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March 2017 Corporate Presentation – Rex Energy Corp

Rex Energy Corp · Mar 7, 2017 · 31 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 2017 Corporate Presentation – Rex Energy Corp – slide 1
    CORPORATE PRESENTATION March 2017
  2. March 2017 Corporate Presentation – Rex Energy Corp – slide 2
    Company Overview Rex Energy is a pure-play Appalachian Basin focused company targeting wet- gas windows in the Pennsylvania Marcellus and Ohio Utica Shales Appalachian Basin Key Statistics Net Acreage(1) 112,500 Butler Operated…
  3. March 2017 Corporate Presentation – Rex Energy Corp – slide 3
    TWO-YEAR OUTLOOK
  4. March 2017 Corporate Presentation – Rex Energy Corp – slide 4
    Recent Accomplishments Recent Accomplishments Sale of Illinois Basin asset for net proceeds of 40.0 million with Assets Sales potential for an incremental 10.0 million through 2020 Sale of Warrior South Area for net proceeds of 30.0…
  5. March 2017 Corporate Presentation – Rex Energy Corp – slide 5
    Management Objectives Through 2018 Two-Year Targets One rig development program focused on the Butler Operated Two-year compounded annual production growth and Warrior North areas, drilling 21.0 gross (11.1 net) wells in rate of…
  6. March 2017 Corporate Presentation – Rex Energy Corp – slide 6
    2017 / 2018 Plan Highlights 2017 2018 Full-year production growth(1): 5.0% - 10.0% Full-year production growth: 15.0% - 20.0% Exit rate production growth(1): 15.0% - 20.0% Two-year production CAGR: 10.0% - 15.0% 80% of net…
  7. March 2017 Corporate Presentation – Rex Energy Corp – slide 7
    2017 2018 Forecast(1) 2016 2017 2018 Natural Gas (MMcf/d) 115.0 120.0 125.0 125.0 130.0 NGLs (MBbls/d) 5.1 5.8 6.2 6.3 6.7 Ethane (MBbls/d) 5.8 5.9 6.2 9.4 9.6 Condensate (MBbls/d) 0.9 0.7 0.8 0.7 0.9 Total Production (MMcfe/d)(2)…
  8. March 2017 Corporate Presentation – Rex Energy Corp – slide 8
    Strategic Outlook Strategic Outlook Two-year organic production CAGR of 10.0% - 15.0% from proven undrilled locations in Marcellus and Upper Devonian formations in Pennsylvania and Utica in Ohio Development capital funded through…
  9. March 2017 Corporate Presentation – Rex Energy Corp – slide 9
    Hedge Position(1) 180% 160% 140% 120% 100% 80% Avg. Floor: Avg. 3.02 Avg. Floor: Avg. Avg. Floor: Avg. 50.05 Floor Floor: 29.91 Floor (0.13) 60% 10.47 (0.82) Avg. Avg. Floor Floor (0.13) (0.86) Avg. 40% Floor:…
  10. March 2017 Corporate Presentation – Rex Energy Corp – slide 10
    Rex Energy Corporate Presentation COMPANY OVERVIEW
  11. March 2017 Corporate Presentation – Rex Energy Corp – slide 11
    Midstream Capacity Butler Operated Area 285 MMcf/d of total current processing capacity at MarkWest facilities Processing Capacity Pipeline connects Moraine East production to MarkWest facilities 390 MMcf/d of current and future firm…
  12. March 2017 Corporate Presentation – Rex Energy Corp – slide 12
    Natural Gas Price Enhancements 2016 Dom South Deducts vs. 2017 Gulf Coast Deducts 2016 2017 0.00 (0.10) (0.20) (0.40) (0.70) (1.09) (0.60) (0.80) (1.00) (0.16) (1.20) (1.40) Basis FT + Marketing Costs 13
  13. March 2017 Corporate Presentation – Rex Energy Corp – slide 13
    Natural Gas Differentials Natural Gas Takeaway Natural Gas Differentials 2016 2017 Gulf Coast transportation began on November 1, 0.00 2016, allowing access to premium Midwest and Gulf (0.10) Coast markets (0.20) (0.30) (0.95)…
  14. March 2017 Corporate Presentation – Rex Energy Corp – slide 14
    Legacy Butler Operated Area Legacy Butler Operated Area(1) Total Acreage Two-Well Burr Pad: Total Gross / Net Acres 62,000/43,400 Two-Well Hamilton Pad Upper Devonian Lateral length: 5,200 Lateral length: 4,700 Sand Concentration:…
  15. March 2017 Corporate Presentation – Rex Energy Corp – slide 15
    Moraine East Area Moraine East Area Total Acreage Total Gross / Net Acres 36,000/30,600 Baird Pad Average Working Interest 85% Fleeger II Pad Potential Drilling Locations(1)(2) Gross/Net Identified Locations 375/304 Current Well…
  16. March 2017 Corporate Presentation – Rex Energy Corp – slide 16
    Moraine East Area Recent Developments Three Marcellus wells & one Burkett well Average 24-hour sales rate for three Marcellus wells of 10.4 Mmcfe/d - Natural gas: 4.3 Mmcf/d; NGLs: 851 bbls/d; Condensate: 154 bbls/d Placed four-well…
  17. March 2017 Corporate Presentation – Rex Energy Corp – slide 17
    Enhanced Performance(1) Rex Energy has been successful in improving the well design in its Butler Op. Area 5.3 Bcfe 7.0 Bcfe 9.7 Bcfe EUR 11.7 Bcfe EUR 15.6 Bcfe EUR (80% ethane) (80% ethane) (80% ethane)(2) EUR EUR 8.9 Bcfe EUR…
  18. March 2017 Corporate Presentation – Rex Energy Corp – slide 18
    Cost Environment Rex Energy has successfully reduced the cost to drill and complete a 6,000 lateral by 23% over the last 18 months All-In Well Cost 7.0 6.5 Efficiency Gains: consistent completion stage performance six stages per day…
  19. March 2017 Corporate Presentation – Rex Energy Corp – slide 19
    Marcellus Economics(1) Marcellus Economics (55% Ethane Recovery)(2) Butler Legacy Moraine East Moraine East 8,000 10 YE2016 Estimated 2017 Program 9 All-in Well Cost 4.8 million 5.0 million 5.5 million 7,000 Lateral Length 5,000…
  20. March 2017 Corporate Presentation – Rex Energy Corp – slide 20
    Moraine East Economics(1,2,3) Before Tax IRR 55.00 / bbls Before Tax IRR 3.00 / Mmbtu 60% 60% 50% 50% 40% 40% IRR, % IRR, % 30% 30% 32% 32% 20% 26% 20% 26% 10% 10% 0% 0% 2.00 2.50 3.00 3.50 4.00 40.00 45.00…
  21. March 2017 Corporate Presentation – Rex Energy Corp – slide 21
    Warrior North Area Warrior North Area Total Acreage Total Gross / Net Acres 13,700/12,400 Three-well Goebeler Pad Three-well Kiko Pad Average Working Interest 95% Potential Drilling Locations Two-well Perry Pad Gross/Net Identified…
  22. March 2017 Corporate Presentation – Rex Energy Corp – slide 22
    Warrior North Economics(1) 2,000 1,200 YE15SEC YE16SEC Upside Case 55% Ethane Recovery(2) Curve Curve 2017 1,800 1,000 All-in Well Cost 5.5 million 6.2 million 6.2 million 1,600 Lateral Length 5,000 ft 6,500 ft 6,500 ft 1,400…
  23. March 2017 Corporate Presentation – Rex Energy Corp – slide 23
    Warrior North Economics(1,2,3) Before Tax IRR 55.00 / bbls Before Tax IRR 3.00 / Mmbtu 100% 100% 90% 90% 80% 80% 70% 70% 59% 59% 60% 60% IRR, % IRR, % 50% 47% 50% 47% 40% 40% 32% 30% 30% 32% 20% 20% 10% 10% 0% 0%…
  24. March 2017 Corporate Presentation – Rex Energy Corp – slide 24
    Warrior North Well Results Longer laterals and enhanced completion design driving increased production rates Longest average lateral lengths and highest sand concentrations utilized during completion 1,800 1,600 Kiko Pad…
  25. March 2017 Corporate Presentation – Rex Energy Corp – slide 25
    Rex Energy Corporate Presentation APPENDIX
  26. March 2017 Corporate Presentation – Rex Energy Corp – slide 26
    Hedge Position(1) Natural Gas Natural Gas Hedge Position (Mcf) 2017 2018 Swap Contracts Volume 17,300,000 5,510,000 Price 3.07 3.25 Collar Contracts with Short Puts Volumes 17,510,000 8,775,000 Ceiling 3.87 3.58 Floor 3.01 2.89…
  27. March 2017 Corporate Presentation – Rex Energy Corp – slide 27
    Hedge Position(1) Natural Gas Liquids NGL Hedge Position (Bbls) 2017 2018 Propane (C3) Swap Contracts Volume (Bbls) 847,000 600,000 Price 22.68 25.62 Butane (C4) Swap Contracts Volume 235,000 120,000 Price 28.98 31.92 Isobutane…
  28. March 2017 Corporate Presentation – Rex Energy Corp – slide 28
    Hedge Position(1) Condensate Condensate Hedge Position (Bbls) 2017 2018 Swap Contracts Volume (Bbls) 81,000 60,000 Price 53.30 54.00 Deferred Premium Puts Volume 15,000 -- Price 51.00 -- Collar Contracts Volumes 48,000 18,000…
  29. March 2017 Corporate Presentation – Rex Energy Corp – slide 29
    Hedge Position(1) Natural Gas Basis Differentials Natural Gas Basis Differential (Mcf) 2017 2018 Dominion Appalachia Swap Contracts Volume (Bbls) 15,435,000 18,980,000 Price (0.86) (0.82) Texas Gas Zone I Volume 14,600,000…
  30. March 2017 Corporate Presentation – Rex Energy Corp – slide 30
    Non-Operated Appalachia Non Operated Westmoreland County, PA Non-Operated Overview Sizable acreage position in Westmoreland, Clearfield and Centre Counties, PA 25,400 gross / 10,200 net Combined average production for a recent…
  31. March 2017 Corporate Presentation – Rex Energy Corp – slide 31
    Butler Operated Area Stacked Pays RHINESTREET SHALE Reservoir 4 Mixed Organic & 200 thick Non-organic Shale (4,500 to 4,800 deep) UPPER DEVONIAN SHALES MIDDLESEX SHALE Mixed Organic & Non-organic Shale GENESEE SHALE Mixed…

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