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Corporate Presentation – Rex Energy Corp

Rex Energy Corp · Nov 5, 2014 · 34 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 November 2014
  2. Corporate Presentation – Rex Energy Corp – slide 2
    Rex Energy Company Overview Focused on developing 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: Strong cash…
  3. Corporate Presentation – Rex Energy Corp – slide 3
    Track Record of Growth Average Daily Production 150.0 100.0 MMcfe/d 150 152 50.0 92.7 67.1 39.0 17.2 20.3 0.0 2009 2010 2011 2012 2013 2014E Proved Reserves 1000.0 800.0 MMcfe 600.0 1,057.8 400.0 849.8…
  4. Corporate Presentation – Rex Energy Corp – slide 4
    New Developments 200.0 Recent Achievements Improved Butler Operated Area Well-Level Economics Improved well-level economics in Butler Operated Area due to: Increased average lateral length 179.0 185.0 Strong well performance 180.0…
  5. Corporate Presentation – Rex Energy Corp – slide 5
    Company Overview
  6. Corporate Presentation – Rex Energy Corp – slide 6
    Growing Production and Reserves Production Growth (MMcfe/d) 200 185.0 180 160 140 120 179.0 169.7 100 122.2 128.8 80 110.4 98.7 60 86.1 71.1 73.9 75.3 60.7 62.5 40 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14…
  7. Corporate Presentation – Rex Energy Corp – slide 7
    Proved Reserves Mid-Year Update(1) PV-10 Growth ( MM)(2) Proved reserves increased by 24% from 1,200 YE 2013 (25% increase in proved developed reserves) 1,000 7% reduction in Butler Operated Area 800 D&C costs in 1H14 Exceeded…
  8. Corporate Presentation – Rex Energy Corp – slide 8
    Butler Operated Area Midstream Capacity 90 MMcf/d of current processing capacity at MarkWest facilities Map of Butler Area Midstream MarkWest added 120 MMcf/d of total Processing processing capacity in 2Q 2014 Capacity Increasing…
  9. Corporate Presentation – Rex Energy Corp – slide 9
    Utica Midstream Providers Map of Utica Midstream Acreage dedication to Blue Racer Midstream Blue Racer East Ohio Pipeline REXX Warrior Processing capacity at Natrium North Acreage Warrior facility (Blue Racer) North 14 MMcf/d of…
  10. Corporate Presentation – Rex Energy Corp – slide 10
    Firm Transportation Butler, PA Texas Gas Transmission Louisiana Access Project Lebanon, OH Receipt Point: Lebanon, OH Delivery Points: Gulf South-Bosco Perryville, LA Pipelines Accessed: DTI, TETCO, REX Dominion Transmission…
  11. Corporate Presentation – Rex Energy Corp – slide 11
    Non-Proven Resource Potential(1) Over 1,200 pro forma gross liquids-rich drilling locations as of December 31, 2013 based on 750 foot spacing in the Appalachian Basin assets(2) Gross Identified Net Identified Net Resource Area…
  12. Corporate Presentation – Rex Energy Corp – slide 12
    FY2014 Capital Budget Program / Guidance FY 2014 Capital Budget in Millions Appalachian Basin Drilling & Completion 300 - 310 Appalachian Basin Facilities, HSE & Equipment 10 Illinois Basin Drilling & Completion 30 - 35 Illinois…
  13. Corporate Presentation – Rex Energy Corp – slide 13
    Detailed Hedge Position(1) Natural Gas(2) Oil & Condensate(3) NGLS 2014 2015 2014 2015 2014 2015 Swaps Volume (MMBtu/d) 30,543 19,726 Volume (Bbls/d) 978 82 Volume (Bbls/d) 2,837 707 % Hedged 27% 20% % Hedged 28% 3% % Hedged 61%…
  14. Corporate Presentation – Rex Energy Corp – slide 14
    Expanded Butler Operated Area Shell Acreage Acquisition Butler Extension Area Net Acreage 207,000 Net Acreage 90,600 Net Revenue Interest 83% Wells PIS 4 Butler Liquids-Rich Net Acreage 50,000 Moraine East: 24,000 net acres…
  15. Corporate Presentation – Rex Energy Corp – slide 15
    Legacy Butler Operated Area: Marcellus Legacy Butler Operated Area Marcellus(1) Recent Developments Placed into sales the Reno 1H at an average 5-day sales rate of 10.6 Three-Well Shipley MMcfe/d Pad: 8.2 MMcfe/d Highest rate on a per…
  16. Corporate Presentation – Rex Energy Corp – slide 16
    Legacy Butler Operated Area: Upper Devonian Legacy Butler Operated Area Upper Devonian(1) Recent Developments Perry 1HD Burgh 2HD Placed into sales the five-well Ferree pad - second planned 5.3 MMcfe/d 4.5 MMcfe/d stacked Upper…
  17. Corporate Presentation – Rex Energy Corp – slide 17
    Liquids-Rich Moraine East 50,000 net acres (24,000 inside development area) targeting wet-gas Marcellus and Upper Devonian contiguous to existing position Complementary fit with the legacy Butler acreage position Attractive,…
  18. Corporate Presentation – Rex Energy Corp – slide 18
    Marcellus Economics(1) 7,000 6.0 60.0% 80% Ethane Recovery(2) IRR Strip Pricing(4) 6,000 5.0 50.0% 5,000 IRR (%) 4.0 40.0% IRR Strip Production Rate (Mcfe/d) 4,000 Pricing(4) 3.0 30.0% 3,000 IRR Strip…
  19. Corporate Presentation – Rex Energy Corp – slide 19
    Wet Gas Upside 4.00 21
  20. Corporate Presentation – Rex Energy Corp – slide 20
    Butler Price Realization Comparisons 5.00 4.75 / Mcfe 4.50 - 4.75 / Mcfe 4.50 50 / bbl 4.00 56 / bbl 3.50 3.00 Value Per Mcfe 4.00 NYMEX 2.50 2.00 3.80 / Mcf 3.30/ Mcf 1.50 1.00 (0.70) Basis Differential 0.50…
  21. Corporate Presentation – Rex Energy Corp – slide 21
    Natural Gas Supply & Demand in Northeast By Q3 2015, takeaway projects projected to be sufficient to support production growth in the Appalachian Basin Base Consumption Consumption Growth Appalachian Storage…
  22. Corporate Presentation – Rex Energy Corp – slide 22
    Efficiently Increasing Marcellus EUR Ethane Ethane Improving Well Design in Butler County Uplift(1) Uplift(2) 9.7 Bcfe EUR 11.7 Bcfe EUR (80% ethane recovery) (80% ethane recovery) 4.0 Bcfe EUR 5.3 Bcfe EUR 7.0 Bcfe EUR 8.9 Bcfe EUR…
  23. Corporate Presentation – Rex Energy Corp – slide 23
    Operational Efficiencies Butler Op. Area Butler Operated Area Average Lateral Length 2013 2014 2013 Avg. Lateral Length: 4,000 ft. 13 14 2014 Avg. Lateral Length: 5,100 ft. 11 12 9 9 Number of Wells 8 10 8 6 6 4 1 1 0 1…
  24. Corporate Presentation – Rex Energy Corp – slide 24
    Butler Area Focus Drives Value Creation Expanding Processing Capacity Increasing total processing capacity to 405 MMcf/d through Bluestone III & Bluestone IV Bluestone III & Bluestone IV expected to be commissioned in 4Q15 and 2Q16…
  25. Corporate Presentation – Rex Energy Corp – slide 25
    Ohio Utica: Warrior Prospects Warrior North Prospect Recent Developments Brace West 1H, 2H: Brace 1H Lateral Length: Avg. Lateral Placed into sales the six-well Grunder pad in Warrior North 4,170 feet Length: 4,400 feet 5-day sales…
  26. Corporate Presentation – Rex Energy Corp – slide 26
    Warrior North Prospect Economics(1) Assumes 55% ethane recovery 55% 1,400 0.6 Jenkins wells performing above green line 50% 1,200 45% 0.5 Production Rate (Boe/d) 40% 1,000 IRR Strip 0.4 Pricing(2) Cumulative…
  27. Corporate Presentation – Rex Energy Corp – slide 27
    Warrior South Prospect Economics(1) Assumes 55% ethane recovery 80% 2,500 1.1 IRR Strip Pricing 70% 1.0 0.9 60% 2,000 0.8 IRR (%) 50% IRR Strip Cumulative Production (MMboe) 0.7 Pricing 40% 1,500 Production…
  28. Corporate Presentation – Rex Energy Corp – slide 28
    Illinois Basin Conventional Oil Illinois Basin Lawrence Field / Gibson & Posey Counties Recent Developments Lawrence Gross production per day across whole field: 2,800 bbls/d Premium pricing NYMEX minus 2.50 Selling into local…
  29. Corporate Presentation – Rex Energy Corp – slide 29
    Marcellus Non Operated Overview Non Operated Westmoreland County, PA Non-Operated Overview Sizable acreage position in Westmoreland, Clearfield and Centre Counties, PA 28,300 gross / 11,000 net Combined average production for a…
  30. Corporate Presentation – Rex Energy Corp – slide 30
    Appendix
  31. Corporate Presentation – Rex Energy Corp – slide 31
    Western Lawrence Utica 66,100 net acres in Western Lawrence Utica targeting the dry-gas Utica, with existing production and strong offset performance Large inventory of attractive dry-gas Utica acreage Kephart Drilled Position allows…
  32. Corporate Presentation – Rex Energy Corp – slide 32
    Liquidity and Capitalization Simple Capital Structure 6/30/2014 9/30/2014 Cash & Cash Equivalents 5,951 87,622 Senior Secured Credit Facility due 2019 400 million borrowing base completely undrawn Net Debt 546,954 590,194…
  33. Corporate Presentation – Rex Energy Corp – slide 33
    Butler Operated Area Stacked Pays RHINESTREET SHALE Reservoir 4 Mixed Organic & Non-organic Shale 200 thick (4,500 to 4,800 deep) UPPER DEVONIAN SHALES MIDDLESEX SHALE Mixed Organic & Non-organic Shale GENESEE SHALE Mixed…
  34. Corporate Presentation – Rex Energy Corp – slide 34
    Baillie Trust Pad Stacked Laterals 750 spacing 100 50 175 600 spacing 600 spacing Tested both Marcellus and Upper Devonian Burkett through use of stacked laterals Stacked Laterals Utilizing microseismic testing to…

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