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Corporate Presentation – Rex Energy Corp

Rex Energy Corp · Sep 1, 2014 · 37 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 September 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 146 150 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
    Recent Developments
  5. Corporate Presentation – Rex Energy Corp – slide 5
    New Developments 180.0 Recent Achievements Butler Operated Area Acquisition Increases Appalachian size by 207,000 net acres, up 195% over current 107,000 net acres Increases drilling inventory by 241 locations, up 24% to 1,266…
  6. Corporate Presentation – Rex Energy Corp – slide 6
    Butler Operated Area Acquisition Entered into agreement to purchase 207,000 net acres in the Butler Operated Area for a purchase price of 120 million Effective date: July 1, 2014 Estimated closing date: September 10, 2014 Highly…
  7. Corporate Presentation – Rex Energy Corp – slide 7
    Expanding Core Appalachian Position 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…
  8. Corporate Presentation – Rex Energy Corp – slide 8
    Combined Liquid-Rich Locations Summary The Shell acreage acquisition significantly increases Rex's liquid-rich drilling inventory Gross 1400 % Area Identified 1,266 Liquids(2)(3) Locations 1200 241 Proved Locations 94 37% 1,025…
  9. Corporate Presentation – Rex Energy Corp – slide 9
    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, liquids-rich…
  10. Corporate Presentation – Rex Energy Corp – slide 10
    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…
  11. Corporate Presentation – Rex Energy Corp – slide 11
    Execution Plan: Near-Term Development To execute on development plan for acquired acreage, Rex plans to add 1-2 rigs in 2015, focused on core areas 1 Moraine East rig 1 core Butler rig 1 toggle rig (Legacy Butler / Moraine…
  12. Corporate Presentation – Rex Energy Corp – slide 12
    Company Overview
  13. Corporate Presentation – Rex Energy Corp – slide 13
    Growing Production and Reserves Production Growth (MMcfe/d) 180 165.0 160 140 120 100 159.0 122.2 128.8 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 3Q14E Actual…
  14. Corporate Presentation – Rex Energy Corp – slide 14
    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…
  15. Corporate Presentation – Rex Energy Corp – slide 15
    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…
  16. Corporate Presentation – Rex Energy Corp – slide 16
    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…
  17. Corporate Presentation – Rex Energy Corp – slide 17
    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…
  18. Corporate Presentation – Rex Energy Corp – slide 18
    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…
  19. Corporate Presentation – Rex Energy Corp – slide 19
    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…
  20. Corporate Presentation – Rex Energy Corp – slide 20
    Detailed Hedge Position(1) Natural Gas(2) Oil & Condensate(3) NGLS 2014 2015 2014 2015 2014 2015 Swaps Volume (MMBtu/d) 28,431 9,863 Volume (Bbls/d) 1,013 82 Volume (Bbls/d) 2,739 707 % Hedged 26% 9% % Hedged 30% 2% % Hedged 61%…
  21. Corporate Presentation – Rex Energy Corp – slide 21
    Marcellus: Liquids-Rich Butler Operated Area Butler Operated Area Marcellus(1) Recent Developments Increasing total processing capacity to 405 MMcf/d through construction of Bluestone III and Bluestone IV, which are expected to be…
  22. Corporate Presentation – Rex Energy Corp – slide 22
    Upper Devonian: Liquids-Rich Butler Operated Area Butler Operated Area Upper Devonian(1) Recent Developments Perry 1HD Burgh 2HD Completed five-well Ferree pad - second planned stacked 5.3 MMcfe/d 4.5 MMcfe/d Upper Devonian…
  23. Corporate Presentation – Rex Energy Corp – slide 23
    Butler Operated Area Dry Gas Utica Butler Operated Area Dry Gas Utica Recent Developments Rex Energy has drilled two Butler Operated Area dry-gas Cheeseman 1H Utica wells 5.3 MMcfe/d 30-Day Cheeseman 1H completed and placed into…
  24. Corporate Presentation – Rex Energy Corp – slide 24
    Marcellus Economics(1) 9.7 Bcfe EUR: 80% Ethane Recovery(2) 50% 6,000 5.0 45% IRR Strip 4.5 Pricing(4) 40% 5,000 4.0 IRR (%) 35% 3.5 IRR Strip 4,000 Pricing(3) 30% Production Rate (Mcfe/d) 3.0 25% 3,000 2.5…
  25. Corporate Presentation – Rex Energy Corp – slide 25
    Wet Gas Upside 4.00 27
  26. Corporate Presentation – Rex Energy Corp – slide 26
    Butler Price Realization Comparisons 6.00 5.00 / Mcfe 5.00 4.75 / Mcfe 4.25 / Mcfe 50 / bbl 56 / bbl 4.00 Value Per Mcfe 56 / bbl 3.00 4.50 NYMEX 4.50 NYMEX 2.00 3.90/ Mcf 3.80 / Mcf 3.10 / Mcf 1.00 (0.60)…
  27. Corporate Presentation – Rex Energy Corp – slide 27
    Efficiently Increasing Marcellus EUR(1) Ethane Ethane Improving Well Design in Butler County Uplift(3) Uplift(4) 9.7 Bcfe EUR 9.7 Bcfe EUR (80% ethane recovery) (80% ethane recovery) 4.0 Bcfe EUR 5.3 Bcfe EUR 7.0 Bcfe EUR 8.9 Bcfe…
  28. Corporate Presentation – Rex Energy Corp – slide 28
    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…
  29. Corporate Presentation – Rex Energy Corp – slide 29
    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…
  30. Corporate Presentation – Rex Energy Corp – slide 30
    Ohio Utica: Warrior Prospects Warrior North Prospect Recent Developments Brace 1H Brace West 1H, 2H Completed six-well Grunder pad in Warrior North Expected to be placed into sales in 3Q14 G. Graham 1H Ocel 1H, 2H, 3H Tested 500 &…
  31. Corporate Presentation – Rex Energy Corp – slide 31
    Warrior North Prospect Economics(1) Assumes 55% ethane recovery 55% 1,400 0.6 IRR Strip Cumulative Production (MMboe) 1,200 0.5 Pricing(2) 50% 1,000 Production Rate (Boe/d) 0.4 800 45% 0.3 IRR Strip 600 Pricing(2)…
  32. Corporate Presentation – Rex Energy Corp – slide 32
    Warrior South Prospect Economics(1) Assumes 55% ethane recovery 2,500 1.1 1.0 80% Cumulative Production (MMboe) 2,000 0.9 0.8 IRR Strip 0.7 70% Pricing 1,500 Production Rate (Boe/d) 0.6 0.5 1,000 0.4 60% 0.3 500…
  33. Corporate Presentation – Rex Energy Corp – slide 33
    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…
  34. Corporate Presentation – Rex Energy Corp – slide 34
    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…
  35. Corporate Presentation – Rex Energy Corp – slide 35
    Appendix
  36. Corporate Presentation – Rex Energy Corp – slide 36
    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…
  37. Corporate Presentation – Rex Energy Corp – slide 37
    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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