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MARCELLUS SHALE – Itg

Itg · Nov 1, 2013 · 28 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. MARCELLUS SHALE – Itg – slide 1
    Marcellus Shale 11/2013 Ryan Horvat Vice President, Energy Research Manuj Nikhanj, CFA, FRM Managing Director, Head of Energy Research Gillian Surbey Senior Associate, Energy Research Alex Ljubojevic Associate, Energy Research…
  2. MARCELLUS SHALE – Itg – slide 2
    Agenda Where Are We Today Current EURs and economics based off 2012+ data Where Are We Going Latest completion technologies Future EUR and economic predictions How Much Is There Resource and production estimates Additional zones…
  3. MARCELLUS SHALE – Itg – slide 3
    Where Are We Today Marcellus Shale 11/2013 Slide No. 3
  4. MARCELLUS SHALE – Itg – slide 4
    Marcellus Activity Wells Drilled, Gas-In-Place, Rigs Source: ITG IR, Range Resources company presentation, raw data provided by didesktop and state agencies Marcellus Shale 11/2013 Slide No. 4
  5. MARCELLUS SHALE – Itg – slide 5
    Current Production All-Time High of 12 Bcf/d, 80 Rigs Running 14,000,000 160 Various Counties / WV Various Counties / PA Wyoming / PA 12,000,000 Washington / PA 140 Tioga / PA Doddridge / WV Marshall / WV 120 10,000,000 Luzerne…
  6. MARCELLUS SHALE – Itg – slide 6
    Wellhead EUR (Bcfe) 0 5 10 15 20 25 30 35 40 45 50 Wyoming (PA) 5,565 10.7 Susquehanna (PA) 4,944 Sullivan (PA) 6,123 9.3 8.5 Harrison (WV) 7,383 Greene (PA) 4,881 8.0 7.7 Bradford (PA) 5,425…
  7. MARCELLUS SHALE – Itg – slide 7
    EURs by Operator COG Is Still the Best-In-Class 50 No Data No Data No Data No Data No Data 4,841 4,603 6,018 7,240 5,316 5,077 4,283 5,350 4,473 3,997 4,435 4,066 5,023 4,862…
  8. MARCELLUS SHALE – Itg – slide 8
    Best Wells in 2012-2013 9+ Bcf in 512 Days 10 9 8 Cumulative Production (Bcf) 7 6 512 Days 5 380 Days 510 Days 4 203 Days 380 Days 473 Days 365 Days 505 Days 484 Days 203 Days 473 Days 473 Days…
  9. MARCELLUS SHALE – Itg – slide 9
    Break-Even NYMEX Gas Price (/Mcf) (25:1 NYMEX-to-WTI Ratio) 0 5 10 15 20 25 Mckean (PA) 16.78 3,487 Lewis (WV) 11.67 No Data Blair (PA) 11.53 3,875 Clearfield (PA) 10.03 5,128 Jefferson (PA) 8.81 5,277 Somerset (PA) 7.83…
  10. MARCELLUS SHALE – Itg – slide 10
    Break-Even NYMEX Gas Price (/Mcf) (25:1 NYMEX-to-WTI Ratio) 0 5 10 15 20 25 EOG 10.63 5,338 XOM 6.56 4,300 WPX 6.09 4,862 RDS 5.98 5,023 GST 5.34 No Data XCO 5.33 4,435 Marcellus Shale CVX 5.26 4,066 CNX…
  11. MARCELLUS SHALE – Itg – slide 11
    Where Are We Going Marcellus Shale 11/2013 Slide No. 11
  12. MARCELLUS SHALE – Itg – slide 12
    With Longer Laterals Come Bigger EURs Marcellus 14,000 y = 1.5441x - 58516 12,000 R = 0.12957 Lateral Length (ft) 10,000 8,000 6,000 4,000 2,000 0 Jul-09 Jan-10 Aug-10 Feb-11 Sep-11 Apr-12 Oct-12 May-13 Nov-13 First…
  13. MARCELLUS SHALE – Itg – slide 13
    EQT: Longer Laterals Drive Better Returns Source: ITG IR, raw data provided by state agencies Marcellus Shale 11/2013 Slide No. 13
  14. MARCELLUS SHALE – Itg – slide 14
    EUR per 1,000 feet of Lateral Multiplication Effect of Going Long Source: ITG IR, RRC company presentation, raw data provided by didesktop and state agencies, Marcellus Shale 11/2013 Slide No. 14
  15. MARCELLUS SHALE – Itg – slide 15
    Geosteering Staying in Zone Can Be Key Depth (ft) Lateral Length (ft) Source: Blue Dragon Geoscience, LLC Marcellus Shale 11/2013 Slide No. 15
  16. MARCELLUS SHALE – Itg – slide 16
    Shorter Stage Lengths and Reduced Clusters Who Is Using It COG: we certainly have seen an improvement and thats the reason why were moving our program to the reduced spacing for the fracs. the 2013 program is going to have the 200 foot…
  17. MARCELLUS SHALE – Itg – slide 17
    Case Study on SSL and RCS COG Versus CHK in SW Susquehanna Average Average EUR Average Total Average Ticker Per 1,000 ft Lateral Proppant Spacing Lateral Length (ft) (lbs) COG 4.3 3,180 4,842,912 247 CHK 2.6 5,019 5,781,004…
  18. MARCELLUS SHALE – Itg – slide 18
    Improving Results Across the Play 800,000 Dry Gas 400,000 Average Cumulative Production (Mcfe) 0 500,000 Wet Gas 250,000 0 800,000 Super Rich 400,000 0 0 to 50 Days 50 to 100 Days 100 to 150 Days 150 to 184…
  19. MARCELLUS SHALE – Itg – slide 19
    What Does the Future Hold 20 5.00 Breakeven NYMEX Gas Price (/Mcf) (25:1 NYMEX to WTI Ratio) 18 4.50 16 4.00 3.82 3.81 3.80 3.74 14 3.35 3.50 3.21 Wellhead EUR (Bcfe) 3.05 3.00 2.98 12 3.00 2.55 2.55 2.54 10 2.46…
  20. MARCELLUS SHALE – Itg – slide 20
    How Much Is There Marcellus Shale 11/2013 Slide No. 20
  21. MARCELLUS SHALE – Itg – slide 21
    Marcellus Locations Not Even Close to Drilled Up Source: ITG IR, raw data provided by didesktop and state agencies Marcellus Shale 11/2013 Slide No. 21
  22. MARCELLUS SHALE – Itg – slide 22
    Break-Even NYMEX (/Mcf) (25:1 NYMEX-to-WTI Ratio) 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 Wyoming (PA) 7 823 (7) Susquehanna (PA) 20 3294 (10) Sullivan (PA) No Rigs 2221 (0) Greene (PA) 31 2606…
  23. MARCELLUS SHALE – Itg – slide 23
    Potential Marcellus Upside Downspacing and Additional Marcellus Zones Additional drilling in the Upper Marcellus where it is the thickest Downspacing from current estimates 3,000 2,500 Wells spaced at 500 feet 2,000 versus…
  24. MARCELLUS SHALE – Itg – slide 24
    Additional Zones Upper Devonian: SW Operators Offer Leverage &1+,.+'( ,%+++%+++ .2+%+++ .30%+++ 20%3/0 01+%+++ 2+%01+ 2++%+++ 1.%2++ .++%+++ /1%0++ .++%+++ /1%0++ .-4%+++ .,%-00 11%.++ ,2%-.3…
  25. MARCELLUS SHALE – Itg – slide 25
    Additional Zones Utica: Will Washington Be Another Susquehanna Utica: 140 to 180 GIP (Bcf) Marcellus Utica Net Operator Net Acreage Acres RRC 1,000,000 302,500 REXX 66,300 41,636 CHK 385,000 23,100 CVX 700,000…
  26. MARCELLUS SHALE – Itg – slide 26
    Production Forecast 20 Bcf/d by 2020 Assuming Zero Improvements ' ' ' . * ' ( ' ' & ' ' ' + ' ) * + ' % & ( % & + ' ) * +…
  27. MARCELLUS SHALE – Itg – slide 27
    Disclosures Marcellus Shale 11/2013 Slide No. 27
  28. MARCELLUS SHALE – Itg – slide 28
    Companies Mentioned ADDITIONAL COMPANIES MENTIONED IN THIS REPORT Name of Company Ticker Exchange Recent Price Antero Resources AR NYSE 53.80 Cabot Oil & Gas COG NYSE 33.16 Chesapeake Energy CHK NYSE 25.95 Chevron CVX NYSE 119.56 EQT…

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