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2Q 2017 Earnings Update – Eclipse Resources Corp.

Eclipse Resources Corp. · Aug 2, 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. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 1
    I NVESTOR P RESENTATION NYSE: ECR August 2017
  2. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 2
    August 2017 Eclipse Profile & Business Highlights Premier Utica and Marcellus Assets net effective acres1 in the core of the Utica Shale and the liquids rich Marcellus Shale; 113,200 1.2 Tcfe proved reserves2, representing 108%…
  3. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 3
    August 2017 1st Half 2017 Achievements During the 1st Half of 2017, Revenues grew by 52% over the previous year to 179 million, driving 1st Half 2017 EBITDAX of 90 million, 141% higher than the previous year1 1st Half 2017…
  4. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 4
    August 2017 Premier Utica and Marcellus Assets Eclipse has a substantial core asset base with a 12 year extended reach drilling inventory with all type curve areas generating highly economic returns at modest commodity prices…
  5. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 5
    August 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…
  6. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 6
    August 2017 Key 2017 Operational Catalysts Updates Eclipse is aggressively seeking ways of enhancing EUR and improving returns to generate value Completed in 1st Half 2017 Utica Dry Gas Gen 3 well Evaluation is ongoing; Gen 3…
  7. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 7
    August 2017 2017 Planned Activity Eclipse continues its growth oriented strategy to increase cash flows with a continued focus on maintaining a sound balance sheet Overview Production Forecast (MMcfe/d) Continue to high-grade…
  8. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 8
    August 2017 Utica Shale Drilling Joint Venture Transaction Summary1 Utica Shale Drilling Joint Venture with Sequel Energy increases Eclipses return on capital and provides for significant flexibility to tailor 2018 & 2019 capital…
  9. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 9
    August 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%…
  10. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 10
    August 2017 Super Lateral Program With five super laterals drilled to date, Eclipse has outperformed drilled feet per day expectations by 25%, driving drilling costs 10% below expectations Overview Average Daily Footage Super…
  11. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 11
    August 2017 Increasing IRRs1 with Longer Laterals Eclipse is continuing to demonstrate the impact of longer laterals; significantly increasing rates of return across our acreage Utica Dry Gas 2017 Type Curve IRR Utica Condensate…
  12. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 12
    August 2017 Innovative Operational Team Completions Design Eclipse pioneered the Generation 3 completion design, generating higher EURs and returns; currently testing completions techniques that may form the basis for future…
  13. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 13
    August 2017 Cost Focused Operating Activities Eclipse continues to push the boundaries on key well parameters Average Proppant Loading (lbs/ft)1 Average Stage Spacing (ft)1 2014 2016 1H 2017 2014 2016 1H 2017 4,000 Max: Max:…
  14. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 14
    August 2017 Future Net Locations by Type Curve Eclipse has 307 risked future extended reach locations in type curve areas achieving an 75%+ IRR1 Dry Gas Rich Gas Condensate Marcellus Net Acres 47,121 8,911 42,522 14,670 Risked…
  15. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 15
    August 2017 Utica Dry Gas Type Curve1 Gen 3 wells continue to outperform the 2017 type curve at target pressure drawdown rates 2017 Type Curve Daily Gas Production2 40 Avg. Gen 3 200 stage spacing Completions 35 2017 Dry Gas…
  16. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 16
    August 2017 Utica Condensate Type Curve1 Performance of Gen 3 Completions continue to meet or exceed 2017 Utica Condensate type curve EURs 2017 Type Curve Daily Gas Production2 150 stage spacing 10 Avg. Gen 3 Completions…
  17. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 17
    August 2017 Utica Rich Gas Type Curve1 While Gen 3 wells have not yet been drilled, Gen 2 results are consistent with the 2017 Utica Rich Gas type curve 2017 Type Curve Daily Gas Production2 150 stage spacing 30 Avg Gen 2…
  18. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 18
    August 2017 2016 Marcellus Condensate Type Curve1 Results from peer operated Marcellus Condensate wells show strong performance relative to type curve; finished drilling the second of two planned Marcellus Condensate wells in 2017 to…
  19. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 19
    August 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…
  20. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 20
    August 2017 Appalachian Marketing Overview Appalachian basis differentials narrow as transportation capacity exceeds production and projects come online Northeast Production vs Pipeline Takeaway1 Base Takeaway Capacity TGP…
  21. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 21
    August 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…
  22. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 22
    August 2017 Hedging Update1 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…
  23. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 23
    August 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…
  24. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 24
    A PPENDIX
  25. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 25
    August 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…
  26. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 26
    August 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…
  27. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 27
    August 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…
  28. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 28
    August 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…
  29. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 29
    August 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 /…
  30. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 30
    August 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…
  31. 2Q 2017 Earnings Update – Eclipse Resources Corp. – slide 31
    August 2017 Non-GAAP Reconciliations1 Adjusted EBITDAX Three Months Ended Six Months Ended June 30, June 30, thousands 2017 2016 2017 2016 Net income (loss) 11,494 (73,163) 38,341 (118,697) Depreciation, depletion and…

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