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Corporate Presentation – Rex Energy Corp

Rex Energy Corp · Apr 1, 2013 · 30 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. Corporate Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation April 2013 Responsible Development of Americas Energy Resources Rex Energy Corporation 476 Rolling Ridge Drive State College, PA 16801 P: (814) 278-7267 F: (814) 278-7286 E:…
  2. Corporate Presentation – Rex Energy Corp – slide 2
    Developing Liquids-Rich Asset Base Focused on developing our liquids-rich acreage in the Appalachian and Illinois Basins Appalachian Basin: Targeting wet gas windows in the Pennsylvania Marcellus and Ohio Utica Shales Illinois Basin:…
  3. Corporate Presentation – Rex Energy Corp – slide 3
    Operational Highlights Maximizing Resource Potential Large resource base with 850 potential drilling locations focused in the Appalachian with an estimated 5.0 Tcfe of net resource potential (assuming full ethane recovery) Exposure to…
  4. Corporate Presentation – Rex Energy Corp – slide 4
    Financial Highlights Strong Balance Sheet Entered 2013 with 284 million of liquidity; Pro forma liquidity 344 million including March 2013 redetermination Active Hedging Program For 2013, approximately 97% of natural gas hedged with…
  5. Corporate Presentation – Rex Energy Corp – slide 5
    2012 Proved Reserves * Appalachian Basin F&D of 0.73 Year End 2012 SEC Price Assumptions: Oil: 90.92; Nat. Gas: 2.94; NGLs: 32.91 7
  6. Corporate Presentation – Rex Energy Corp – slide 6
    Liquids-Rich Non-Proven Resource Potential1 Warrior Butler Operated Butler Operated Prospects: Assumptions Area: Upper Total Area: Marcellus Liquids-Rich Devonian Utica 3 2 Unproved Prospective Acreage2 39,900 45,900 19,300…
  7. Corporate Presentation – Rex Energy Corp – slide 7
    2013 Capital Budget We are budgeting 230-250 million of operating capex for 2013 2013 Capital Program Breakdown 204-224 million drilling and exploration Activity Budget ( in millions) 183-200 million Appalachia (90%) Drilling &…
  8. Corporate Presentation – Rex Energy Corp – slide 8
    Consistent Production Growth 56% CAGR; 2012 exit rate production 30% liquids 80.0 MarkWest Bluestone Plant 70.0 Additional field compression Average Daily Production (Mmcfe/d) 60.0 50.0 40.0 1st Sarsen plant starts in…
  9. Corporate Presentation – Rex Energy Corp – slide 9
    Butler Operated Area Midstream Capacity MarkWest Y-Grade MWE Sarsen & Pipeline Bluestone Processing MarkWest Energy - Keystone Processing Complex Complex Sarsen 40 MMcf/d In Service Bluestone I 50 MMcf/d In Service Bluestone II 120…
  10. Corporate Presentation – Rex Energy Corp – slide 10
    High Quality Midstream Providers Mariner West MarkWest Energy - Cadiz Processing Complex Pipeline Interim Refrigeration 60 MMcf/d In Service Cadiz I 125 MMcf/d 2Q13 REXX Carroll Cadiz II 200 MMcf/d 2Q14 County Acreage Blue Racer…
  11. Corporate Presentation – Rex Energy Corp – slide 11
    2013 Hedging Summary1 100% 88.46 X 96.46 4.29 X 4.51 61% of Total NGL Volumes Hedged 90% 5.00 80% 80.63 X 32% of all NGL components 102.36 2.11 hedged at 55.36/Bbl 70% 4.51 X 5.34 1.66 60% 0.98 93.02 50% 40% 3.87 30% 1.58…
  12. Corporate Presentation – Rex Energy Corp – slide 12
    Butler Operated Area Highlights 5-Day Sales Rate (Average Per Well)1 Butler Operated Area (70% WI) Target Lateral Total Total Ethane Well Name Formation Length (Mcfe/d) % Liquids Rejection (Mcfe/d) Grubbs 2H Burgh 2HD Plesniak 3H, 9H…
  13. Corporate Presentation – Rex Energy Corp – slide 13
    Super-Rich Wet Gas Upside 7.00 6.49 0.21 6.00 5.23 5.00 2.90 3.75 1.85 4.00 / Mcf 3.00 2.00 3.75 3.38 3.38 1.00 0.00 Dry Gas 1,250 BTU 1,300 BTU Gas NGLs Condensate Assumptions: 3.75 HH, 90.00 WTI, 50% WTI for NGLS.…
  14. Corporate Presentation – Rex Energy Corp – slide 14
    Evolution of Butler Marcellus Development Improving well designs are resulting in increased EURs1 and returns on capital Ethane Uplift and Improving Well Design Transportation Efficiencies 4.0 Bcfe EUR 5.3 Bcfe EUR 7.0 Bcfe EUR2…
  15. Corporate Presentation – Rex Energy Corp – slide 15
    Butler County Marcellus Economics Butler Area (Operated) Assumptions Butler County Wet Gas Type Curve Super-frac completion method yields attractive 7,000 Gas Production Rate (Mcfe/d) IRRs in current price environment 6,000 7…
  16. Corporate Presentation – Rex Energy Corp – slide 16
    Ohio Utica Warrior North Prospect 16,100 gross / 15,900 net acres in Carroll County, OH (100% WI) First well, Brace 1H, into sales in 3Q12 Warrior North Prospect 1,094 boe/d 24-hour sales rate; 1,008 boe/d 5-day sales rate; CHK…
  17. Corporate Presentation – Rex Energy Corp – slide 17
    Ohio Utica Warrior South Prospect 6,700 gross / 4,100 net acres in Guernsey, Noble and Warrior South Prospect Belmont Counties, OH (63% WI) GPOR Ryser 1-25H: Joint Development Agreement with MFC Drilling and Rate of 2.9 Mboe/d; 73%…
  18. Corporate Presentation – Rex Energy Corp – slide 18
    Warrior South Industry Results Comparison 65% Liquids Lateral Shrink Gas Oil NGL Boe/d (Full Ethane Boe/d assuming Company Well Name (feet) BTU % (Mcf/d) (Bbls/d) (Bbls/d) Recovery) % Liquids 3,500 Lateral* GPOR Groh 1-12H 5,414 1,247…
  19. Corporate Presentation – Rex Energy Corp – slide 19
    Illinois Basin Overview Illinois Basin Rex Energy has identified multiple zones with conventional recompletion opportunities Net Acres 27,000 28,900 gross / 27,000 net acres Lawrence Field Exceeded previously announced estimate of…
  20. Corporate Presentation – Rex Energy Corp – slide 20
    Lawrence Field Middagh Pilot Lawrence Field ASP Oil cuts in the Pilot increased from 1.0% to 12.0% in total unit, with individual wells experiencing oil cuts above 20% Perkins-Smith Middagh Pilot Peak production was seen at 100+ BOPD…
  21. Corporate Presentation – Rex Energy Corp – slide 21
    Appendix Responsible Development of Americas Energy Resources
  22. Corporate Presentation – Rex Energy Corp – slide 22
    First Quarter and Full Year 2013 Guidance First Quarter Full Year 2013 2013 Average Daily Production 71.5 73.5 MMcfe/d 90.5 94.5 Mmcfe/d Lease Operating Expense 13.0 14.5 million 58.0 62.0 million Cash G&A 5.8 6.8 million 26.0…
  23. Corporate Presentation – Rex Energy Corp – slide 23
    Butler Operated Area Stacked Pays Stratigraphic Column 2012 2013 Rhinestreet Shale Frac one legacy vertical well to test gas quality and No planned drilling in 2013 given Marcellus / Burkett liquids potential development Reservoir…
  24. Corporate Presentation – Rex Energy Corp – slide 24
    Marcellus Super Frac Completion Optimization Process Drushel 3H (150 ft design) Super Frac: Job Performed: Apr. 2011; On Prod: 680 Days Lateral Spacing: 450 - 600 feet apart Lateral Length: 3,000 ; 21 Stages Type curve validates lower…
  25. Corporate Presentation – Rex Energy Corp – slide 25
    Marcellus Non-Operated Overview Sizeable acreage position with 44,400 gross / 16,900 net acres1 in Westmoreland, Clearfield and Centre Marcellus Non-Operated Counties, PA Westmoreland County: 6 Bcf EUR2; attractive economics at 4.00…
  26. Corporate Presentation – Rex Energy Corp – slide 26
    Westmoreland County Marcellus Economics Westmoreland County Dry Gas Type Curve Westmoreland County (Non-Operated) 5,000 Gas Production Rate (Mcfe/d) 4,500 Assumptions 4,000 3,500 Well costs of 5.8 million per well 3,000 Lateral…
  27. Corporate Presentation – Rex Energy Corp – slide 27
    Liquids Production Ratios Current Liquids Sales Ratio Liquids Sales Ratio With Full Ethane Sales Natural Iso-Butane Gasoline Butane 3% 7% Ethane 5% Natural 10% Gasoline 18% Iso- Butane 7% Propane 18% Butane Propane Ethane…
  28. Corporate Presentation – Rex Energy Corp – slide 28
    Current Hedging Summary Crude Oil(1) 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Swap Contracts 120,000 120,000 120,000 -- -- -- -- Volume Hedged 93.02 93.02 93.02 -- -- -- -- Price Collar Contracts Volume Hedged 45,000 60,000 60,000 15,000…
  29. Corporate Presentation – Rex Energy Corp – slide 29
    Current Hedging Summary (Contd) Natural Gas Hedges(1) 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Swap Contracts(2) Volume 1,930,000 2,130,000 2,130,000 1,410,000 1,110,000 1,110,000 1,110,000 Price 3.85 3.88 3.88 3.96 3.96 3.96 3.96 Collar…
  30. Corporate Presentation – Rex Energy Corp – slide 30
    Current Hedging Summary (Contd) Natural Gas Liquids(1)(2) 2Q13 3Q13 4Q13 Swap Contracts Propane Volume Hedged (Bbls) 33,000 33,000 33,000 Price per Barrel 42.42 42.42 42.42 Price per Gallon 1.01 1.01 1.01 Butane Volume Hedged…

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