December 2017 Changes Since November 2017 Corporate Presentation Slide 4: Updated for Flat Castle Project acquisition Slide 5 14: Flat Castle Project Area overview Slide 15: Updated Asset BTIRRs & Inventory for new assumptions…
December 2017 Eclipse Profile & Business Highlights Accretive Appalachian Acquisition Estimated EURs between 2.0 Attractive 1,900 104% increase in Utica and 2.3 Bcf per 1000 Lateral cost per acre1 Shale Dry Gas acreage Premier…
December 2017 Expansion into New Core Utica Shale Area (Flat Castle Project Area) Eclipse Resources has executed a binding agreement to acquire approximately 44,500 highly contiguous acres in North Central Pennsylvania for 93.7 million…
December 2017 Attractive Acquisition Attributes The acquisition enables Eclipse to apply its industry leading Super Lateral expertise on a larger asset base at a low cost of entry while not stressing Eclipses balance sheet Adds a…
December 2017 Significant Inventory Increase Strategic combination substantially increases scale and inventory Acreage Summary Net Undeveloped Shale Acreage High Revenue interest allows for enhanced economics and rates of…
December 2017 Substantial Market Availability to Support Growth Eclipse has developed a gas marketing plan that provides reliable sales outlets and favorable market access Favorable Market Access Flat Castle Project Area…
December 2017 Similar Geological Attributes Across Sub-Basins The Flat Castle Project Area is located in a different Utica Shale sub-basin than Eclipses current Ohio acreage; similar geology supports consistency of results Basement…
December 2017 Strong Regional Gas in Place The Utica Shale gas in place in the Flat Castle Project Area exceeds the Utica Shale gas in place in the Core of Southeastern Ohio The Indian Castle and the Flat Creek sub-members of the…
December 2017 Similar Reservoir Characteristics Petrophysical evaluation shows highly prospective reservoir conditions across Eclipses acreage footprint 11
December 2017 Delineation of Flat Castle Project Area by Industry Wells Eclipses Flat Castle acreage sits at the center of the highest gas in place in the Sub-Basin and has been substantially delineated by strong surrounding well…
December 2017 Eclipse Flat Castle Project Area Type Curves Eclipse has developed two type curves for the Flat Castle Project area a base case and an upside case increased 12% to reflect higher gas in place on Eclipse acreage vs.…
December 2017 Attractive Flat Castle Project Area Type Curves Well costs and returns assume higher completion costs without an assumed increase in production Base Case Upside Case IRR4 Base Case Upside Case Lateral Length 16,000…
December 2017 Premier Utica and Marcellus Assets1 Pro Forma for the acquisition, Eclipse has 393 risked future extended reach lateral locations in type curve areas achieving over 50% IRR2 in 100% of the locations Returns by 2018…
December 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…
December 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 2018 Type Curve IRR Utica Condensate…
December 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…
December 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…
December 2017 Recent Eclipse Utica Shale 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…
December 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…
December 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…
December 2017 Appalachian Marketing Overview Appalachian basis differentials narrow as transportation capacity exceeds production and projects come online Northeast Production vs Pipeline Takeaway1 Appalachian Basis…
December 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…
December 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…
A PPENDIX
December 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 FY 2017E Low High Avg. Daily…
December 2017 Utica Dry Gas Type Curve1 Gen 3 wells continue to outperform the type curve at target pressure drawdown rates 2018 Type Curve Utica Dry Gas Type Curve BTIRRs 200 stage spacing Completions 100% Slickwater 87%…
December 2017 Utica Condensate Type Curve1 Performance of Gen 3 Completions continue to meet or exceed Utica Condensate type curve EURs 2018 Type Curve Utica Condensate Type Curve BTIRRs 160 stage spacing Completions 100%…
December 2017 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 be…
December 2017 Utica Rich Gas Type Curve1 While Gen 3 wells have not yet been drilled, Gen 2 results are consistent with the Utica Rich Gas type curve 2018 Type Curve Completions 160 stage spacing Utica Rich Gas 2017 Type Curve…
December 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…
December 2017 2018 Ohio Type Curves and Flat Castle Type Curve Project Area Estimates As of 12/1/2017 Utica Dry Gas Utica Rich Gas Utica Condensate Marcellus Condensate Flat Castle Base Case Flat Case Upside Case Type Curve…
December 2017 2018 Type Curve Summary at 10K, 14K, 16K and 18K Project Area Estimates Utica Dry Gas Utica Rich Gas Utica Condensate Marcellus Condensate Flat Castle Base Case Flat Case Upside Case Gas IP Rate (Mcf/d) 31,680…
December 2017 Premier Utica and Marcellus Assets Pro Forma for the acquisition, Eclipse has 393 risked future extended reach lateral locations, equating to 16 years of drilling inventory based on 3-year development plan outlook…
December 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 10,000 Ja nua ry 2017…
December 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,…
Loading...
