Approach Resources Inc. presented at the Goldman Sachs Global Energy Conference in January 2014. The presentation provided an overview of Approach Resources' asset base in the Permian Basin, which includes 166,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company discussed its track record of reserve and production growth through horizontal drilling in the Wolfcamp shale play. Approach Resources outlined its 2014 capital program, which includes drilling 75% more horizontal Wolfcamp wells compared to 2013 with the goal of 40% production growth. The company also highlighted ongoing efforts to reduce well costs and increase drilling efficiencies through pad development and infrastructure investments.
- The company reported its first quarter 2014 results, with key highlights including a 42% year-over-year increase in production to 11.9 million barrels of oil equivalent per day and record quarterly EBITDAX of $42.7 million, up 75% from the previous year.
- In the quarter the company drilled 16 horizontal wells and completed 19 wells in its Wolfcamp shale play, with an average initial production of 743 barrels of oil equivalent per day across wells completed.
- The financial position of the company remains strong with $354 million in liquidity as of the end of the quarter and an undrawn borrowing base of $350 million.
- The company reported results for the second quarter of 2015, with production increasing 8% year-over-year to 15.3 MBoe/d and cash operating costs decreasing 26% to $11.02/Boe.
- The company drilled 9 and completed 10 Wolfcamp wells in the quarter and continued reducing well costs, with an average of $4.5 million per well compared to $5.5 million in 2014.
- Financial highlights included $32.6 million in EBITDAX, capital expenditures of $56.9 million (mostly for drilling and completions), and liquidity of $193 million as of June 30th.
- The document provides financial and operational highlights for Arex Energy's fourth quarter and full-year 2014 results.
- Key highlights include record revenues and net income for the full year, strong production and reserve growth, capital expenditures below budget, and a flexible capital program for 2015 focused on financial discipline and returns.
- Operational results demonstrated continued strong well performance and recoveries from the Wolfcamp shale play, Arex's core asset.
This document discusses an energy conference presentation by AREX, an oil and gas company. Key points:
- AREX has 163,000 acres in the Permian Basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale play.
- AREX is running 3 horizontal drilling rigs and plans to drill 70 wells in 2014 to develop the Wolfcamp shale, with a goal of 40% production growth.
- Well results have tracked or exceeded AREX's 450 Mboe type curve, with a recent Wolfcamp C well averaging 970 boe/d. Infrastructure investments aim to reduce costs and enable large-scale development.
- Third Quarter 2014 Results presentation by AREX discussing financial and operational results
- Produced 14.2 MBoe/d in 3Q14, a 61% increase from the prior year, maintaining low well costs of $5.5 million per well
- Drilled 18 horizontal wells in the Wolfcamp shale play and completed 16 wells, achieving a type curve IP rate of 746 Boe/d
- Achieved record quarterly EBITDAX of $50.7 million and revenues of $68.1 million, maintaining a strong financial position with $362 million in liquidity
1) The company reported first quarter 2015 results with production of 14.3 MBoe/d, a 21% increase over the previous year. Operating costs continued to improve with cash operating costs of $12.32/Boe, down 27% from the previous year.
2) The company drilled 8 and completed 13 horizontal wells in the Wolfcamp B and C zones, with average initial production of 723 Boe/d.
3) The company's water recycling facility became fully operational in March 2015 and is expected to reduce drilling and completion costs by $450k per well and lower operating expenses.
The document discusses AREX's 2014 development plan for its Wolfcamp shale oil resource play in the Permian Basin. Key points include:
- 2014 capital budget of $400 million, 95% directed to horizontal Wolfcamp drilling with 3 rigs
- Targeting the Wolfcamp A, B, and C zones with pad drilling and stacked laterals
- Expecting 45% production growth in 2014 to 4.95 MMBoe with a 70% liquids mix
- Horizontal Wolfcamp well costs estimated at $5.5 million
The plan focuses on developing AREX's large Wolfcamp shale oil resource potential through horizontal drilling and pad development while maintaining flexibility given commodity price uncertainty
The document discusses AREX's fourth quarter and full-year 2013 results. Key points include:
- Production for 4Q13 exceeded guidance at 11.3 MBoe/d and was 46% oil.
- Proved reserves increased 20% year-over-year to 114.7 MMBoe, with growth driven by the Wolfcamp shale play.
- The company plans to drill approximately 70 horizontal Wolfcamp wells in 2014 with a 3-rig program, targeting 40% production growth.
- The company reported its first quarter 2014 results, with key highlights including a 42% year-over-year increase in production to 11.9 million barrels of oil equivalent per day and record quarterly EBITDAX of $42.7 million, up 75% from the previous year.
- In the quarter the company drilled 16 horizontal wells and completed 19 wells in its Wolfcamp shale play, with an average initial production of 743 barrels of oil equivalent per day across wells completed.
- The financial position of the company remains strong with $354 million in liquidity as of the end of the quarter and an undrawn borrowing base of $350 million.
- The company reported results for the second quarter of 2015, with production increasing 8% year-over-year to 15.3 MBoe/d and cash operating costs decreasing 26% to $11.02/Boe.
- The company drilled 9 and completed 10 Wolfcamp wells in the quarter and continued reducing well costs, with an average of $4.5 million per well compared to $5.5 million in 2014.
- Financial highlights included $32.6 million in EBITDAX, capital expenditures of $56.9 million (mostly for drilling and completions), and liquidity of $193 million as of June 30th.
- The document provides financial and operational highlights for Arex Energy's fourth quarter and full-year 2014 results.
- Key highlights include record revenues and net income for the full year, strong production and reserve growth, capital expenditures below budget, and a flexible capital program for 2015 focused on financial discipline and returns.
- Operational results demonstrated continued strong well performance and recoveries from the Wolfcamp shale play, Arex's core asset.
This document discusses an energy conference presentation by AREX, an oil and gas company. Key points:
- AREX has 163,000 acres in the Permian Basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale play.
- AREX is running 3 horizontal drilling rigs and plans to drill 70 wells in 2014 to develop the Wolfcamp shale, with a goal of 40% production growth.
- Well results have tracked or exceeded AREX's 450 Mboe type curve, with a recent Wolfcamp C well averaging 970 boe/d. Infrastructure investments aim to reduce costs and enable large-scale development.
- Third Quarter 2014 Results presentation by AREX discussing financial and operational results
- Produced 14.2 MBoe/d in 3Q14, a 61% increase from the prior year, maintaining low well costs of $5.5 million per well
- Drilled 18 horizontal wells in the Wolfcamp shale play and completed 16 wells, achieving a type curve IP rate of 746 Boe/d
- Achieved record quarterly EBITDAX of $50.7 million and revenues of $68.1 million, maintaining a strong financial position with $362 million in liquidity
1) The company reported first quarter 2015 results with production of 14.3 MBoe/d, a 21% increase over the previous year. Operating costs continued to improve with cash operating costs of $12.32/Boe, down 27% from the previous year.
2) The company drilled 8 and completed 13 horizontal wells in the Wolfcamp B and C zones, with average initial production of 723 Boe/d.
3) The company's water recycling facility became fully operational in March 2015 and is expected to reduce drilling and completion costs by $450k per well and lower operating expenses.
The document discusses AREX's 2014 development plan for its Wolfcamp shale oil resource play in the Permian Basin. Key points include:
- 2014 capital budget of $400 million, 95% directed to horizontal Wolfcamp drilling with 3 rigs
- Targeting the Wolfcamp A, B, and C zones with pad drilling and stacked laterals
- Expecting 45% production growth in 2014 to 4.95 MMBoe with a 70% liquids mix
- Horizontal Wolfcamp well costs estimated at $5.5 million
The plan focuses on developing AREX's large Wolfcamp shale oil resource potential through horizontal drilling and pad development while maintaining flexibility given commodity price uncertainty
The document discusses AREX's fourth quarter and full-year 2013 results. Key points include:
- Production for 4Q13 exceeded guidance at 11.3 MBoe/d and was 46% oil.
- Proved reserves increased 20% year-over-year to 114.7 MMBoe, with growth driven by the Wolfcamp shale play.
- The company plans to drill approximately 70 horizontal Wolfcamp wells in 2014 with a 3-rig program, targeting 40% production growth.
The document provides an operational and financial summary for the 4th quarter of 2013. It discusses the company's asset base which includes over 163,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company is accelerating development through running 3 horizontal drilling rigs and plans to drill 70 wells in 2014. It highlights the company's track record of reserve and production growth, driven by drilling in the Wolfcamp shale play. Charts show proved reserves increasing 20% in 2013 to over 114 million barrels of oil equivalent and oil production up 49% from 2012. The company aims to grow production 40% in 2014 through increased horizontal drilling in the Wolfcamp.
- The company has a high-quality asset base in the Permian Basin with over 115 million barrels of oil equivalent in proved reserves and over 1 billion barrels of oil equivalent in estimated resource potential from over 1,000 identified drilling locations.
- Production has grown significantly in recent years through horizontal drilling in the Wolfcamp shale, with a 19% increase in 2013 and a target of 40% growth in 2014.
- Oil reserves and production have increased substantially, with oil reserves up over 10 times since 2009 and oil production up nearly 50% in 2013 alone, driven by successful horizontal Wolfcamp development.
- The company reported its second quarter 2014 results, with production increasing 58% year-over-year to 14.1 thousand barrels of oil equivalent per day. Revenues increased 74% to $73.4 million.
- In the quarter the company drilled and completed 16 horizontal wells in the Wolfcamp shale formation, with an average initial production of 556 barrels of oil equivalent per day.
- The company maintained its production and expense guidance for 2014, expecting total production of 4.95 million barrels of oil equivalent with operating expenses between $5-6 per barrel of oil equivalent.
The presentation discusses an investor presentation by an oil and gas company. It contains forward-looking statements about future plans and estimates. The company has 162,000 gross acres in the Permian Basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential. It plans to drill 70 wells in 2014 with a $400 million capital budget as part of developing its Wolfcamp shale oil resource play.
- AREX reported strong third quarter 2014 results, with production up 61% year-over-year to 14.2 million barrels of oil equivalent per day and EBITDAX reaching a record high of $50.7 million, up 60% year-over-year.
- In the third quarter, AREX drilled 18 and completed 16 horizontal wells in the Wolfcamp shale play, maintaining best-in-class well costs of $5.5 million per well on average.
- Initial production from recent wells continues to track at or above AREX's 450 thousand barrels of oil equivalent type curve, and an Elliott C bench well expanded the potential of the Wolfcamp development to the east.
EOG Resources 4Q 2015 Quarterly Presentation Investor RelationsMichelle Smith
EOG Resources provides key information about its operations and financial results. It has over 3,200 premium well locations with over 2 billion barrels of oil equivalent of resource potential. EOG reduced capital spending 44% year-over-year while maintaining flat US oil production in 2015. It aims to generate at least 30% returns on investment at $40/barrel oil from its shifting focus to premium locations with over 10 years of sustainable inventory growth.
The document discusses oil prices and activity in the Southern Midland Basin. It notes that AREX has 134,000 net acres in the basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale. AREX has implemented water recycling facilities to reduce drilling and completion costs by $450,000 per well and lower operating expenses. At their current drilling and completion cost of $7 million per well, AREX wells in the Wolfcamp have a type curve estimated ultimate recovery of 510 thousand barrels of oil equivalent and an internal rate of return above 40% at $60 oil.
This presentation discusses an oil and gas company's Wolfcamp shale resource play in the Permian Basin. Key points include:
- The company has 160,000 gross acres and estimates over 1 billion barrels of unrisked oil resource potential from the multi-bench Wolfcamp shale.
- The 2014 capital budget of $400 million will fund a 3-rig horizontal drilling program targeting the Wolfcamp A, B and C zones, with an aim to drill around 70 wells.
- The development plan focuses on pad drilling, stacked laterals, and infrastructure to reduce costs and drive projected 45% production growth in 2014 to nearly 5 million barrels of oil-equivalent.
This document contains forward-looking statements regarding activities, events, developments, and financial results that could differ from actual results. It discusses the company's Wolfcamp shale resource play, estimated resource potential, drilling locations, capital expenditures, well results, and guidance. The document cautions that estimates of unproved reserves and resource potential could change significantly as additional data becomes available. It provides an overview of the company, including its asset base, reserve growth history, second quarter 2015 highlights showing production and cost improvements, and discussion of its low-cost structure enabled by infrastructure like its water recycling facility.
- The company reported its second quarter 2014 results with increased production and revenue.
- Production for the quarter averaged 14.1 MBoe/d, a 58% increase year-over-year.
- The company drilled and completed 16 horizontal wells in the Wolfcamp shale play and realized an average IP rate of 556 Boe/d.
- Guidance for 2014 was increased with expected production of 4,950 MBoe and capital expenditures of $400 million to drill 70 horizontal wells.
Scotia Howard Weil 43rd Annual Energy Conference PresentationApproachResources
The document discusses forward-looking statements and cautions that actual results may differ substantially from estimates. It provides an overview of Arena Energy, including its enterprise value, asset base in the Midland Basin with over 1 billion barrels of estimated resource potential, and capital program focused on flexibility and returns. Arena has a low-risk, oil-rich asset base and a strong financial and liquidity position to withstand commodity price volatility.
The document provides an overview of the company's fourth quarter and full-year 2015 results. Some key points:
- Production for Q4 was 1.33 MMBoe and 5.53 MMBoe for the full year, in line with guidance. No capital expenditures were incurred in Q4 due to low commodity prices.
- Proved reserves increased 14% year-over-year to 166.6 MMBoe with a PV-10 of $504 million. Drilling replaced 603% of production at a drill-bit F&D cost of $4.32/Boe.
- The company has $177 million in liquidity and reduced total debt from $515.6 million to $
- The company reported third quarter 2015 results with record production of 16.6 MBoe/d, up 17% year-over-year.
- Operating costs continued to decrease, with lease operating expenses of $5.04/Boe, a 14% reduction from the prior year.
- The company drilled 4 wells and completed 5 wells in the Wolfcamp B-C zones, with initial production averaging 931 Boe/d.
Constellation Energy Partners LLC reported financial and operational results for the fourth quarter and full year of 2013. Key highlights included:
- Oil accounted for 51% of sales revenue in 2013, with average daily oil production up 84% year-over-year.
- Operating costs were $24.69 per BOE for 2013, down 4% from 2012.
- Capital spending of $15.7 million in 2013 resulted in 79 net wells and recompletions.
- The company forecast $20-22 million in capital spending and 1,346-1,552 MBOE of production for 2014, with adjusted EBITDA of $26.7-29.9 million.
The document provides an overview of Antero Resources Corporation. It discusses forward-looking statements and risks associated with the estimates and projections. It also highlights key aspects of Antero's recent acquisition including the addition of 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million. The acquisition significantly increases Antero's drilling inventory in the Marcellus shale play with attractive well economics.
- Royal Gold reported record quarterly revenue of $74.1 million, up 7% from the previous year, driven by a record 65,868 gold equivalent ounces sold.
- The quarter included a $56 million expense from terminating the Andacollo royalty interest. Excluding this, earnings per share would have been $0.17.
- Production is expected to grow over the near term from new streams at Andacollo, Golden Star, and Pueblo Viejo, as well as continued ramp up at Mount Milligan.
Far East Energy Corporation provides a corporate presentation on their coalbed methane assets and operations in China. The presentation contains cautionary statements about forward-looking estimates and describes various resource categories like original gas-in-place and recoverable resources that are not consistent with SEC reserve definitions. It also notes that results may vary from estimates in studies and additional information is provided on how reserves and valuations are calculated.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital, with low development costs and a high growth-adjusted recycle ratio.
- Antero has invested heavily in midstream infrastructure like processing plants and pipelines to support its production and has secured significant firm transportation contracts.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital.
- Antero has significant midstream infrastructure and secured firm transportation for its gas and NGL production.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with high potential for further reserve growth.
- Production has grown significantly from 566 MMcfe/d in 3Q 2013 to 891 MMcfe/d currently due to a focus on liquids-rich development across its acreage.
- Antero has leading capital efficiency with a low average development cost of $1.15/Mcfe and industry-leading recycle ratio of 4.8x, supporting high returns on productive capital.
Approach Resources Inc. reported third quarter 2013 results. Key highlights included accelerating their completion pace and drilling efficiencies, driving down well costs below $5.5 million per well on average, and delivering strong initial production rates from Wolfcamp B and C wells across their acreage, with some wells producing over 1,000 barrels of oil equivalent per day. Approach is on track to increase production 40% in 2014 by drilling 75% more horizontal Wolfcamp wells with their 3-rig program.
The document provides an operational and financial summary for the 4th quarter of 2013. It discusses the company's asset base which includes over 163,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company is accelerating development through running 3 horizontal drilling rigs and plans to drill 70 wells in 2014. It highlights the company's track record of reserve and production growth, driven by drilling in the Wolfcamp shale play. Charts show proved reserves increasing 20% in 2013 to over 114 million barrels of oil equivalent and oil production up 49% from the prior year. The company aims to grow production 40% in 2014 through increased horizontal drilling in the Wolfcamp.
The document provides an operational and financial summary for the 4th quarter of 2013. It discusses the company's asset base which includes over 163,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company is accelerating development through running 3 horizontal drilling rigs and plans to drill 70 wells in 2014. It highlights the company's track record of reserve and production growth, driven by drilling in the Wolfcamp shale play. Charts show proved reserves increasing 20% in 2013 to over 114 million barrels of oil equivalent and oil production up 49% from 2012. The company aims to grow production 40% in 2014 through increased horizontal drilling in the Wolfcamp.
- The company has a high-quality asset base in the Permian Basin with over 115 million barrels of oil equivalent in proved reserves and over 1 billion barrels of oil equivalent in estimated resource potential from over 1,000 identified drilling locations.
- Production has grown significantly in recent years through horizontal drilling in the Wolfcamp shale, with a 19% increase in 2013 and a target of 40% growth in 2014.
- Oil reserves and production have increased substantially, with oil reserves up over 10 times since 2009 and oil production up nearly 50% in 2013 alone, driven by successful horizontal Wolfcamp development.
- The company reported its second quarter 2014 results, with production increasing 58% year-over-year to 14.1 thousand barrels of oil equivalent per day. Revenues increased 74% to $73.4 million.
- In the quarter the company drilled and completed 16 horizontal wells in the Wolfcamp shale formation, with an average initial production of 556 barrels of oil equivalent per day.
- The company maintained its production and expense guidance for 2014, expecting total production of 4.95 million barrels of oil equivalent with operating expenses between $5-6 per barrel of oil equivalent.
The presentation discusses an investor presentation by an oil and gas company. It contains forward-looking statements about future plans and estimates. The company has 162,000 gross acres in the Permian Basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential. It plans to drill 70 wells in 2014 with a $400 million capital budget as part of developing its Wolfcamp shale oil resource play.
- AREX reported strong third quarter 2014 results, with production up 61% year-over-year to 14.2 million barrels of oil equivalent per day and EBITDAX reaching a record high of $50.7 million, up 60% year-over-year.
- In the third quarter, AREX drilled 18 and completed 16 horizontal wells in the Wolfcamp shale play, maintaining best-in-class well costs of $5.5 million per well on average.
- Initial production from recent wells continues to track at or above AREX's 450 thousand barrels of oil equivalent type curve, and an Elliott C bench well expanded the potential of the Wolfcamp development to the east.
EOG Resources 4Q 2015 Quarterly Presentation Investor RelationsMichelle Smith
EOG Resources provides key information about its operations and financial results. It has over 3,200 premium well locations with over 2 billion barrels of oil equivalent of resource potential. EOG reduced capital spending 44% year-over-year while maintaining flat US oil production in 2015. It aims to generate at least 30% returns on investment at $40/barrel oil from its shifting focus to premium locations with over 10 years of sustainable inventory growth.
The document discusses oil prices and activity in the Southern Midland Basin. It notes that AREX has 134,000 net acres in the basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale. AREX has implemented water recycling facilities to reduce drilling and completion costs by $450,000 per well and lower operating expenses. At their current drilling and completion cost of $7 million per well, AREX wells in the Wolfcamp have a type curve estimated ultimate recovery of 510 thousand barrels of oil equivalent and an internal rate of return above 40% at $60 oil.
This presentation discusses an oil and gas company's Wolfcamp shale resource play in the Permian Basin. Key points include:
- The company has 160,000 gross acres and estimates over 1 billion barrels of unrisked oil resource potential from the multi-bench Wolfcamp shale.
- The 2014 capital budget of $400 million will fund a 3-rig horizontal drilling program targeting the Wolfcamp A, B and C zones, with an aim to drill around 70 wells.
- The development plan focuses on pad drilling, stacked laterals, and infrastructure to reduce costs and drive projected 45% production growth in 2014 to nearly 5 million barrels of oil-equivalent.
This document contains forward-looking statements regarding activities, events, developments, and financial results that could differ from actual results. It discusses the company's Wolfcamp shale resource play, estimated resource potential, drilling locations, capital expenditures, well results, and guidance. The document cautions that estimates of unproved reserves and resource potential could change significantly as additional data becomes available. It provides an overview of the company, including its asset base, reserve growth history, second quarter 2015 highlights showing production and cost improvements, and discussion of its low-cost structure enabled by infrastructure like its water recycling facility.
- The company reported its second quarter 2014 results with increased production and revenue.
- Production for the quarter averaged 14.1 MBoe/d, a 58% increase year-over-year.
- The company drilled and completed 16 horizontal wells in the Wolfcamp shale play and realized an average IP rate of 556 Boe/d.
- Guidance for 2014 was increased with expected production of 4,950 MBoe and capital expenditures of $400 million to drill 70 horizontal wells.
Scotia Howard Weil 43rd Annual Energy Conference PresentationApproachResources
The document discusses forward-looking statements and cautions that actual results may differ substantially from estimates. It provides an overview of Arena Energy, including its enterprise value, asset base in the Midland Basin with over 1 billion barrels of estimated resource potential, and capital program focused on flexibility and returns. Arena has a low-risk, oil-rich asset base and a strong financial and liquidity position to withstand commodity price volatility.
The document provides an overview of the company's fourth quarter and full-year 2015 results. Some key points:
- Production for Q4 was 1.33 MMBoe and 5.53 MMBoe for the full year, in line with guidance. No capital expenditures were incurred in Q4 due to low commodity prices.
- Proved reserves increased 14% year-over-year to 166.6 MMBoe with a PV-10 of $504 million. Drilling replaced 603% of production at a drill-bit F&D cost of $4.32/Boe.
- The company has $177 million in liquidity and reduced total debt from $515.6 million to $
- The company reported third quarter 2015 results with record production of 16.6 MBoe/d, up 17% year-over-year.
- Operating costs continued to decrease, with lease operating expenses of $5.04/Boe, a 14% reduction from the prior year.
- The company drilled 4 wells and completed 5 wells in the Wolfcamp B-C zones, with initial production averaging 931 Boe/d.
Constellation Energy Partners LLC reported financial and operational results for the fourth quarter and full year of 2013. Key highlights included:
- Oil accounted for 51% of sales revenue in 2013, with average daily oil production up 84% year-over-year.
- Operating costs were $24.69 per BOE for 2013, down 4% from 2012.
- Capital spending of $15.7 million in 2013 resulted in 79 net wells and recompletions.
- The company forecast $20-22 million in capital spending and 1,346-1,552 MBOE of production for 2014, with adjusted EBITDA of $26.7-29.9 million.
The document provides an overview of Antero Resources Corporation. It discusses forward-looking statements and risks associated with the estimates and projections. It also highlights key aspects of Antero's recent acquisition including the addition of 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million. The acquisition significantly increases Antero's drilling inventory in the Marcellus shale play with attractive well economics.
- Royal Gold reported record quarterly revenue of $74.1 million, up 7% from the previous year, driven by a record 65,868 gold equivalent ounces sold.
- The quarter included a $56 million expense from terminating the Andacollo royalty interest. Excluding this, earnings per share would have been $0.17.
- Production is expected to grow over the near term from new streams at Andacollo, Golden Star, and Pueblo Viejo, as well as continued ramp up at Mount Milligan.
Far East Energy Corporation provides a corporate presentation on their coalbed methane assets and operations in China. The presentation contains cautionary statements about forward-looking estimates and describes various resource categories like original gas-in-place and recoverable resources that are not consistent with SEC reserve definitions. It also notes that results may vary from estimates in studies and additional information is provided on how reserves and valuations are calculated.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital, with low development costs and a high growth-adjusted recycle ratio.
- Antero has invested heavily in midstream infrastructure like processing plants and pipelines to support its production and has secured significant firm transportation contracts.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital.
- Antero has significant midstream infrastructure and secured firm transportation for its gas and NGL production.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with high potential for further reserve growth.
- Production has grown significantly from 566 MMcfe/d in 3Q 2013 to 891 MMcfe/d currently due to a focus on liquids-rich development across its acreage.
- Antero has leading capital efficiency with a low average development cost of $1.15/Mcfe and industry-leading recycle ratio of 4.8x, supporting high returns on productive capital.
Approach Resources Inc. reported third quarter 2013 results. Key highlights included accelerating their completion pace and drilling efficiencies, driving down well costs below $5.5 million per well on average, and delivering strong initial production rates from Wolfcamp B and C wells across their acreage, with some wells producing over 1,000 barrels of oil equivalent per day. Approach is on track to increase production 40% in 2014 by drilling 75% more horizontal Wolfcamp wells with their 3-rig program.
The document provides an operational and financial summary for the 4th quarter of 2013. It discusses the company's asset base which includes over 163,000 gross acres and over 1 billion barrels of estimated oil and gas resources. The company is accelerating development through running 3 horizontal drilling rigs and plans to drill 70 wells in 2014. It highlights the company's track record of reserve and production growth, driven by drilling in the Wolfcamp shale play. Charts show proved reserves increasing 20% in 2013 to over 114 million barrels of oil equivalent and oil production up 49% from the prior year. The company aims to grow production 40% in 2014 through increased horizontal drilling in the Wolfcamp.
AREX 2016 Wells Fargo West Coast Energy PresentationApproachResources
The document discusses AREX's operations in the Permian Basin, including its 167 million barrels of oil equivalent proved reserves, low cost structure, extensive drilling inventory, and significant resource potential from the Wolfcamp shale play. AREX has implemented enhanced completion designs that outperform type curves and reduced its lease operating expenses through the use of a centralized water recycling facility that lowers drilling and completion costs by reusing flowback and produced water.
The document summarizes Arex Energy's second quarter 2016 results. It discusses:
- Low operating costs of $4.56 per barrel of oil equivalent and record low drilling and completion costs of $3.7 million per well.
- Average production of 12.6 thousand barrels of oil equivalent per day, exceeding guidance. New wells are outperforming type curves.
- Revenues of $22.4 million and EBITDAX of $13.7 million. Capital expenditures were $6.9 million, aligned with cash flow. The company has $51 million in liquidity.
EnerCom’s The Oil and Gas Conference 21 PresentationApproachResources
The document discusses forward-looking statements and provides cautionary statements regarding oil and gas quantities estimates. It then provides an overview of the company, noting it has an enterprise value of $588 million with 167 million barrels of oil equivalent of proved reserves, of which 63% are liquids. It also discusses the company's Permian Basin assets which include 139,000 gross acres and an estimated 1 billion barrels of oil equivalent of unrisked resource potential from 1,800 identified drilling locations.
The document summarizes AREX's first quarter 2016 results. It discusses:
- Drilling of 4 Wolfcamp wells on time and on budget during the quarter with no completions.
- Production of 1,165 Mboe during the quarter as no new wells were completed.
- EBITDAX of $8.7 million and cash flow from operations of $5.3 million for the quarter. Capital expenditures were $4.9 million.
- The company maintains a strong financial position and liquidity of $54 million providing flexibility for its 2016 plan.
August 2016 corporate_presentation_final Eclipse resourcesSteve Wittrig
Eclipse Resources is an oil and gas company focused on developing its 115,000 net acres in the core of the Utica Shale and 13,000 net acres in the Marcellus Shale. The presentation highlights Eclipse's strong operational performance, including increasing lateral lengths by 200% while decreasing drilling costs by 50% per foot. Eclipse plans to resume drilling activities in mid-2016 and grow production over 30% year-over-year in 2017 through completing DUCs and operating a one-rig program. The company also discusses its super-lateral drilling program aimed to significantly improve well returns through extending lateral lengths.
Investor presentation posted on Marcellus/Utica driller Eclipse Resources' website--loaded with charts and maps and very useful information. The map/chart on page 23 is particularly interesting. It shows all of the Utica wells drilled by Eclipse to date, color coded by the "zone" where the well was drilled, and with production information.
- The document is an investor presentation for Parsley Energy that provides an overview of the company's operations and key metrics.
- Parsley is an oil and gas producer focused on the Midland and Delaware Basins with over 138,000 net acres of leasehold.
- In the fourth quarter of 2015, Parsley produced over 25,000 barrels of oil equivalent per day, with oil accounting for 63% of production.
The PowerPoint slide presentation used during an analyst phone conference in May 2014 for Gulfport Energy. Of most interest to MDN is the Utica Shale Update section--an extensive section from page 11 through page 21.
An updated copy of a PowerPoint presentation used by Eclipse to summarize and convey important information about the company's shale drilling operations in the Marcellus/Utica region.
- The document is an investor presentation from Parsley Energy that provides an overview of the company and highlights its strong position.
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A fantastic presentation loaded with useful charts, maps, bullet points and more. Much of it focuses on Range's Marcellus (and northeast) shale drilling program, although other resource plays are covered as well. Range has done the industry (and their investors) a great service in releasing this presentation. Don't miss it!
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2. Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking
statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of management regarding plans, strategies, objectives,
anticipated financial and operating results of the Company, including as to the Company’s Wolfcamp shale resource play, estimated resource potential and recoverability of the oil and gas, estimated reserves
and drilling locations, capital expenditures, typical well results and well profiles, type curve, and production and operating expenses guidance included in the presentation. These statements are based on
certain assumptions made by the Company based on management's experience and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and
believed to be reasonable by management. When used in this presentation, the words “will,” “potential,” “believe,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project,”
“target,” “profile,” “model” or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking
statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual
results to differ materially from those implied or expressed by the forward-looking statements. In particular, careful consideration should be given to the cautionary statements and risk factors described in the
Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which such statement is made and the Company
undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Cautionary Statements Regarding Oil & Gas Quantities
The Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such
terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. The Company uses the terms “estimated ultimate recovery” or “EUR,”
reserve or resource “potential,” and other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC’s rules may prohibit the Company from
including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being
actually realized by the Company.
EUR estimates, identified drilling locations and resource potential estimates have not been risked by the Company. Actual locations drilled and quantities that may be ultimately recovered from the Company’s
interest may differ substantially from the Company’s estimates. There is no commitment by the Company to drill all of the drilling locations that have been attributed these quantities. Factors affecting ultimate
recovery include the scope of the Company’s ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling and completion services and
equipment, drilling results, lease expirations, regulatory approval and actual drilling results, as well as geological and mechanical factors Estimates of unproved reserves, type/decline curves, per well EUR and
resource potential may change significantly as development of the Company’s oil and gas assets provides additional data.
Type/decline curves, estimated EURs, resource potential, recovery factors and well costs represent Company estimates based on evaluation of petrophysical analysis, core data and well logs, well
performance from limited drilling and recompletion results and seismic data, and have not been reviewed by independent engineers. These are presented as hypothetical recoveries if assumptions and
estimates regarding recoverable hydrocarbons, recovery factors and costs prove correct. The Company has very limited production experience with these projects, and accordingly, such estimates may change
significantly as results from more wells are evaluated. Estimates of resource potential and EURs do not constitute reserves, but constitute estimates of contingent resources which the SEC has determined are
too speculative to include in SEC filings. Unless otherwise noted, IRR estimates are before taxes and assume NYMEX forward-curve oil and gas pricing and Company-generated EUR and decline curve
estimates based on Company drilling and completion cost estimates that do not include land, seismic or G&A costs.
2
3. Company Overview
AREX OVERVIEW
ASSET OVERVIEW
•
Enterprise value $982 MM
•
High quality reserve base
95.5 MMBoe proved reserves
99% Permian Basin
•
Permian core operating area
166,000 gross (149,000 net) acres
1+ BnBoe gross, unrisked resource
potential
2,000+ Identified HZ drilling locations
targeting the Wolfcamp A/B/C
•
2013 capital program of $300 MM
Running 3 HZ rigs in the Wolfcamp
shale play
Notes: Proved reserves and acreage as of 12/31/2012 and 9/30/2013, respectively. All Boe and Mcfe calculations are based on a 6 to 1 conversion ratio.
Enterprise value is equal to market capitalization using the closing share price of $19.41 per share on 12/27/2013, plus net debt as of 9/30/2013.
3
4. Strong Track Record of Reserve Growth…
RESERVE GROWTH
OIL RESERVE GROWTH
120
Strong HZ Wolfcamp Results;
Prepare for Large-Scale
Development
40
35
100
30
80
25
60
Began HZ
Wolfcamp Pilot
Program
20
15
40
10
20
5
0
Announced
Vertical Wolfcamp
Launched
Pilot Results
Wolfcamp Study
0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Natural Gas (MMBoe)
Oil & NGLs (MMbbls)
2009
2010
2011
2012
Oil (MMBbls)
4
6. Key Investment Highlights
• Low-Risk, Oil-Rich Asset Base
•
Oil and liquids-weighted asset base in Midland Basin
166,000 gross (149,000 net) primarily contiguous acres
Proved reserves are 69% liquids; 3Q13 production is 69% liquids (39% oil)
• High Degree of Operational Control
•
Operate 100% reserve base with ~100% working interest
• Track Record of Growth at Competitive Cost
•
Reserve and production CAGR since 2004 of 32% and 35% respectively
•
Low-cost operator with competitive F&D and low lifting costs
3Q13 lease operating expense of $5.38/Boe vs. $7.32/Boe (3Q12)
• Strong Financial Position
•
Liquidity of $340 MM
•
Solid financial position further enhanced with pipeline monetization and borrowing base increase to $350 MM
Liquidity of $477 MM including borrowing pipeline sale and base increase
•
Active hedging program
• Accelerating Development, Reducing Well Costs
•
2014 Preliminary production growth target of 40%
Drilling 75% more HZ wells with 3 rig program
•
Achieved D&C cost target of $5.5 MM in 3Q13, working on further cost reductions
Note: Estimated proved reserves and acreage as of 12/31/2012 and 9/30/2013, respectively. See “Strong, Simple Balance Sheet” slide.
6
7. AREX Wolfcamp Shale Oil Resource Play
PERMIAN CORE OPERATING AREA
Large, primarily contiguous acreage position
Oil-rich, multiple pay zones
166,000 gross (149,000 net) acres
Low acreage cost ~$500 per acre
940+ MMBoe gross, unrisked HZ Wolfcamp
resource potential
2,096 Identified HZ Wolfcamp locations
2013 OPERATIONS
Plan to complete ~40 HZ wells with 3 rigs
Testing “stacked-wellbore” development and
optimizing well spacing and completion
design
Decreasing well costs and increasing
efficiencies
Large, primarily contiguous acreage
position with oil-rich, multiple pay zones
Compressing spud-to-sales times
Focusing activity around field infrastructure
systems
Field infrastructure systems contributing to
lower LOE/Boe and HZ D&C costs
7
8. AREX HZ Wolfcamp Activity
Reagan
45 D 919H
45 D 907H
45 D 913H
45 C 839H
917H
45 C 803H ST
45 A 703H
PW 6535H
PW 6502H
Crockett
PW 6602H
PW 6504H
701H
45 A 706H
45A 708H
45A 710H
45A 712H
45 D 902H
45 D 904H
Baker B 207H
Baker B 206H
54-20 2
2217H
55-21 3
56-6 1
42 A 2131H
42-23 9
West 2308
CT G 701H
CT A 807
56-14 1
56-15 1
CT J 1003H
Elliott 2001HB
West A 2210
Baker B 256H
Chambers 452H
CT G 1001
Baker A 114
NORTH & CENTRAL
PANGEA
42 A 2101H
42-14 10
42-15 2
2208H
Baker B 203
Baker B 238H
Baker B 232H
Baker B 234H
Baker C 1201
54-20 1
54-19 3
42 B 1001H
42-11 2R
42-23 11
54-12 1
54-13 2
54-16 3
55-21 2
42-11 3
2142H
2301H
2209H
2216H
2202H
2321H
2302H
2403H
2401H
2322H
45 B 2432H
45 B 2438H
45 B 2444H
2402H
45 F 2304H
54-13 1
54-15 2
45 E 1102H
54-9 1
54-9 2
54-15 1
42 C 101H
45 F 2315H
45 F 2309H
54-2 1
54-8 1
45 E 1101H
45 F 2303H
Schleicher
45 D 923H
45 D 927H
45D 931H
45 D 933H
45 D 903H
1320H
PW 6601H
45 C 805H
PW 6507H
804H
PW 6533H
PANGEA WEST
• 19,000 gross acres
• Pad drilling with A/B and A/C
“stacked” wellbores
45 D 905H
806H
U 50 A 603HA
Irion
CT J 1001
CT K 1901
CT K 1902
CT H 1004H
CT B 1308
Elliott 2002HB
CT M 902
CT H 1002
CT H 1001
CT M 901H
• 3-D seismic acquisition, data
processing and interpretation
complete
• Planning HZ drilling in 2014
CT B 1303
CT L 1801
• 92,000 gross acres
• Pad drilling with A/B and B/C “stacked”
wellbores
CT B 1601
Lauffer 1306
CT L 6101H
Chandler 4403
Bailey 315
Childress G 1008
Childress 603
Legend
●
│
│
│
│
Vertical Producer
HZ Producer
HZ – Waiting on Completion
HZ – Drilling
HZ – Permit
SOUTH PANGEA
• 55,000 gross acres
• Continuing completion design
improvement
Davidson 3406
Sutton
Notes: Acreage as of 9/30/2013.
8
9. HZ Wolfcamp Well Performance
CONTINUED STRONG WELL RESULTS & MORE PRODUCTION HISTORY
1,200
Legend
Daily Production (BOE including NGLs)
1,100
B Bench Well Data (33 wells)
A Bench Well Data (8 wells)
1,000
41 producing wells with at least
3 months of production history
450 MBoe Type Curve
900
Daily Production Data from
AREX A Bench Wells
800
700
Daily Production Data from
AREX B Bench Wells
600
450 MBoe Type Curve
HZ Wolfcamp Shale Oil
500
400
Outperforming
Type Curve
Shallower Decline
300
200
100
0
0
90
180
270
360
450
540
630
720
810
Time (Days)
9
10. AREX HZ Wolfcamp Economics
Play Type
BTAX IRR SENSITIVITIES
Horizontal
Wolfcamp
80
70
450 MBoe
Targeted Well Cost
$5.5 MM
Potential Locations
2,096
60
IRR (%)
Avg. EUR (gross)
50
40
30
20
Gross Resource
Potential
10
940+ MMBoe
0
350
400
$100 / bbl
•
Horizontal drilling improves recoveries and returns
•
Multiple, stacked horizontal targets
•
7,000’+ lateral length
•
~80% of EUR made up of oil and NGLs
450
Well EUR (MBoe)
$90 / bbl
$80 / bbl
500
550
$70 / bbl
Delivering Strong Well Results & Advancing
Delineation:
• Best initial producer to date – Wolfcamp B in
central Pangea IPs at 1,334 Boe/d
• “Stacked” Wolfcamp C in north Pangea IPs at 614
Boe/d (offsetting Wolfcamp B)
• Wolfcamp B wells in east Pangea IP at approx. 490
Boe/d (best HZ Wolfcamp wells in area based on
available data)
• Early 4Q Wolfcamp B IPs at 863 Boe/d
Notes: Identified locations based on multi-bench development and 120-acre spacing for HZ Wolfcamp. No locations assigned to south Project Pangea.
HZ Wolfcamp economics assume NYMEX – Henry Hub strip and NGL price based on 40% of WTI.
10
11. HZ Well Costs Down & Efficiencies Up
HZ WELL COSTS ($MM)
Average Quarterly Well
Cost ($MM)
$7.5
$6.7
$6.2
$6.1
$5.75
$6.0
$5.4
$4.5
Below
$5.5 MM
Target HZ
D&C Cost
$3.0
$1.5
$3Q12
4Q12
1Q13
2Q13
3Q13
DRILLING DAYS TO TD
20
Average Days
17
16
14
15
12
12
8
4
0
1H12
2H12
1H13
2H13-To Date
11
12. Infrastructure for Large-Scale Development
Reagan
Irion
Pangea
West
Crockett
Schleicher
50-Mile Oil Pipeline
100,000 Bbls/d
Capacity
North & Central Pangea
•
•
•
•
Reducing D&C cost to $5.5 MM and lower
Reducing LOE
Minimizing truck traffic and surface disturbance
Increasing project profit margin
South
Pangea
Sutton
12
13. Infrastructure & Equipment Projects
PROJECTS
BENEFITS
Securing water supply
Testing non-potable water and
recycling flowback water
• Facilitate large-scale field development
• Reduce fresh water use and water costs
• Expected savings from non-potable water source ~$0.45 MM/HZ well
Purchasing and installing water
transfer equipment
Drilling and/or converting SWD
wells
•
•
•
•
•
Purchasing and installing flowback
equipment
• Replace rental equipment and contractors with Company-owned and operated
equipment and personnel; reduce money spent on flowback operations
• Expected savings from flowback equipment ~$0.1 MM/HZ well
• Expected LOE savings from gas lift system $6,300/HZ per month
Installing crude takeaway lines
Purchased oil hauling trucks
• Efficiently transport crude oil to market and reduce inventory
• Reduce oil transportation differential to an estimated $2.50/Bbl – $4.00/Bbl
Safely and securely transport water across Project Pangea and Pangea West
Reduce time and money spent on water hauling and disposal and truck traffic
Expected savings from water transfer equipment ~$0.1 MM/HZ well
Expected savings from SWD system ~$0.45 MM/HZ well
Expected company-wide LOE savings ±$0.4 MM per month
Infrastructure and equipment projects are key to large-scale field development
and to reducing D&C costs as well as LOE cost
13
14. Creating Value Through Growth
• Concentrated geographic footprint in the Midland Basin
• Strong growth track record at competitive costs
• Detailed technical evaluation led to discovery of growth potential in the
Wolfcamp oil shale resource play
• Rigorous pilot program de-risked ~107,000 gross acres
• 2013 Focus
Hitting $5.5 MM HZ well cost target
Testing multi-bench “stacked” laterals and closer well spacing
Transition to full-field development
14
16. Oil & Liquids-Weighted Reserves, Production & Revenue
YE12 RESERVE MIX BY COMMODITY
3Q13 PRODUCTION MIX BY COMMODITY
31%
31%
39%
8.8
MBoe/d
95.5
MMBoe
30%
Oil
NGLs
39%
30%
Gas
Oil
NGLs
Gas
3Q13 REVENUE MIX BY COMMODITY
12%
16%
$44.2
MM
72%
Oil
NGLs
Gas
16
17. Oil Pipeline Monetization
TRANSACTION OVERVIEW
First-mover oil pipeline system in the southern
Midland Basin
Formed Wildcat JV to develop pipeline system in
September 2012
50-miles of high-pressure, steel pipeline with
throughput capacity of 100,000 Bbls/d
Pipeline operational in April 2013
Closed sale of pipeline system in October 2013
AREX proceeds of $109.1 MM from pipeline sale
Total transaction value $210 MM
AREX capital contributions to pipeline system of
$18.3 MM as of September 30, 2013
6x ROI
Proceeds further strengthen liquidity position
WILDCAT OIL PIPELINE SYSTEM
Reagan
Irion
Midway Truck
Station
Crockett
Schleicher
Maintain competitive oil transportation fee and firm
takeaway
Oil transportation differential outlook $2.50/Bbl –
$4.00/Bbl
Notes: AREX proceeds are before tax; AREX proceeds and transaction value subject to customary post-closing conditions, adjustments and escrows.
17
18. Production and Expense Guidance
2013 GUIDANCE
Full-Year 2013 Guidance
Production
Total (MBoe)
3,400
Percent Oil & NGLs
70%
Operating costs and expenses ($/per Boe)
Lease operating
$
5.00 – 7.00
Production and ad valorem taxes
$
3.00 – 4.50
Exploration
$
1.00 – 2.00
General and administrative
$
7.00 – 8.50
Depletion, depreciation and amortization
$
20.00 – 24.00
Capital expenditures ($MM)
Approximately $300
2014 PRELIMINARY OUTLOOK
Full-Year 2014 Outlook
Production growth
HZ D&C capital expenditures ($MM)
40%
Approximately $400
Our capital budgets exclude future acquisitions and lease extensions, and are subject to change depending upon a number of factors, including additional data on
our Wolfcamp shale oil resource play, results of horizontal drilling and completions, including pad drilling, economic and industry conditions at the time of drilling,
prevailing and anticipated prices for oil, NGLs and gas, the availability of sufficient capital resources for drilling prospects, our financial results and the availability of
lease extensions and renewals on reasonable terms.
18
19. Strong, Simple Balance Sheet
As of 9/30/2013
As of
9/30/2013
$25.5
Credit Facility
Senior Notes
Total Long-Term Debt
Shareholders’ Equity
Total Book Capitalization
Liquidity
Borrowing Base
Cash and Cash Equivalents
Long-term Debt under Credit Facility
Undrawn Letters of Credit
Liquidity
Key Metrics
LTM EBITDAX
Total Reserves (MMBoe)
Proved Developed Reserves (MMBoe)
% Proved Developed
% Liquids
Credit Statistics
Debt / Capital
Debt / 3Q13 Annualized EBITDAX
Debt / Proved Reserves ($/Boe)
Total Debt
28%
2.0x
$2.62
–
250.0
$250.0
646.4
$896.4
$315.0
25.5
–
(0.3)
$340.2
Summary Balance Sheet
Cash
$127.2
–
250.0
$250.0
646.4
$896.4
FINANCIAL RESULTS ($MM)
(Including Borrowing Base
Increase & JV Pipeline Sale)
$350.0
127.2
–
(0.3)
$476.9
$107.3
95.5
32.8
34%
69%
Net Debt
25%
1.8x
$2.35
$107.3
95.5
32.8
34%
69%
Net Debt
14%
1.0x
$1.29
Total Debt
28%
2.0x
$2.62
Notes: Estimated proved reserves as of 12/31/2012. Liquidity and EBITDAX are a non-GAAP financial measures. See “EBITDAX” slide and Non-GAAP
Financials section on the IR page of our website for calculation and reconciliation. Net debt is debt balance less available cash and letters of credit.
19
20. Current Hedge Position
Commodity and Time Period
Type
Volume
Price
2013
Collar
650 Bbls/d
$90.00/Bbl - $105.80/Bbl
2013
Collar
450 Bbls/d
$90.00/Bbl - $101.45/Bbl
2013 (1)
Collar
1,200 Bbls/d
$90.35/Bbl - $100.35/Bbl
2014
Collar
550 Bbls/d
$90.00/Bbl - $105.50/Bbl
2014
Collar
950 Bbls/d
$85.05/Bbl - $95.05/Bbl
2015
Collar
2,600 Bbls/d
$84.00/Bbl - $91.00/Bbl
2013 (2)
Swap
2,300 Bbls/d
$1.10/Bbl
2014
Swap
1,500 Bbls/d
$0.55/Bbl
Propane 2013 (3)
Swap
550 Bbls/d
$42.00/Bbl
Propane 2014
Swap
500 Bbls/d
$41.16/Bbl
Natural Gasoline 2013 (3)
Swap
200 Bbls/d
$90.72/Bbl
Natural Gasoline 2014
Swap
175 Bbls/d
$83.37/Bbl
2013
Swap
200,000 MMBtu/month
$3.54/MMBtu
2013
Swap
190,000 MMBtu/month
$3.80/MMBtu
2013 (4)
Collar
100,000 MMBtu/month
$4.00/MMBtu - $4.36/MMBtu
2014
Swap
360,000 MMBtu/month
$4.18/MMBtu
2015
Swap
200,000 MMBtu/month
$4.10/MMBtu
Crude Oil
Crude Oil Basis Differential (Midland/Cushing)
Natural Gas Liquids
Natural Gas
(1)
(2)
(3)
(4)
February 2013 – December 2013
March 2013 – December 2013
September 2013 – December 2013
May 2013 – December 2013
20
21. EBITDAX (unaudited)
We define EBITDAX as net income (loss), plus (1) exploration expense, (2) depletion, depreciation and amortization expense, (3) share-based compensation
expense, (4) unrealized loss on commodity derivatives, (5) interest expense and (6) income taxes. EBITDAX is not a measure of net income or cash flow as
determined by GAAP. The amounts included in the calculation of EBITDAX were computed in accordance with GAAP. EBITDAX is presented herein and
reconciled to the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company's ability to
internally fund development and exploration activities. This measure is provided in addition to, and not as an alternative for, and should be read in conjunction
with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our SEC filings and posted on
our website.
The following table provides a reconciliation of EBITDAX to net income (loss) for the three months ended September 30, 2013 and 2012, respectively.
Three Months Ended
September 30,
(in thousands, except per-share amounts)
2013
Net income (loss)
$
Exploration
495
2012
$
(2,355)
1,193
1,170
19,413
16,728
Share-based compensation
1,599
1,450
Unrealized loss on commodity derivatives
3,438
4,185
Interest expense, net
5,179
1,544
270
(1,253)
Depletion, depreciation and amortization
Income tax provision (benefit)
EBITDAX
$
31,587
$
21,469
EBITDAX per diluted share
$
0.81
$
0.63
21