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1Q 2018 Earnings Presentation – Gastar Exploration Inc

Gastar Exploration Inc · May 10, 2018 · 37 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. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 1
    GASTAR Click to edit Master subtitle style EXPLORATION INC Investor Presentation May 2018
  2. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 2
    Corporate Overview
  3. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 3
    Corporate Overview GST GST-PA GST-PB STACK Sooner-Trend-Anadarko-Canadian-Kingfisher 656MM Enterprise Value (1) Field Office: 176MM Market Capitalization Oklahoma City (1) Garfield 67,900 Core STACK Surface Acres (2)…
  4. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 4
    Corporate Highlights 67,900 core STACK Acres(1) in Kingfisher and Garfield Counties, Oklahoma Quality Asset Highly contiguous position is 84%(2) operated and 68% held by production Robust Drilling 3,438 gross and 1,548 net drilling…
  5. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 5
    2018 Capital Budget Operational control of over 86% of budget 2018 Budget Detail 2018 Budget Distribution Capital STACK Operated Capitalized Interest + Area (MM) % of Total G&G Drilling STACK Operated Drilling 69.5 60% 69.5 11.6…
  6. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 6
    STACK Type Log Gamma Resistivity Porosity Seven prospective formations across Cleveland acreage position 200 Oswego Multiple formations may be stacked depending on specific area 400 Multiple benches within prospective 600…
  7. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 7
    Regional Cross Section Northeastern up-dip extension of the Target formations are very continuous STACK play Enhanced porosity from fractures and Over 1,000 of combined prospective multiple unconformities throughout the formations…
  8. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 8
    Summary Target Economics Based on third party proved reserve type curve projections (1) Meramec Economic Overview Meramec IRR Sensitivities(2) Meramec 100% (2) 2-Stream EUR 453 MBoe 80% % Oil 58% 3-Stream EUR(2) 502 Mboe 60% %…
  9. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 9
    Regional STACK Overview
  10. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 10
    STACK Overview Mid-Continent Asset Overview Mid-Continent Asset Map 67,900 Core STACK Surface Acres (1) Undeveloped Net Drilling 1,548 Locations(1) Undeveloped STACK Drilling Potential(1) Operated Wells Non-Operated Total…
  11. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 11
    Mid-Continent STACK Operator Map One of the most active horizontal plays in North America Note: Rig data obtained from Drillinginfo as of 4/17/18. 13 2018 Gastar Exploration Inc.
  12. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 12
    STACK Regional Completed Wells 1,528 Cumulative Wells Completed 2012 - April 2018 Completed 2012- Formation April 2018 Oswego 119 Manning 1 Meramec 694 Osage 417 Woodford 228 Hunton 69 Total 1,528 Note: Data obtained…
  13. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 13
    STACK: Significant Multi-Zone Development Description Operators Up to 30 wells per section 15 2018 Gastar Exploration Inc.
  14. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 14
    Days to TD 10 20 25 30 35 15 0 5 Ma Stucki 30-1H Great Divide 12-1H Bradbury 28-1H Pickle 33-1H Johnny 32-1H 2018 Gastar Exploration Inc. Hane 14-1H Pedlik 10-1H Stitt 32-1H Gungoll 20-1H 19.6…
  15. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 15
    Completion Design Improvements Meramec Stage Spacing Analysis Avg. Actuals Plan Meramec(1,2) Lateral Length (ft) 4,771 4,700 45 41 15 Avg. 120 Day Cum. Oil (Mbo) 38 Effective Lateral Length (ft) 4,517 4,700 36 32 12 Frac…
  16. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 16
    STACK: Meramec
  17. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 17
    Meramec Overview 26,000 Net Prospective Acres(1) Gross Isopach and Activity Map 89% Operated (2) and 76% HBP Activity 24 Operated Operated Wells Drilled 24 16 Non-Op Participated 16 694 wells completed in the…
  18. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 18
    Meramec Activity Map 1 27 26 25 24 23 22 Ma Stucki 30-1H Holiday Road 2-1H Weber 1806 15-1MH Ohm 28-1H Katy 21-1H Ingle 29-1H Mott 20-2H Max 30: 227 Boe/d (75% Oil) Max 30: 503 Boe/d (76% Oil) Max 30: 597 Boe/d (70% Oil) Max 30: 469…
  19. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 19
    Operated Meramec Results Cumulative Oil Production(1) Map of Wells 80,000 15 Cum. Oil Production (bbls) 64,000 10 Well Count 48,000 32,000 5 16,000 0 0 0 25 50 75 100 125 150 175 Days Type Curve Gen 2.5 Gen 3.0,…
  20. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 20
    Meramec Economics Type Curve Assumptions/Economics Meramec Type Curve Production Profile Peak Rate (bbl/d) 50 550 (1 month) Decline Rate 80.5% Daily Rate (Bbl/dMcf/d) Terminal Decline 6.0% 1,000 B-Factor 1.1 Peak Rate (Mcf/d)…
  21. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 21
    STACK: Osage
  22. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 22
    Osage Overview 62,600 Net Prospective Acres(1) Gross Isopach and Activity Map 90% Operated (2) and 63% HBP Activity 23 Operated Operated Wells Drilled 22 1 29 Non-Op Participated 26 417 wells completed in the…
  23. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 23
    Osage Activity Map 1 28 27 26 25 24 23 Gary Hajek 18-1LOH Maral 2007 33-1H Flying Monkey 2109 1-23MH Lankard 1706 6-34MH Ash 1705 3-19MH Schilde 1706 3-15MH Borelli 1705 4-8MH Initial Flowback Max 30: 507 Boe/d (79% Oil) Producing Max…
  24. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 24
    Operated Osage Results Cumulative Oil Production(1) Map of Wells 60,000 10 Cum. Oil Production (bbls) 48,000 8 Well Count 36,000 6 24,000 4 12,000 2 0 0 0 25 50 75 100 125 150 175 Days Type Curve Gen 3.0, 35 stage…
  25. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 25
    Osage Economics Type Curve Assumptions/Economics Osage Type Curve Production Profile Peak Rate (bbl/d) 50 450 (2 months) Daily Rate (Boe/dMcf/d) Decline Rate 78.0% Terminal Decline 6.0% 1,000 B-Factor 1.2 Peak Rate (Mcf/d)…
  26. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 26
    Additional Upside
  27. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 27
    Oswego Overview 15,900 Net Prospective Acres(1) Net Isopach and Activity Map 67% Operated (2) and 61% HBP Activity 1 Operated Hill 2-18-6 1H Farrar 11-18-6 1H Max 30: 1,223 Boe/d (86% Oil) Max 30: 1,059 Boe/d (87% Oil)…
  28. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 28
    Woodford Overview 18,200 Net Prospective Acres(1) Gross Isopach and Activity Map 84% Operated (2) and 48% HBP Activity 4 Non-Op Participated 4 228 wells completed in the STACK area Activity STACK (3) 20 currently…
  29. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 29
    Hunton Overview 39,800 Net Prospective Acres(1) Gross Isopach and Activity Map 87% Operated (2) and 73% HBP Activity The River 01-22H Max 30: 1,182 Boe/d (43% oil) Thrasher 01-01H 41 3,897 Lat. Length Max 30: 1,274 Boe/d (75%…
  30. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 30
    Manning Overview 38,000 Net Prospective Acres(1) Manning Gross Isopach 78% Operated (2) and 60% HBP Activity Historical vertical well production from the Manning shows to be a prolific formation Nearby operator commenced…
  31. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 31
    Oswego Fracture Overview The Oswego formation blankets Gross Isopach Map 100% of Gastars acreage Gross Oswego thickness ranges from 150 to 275 feet thick across the position Well data indicates the Oswego is fractured and is…
  32. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 32
    Appendix
  33. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 33
    Type Curve Assumptions Formation Meramec Osage Production Profile Peak Rate (Bbl/d) 50 550 (1 month) 50 450 (2 months) Decline Rate 80.5% 78.0% Terminal Decline 6.0% 6.0% B-Factor 1.1 1.2 Peak Rate (Mcf/d) 200 - 1,100 (2 months) 150 900…
  34. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 34
    Earthquake Seismicity Map As of 4/1/18, Gastar has implemented a 24/7 The industry has been recompleting into surveillance of seismicity events during company the Wilcox to mitigate seismic concerns operated completions in Kingfisher…
  35. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 35
    PDP Hedging Program 100%+ of PDP oil hedged through 2019, 94% of PDP gas hedged for 2018 Oil and NGLs Hedging Strategy Crude Oil (1) Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Upside Hedges (Bbl/d) 3,121…
  36. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 36
    Realized Prices: STACK Realized Oil Prices Realized Gas Prices(1) 80.00 97% 97% 110% 5.00 91% 100% 86% 64.00 88% 4.00 80% 61.23 2.70 48.00 66% 3.00 2.57 60% 49.54 32.00 44% 2.00 40% 2.20 1.87 16.00 22% 1.00 20% 0.00 0% 0.00…
  37. 1Q 2018 Earnings Presentation – Gastar Exploration Inc – slide 37
    Production Costs (/Boe): STACK Lease Operating Expense Production Tax 12.00 10.79 1.12 9.86 0.91 1.10 9.60 0.33 1.10 7.20 1.08 4.80 9.53 9.88 1.06 1.05 2.40 1.04 0.00 1.02 (1) 2017 Q1'18 2017 Q1'18 LOE Workover Prod.…

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