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October 2016 Investor Presentation – Eclipse Resources Corp.

Eclipse Resources Corp. · Oct 10, 2016 · 39 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. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 1
    I NVESTOR P RESENTATION October 2016
  2. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 2
    September2016_IR Key Investment Highlights 102,000 net acres in the core of the Utica shale and 13,000 net acres in the liquids rich Marcellus shale Premier Utica and Attractive returns across the portfolio of up to 63%1…
  3. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 3
    September2016_IR Company Overview Eclipse Resources is a pure play E&P engaged in the acquisition and development of oil and gas assets with over 100,000 acres in the core of the Utica Shale Eclipse Utica Shale Core Asset Area…
  4. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 4
    September2016_IR Strong Operational Performance Operated Lateral Length (ft) Operated vs. Non-Op Drilling Days1 Last 20 Wells 18,776 Eclipse 17 Drilled 34% Faster 13,492 Non-Op 26 8,693 Since Inception 6,239…
  5. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 5
    September2016_IR Restarting Activity & Growing Production Modest D&C spending in the second half 2016 and 2017 on the completion of DUCs and the restart of a one-rig drilling program generates in excess of 30% year-over-year…
  6. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 6
    September2016_IR Eclipse Q3 & Full Year 2016 Guidance The Company resumed drilling and completions at the beginning of June and now expects full year 2016 production to be 228 MMcfe/d, a 14% increase from the Companys initial…
  7. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 7
    September2016_IR Super-Lateral Program Eclipse aims to revolutionize the cost structure and returns profile of the Utica Shale through its Super-Lateral program Purple Hayes 1H Highlights Eclipses Super-Lateral test well in the…
  8. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 8
    September2016_IR Purple Hayes 1H Update Daily Rates 7,000 500 The Purple Hayes well has exceeded internal expectations during its first 120 days of production 6,000 400 Flat gas production 5,000 BBL/MMcf Mcf/d, PSI Flat…
  9. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 9
    September2016_IR Purple Hayes 1H Update Given the well results over the first 120 days, Eclipse believes the Purple Hayes well is trending towards its Mid to High Forecast if production continues to remain flat and pressure…
  10. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 10
    September2016_IR Pushing the Boundaries on Completion Design Eclipse continues to push the boundaries of technical feasibility, while significantly reducing the cost structure Optimized fluid chemistry within the Utica by…
  11. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 11
    September2016_IR Attractive Single Well Economics1 Significant economic enhancement achieved through longer laterals Type Curve Areas Lower cost per foot Fewer pads constructed Less midstream infrastructure BT IRR by Type…
  12. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 12
    September2016_IR Diversified Midstream Strategy Eclipses acreage is centered across a confluence of major interstate pipelines providing significant in- and out-of-basin optionality Highlights Rockies Express / ANR South ET…
  13. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 13
    September2016_IR Firm Gas Transportation Portfolio Sized for Production Growth Eclipse's Diverse Firm Gas Transportation Portfolio provides significant optionality to various end markets, with appropriately sized positions to…
  14. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 14
    September2016_IR Declining Cost Structure Eclipse continues to reduce its costs structure and anticipates further per unit reductions with recommencement in development activity Reduced cash G&A from 45 million in 2014 to an…
  15. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 15
    September2016_IR Liquidity & Debt Reduction Eclipse is focused on maintaining a conservative balance sheet with strong liquidity to fund development of its world-class assets Strong pro forma liquidity with fully funded 2017…
  16. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 16
    September2016_IR Historical Net Debt to EBITDAX & Liquidity Eclipse has a history of maintaining a strong leverage profile and attractive liquidity position driven by a solid and substantial cash balance with no revolver…
  17. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 17
    September2016_IR Overview of Eclipses Attractive Hedge Portfolio1 Eclipse continues to actively hedge expected production to provide predictable cash flows and limit capital plan funding risk Recently added base load of 2018…
  18. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 18
    A PPENDIX
  19. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 19
    September2016_IR Utica and Marcellus Type Curve Areas with Point Pleasant OGIPs 20
  20. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 20
    September2016_IR Premier Southern Utica & Rich Marcellus Position1 10 Eclipse Wells 2 Eclipse Wells IP Rate: 4.4 MMcfe/d IP Rate: 7.6 MMcfe/d 60% Liquids 64% Liquids Average Lateral: 6,049 Average Lateral: 7,901 3 Eclipse…
  21. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 21
    September2016_IR Firm Transportation and Sales Outlets Firm Transportation Costs (/MMBtu) Annual Average Firm Transportation 0.61 0.54 0.56 MMBtu/d 2016 2017 2018 2019 + 0.05 North East 0.04 0.05 Texas Eastern - M3 37,500…
  22. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 22
    September2016_IR NGL Infrastructure Q2 2016 avg. realized price of 13.60/Bbl and represents 20% of total production Mount Belvieu Eclipse Mariner East II contract to begin in Q4 2016 Contract to market propane and butane using…
  23. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 23
    September2016_IR Non-GAAP Reconciliations Adjusted EBITDAX For the Three Months Ended June 30, June 30, ( in thousands) 2016 2015 Net Loss (73,011) (41,970) Depreciation, depletion & amortization 20,949 60,641 Exploration…
  24. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 24
    September2016_IR Financial and Operational Summary FY 2014 1Q15 2Q15 3Q15 4Q15 FY 2015 1Q16 2Q16 3Q16 Guidance FY 2016 Guidance Production Natural Gas (Mcf/d) 54,137 109,614 114,131 145,787 171,891 135,555 150,410 168,115 NGL…
  25. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 25
    September2016_IR Hedging Summary1 Volume Weighted Average Volume Weighted Average Natural Gas Hedges Production Period Oil Hedges Production Period (MMBtu/d) Price (/MMBtu) (Bbl/d) Price (/Bbl) Natural Gas Swaps Oil Swap 65,000…
  26. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 26
    September2016_IR Favorable Lease Expirations Eclipse is aggressively amending its leases whose primary term is set to expire in 2017 and 2018 to replace the five year lump sum extension option with optional annual payments over 5-8…
  27. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 27
    September2016_IR Proved Reserves Summary1 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 NGL…
  28. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 28
    September2016_IR Type Curve Summary Dry Gas Condensate / Lean Rich Very Rich Dry Gas East Central Dry Gas West Rich Gas Rich Gas Condensate Condensate Condensate Marcellus Gas IP Rate (Mcf/d) 25,200 22,500 21,000 16,500 10,500…
  29. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 29
    September2016_IR Type Curve & Cost Assumptions Details Dry Gas Dry Gas Dry Gas Condensate / Lean Rich Very Rich Rich Gas Marcellus East Central West Rich Gas Condensate Condensate Condensate Identified Locations 37 47 52 20 41 61…
  30. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 30
    September2016_IR Net Undeveloped Locations Risked Net Undeveloped Locations are calculated by taking Eclipses total net undeveloped acreage and multiplying such amount by a risk factor (to account for inefficient unitization) which…
  31. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 31
    September2016_IR Dry Gas East Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 120% Eclipse Acreage Area Bcfe / 1000' 2.1 Inter-Lateral Spacing (ft) 850 Lateral Length (ft) 13,000 100% Gross EUR…
  32. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 32
    September2016_IR Dry Gas Central Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 100% Bcfe / 1000' 1.9 Eclipse Acreage Area Inter-Lateral Spacing (ft) 850 90% Lateral Length (ft) 13,000 80% Gross…
  33. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 33
    September2016_IR Dry Gas West Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 90% Eclipse Acreage Area Bcfe / 1000' 1.8 Inter-Lateral Spacing (ft) 850 80% Lateral Length (ft) 13,000 Gross EUR…
  34. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 34
    September2016_IR Rich Gas Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 45% Eclipse Acreage Area Bcfe / 1000' 1.8 Inter-Lateral Spacing (ft) 850 40% Lateral Length (ft) 13,000 Gross EUR (MMcfe,…
  35. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 35
    September2016_IR Condensate / Rich Gas Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 50% Eclipse Acreage Area Bcfe / 1000' 1.4 Inter-Lateral Spacing (ft) 750 45% Lateral Length (ft) 13,000 40%…
  36. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 36
    September2016_IR Lean Condensate Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 60% Eclipse Acreage Area Bcfe / 1000' 0.9 55% Inter-Lateral Spacing (ft) 750 Lateral Length (ft) 13,000 50% Gross…
  37. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 37
    September2016_IR Rich Condensate Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 60% Eclipse Acreage Area Bcfe / 1000' 0.9 Inter-Lateral Spacing (ft) 750 Lateral Length (ft) 13,000 50% Gross EUR…
  38. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 38
    September2016_IR Very Rich Condensate Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 55% Eclipse Acreage Area Bcfe / 1000' 0.7 Inter-Lateral Spacing (ft) 750 50% Lateral Length (ft) 13,000 45%…
  39. October 2016 Investor Presentation – Eclipse Resources Corp. – slide 39
    September2016_IR Marcellus Type Curve Assumptions Map Lateral Length IRR Sensitivity Well Characteristics 120% Eclipse Acreage Bcfe / 1000' 1.6 Area Inter-Lateral Spacing (ft) 750 Lateral Length (ft) 10,000 100% Gross EUR…

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