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3Q 2014 Results – Approach Resources, Inc.

Approach Resources, Inc. · Nov 5, 2014 · 15 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. 3Q 2014 Results – Approach Resources, Inc. – slide 1
    Third Quarter 2014 Results NOVEMBER 5, 2014
  2. 3Q 2014 Results – Approach Resources, Inc. – slide 2
    Company overview AREX OVERVIEW ASSET OVERVIEW Enterprise value 710 MM High-quality reserve base 115 MMBoe proved reserves 1.1 BN proved PV-10 99% Permian Basin Permian core operating area 155,000 gross (136,500 net) acres 1+…
  3. 3Q 2014 Results – Approach Resources, Inc. – slide 3
    3Q14 Key highlights 3Q14 HIGHLIGHTS 3Q14 SUMMARY RESULTS Drilled 18 and completed 16 HZ wells Production (MBoe/d) 14.2 % Oil 39% Maintained best-in-class HZ well costs % Total liquids 69% Average realized price (/Boe) New Elliott…
  4. 3Q 2014 Results – Approach Resources, Inc. – slide 4
    Outperformance in gas/NGL volumes achieves higher reserve recovery and drives production growth Horizontal Wolfcamp Production by Commodity Mboe 1,004 1,000 135% growth in HZ Wolfcamp 957 83% oil growth since 3Q13 production…
  5. 3Q 2014 Results – Approach Resources, Inc. – slide 5
    AREX HZ Wolfcamp Well Performance AREX HZ WOLFCAMP (BOE/D) 800 Daily Production (BOE including NGLs) Production Data from 700 AREX C Bench Wells (13) 600 Production Data from AREX A Bench Wells (11) 500 Production Data…
  6. 3Q 2014 Results – Approach Resources, Inc. – slide 6
    3Q14 Operating highlights OPERATING HIGHLIGHTS Delivering Total production 14.2 MBoe/d (up 61% YoY) Production Oil production 5.5 Mbbl/d (up 61% YoY) Growth Oil differential of (4.17)/Bbl Maximizing HZ well costs continue to…
  7. 3Q 2014 Results – Approach Resources, Inc. – slide 7
    3Q14 Financial highlights FINANCIAL HIGHLIGHTS Revenues of 68.1 MM (up 54% YoY) Increasing Net income of 22.4 MM, or 0.57 per diluted share Revenues Adjusted net income (non-GAAP) of 10.5 MM, or 0.27 per diluted share Record…
  8. 3Q 2014 Results – Approach Resources, Inc. – slide 8
    Current hedge position Commodity & Period Contract Type Volume Contract Price Crude Oil October 2014 December 2014 Collar 550 Bbls/d 90.00/Bbl - 105.50/Bbl October 2014 December 2014 Collar 950 Bbls/d 85.05/Bbl - 95.05/Bbl October…
  9. 3Q 2014 Results – Approach Resources, Inc. – slide 9
    Production and expense guidance 2014 Guidance Production Total (MBoe) 4,950 Oil (MBbls) 2,050 2,200 Percent total liquids 70% Operating costs and expenses (per Boe) Lease operating 6.00 - 6.75 Production and ad valorem taxes…
  10. 3Q 2014 Results – Approach Resources, Inc. – slide 10
    Strong, simple balance sheet As of FINANCIAL RESULTS (MM) September 30, 2014 Summary Balance Sheet Cash and Cash Equivalents 1.6 Credit Facility 89.5 Senior Notes 250.0 Total Long-Term Debt 339.5 Shareholders Equity 745.1 Total…
  11. 3Q 2014 Results – Approach Resources, Inc. – slide 11
    Appendix
  12. 3Q 2014 Results – Approach Resources, Inc. – slide 12
    Adjusted net income (unaudited) ADJUSTED NET INCOME (UNAUDITED) The amounts included in the calculation of adjusted net income and adjusted net income per diluted share below were computed in accordance with GAAP. We believe adjusted…
  13. 3Q 2014 Results – Approach Resources, Inc. – slide 13
    EBITDAX (unaudited) EBITDAX (UNAUDITED) The amounts included in the calculation of EBITDAX were computed in accordance with GAAP. EBITDAX is not a measure of net income or cash flow as determined by GAAP. EBITDAX is presented herein and…
  14. 3Q 2014 Results – Approach Resources, Inc. – slide 14
    PV-10 (unaudited) PV-10 (UNAUDITED) The present value of our proved reserves, discounted at 10% (PV-10), was estimated at 1.1 billion at December 31, 2013, and was calculated based on the first-of-the-month, twelve-month average prices…
  15. 3Q 2014 Results – Approach Resources, Inc. – slide 15
    Contact information SERGEI KRYLOV Executive Vice President & Chief Financial Officer 817.989.9000 irapproachresources.com www.approachresources.com

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