November 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; 115,420 1.2 Tcfe proved reserves2, representing 108%…
November 2017 2017 Achievements During Q3 of 2017, Production grew by 59% over the previous year to 353 MMcfe/d, driving quarterly EBITDAX of 46 million,103% higher than the previous year1 Q3 2017 Financials Increased type curve…
November 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…
November 2017 Significant Inventory of High Return Extended Lateral Locations Across Eclipses Asset Base Eclipse has 307 risked future extended reach locations in type curve areas achieving an 75%+ IRR1 Dry Gas Rich Gas Condensate…
November 2017 Trading Metric Comparison Eclipse trades below the Appalachian peers despite similar leverage metrics and the ability to generate economic returns comparable to other basins Eclipses projected leverage ratios align…
November 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…
November 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…
November 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…
November 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…
November 2017 Q3 Drilling & Completions Milestones Eclipse continues to improve on drilling times and seek other means of enhancing efficiencies to improve returns and reduce cycle times Drilling Summary Completions Summary Eight…
November 2017 Recent Condensate Activity1 At an average restricted choke initial production rate of 156 BOE per 1,000 of lateral (67% liquids), Eclipses Condensate wells are competitive with the best plays in the market Purple…
November 2017 Drilling & Completions Efficiencies Operational efficiencies have resulted in significant improvement of key drilling and Completions metrics Average Daily Footage Drilled (ft)1 Stages Completed per Day Utica…
November 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…
November 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 200 stage spacing 40 Avg. Gen 3 Completions 100%…
November 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…
November 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…
November 2017 Marketing Strategy Diversified marketing strategy provides flexibility and enhanced pricing dynamics ET Rover Mariner East II In-service in 1Q18 In-service in 2Q18 1. Flow Assurance Term: 15 years Significant…
November 2017 Appalachian Marketing Overview Appalachian basis differentials narrow as transportation capacity exceeds production and projects come online Northeast Production vs Pipeline Takeaway1 Appalachian Basis…
November 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…
November 2017 Hedging Update Eclipse continues to actively hedge expected production to provide predictable cash flows and reduce capital plan funding risk Summary of Current Hedges Natural Gas (MMBtu/d) 2017 Commodity Hedges s…
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November 2017 2017 Guidance Eclipse has consistently provided reliable guidance and worked to deliver results that met or exceeded production and operating expense guidance Current Guidance 2017 Annual Guidance Updates FY 2017E…
November 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 Completions Avg…
November 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…
November 2017 NGL Market Outlook Eclipse markets its NGLs via numerous outlets in order to maximize price and optionality Eclipse is forecasting an average realized price for an all-in NGL barrel1 of 40% to 45% of WTI for the full…
November 2017 Condensate Market Outlook Eclipse has seen condensate markets recover from last years downturn, with local demand strengthening due to new infrastructure projects Primary markets are refineries in the region Average…
November 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…
November 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…
November 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…
November 2017 Non-GAAP Reconciliations1 Adjusted EBITDAX Thre e Months Ende d Nine Months Ende d Se pte mbe r 30, Se pte mbe r 30, thousands 2017 2016 2017 2016 Net income (loss) (16,694) (25,949) 21,647 (144,646) Depreciation,…
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