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Q1 2011 Results – Approach Resources, Inc.

Approach Resources, Inc. · May 5, 2011 · 13 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. Q1 2011 Results – Approach Resources, Inc. – slide 1
    First Quarter 2011 Investor Update FINANCIAL & OPERATING RESULTS MAY 4, 2011
  2. Q1 2011 Results – Approach Resources, Inc. – slide 2
    Approach Resources Inc. Permian-focused operations AREX overview Enterprise value 913 MM 5.2 MBoe/d Q1 2011 production 41% Oil & NGLs 59% Natural gas 59.7 MMBoe proved reserves 96% Permian Basin 52% Oil & NGLs 52% Proved…
  3. Q1 2011 Results – Approach Resources, Inc. – slide 3
    1Q 2011 Highlights Production increasing Total production up 42% to 469 MBoe (5.2 MBoe/d) over 1Q 2010 Total production up 8% over 4Q 2010 Oil & NGL production increased 108% to 193 MBbls Total production mix 41% oil & NGLs, 59%…
  4. Q1 2011 Results – Approach Resources, Inc. – slide 4
    1Q 2011 Financial and operating results Net income and adjusted net income (non-GAAP) were impacted by 4.6 million of exploration expense, of which 3.2 million was related to lease extensions in our core operating area in the Permian…
  5. Q1 2011 Results – Approach Resources, Inc. – slide 5
    1Q 2011 Production and operations Production growth Production and operating highlights 6.0 41% Oil & NGLs Q111 production 42% to 5.2 MBoe/d Oil & NGL production 108% to 193 MBbls 5.0 Drilled 17 gross (13.2 net) wells, completed…
  6. Q1 2011 Results – Approach Resources, Inc. – slide 6
    2011 Capital budget 2011 Plan Targeting 50%+ production growth 130 MM for drilling and recompletion projects in 7 Project Pangea 6 5 76 MM for February 2011 38% WI acquisition Production (MBoe/d) 4 3 14 MM for lease…
  7. Q1 2011 Results – Approach Resources, Inc. – slide 7
    2011 Operating and financial guidance Current 2011 Guidance Production Total (MBoe) 2,300 2,450 Percent Oil & NGLs 55% Operating costs and expenses (/per Boe) Lease operating 4.25 5.50 Severance and production taxes 2.00 2.30…
  8. Q1 2011 Results – Approach Resources, Inc. – slide 8
    2011 Hedge position Current hedge position Natural gas (NYMEX Henry Hub) 2011 Price swaps contracted for 230,000 MMBtu/month at 4.86/MMBtu June 2011 December 2011 Price swaps contracted for 200,000 MMBtu/month at 4.74/MMBtu 65% of…
  9. Q1 2011 Results – Approach Resources, Inc. – slide 9
    Liquidity Current liquidity position (unaudited) Borrowing base increase to 200 MM from 150 MM Liquidity with Borrowing Base Liquidity at Increase at (in thousands) March 31, 2011 March 31, 2011 Borrowing base 150,000 200,000…
  10. Q1 2011 Results – Approach Resources, Inc. – slide 10
    Overview of AREXs Permian Assets Recent acreage acquisitions increase Midland Basin UPTON Project Pangea & Pangea West acreage position to 153,700 gross (134,500 net) acres REAGAN IRION Project Pangea SCHLEICHER AREX operated…
  11. Q1 2011 Results – Approach Resources, Inc. – slide 11
    First Quarter 2011 Financial & Operating Results NON-GAAP RECONCILIATIONS APPROACH RESOURCES
  12. Q1 2011 Results – Approach Resources, Inc. – slide 12
    Adjusted net income reconciliation (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 net income and…
  13. Q1 2011 Results – Approach Resources, Inc. – slide 13
    EBITDAX reconciliation (unaudited) We define EBITDAX as net income, plus (1) exploration expense, (2) depletion, depreciation and amortization expense, (3) share-based compensation expense, (4) unrealized loss (gain) on commodity…

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