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November 2017 Investor Presentation – Gastar Exploration Inc

Gastar Exploration Inc · Nov 9, 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. November 2017 Investor Presentation – Gastar Exploration Inc – slide 1
    Investor Presentation November 2017
  2. November 2017 Investor Presentation – Gastar Exploration Inc – slide 2
    Corporate Overview
  3. November 2017 Investor Presentation – Gastar Exploration Inc – slide 3
    Corporate Overview 91,300 net surface acres: 65,200 core STACK surface acres(1) Mid-Continent STACK Play STACK STACK Optionality STACK Oswego 12,100 net acres(2) STACK Meramec 23,600 net acres(2) WEHLU + WEHLU STACK Osage…
  4. November 2017 Investor Presentation – Gastar Exploration Inc – slide 4
    Key Investment Criteria Pure play Mid-Continent STACK operator STACK (Sooner-Trend-Anadarko-Canadian-Kingfisher) is one of the most coveted assets in N. High-Quality STACK America Resource Base Strong drilling results in the Meramec,…
  5. November 2017 Investor Presentation – Gastar Exploration Inc – slide 5
    Mid-Continent Net Production Net Daily Production(1) 8.0 High 6.4 6.4 6.0 6.0 6.0 Low 6.0 20% 23% 23% 4.8 4.3 Mboe/d 21% 3.2 54% 48% 49% 50% 1.6 1.1 6% 48% 26% 29% 28% 29% 46% 0.0 2013 2014 2015 2016 YTD…
  6. November 2017 Investor Presentation – Gastar Exploration Inc – slide 6
    2017 Capital Budget Operational control of over 93% of budget 2017 Budget Detail 2017 Budget Distribution Area Capital (MM) % of Total STACK DrillCo Drilling 9.9 8% Land STACK Non- 33.3 Operated Drilling STACK Operated Drilling 65.1…
  7. November 2017 Investor Presentation – Gastar Exploration Inc – slide 7
    STACK Play - Overview Overview Six prospective formations across acreage position Multiple formations may be stacked depending on specific area Multiple benches within prospective formations Offers large quantity of drilling…
  8. November 2017 Investor Presentation – Gastar Exploration Inc – slide 8
    Summary Target Economics Based on Wright & Co. proved reserve type curve projections(1) Meramec WEHLU Upper Hunton WEHLU Lower Hunton Gross locations per 640 6 3 3 Number of net drilling locations 201 111 108 EURs Processed 490…
  9. November 2017 Investor Presentation – Gastar Exploration Inc – slide 9
    STACK Regional Drilling Activity: 2012-2017 2012-2013 2014-2015 2016-2017 +356 +530 98 wells completed 454 wells completed 984 wells completed Note: Obtained from Drillinginfo as of 10/26/2017 2017 Gastar Exploration Inc. 11
  10. November 2017 Investor Presentation – Gastar Exploration Inc – slide 10
    Mid-Continent STACK Operator Map One of the most active horizontal plays in North America, currently 71 rigs running in the area Note: Rig data obtained from Drillinginfo as of 11/1/2017 2017 Gastar Exploration Inc. 12
  11. November 2017 Investor Presentation – Gastar Exploration Inc – slide 11
    STACK Overview Large, contiguous acreage position with multiple stacked horizontal targets Mid-Continent Asset Overview Mid-Continent Asset Map 91,300 net surface acres(1) STACK 65,200 CHISHOLM OIL & GAS MARAL 20-07-33 1H net acres…
  12. November 2017 Investor Presentation – Gastar Exploration Inc – slide 12
    Meramec Overview Overview Activity Map(4) 24 horizontal operated Meramec wells drilled 21 - Producing 1 - Completing 2 - WOC Non-operated participation in 13 wells 10 producing Meramec activity - 111 active permits and 479…
  13. November 2017 Investor Presentation – Gastar Exploration Inc – slide 13
    Meramec Activity Map Note: Other operator production rates obtained from third-party company data, investor presentations, public filings and other sources that have not been independently verified by Gastar Exploration Inc. 2017…
  14. November 2017 Investor Presentation – Gastar Exploration Inc – slide 14
    Osage Overview Overview Activity Map(4) 16 horizontal operated Osage wells drilled 13 - Producing 1 - Drilling 2 - WOC Non-operated participation in 17 wells 14 producing Osage activity 94 active permits and 281 completed wells…
  15. November 2017 Investor Presentation – Gastar Exploration Inc – slide 15
    Osage Activity Map (1) Note: Other operator production rates obtained from third-party company data, investor presentations, public filings and other sources that have not been independently verified by Gastar Exploration Inc. 1.…
  16. November 2017 Investor Presentation – Gastar Exploration Inc – slide 16
    Drilling Days Overview Significantly improved drilling efficiency Drilling Days Vs. Depth (Days) 0.00 5.00 10.00 15.00 20.00 25.00 0 Average Days 1,500 Surface to TD Wells Prior to 6/1/2017 (28) 19.2 Wells After 6/1/2017 (6)…
  17. November 2017 Investor Presentation – Gastar Exploration Inc – slide 17
    Oswego Overview Overview Activity Map(4) 1 horizontal operated Oswego well drilled 1 producing Non-operated participation in 4 wells 3 producing Offset operator IPs up to 2,100 Boe/d (93%+ oil) A growing horizontal target in…
  18. November 2017 Investor Presentation – Gastar Exploration Inc – slide 18
    Oswego Activity Map Note: Other operator production rates obtained from third-party company data, investor presentations, public filings and other sources that have not been independently verified by Gastar Exploration Inc. 2017…
  19. November 2017 Investor Presentation – Gastar Exploration Inc – slide 19
    Woodford Overview Overview Activity Map(4) Non-operated participation in 3 wells 3 producing Woodford activity 13 active permits and 203 completed wells in the area(1) Other operator activity de-risking the play Net potential…
  20. November 2017 Investor Presentation – Gastar Exploration Inc – slide 20
    WEHLU Overview WEHLU-Hunton offers a substantial source of high return projects - Acreage 100% HBP WEHLU-Upper Hunton Overview WEHLU Map Seven well average results: Peak rate of 568 Boe/d (86% oil) 8 PUDs on northern WEHLU acreage…
  21. November 2017 Investor Presentation – Gastar Exploration Inc – slide 21
    Northern Hunton Development Northern Hunton Development Northern Hunton Activity Map Established position in 2012 to focus on Lower Hunton development Took over operatorship with closing of acquisition in December 2015 39…
  22. November 2017 Investor Presentation – Gastar Exploration Inc – slide 22
    Financial Overview
  23. November 2017 Investor Presentation – Gastar Exploration Inc – slide 23
    Financial Strategy No financial maintenance covenants or near-term maturities Ability to retain cash for drilling by PIK of interest expense Debt Structure Largest equity holder is holder of all current debt Flexibility on ability to…
  24. November 2017 Investor Presentation – Gastar Exploration Inc – slide 24
    Capital Structure Summary Capitalization 250.0MM 8.5% Term Loan ( in millions) 9/30/2017 Maturity date March 3, 2022 Early redemption subject to certain make-whole and Cash 29.2 repayment premium provisions Interest payments,…
  25. November 2017 Investor Presentation – Gastar Exploration Inc – slide 25
    Ownership Summary Top-20 Holders(1) Current Ownership Summary(1) Firm / Person Shares Held (MM) % of Total Outstanding Ares Management LLC 56.7 26% Ares Fir Tree Incorporated 16.2 7% Retail / Other Management, 56.6 LP Blackrock 11.2 5%…
  26. November 2017 Investor Presentation – Gastar Exploration Inc – slide 26
    PDP Hedging Program Oil and NGLs Hedging Strategy 3,600 3,582 100 3,156 2,900 2,650 80 2,200 59.29 51.57 60 (Bbl/d) 48.24 1,500 40 800 100 20 Remaining 2017 2018 2019 (600) 0 Volume Average Hedge Floor Price (/Bbl)…
  27. November 2017 Investor Presentation – Gastar Exploration Inc – slide 27
    Appendix
  28. November 2017 Investor Presentation – Gastar Exploration Inc – slide 28
    Hedge Detail Natural Gas Oil Period Contract Type Volume Hedged Price Period Contract Type Volume Hedged Price Dec - Dec 17 3-Way 5,000 MMBtu/d 3.00 / 2.35 / 4.00 Nov - Dec 17 3-Way 280 Bbl/d 80.00 / 65.00 / 97.25 Dec - Dec 17 Swap…
  29. November 2017 Investor Presentation – Gastar Exploration Inc – slide 29
    Realized Prices Mid-Continent Realized Oil Prices Realized Gas Prices 100.00 110% 98% 99% 99% 102% 101% 102% 6.00 100% 89% 91% 80.00 88% 4.80 80% 88.84 60.00 66% 3.60 4.25 60% 40.00 46.18 47.03 44% 2.40 40% 2.57 2.71 40.12…
  30. November 2017 Investor Presentation – Gastar Exploration Inc – slide 30
    Production Costs Mid Continent (/Boe) Lease Operating Expense Transportation 12.00 Workover expense 1.00 9.98 9.48 9.60 8.85 8.96 0.80 0.39 1.62 0.72 1.04 1.98 7.20 0.60 0.49 4.80 9.09 0.40 7.93 8.36 6.87 2.40 0.20 0.02…
  31. November 2017 Investor Presentation – Gastar Exploration Inc – slide 31
    Earthquake Seismicity Map Low seismicity around Gastar leasehold Gastar recently re- completed a SWD well in the Wilcox to mitigate limitations of disposing in the Arbuckle Other operators are following this trend GST:…

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