growth and Returns Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 7B Enterprise Value 50% 2017E Growth 225,000 Core Dry Acres 1,000 Core Dry…
  8. Vantage Energy Acquisition – Rice Energy – slide 8
    Acquisition Structure and Financing Overview KEY TRANSACTION DETAILS PRO FORMA CAPITALIZATION 2.7B consideration privately negotiated with Vantage consisting of 1.72B (MM) June 30, 2016 Adjusted PF 6/30/16 cash and 980MM RICE equity…
  9. Vantage Energy Acquisition – Rice Energy – slide 9
    Rice Midstream Partners (NYSE:RMP) 9 www.riceenergy.com
  10. Vantage Energy Acquisition – Rice Energy – slide 10
    Acquisition Expands Core Midstream Footprint Vantage Energy Inc. Core Acquisition Adjacent to Existing RMP Infrastructure OH PA 132,000 effective dedicated acres 80,000 PA Marcellus(1) Highly complementary to existing infrastructure…
  11. Vantage Energy Acquisition – Rice Energy – slide 11
    Rice Midstream Partners Pro Forma Midstream Guidance 2017E Throughput 900-950 MDth/d 370-390 MDth/d 1,270-1,340 MDth/d 2017E Water Volumes 900-1,000MM gallons 175-225MM gallons 1,075-1,225MM gallons 2017E EBITDA(1) 135-145MM…
  12. Vantage Energy Acquisition – Rice Energy – slide 12
    Pro Forma Midstream Guidance EBITDA(1) (MM) THROUGHPUT (MDTH/D) Increasing 2016 throughput to 935 MDth/d representing 45% 120% Annual 135 - 145 45% Annual 934 935 annual growth from 2015 Growth Growth 835 Increasing 2016E EBITDA to…
  13. Vantage Energy Acquisition – Rice Energy – slide 13
    Rice Midstream Partners Premier Appalachian MLP Peer 1 Peer 2 Peer 3 Peer 4 20%+ 2017E Distribution Growth 1.3x 2017E…
  14. Vantage Energy Acquisition – Rice Energy – slide 14
    Acquisition Structure and Financing Overview KEY TRANSACTION DETAILS SOURCES AND USES RMP will acquire midstream assets from RICE for Purchase Price 600 600MM Sources (MM) Uses (MM) RMP Units/Financing Proceeds 250 Acquisition of…
  15. Vantage Energy Acquisition – Rice Energy – slide 15
    Rice Energy Strategy Allocate 100% of Capital to Core Assets with Attractive Returns Maintain a Strong Balance Sheet Protect Returns and Balance Sheet through FT Portfolio and Systematic Hedging Strategically Position Midstream…
  16. Vantage Energy Acquisition – Rice Energy – slide 16
    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%…
  17. Vantage Energy Acquisition – Rice Energy – slide 17
    Pro Forma Hedging Summary RICE acquires Vantages Dominion and Waha hedges HEDGE SUMMARY 4Q16 2017 2018 2019 2020 4Q16: 99 MDth/d of swaps at average floor of 2.45(1) 2017: 257 MDth/d of swaps at average floor of 2.44 Hedged M2 /…
  18. Vantage Energy Acquisition – Rice Energy – slide 18
    Pro Forma Hedging Detail FIXED PRICE HEDGES BASIS HEDGES All-In Fixed Price Derivatives 4Q16 2017 2018 2019 2020 Basis Contract Derivatives 4Q16 2017 2018 2019 2020 NYMEX Natural Gas Swaps Volume Hedged (BBtu/d) 715 360 230 223 173…
  19. Vantage Energy Acquisition – Rice Energy – slide 19
    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…
  20. Vantage Energy Acquisition – Rice Energy – slide 20
    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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