March2015CorporatePresentation Company Overview Eclipse Resources Assets Key Statistics Market Capitalization(1) 1.4 Billion Pro Forma Liquidity(1) 600 Million Utica Dry Gas 2014 Average Daily Production (MMcfe/d) 73 (26%…
March2015CorporatePresentation Investment Highlights Over 128,000 net acre(1) Core of the Core Utica position with stacked pay Highly Rich Marcellus upside Largely contiguous and concentrated acreage position which is…
March2015CorporatePresentation Developing Value & Improving Efficiencies Eclipse continues to convert unproved assets into proved reserves, while its drilling plan generates superior growth Net Production (MMcfe/d)(1) Proved…
March2015CorporatePresentation Efficiently Growing Production through the Drill-bit Highlights Adjusted Net Production (MMcfe/d) Grew average annual production by 1,600% from 140 2013 to 2014 130.7 120 Grew quarterly average…
March2015CorporatePresentation Liquidity, Capitalization & Hedging Highlights Pro forma Liquidity ( MM)(1) Strong liquidity and hedge position 700 Reduced capital expenditure program designed to 600 27 125 preserve assets for…
March2015CorporatePresentation Premier Southern Utica & Rich Marcellus Position Eclipses core acreage position is well delineated in the heart of a world-class play Map Number of Lateral AVG. IP % Operator ID Wells Length…
March2015CorporatePresentation 2015 Strategy Update Eclipse will focus on preserving liquidity in the current market while still projecting over 100% year-over-year production growth Reduced operated rig count to one rig Active…
March2015CorporatePresentation Efficient Drilling & Completion Metrics(1) Eclipse has drilled 68 operated Utica Shale wells to date Average drilling days reduced to approximately 16 days per well (down from original plan of 25-30…
March2015CorporatePresentation Well Cost Progression Eclipse has reduced its type well AFE in each development area through drilling efficiencies, modified casing designs and downward pressure on completions services Wet Gas (…
March2015CorporatePresentation Diversified Midstream Strategy Eclipses acreage is centered across a confluence of major pipelines in the country providing significant in- and out-of-basin optionality Highlights The location of…
March2015CorporatePresentation Northeast Supply/Demand Balance Significant excess out-of-basin transportation capacity to meet production growth expectations as Eclipse enters the winter of 2015 60 Northeast Supply-Demand and New…
March2015CorporatePresentation 2015 Gas Marketing Summary Access to Gulf Coast and Midwest markets expected to provide 0.50/Mcf of uplift after transportation expense relative to Dom South in 2015 and 0.45/Mcf in 2016(1)…
March2015CorporatePresentation Type Curve Area & Well Economics Eclipse has expanded its Utica type curve bands across its acreage position into seven areas, utilizing gas in place, thermal maturity expectations, and historical…
March2015CorporatePresentation Type Well Returns and Gas Price Sensitivity Gas IP Rate Initial Condensate NGL Yield EUR Well Cost Net (MMcfe/d) Yield (Bbls/MMcf) (BBls/MMcf) (Bcfe) (MM) Locations Rich Condensate 2.0 175 92 4 7.4…
APPENDIX
March2015CorporatePresentation Highly Experienced Management Team Proven management team with track record of executing a complex drilling program Years in Name Position Prior Experience Industry Benjamin Hulburt President & CEO…
March2015CorporatePresentation Favorable Lease Expiration Schedule 46% of leases have a 5-year extension option Utica Core Area Leasehold Expiration(1) 45% 41.2% 40% 35% 30% 29.1% 25% 20%…
March2015CorporatePresentation Hedging Summary Eclipse Resources 2015 gas hedges are at an average price of 3.76/MMBtu Volume Natural Gas Hedges Production Period Weighted Average Price (/MMBtu) (MMBtu/d) Natural Gas Swaps…
March2015CorporatePresentation Non-GAAP Reconciliations Adjusted EBITDAX Adjusted Net Loss Three Months Ended Three Months Ended December 31, September 30, December 31, ( in thousands) 2014 2014 ( in thousands) 2014 Net Loss…
March2015CorporatePresentation Operated Producing Well Detail Producing 30-Day Completed Type Curve Turn-to-Sales 24-Hr Peak Sales Avg Sales Rate (1) Well Name Lat Length Area Month Rate (Mcfe/d) (Mcfe/d) % Gas % NGL % Oil Ti…
March2015CorporatePresentation Realized Prices Realized prices declined during the year as commodity markets tightened; however, this decline was mitigated by our increased oil/NGL mix Total Realized Price (/Mcfe) Natural Gas…
March2015CorporatePresentation Revenues & EBITDAX Adjusted Revenue ( MM)(1) Q4-14 2014 150 60 Average Net Price (/Mcfe) 125 138.0 50 52.6 Avg / Mcfe Price, as reported 4.61 5.20 40 100 Plus Hedges (0.19) (0.01) Realized…
March2015CorporatePresentation 2014 EBITDAX & OPEX Summary The rapid production growth during the second half of the year was the primary driver of the 30% reduction in per unit operating expense since the companys IPO in June…
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