May 2017 Changes Since April 2017 Corporate Presentation Slide 4 Increased acreage count based on leasing efforts Slide 7 Revised type curve returns Slide 9 Updated Eclipse versus peer trading metrics Slide 16 Elevated…
May 2017 Eclipse Current Profile 1Q17: 290.0 MMcfe/d Q1 2017 YoY Growth: 44% Production Sequential quarterly growth: 14% 113,500 net effective acres Acreage1 Leased approximately 9,600 acres in the last six months, replacing…
May 2017 Q1 2017 Achievements During the first quarter 2017 Eclipse achieved revenues in excess of 100 million, driving its first ever quarter of positive net income Increased Utica Dry Gas Type Curve 290.0 MMcfe/d Added second…
May 2017 Eclipse Business Highlights Premier Utica and Marcellus Assets 113,500 net effective acres1 in the core of the Utica Shale and the liquids rich Marcellus Shale Innovative Operational Team Enhancing well economics…
May 2017 Premier Utica and Marcellus Assets Eclipse has a substantial core asset base with a 16 year drilling inventory with all type curve areas generating highly economic returns at modest commodity prices Returns by 2017 Type…
May 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…
May 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 Trading at peer…
May 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) 300…
May 2017 Key 2017 Operational Catalysts Updates Eclipse is aggressively seeking ways of enhancing EUR and improving returns to generate value Completed in Q1 Utica Dry Gas Gen 3 well Evaluation is ongoing; Gen 3 Dry Gas wells…
May 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 Projected…
May 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 up to 30%…
May 2017 Innovative Operational Team Completions Design Eclipse pioneered the Generation 3 completion design, generating higher EURs and returns; Generation 4 design currently being tested Increase proppant loading and Initial…
May 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…
May 2017 Elevation of Utica Type Curves1 Higher production and pressure performance of Gen 3 completions driving up 2017 Utica Type Curve EURs in all Utica Shale type curve areas due to increased stimulated reservoir volumes and…
May 2017 Revised Utica Dry Gas Type Curve1 Higher production and pressure responses of Gen 3 completions driving up revised 2017 Utica Dry Gas Type Curve EUR by 13% to 2.2 Bcfe/1,000 2017 Type Curve 2016 Type Curve Daily Gas…
May 2017 Utica Condensate Type Curve1 Performance of Gen 3 Completions continue to meet or exceed 2017 Utica Condensate type curve EURs 2017 Type Curve 2016 Type Curve Daily Gas Production2 10 Avg. Gen 3 150 stage spacing 150…
May 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 2017 Utica Rich Gas type curve; currently completing two Rich Gas wells using Gen 3 completion design…
May 2017 2016 Marcellus Condensate Type Curve1 Results from peer operated Marcellus Condensate wells show strong performance relative to type curve; currently drilling the second of two planned Marcellus Condensate wells in 2017 to…
May 2017 Future Net Locations Eclipse has 316 risked future locations in type curve areas achieving an 75%+ IRR1 Dry Gas Rich Gas Condensate Marcellus Net Acres 47,131 9,124 42,415 14,682 Risked Net Acres2 42,418 8,212 38,174…
May 2017 Marketing Strategy Diversified marketing strategy provides flexibility and enhanced pricing dynamics ET Rover Mariner East II In-service in 4Q17 In-service in 4Q17 1. Flow Assurance Term: 15 years Significant portion of…
May 2017 Appalachian Marketing Overview Appalachian basis differentials narrow as transportation capacity exceeds production and projects come online Northeast Production vs Pipeline Takeaway1 Appalachian Basis Differential…
May 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…
May 2017 Hedging Update 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 s indicate…
May 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 Current Guidance History of Delivering…
A PPENDIX
May 2017 Purple Hayes 1H Update Purple Hayes 1H continuing strong performance, producing at 6.1 MMcf/day with a pressure decline of 22 psi/week; Decline expected after 15 months flat period 10,000 Gas Rate (Mcf/D) 4.7 BCFE Cum…
May 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…
May 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…
May 2017 2017 Type Curve and Cost Assumption Details Utica Dry Gas Utica Rich Gas Utica Condensate Marcellus Condensate Type Curve Assumptions Inter-La tera l Spa ci ng (ft.) 1,000 1,000 750 750 La tera l Length (ft) 13,000 13,000…
May 2017 2017 Type Curve Summary at 10K, 13K and 15K Utica Dry Gas Utica Rich Gas Utica Condensate Marcellus Condensate Gas IP Rate (Mcf/d) 26,400 25,500 6,000 8,250 Initial Cond. Yield (Bbl/MMcf) N/A N/A 130 100 1 EUR (w /…
May 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…
May 2017 Non-GAAP Reconciliations1 Adjusted EBITDAX Three Months Ended March 31, 2017 2016 Net income (loss) 26,847 (45,534) Depreciation, depletion and amortization 26,189 15,113 Exploration expense 11,581 15,656 Rig…
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