October2016_IR I NVESTOR P RESENTATION NYSE: ECR April 2017
April 2017 Eclipse Current Profile 4Q16: 255 MMcfe/d 2016 Annual: 229 MMcfe/d (27% liquids) Production Sequential quarterly growth: 15% 112,000 net effective acres Acreage1 Recent leasing has already replaced non-core…
April 2017 Trading Metric Comparison Eclipse trades at a significant discount relative to Appalachian peers despite similar leverage metrics and the ability to generate economic returns comparable to other basins TEV/ 2017 EBITDAX1…
April 2017 Eclipse Business Highlights Premier Utica and Marcellus Assets 112,000 net effective acres1 in the core of the Utica Shale and the liquids rich Marcellus Shale Innovative Operational Team Enhancing well economics…
April 2017 Premier Utica and Marcellus Assets1 Eclipse has a substantial core asset base with a 16 year drilling inventory, with all type curve areas generating 65% returns at strip pricing2 Returns by 2017 Type Curve Acreage by…
April 2017 2017 Planned Activity The recent commodity price recovery has allowed Eclipse to resume its growth oriented strategy with a continued focus on maintaining a sound balance sheet Overview Production Forecast (MMcfe/d)…
April 2017 2017 Guidance Eclipse has consistently provided reliable guidance and worked to deliver results that met or exceeded production and operating expense guidance every period since IPO 2017 Guidance History of Delivering…
April 2017 Multi-Year Growth Strategy1 Eclipse has the balance sheet to support a compounded annual production growth rate of at least 25% over the next three years at its planned 2017 pace of development 3-Year Plan 19 Average…
April 2017 Innovative Operational Team Super Laterals Eclipse has revolutionized the cost structure and returns profile of the Utica through its Super Lateral program Reduce cost per lateral foot Cost per lateral foot 44% lower…
April 2017 Innovative Operational Team Completions Design Eclipse was the first to implement the Generation 3 completion design, generating higher EURs and returns; Generation 4 design to be tested in 2017 Increase proppant…
April 2017 Cost Focused Operating Activities Eclipse continues to push the boundaries on key well parameters Average Proppant Loading1 Average Stage Spacing1 2014 2016 3,500 Max: 2014 2016 3,000 3,000 Max: 245 230…
April 2017 2016 Reserves and Finding & Development Costs Eclipse continues to lower F&D costs, increase reserves through the drill-bit and increase PV-10 500 Reserves (Bcfe) SEC Pricing 1400 Reserves (Bcfe) Strip Pricing 700…
April 2017 Elevation of Utica Type Curves1 Eclipse increased its Utica Condensate and Utica Rich Gas type curves following the success of recent completion designs and pressure management techniques and is in the early stages of…
April 2017 Utica Condensate Type Curve1 Condensate type curves have been revised to include Gen 3 completions configurations and results 2017 Type Curve 2016 Type Curve Daily Gas Production2 150 stage spacing 150 stage spacing…
April 2017 Utica Rich Gas Type Curve1 While Gen 3 wells have not yet been drilled in this area, Gen 2 results are consistent with the revised Utica Rich Gas type curve; Gen 3 completions could provide further improvement 2017 Type…
April 2017 Utica Dry Gas Type Curve1 Although initial performance of the first Dry Gas Gen 3 pad shows similar outperformance as the condensate pads, no change is being made to the Utica Dry Gas type curve until additional production…
April 2017 2016 Marcellus Condensate Type Curve1 Results from peer operated Marcellus Condensate wells show strong performance relative to the type curve; Eclipse to drill and evaluate two Marcellus Condensate wells in 2017 using…
April 2017 Marketing Strategy Diversified marketing strategy provides flexibility and enhanced pricing dynamics ET Rover Mariner East II In-service in 1Q18 In-service in 4Q17 1. Flow Assurance Term: 15 years Significant portion…
April 2017 Appalachian Marketing Overview Appalachian basis differentials narrow as transportation capacity exceeds production and projects come online Northeast Production vs Pipeline Takeaway1 Appalachian Basis…
April 2017 Firm Transport Portfolio Eclipses diverse firm gas transportation portfolio provides optionality to various end markets, with right-sized positions to maximize revenue April 2017 December 2018 Further Opportunities Mid…
April 2017 Condensate Market Outlook Eclipse has seen condensate markets tighten substantially during the recent downturn, while local demand has strengthened due to local projects coming online Primary markets are refineries in…
April 2017 Hedging Review Eclipse continues to actively hedge expected production to provide predictable cash flows and limit capital plan funding risk Summary of Current Hedges Natural Gas (MMBtu/d) 2017 Commodity Hedges 300,000…
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April 2017 NGL Market Outlook Eclipse markets its NGLs1 via numerous outlets in order to maximize price and optionality In 2016, Eclipse continued to diversify market outlets and enhance pricing with the addition of access to…
April 2017 Future Net Locations Eclipse has 317 risked future locations with over 60% in type curve areas achieving an 80%+ IRR Summary Areas . Dry Gas Rich Gas Condensate Marcellus Detailed Areas . Dry Gas Dry Gas Dry Gas Lean…
April 2017 2017 Type Curve and Cost Assumption Details Marcellus Summary Areas . Utica Dry Gas Utica Rich Gas Utica Condensate Indicates detailed curve Condensate presented in summary area Lean Very Rich Detailed Areas . Dry Gas…
April 2017 2017 Type Curve Summary at 10K, 13K and 15K Marcellus Summary Areas . Utica Dry Gas Utica Rich Gas Utica Condensate Indicates detailed curve Condensate presented in summary area Lean Very Rich Detailed Areas . Dry Gas…
April 2017 Financial and Operational Summary FY 2015 1Q16 2Q16 3Q16 4Q16 FY 2016 1Q17 Guidance FY 2017 Guidance Production Natural Gas (MMcf/d) 135.6 150.4 168.1 167.1 180.0 166.5 NGL (MBbls/d) 6.7 5.6 7.5 5.7 7.8 6.7 Oil…
April 2017 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 Three-Way Collar…
April 2017 Non-GAAP Reconciliations1 Adjusted EBITDAX Three Months Ended D ecember 31, Year Ended December 31, 2016 2015 2016 2015 Net loss (63,307) (813,869) (203,806) (971,410) Depreciation, depletion and amortization 28,661…
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