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DUG Permian Basin Conference – Approach Resources, Inc.

Approach Resources, Inc. · May 22, 2018 · 19 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. DUG Permian Basin Conference – Approach Resources, Inc. – slide 1
    2018 DUG Permian Basin Conference Southern Midland Basin Update J. Ross Craft Chairman & CEO MAY 22, 2018
  2. DUG Permian Basin Conference – Approach Resources, Inc. – slide 2
    Solid foundation for long-term value APPROACH RESOURCES OVERVIEW ASSET OVERVIEW UPTON Enterprise value 637 MM1 CRANE High-quality reserve base TOM GREEN 181.5 MMBoe proved reserves2 WOLFCAMP SHALE RESOURCES PLAY 60% liquids, 28% oil…
  3. DUG Permian Basin Conference – Approach Resources, Inc. – slide 3
    Company Highlights 2011-2017 Accomplishments 2017 Accomplishments 136% increase in proved reserves 2011- 2017 Strengthened balance sheet and reduced 81% increase in production long-term debt by 127.1 million, 35 2011- 2017 million…
  4. DUG Permian Basin Conference – Approach Resources, Inc. – slide 4
    Strong track record of efficiently managing through price cycles Production Growth Reserve Growth 16.0 200 180 14.0 160 12.0 140 10.0 120 MBOE MMBOE 8.0 100 80 6.0 60 4.0 40 2.0 20 0.0 0 NG Liquid NG…
  5. DUG Permian Basin Conference – Approach Resources, Inc. – slide 5
    DUG Permian Basin Conference, May 22, 2018 6
  6. DUG Permian Basin Conference – Approach Resources, Inc. – slide 6
    Approach continues to achieve one of the lowest cost structures in the basin AREX D&C Historical Track Record ( MM) and Type Curve EUR (MBOE) 50% reduction in well cost 55% improvement in Type Curve DUG Permian Basin Conference,…
  7. DUG Permian Basin Conference – Approach Resources, Inc. – slide 7
    Enhanced completion technique driving improved well performance 1st year cumulative production 100,000 2nd Qtr. 2015 - 1st Qtr. 2018 90,000 39 Wells Completed Stage spacing 220- 156 80,000 Cluster Spacing 43 to 22 Sand…
  8. DUG Permian Basin Conference – Approach Resources, Inc. – slide 8
    Science wells First year cumulative production compared to 700 Mboe type curve New completion technique 3 wells completed 5/2017 2 in Project Pangea (B&C) & 1 in Pangea West (A) Average stage spacing 174 2,000 lbs./ft. average…
  9. DUG Permian Basin Conference – Approach Resources, Inc. – slide 9
    Pangea West science well First year cumulative production as compared to 700 MBOE type curve Production Normalized to a 7,500' lateral and for operational downtime DUG Permian Basin Conference, May 22, 2018 10
  10. DUG Permian Basin Conference – Approach Resources, Inc. – slide 10
    Strong recent well performance and risk of wide gas basis differentials support redeploying drilling capital from Project Pangea to Pangea West Illustrative type curve IRRs Historical (0.35)/Mcf Assumed (1.75)/Mcf gas differential gas…
  11. DUG Permian Basin Conference – Approach Resources, Inc. – slide 11
    Wolfcamp Shale success creates temporary takeaway bottleneck Average Waha Differential 0.15/MMBTU (Only 11.8% of the time 0.30/MMBTU) Beginning of Wolfcamp Horizontal Development DUG Permian May 22, 2018 12
  12. DUG Permian Basin Conference – Approach Resources, Inc. – slide 12
    Wolfcamp Shale success creates temporary takeaway bottleneck Average Midland WTI Differential 2.01/BBL (Only 15.5% of the time 5.00/BBL) Beginning of Wolfcamp Horizontal Development DUG Permian May 22, 2018 13
  13. DUG Permian Basin Conference – Approach Resources, Inc. – slide 13
    Centralized infrastructure drives capital and operating efficiencies Receipt Point Reagan Irion PANGEA WEST PW Receipt Point Crockett Schleicher DCP Tap PW BLK 50 Receipt Point CS 1 Compressor 228HA Receipt 204HA Point…
  14. DUG Permian Basin Conference – Approach Resources, Inc. – slide 14
    AREX flowback and produced water recycle facility DUG Permian Basin Conference, May 22, 2018 15
  15. DUG Permian Basin Conference – Approach Resources, Inc. – slide 15
    AREX gas lift infrastructure successfully used in Wolfcamp gas injection pilot program 33 Wells with Positive Production Impact Recent pilot test BLK 45 21 Injection Wells indicates that gas can North +300 MMcf of gas be reinjected…
  16. DUG Permian Basin Conference – Approach Resources, Inc. – slide 16
    Investment Highlights Concentrated geographic footprint in Large scale infrastructure system results in Permian Basin liquids-rich play, 100% sustainable low cost operating expense & operated 149,000 net acres, 181.5 industry leading…
  17. DUG Permian Basin Conference – Approach Resources, Inc. – slide 17
    Thank You DUG Permian Basin Conference, May 22, 2018 18
  18. DUG Permian Basin Conference – Approach Resources, Inc. – slide 18
    Appendix
  19. DUG Permian Basin Conference – Approach Resources, Inc. – slide 19
    PV-10 (unaudited) The present value of our proved reserves, discounted at 10% (PV-10), was estimated at 521 million at December 31, 2017, and was calculated based on the first-of-the-month, twelve-month average prices for oil, NGLs and…

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