Lots of great slides with maps and details of Rice's Marcellus and Utica Shale drilling programs. Rice Energy went public in January 2014 and raised $924 million. So far, as of 1Q14, they have drilled 41 shale wells that are turned in and online, earning them money. In 1Q14 those 41 wells produced a collective average of 209 million cubic feet of natural gas per day.
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.
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.
NYSE:DNR is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has significant CO2 reserves. Its core assets have long lives and large estimated original oil in place that could potentially be recovered through CO2 flooding. The company is reducing costs and debt in response to low oil prices while continuing to optimize its operations and preserve liquidity. It provided 2016 capital and production guidance focused on its low decline, oil-weighted assets.
Memorial Resource Development Analyst Field Trip Presentation - April 2015Marcellus Drilling News
An analyst field trip presentation from April 2015 for Memorial Resource Development Corporation. The presentation shows the geology and details of MRD's drilling in the Terryville Field area of the Cotton Valley Tight Gas play in northern Louisiana. MRD entered into a deal in May 2016 to be bought by Range Resources, a Marcellus Shale producer.
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.
- SandRidge Energy has built a portfolio focused on three project areas: Mississippian, NW STACK, and North Park Niobrara
- The presentation highlights recent well results and cost reductions in each area that have improved economics and supported continued development
- SandRidge has over $500 million in liquidity and a long drilling inventory across the projects to support its future investment and growth plans
- Denbury is an oil and gas company focused on CO2 enhanced oil recovery (CO2 EOR) with over 155 million barrels of oil produced from CO2 EOR.
- It has proved reserves of 254 million barrels of oil equivalent (58% from CO2 EOR) and estimated potential reserves of around 800 million barrels.
- In the fourth quarter of 2016, Denbury produced over 60,000 barrels of oil equivalent per day (62% from CO2 EOR).
- For 2017, Denbury expects relatively flat production from 2016 and has budgeted $300 million primarily for expanding existing CO2 floods.
Company website presentation (b) september 2016AnteroResources
The document provides an overview of a company acquisition that will significantly increase the company's core drilling inventory. Specifically:
- The acquisition adds 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million, increasing the company's core inventory by over 1,000 drilling locations.
- The new acreage provides opportunities for improved well economics and type curves above 2 billion cubic feet per 1,000 feet, with estimated returns of 51-77% at current strip prices.
- The acquisition significantly increases the company's dry gas and condensate inventory, adding over 225 dry gas locations and enhancing over 300 condensate locations.
A PowerPoint presentation by Rex Energy with details for capital spending budget plans for drilling projects in 2013. The presentation shows Rex plans to spend nearly $200 million on drilling in the Marcellus and Utica Shale region.
SandRidge Energy presented its corporate strategy and assets at an investor presentation in March 2017. The company has over $500 million in liquidity and is focused on high-grading its existing positions. SandRidge will continue developing its Mississippian, NW STACK, and North Park Niobrara assets, which have over 1,300 combined drilling locations. The company expects total oil production to increase starting in late 2017. SandRidge is also optimizing completions and lowering costs to maximize value from its key projects.
SandRidge Energy has built a portfolio focused on oil production growth from three key project areas: NW STACK, North Park Niobrara, and Mississippian. For 2017, the company plans to run two rigs in NW STACK to further delineate the Meramec and Osage formations, resume drilling at North Park Niobrara targeting multiple benches, and continue high-grading its Mississippian acreage. SandRidge has a strong balance sheet with $554 million in liquidity and no debt, positioning it to execute its development plans while generating free cash flow.
This document summarizes Devon Energy's presentation at the J.P.Morgan Energy Equity Conference on June 26, 2017. Devon has a premier portfolio of assets focused on the STACK and Delaware Basin plays, which provide multi-decade growth potential through large drilling inventories. Devon is accelerating its capital investment and rig activity to rapidly expand its high-margin production while maintaining a strong financial position and investment-grade credit ratings. The company is focused on operational excellence and technological innovation to improve capital efficiency and well productivity.
This document provides an overview of Antero Midstream Partners LP and forward-looking statements. It summarizes Antero Resources' expected future growth, ability to meet its drilling and development plan, and commodity price assumptions. It also outlines risks associated with forward-looking statements including commodity price volatility, inflation, environmental risks, and drilling and completion risks.
CONSOL Energy & Noble Energy Marcellus Shale Joint Venture SeparationMarcellus Drilling News
Presentation used during a conference call to announced that CONSOL Energy and Noble Energy's 669,000-acre joint venture in the Marcellus Shale is ending. CONSOL will retain rights to 306,000 acres (mostly in Pennsylvania) and Noble rights to 363,000 acres (mostly in West Virginia). The separation will allow CONSOL to do more Utica drilling. Noble plans to do less drilling, for now, in the Marcellus.
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 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 $
- Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery (EOR) projects in the Gulf Coast and Rocky Mountain regions of the United States.
- As of 2016 year-end, Denbury had 254 million barrels of oil equivalent of proved reserves, with potential to recover up to 800 MMBOE total through CO2 EOR across its asset base.
- Denbury owns significant CO2 reserves and pipelines that provide a strategic advantage for its EOR projects by controlling the CO2 supply.
Sandridge Energy presented its operational plan and investment thesis. Key points include:
- Focus on high-grading its Mid-Continent assets and appraising new zones while developing its North Park Niobrara acreage position.
- North Park Niobrara drilling is showing encouraging early results and potential upside through extended laterals and additional benches.
- The company has a strong balance sheet, $536 million in liquidity, and minimal covenants following its restructuring providing financial flexibility.
SandRidge Energy has built a portfolio focused on three oil-weighted project areas: NW STACK, North Park Niobrara, and Mississippian. In 2017, the company will continue developing these areas, turning company oil production positive in late 2017. SandRidge has $563 million in liquidity and a moderate capital program focused on high-grading existing positions.
- 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.
This updated presentation shows details for Rex's plans for 2013 and includes well production results for three of their Utica Shale wells from 2012 (on page 18). Rex's Utica wells, when coverted to BTUs produced, are among some of the best-producing Utica wells in Ohio.
The investor presentation issued by Magnum Hunter in September 2013. We believe this slide deck, or one very similar to this one, was used at the IPAA Oil & Gas Investment Symposium in San Francisco where MH CEO Gary Evans spoke. Slides #13-#27 are of interest to Marcellus Drilling News readers as they deal with MH's Marcellus and Utica Shale drilling operations and future plans. Some great charts, maps and pictures of operations in the Marcellus and Utica Shale!
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.
Guy february 2018 ir presentation final-v2guygold2016
The document discusses Guyana Goldfields Inc., a gold mining company. It provides an overview of the company's 2017 performance including gold production and costs which met guidance. It then provides guidance for 2018, highlighting increased gold production and lower costs per ounce. The document also summarizes an optimized life of mine plan for the company's projects, showing increased reserves, production and cash flow over 16 years compared to the previous plan. It provides details on the life of mine production, costs, capital expenditures and mill expansion phases.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC’s property portfolio collectively covers approximately 1.91 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island. The Company’s management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand.
Rex Energy Corporate Presentation May 2013 - Including Upper Devonian DetailsMarcellus Drilling News
Rex Energy's May 2013 Corporate Presentation for investors. Slides 16 & 28 show details about Rex's Upper Devonian drilling activities. The Upper Devonian is a relatively new phenomenon in the northeast. The UD layer sits a few hundred feet above the Marcellus Shale layer and drillers are adopting a stacked play strategy of drilling the UD, Marcellus and Utica Shale--all in the same well bore.
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.
- The document is an investor presentation from Parsley Energy that provides an overview of the company and highlights its strong position.
- Parsley has grown production 55% year-over-year in 2015 and expects 35-50% growth in 2016, with oil production up 62% at the midpoint of guidance.
- The company has premier acreage in the Midland Basin core, where its Wolfcamp A and B wells are tracking above a 1 MMBoe estimated ultimate recovery type curve and generating over 40% returns at current prices.
- Parsley has a strong financial position with $770 million in liquidity and anticipated oil hedges covering 2016 production.
Guy february 2018 ir presentation finalguygold2016
- The document is a presentation from Guyana Goldfields Inc describing the company's mining operations and assets.
- It provides operational and financial results for 2017, meeting guidance. 2018 guidance is also provided forecasting increased gold production and lower costs.
- The company has a large land package in Guyana with exploration potential, an operating mine life of over 15 years, and strong cash flow generation. However, it warns that forward-looking statements are subject to risks and uncertainties.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC’s property portfolio collectively covers approximately 1.91 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island. The Company’s management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol NZ and on the OTCQX International under the symbol NZERF. More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.
The document provides an overview of New Zealand Energy Corp's assets and planned work program. Key points include:
- NZEC has 1.93 million acres of permits in New Zealand's Taranaki Basin with conventional and unconventional oil and gas opportunities.
- The planned work program focuses on increasing near-term production from existing wells in the Tikorangi and Mt. Messenger formations through recompletions and optimizations.
- Additional opportunities include drilling new wells in the Tikorangi formation to access undeveloped reserves and exploring deeper Kapuni Group targets with multi-TCF potential.
- 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.
Ur-Energy's March 2017 Corporate PresentationUr-Energy
The document provides an overview of Ur-Energy Inc., a uranium mining company with operations in Wyoming and development projects in Wyoming and South Dakota. It summarizes Ur-Energy's flagship Lost Creek project in Wyoming, which began production in 2013 and has produced over 2 million pounds of uranium through 2016. It also discusses Ur-Energy's Shirley Basin project in Wyoming, which has over 8.8 million pounds of resources identified. The document contains forward-looking statements about Ur-Energy's projects and the uranium market, and notes various risks and uncertainties involved.
SilverWillow Peters & Co. Limited 2013 Energy Conference Company Spotlight
SilverWillow Energy Corporation is a pre-production oil sands company focused on exploration and development opportunities in Alberta, Canada. It holds a 100% working interest in several oil sands leases, including its key Audet property. An independent assessment estimates the Audet property contains 1.85 billion barrels of discovered bitumen resources initially in place. SilverWillow plans to submit a regulatory application in late 2013 for a proposed 12,000 barrel per day commercial SAGD project at Audet designed to recover 120 million barrels over its lifetime. SilverWillow is also exploring additional potential from its Birch Mountains lands adjacent to the Frontier oil sands mine through seismic data acquisition and geological studies. The company has
Guyana Goldfields Inc. presents information on its Aurora Gold Mine in Guyana. It discusses plans to expand processing capacity which will increase annual gold production to an average of 270,000 ounces over the next five years. It also highlights exploration targets on its 200,000 acre land package that have potential to add open pit and underground resources. The document contains forward-looking statements and non-IFRS financial measures with risks and assumptions noted.
SilverWillow Energy Corporation is an oil and gas exploration company focused on developing in situ bitumen resources in Alberta's Athabasca oil sands region. The presentation provides an update on its key assets:
1) At its 100% owned Audet lands, an independent assessment estimated 1.8 billion barrels of discovered bitumen initially-in-place, with 84 million barrels assigned as contingent resources. Engineering studies validated the feasibility of commercial SAGD development at Audet.
2) Exploration work at its 100% owned Birch Mountains lands identified 13 prospective sections based on a 2013 seismic program.
3) The company has filed a regulatory application for a 12,000 bpd SAG
The document is a corporate presentation for Solaris Resources Inc., a copper exploration and development company. Some key points:
- Solaris has a large copper resource at its flagship Warintza project in Ecuador, with potential for over 100% resource growth.
- Warintza has robust economics as an open pit project with high grades and clean metallurgy. It is located near infrastructure.
- Solaris has established a social license to operate at Warintza through an impact and benefits agreement with local communities.
- The company aims to complete permitting for Warintza in late 2024, putting it on track for a rapid development timeline.
This document provides an overview of Pretium Resources' Brucejack gold project in British Columbia, Canada. Key points include:
- Brucejack has high-grade gold reserves of 6.9 million ounces in the Valley of the Kings and West Zone deposits.
- The project is expected to have an 18-year mine life producing an average of 404,000 ounces of gold per year.
- The feasibility study estimates strong project economics, with an after-tax IRR of 28.5% and NPV of $1.45 billion at a $1,100/oz gold price.
- Construction is planned to begin in 2015 pending permits, with the goal of achieving commercial production in 2017.
Similar to Rice Energy Investor Presentation - April 2014 (20)
The document summarizes five key facts about the recovery of US shale oil production:
1) Rig counts have increased by 90% since bottoming out in May 2016 and are up 30% year-over-year, signaling increased drilling and production capacity.
2) While decline rates remain steep, production profiles have increased substantially due to technological advances, meaning aggregate supply will be stronger.
3) Preliminary data shows that net new shale supply turned positive in December 2016 for the first time since March 2015, recovering just 7 months after rig counts increased.
4) Increased drilling activity is supported by a large stock of drilled but uncompleted wells, demonstrating the recovery and expansion of the shale sector.
5)
Quarterly legislative action update: Marcellus and Utica shale region (4Q16)Marcellus Drilling News
A quarterly update from the legal beagles at global law firm Norton Rose Fulbright. A quarterly legislative action update for the second quarter of 2016 looking at previously laws acted upon, and new laws introduced, affecting the oil and gas industry in Pennsylvania, Ohio and West Virginia.
An update from Spectra Energy on their proposed $3 billion project to connect four existing pipeline systems to flow more Marcellus/Utica gas to New England. In short, Spectra has put the project on pause until mid-2017 while it attempts to get new customers signed.
A letter from Rover Pipeline to the Federal Energy Regulatory Commission requesting the agency issue the final certificate that will allow Rover to begin tree-clearing and construction of the 511-mile pipeline through Pennsylvania, West Virginia, Ohio and Michigan. If the certificate is delayed beyond the end of 2016, it will delay the project an extra year due to tree-clearing restrictions (to accommodate federally-protected bats).
DOE Order Granting Elba Island LNG Right to Export to Non-FTA CountriesMarcellus Drilling News
An order issued by the U.S. Dept. of Energy that allows the Elba Island LNG export facility to export LNG to countries with no free trade agreement with the U.S. Countries like Japan and India have no FTA with our country (i.e. friendly countries)--so this is good news indeed. Although the facility would have operated by sending LNG to FTA countries, this order opens the market much wider.
A study released in December 2016 by the London School of Economics, titled "On the Comparative Advantage of U.S. Manufacturing: Evidence from the Shale Gas Revolution." While America has enough shale gas to export plenty of it, exporting it is not as economic as exporting oil due to the elaborate processes to liquefy and regassify natural gas--therefore a lot of the gas stays right here at home, making the U.S. one of (if not the) cheapest places on the planet to establish manufacturing plants, especially for manufacturers that use natural gas and NGLs (natural gas liquids). Therefore, manufacturing, especially in the petrochemical sector, is ramping back up in the U.S. For every two jobs created by fracking, another one job is created in the manufacturing sector.
Letter From 24 States Asking Trump & Congress to Withdraw the Unlawful Clean ...Marcellus Drilling News
A letter from the attorneys general from 24 of the states opposed to the Obama Clean Power Plan to President-Elect Trump, RINO Senate Majority Leader Mitch McConnel and RINO House Speaker Paul Ryan. The letter asks Trump to dump the CPP on Day One when he takes office, and asks Congress to adopt legislation to prevent the EPA from such an egregious overreach ever again.
Report: New U.S. Power Costs: by County, with Environmental ExternalitiesMarcellus Drilling News
Natural gas and wind are the lowest-cost technology options for new electricity generation across much of the U.S. when cost, public health impacts and environmental effects are considered. So says this new research paper released by The University of Texas at Austin. Researchers assessed multiple generation technologies including coal, natural gas, solar, wind and nuclear. Their findings are depicted in a series of maps illustrating the cost of each generation technology on a county-by-county basis throughout the U.S.
Annual report issued by the U.S. Energy Information Administration showing oil and natural gas proved reserves, in this case for 2015. These reports are issued almost a year after the period for which they report. This report shows proved reserves for natural gas dropped by 64.5 trillion cubic feet (Tcf), or 16.6%. U.S. crude oil and lease condensate proved reserves also decreased--from 39.9 billion barrels to 35.2 billion barrels (down 11.8%) in 2015. Proved reserves are calculated on a number of factors, including price.
The document is a report from the U.S. Energy Information Administration analyzing oil and gas production from seven regions in the U.S. It includes charts and tables showing historical and projected production levels of oil and gas from each region from 2008 to 2017, as well as metrics like the average production per rig. The regions - Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica - accounted for 92% of domestic oil production growth and all domestic natural gas production growth from 2011-2014.
Velocys is the manufacturer of gas-to-liquids (GTL) plants that convert natural gas (a hyrdocarbon) into other hydrocarbons, like diesel fuel, gasoline, and even waxes. This PowerPoint presentation lays out the Velocys plan to get the company growing. GTL plants have not (so far) taken off in the U.S. Velocys hopes to change that. They specialize in small GTL plants.
PA DEP Revised Permit for Natural Gas Compression Stations, Processing Plants...Marcellus Drilling News
In January 2016, Gov. Wolf announced the DEP would revise its current general permit (GP-5) to update the permitting requirements for sources at natural gas compression, processing, and transmission facilities. This is the revised GP-5.
PA DEP Permit for Unconventional NatGas Well Site Operations and Remote Piggi...Marcellus Drilling News
In January 2016, PA Gov. Wolf announced the Dept. of Environmental Protection would develop a general permit for sources at new or modified unconventional well sites and remote pigging stations (GP-5A). This is the proposed permit.
Onerous new regulations for the Pennsylvania Marcellus Shale industry proposed by the state Dept. of Environmental Protection. The new regs will, according to the DEP, help PA reduce so-called fugitive methane emissions and some types of air pollution (VOCs). This is liberal Gov. Tom Wolf's way of addressing mythical man-made global warming.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for December 2016. This issue makes a couple of key points re natural gas: (1) EIA predicts that natural gas production in the U.S. for 2016 will see a healthy decline over 2015 levels--1.3 billion cubic feet per day (Bcf/d) less in 2016. That's the first annual production decline since 2005! (2) The EIA predicts the average price for natural gas at the benchmark Henry Hub will climb from $2.49/Mcf (thousand cubic feet) in 2016 to a whopping $3.27/Mcf in 2017. Why the jump? Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports.
This document provides an overview of the natural gas market in the Northeast United States, including New England, New York, New Jersey, and Pennsylvania. It details statistics on gas customers, consumption, infrastructure like pipelines and storage, and production. A key point is that the development of the Marcellus Shale in Pennsylvania has significantly increased domestic gas production in the region and reduced its reliance on other supply basins and imports.
The Pennsylvania Public Utility Commission responded to each point raised in a draft copy of the PA Auditor General's audit of how Act 13 impact fee money, raised from Marcellus Shale drillers, gets spent by local municipalities. The PUC says it's not their job to monitor how the money gets spent, only in how much is raised and distributed.
Pennsylvania Public Utility Commission Act 13/Impact Fees Audit by PA Auditor...Marcellus Drilling News
A biased look at how 60% of impact fees raised from PA's shale drilling are spent, by the anti-drilling PA Auditor General. He chose to ignore an audit of 40% of the impact fees, which go to Harrisburg and disappear into the black hole of Harrisburg spending. The Auditor General claims, without basis in fact, that up to 24% of the funds are spent on items not allowed under the Act 13 law.
The final report from the Pennsylvania Dept. of Environmental Protection that finds, after several years of testing, no elevated levels of radiation from acid mine drainage coming from the Clyde Mine, flowing into Ten Mile Creek. Radical anti-drillers tried to smear the Marcellus industry with false claims of illegal wastewater dumping into the mine, with further claims of elevated radiation levels in the creek. After years of testing, the DEP found those allegations to be false.
FERC Order Denying Stay of Kinder Morgan's Broad Run Expansion ProjectMarcellus Drilling News
The Federal Energy Regulatory Commission denied a request to stay the authorization of Tennessee Gas Pipeline Company's Broad Run Expansion Project. The Commission found that the intervenors requesting the stay did not demonstrate they would suffer irreparable harm if the project proceeded. Specifically, the Commission determined that the environmental impacts to forest and a nearby animal rehabilitation center would be insignificant. Additionally, conditioning authorization on future permits did not improperly encroach on state authority. Therefore, justice did not require granting a stay.
08072024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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Article in The Times of Israel by Andy Blumenthal:
This past Independence Day, a disgraceful, vile shadow fell over our celebrations. We witnessed so-called "protests" erupt again in violence, filled with smoke bombs, flag burning, and calls for intifada, "death to America," and violent jihad "by any means necessary." These weren't demonstrations for change; they were hateful displays demanding the overthrow of our nation and its core values.
We are a nation built on inclusion and respect for diverse opinions. But tolerance has its limits. When our communities, campuses, and cities are overrun by those who seek to tear down everything we've built, we must act.
Those who are here illegally or are on visas and cannot live peacefully forfeit the right to remain here. Deportation is a necessary conversation, a way to protect our nation from those who threaten its very core.
The Mystery of David Muir’s Marital Status_ A Deep Dive into the Elusive Love...Phil Heath
David Muir, the renowned World News Tonight anchor and esteemed journalist, has captivated audiences with his compelling reporting and charismatic presence. But amidst his soaring career and public life, one question remains shrouded in mystery: is David Muir married? As we delve into the intricacies of his private life, a complex tapestry of rumors, speculations, and subtle hints emerges, leaving the public curious and intrigued.
Sources of Indian Constitution: "Bag of Borrowings"Gurjant Singh
The Indian Constitution is often referred to as a "Bag of Borrowings" because it draws from a wide array of sources and global practices to form its comprehensive framework. This eclectic approach enabled the framers to incorporate the best elements suited to India's unique socio-political context. Major influences include the Government of India Act, 1935, which provided the basic administrative structure; the British Constitution, which inspired the parliamentary system and rule of law; the U.S. Constitution, from which the concepts of fundamental rights and judicial review were adopted; the Irish Constitution, which influenced the Directive Principles of State Policy; and the Canadian Constitution, which shaped the federal structure with a strong central authority. Additionally, aspects like emergency provisions were inspired by the Weimar Constitution of Germany, and the idea of a concurrent list came from the Australian Constitution. This diverse borrowing has endowed the Indian Constitution with a balanced blend of flexibility and rigidity, ensuring it addresses the aspirations and needs of its people effectively.
Conquering Load Balancing: Experiences from ScyllaDB DriversScyllaDB
Load balancing seems simple on the surface, with algorithms like round-robin, but the real world loves throwing curveballs. Join me in this session as we delve into the intricacies of load balancing within ScyllaDB Drivers. Discover firsthand experiences from our journey in driver development, where we employed the Power of Two Choices algorithm, optimized the implementation of load balancing in Rust Driver, mitigated cloud costs through zone-aware load balancing and combated the issue of overloading a particular core of ScyllaDB. Be prepared to delve into the practical and theoretical aspects of load balancing, gaining valuable insights along the way.
Let's cook populism! A recipe from HungaryGábor Polyák
The presentation was the keynote speech of the Weizenbaum Institute's workshop Understanding Demecracy and Illiberal Communication. It shows what lessons from the Hungarian illiberal transformation are useful or threatening for other countries, and what lessons are unique to the Hungarian system.
28 जून को मुंबई के माहिम स्थित सेंट माइकल चर्च में 1 जुलाई से लागू हुए तीन आपराधिक कानूनों पर चर्चा का आयोजन किया गया। तीन नए आपराधिक कानून ‘भारतीय नागरिक सुरक्षा संहिता (बीएनएसएस) अधिनियम 2023’, ‘भारतीय न्याय संहिता (बीएनएस) अधिनियम 2023’ और ‘भारतीय साक्ष्य अधिनियम (बीएसए) अधिनियम 2023’ ने भारतीय दंड संहिता, 1860, दंड प्रक्रिया संहिता और भारतीय साक्ष्य अधिनियम की जगह ली है।
01072024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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INGRADINATS OF A SUCCESSFUL POLICY - Copy (1).docxJIT KUMAR GUPTA
Policies and planning form integral part of governance of any nation, state and community. Every state, region and city must have an overarching policy dedicated to promoting universal good, prosperity, equity and quality of life of both existing and future population going to live in the given geographical area. Policies are the outcome of the vision and approach adopted/stated/declared by the group governing any geographical entity. In the political system, it is invariably the ruling party , which remains, primarily and essentially, involved in formulation and implementation of policies. In a democratic system of governance, policy formulation falls in the domain of party elected/voted to power through the process of election. In the other systems , it is the entity/people who exercise power and authority, by virtue of the system put in place for governing the state/nation. In majority of cases, basic agenda , aim and objective of any policy framed by the governance structure, is to ensure that ruling entity remains perpetually in power. Against this objective, all policies put in place focus on empowering people in power and intend to make ordinary citizens happy and supportive of the policies put in place.Majority of nations and communities are suffering from the malaise of irrational policies formulation at the state and the local level, which are embedded with distortions.Many communities , nations and states also suffer from policy paralysis.Policy formulation must define, intent, contents, scope, specify goals and objectives to be achieved; communities to be addressed; process of implementation, time-frame for implementation and expected outcome; for evaluation etc. Wrong policies are known to damage the basic fabric of the society whereas policies addressing universal good framed in a transparent manner are known to elevate the nations and communities.
Recent Changes in Foreign Relations between Nepal and Chinaarora90avinash
The intricacies between China and Nepal relations have been historical. Both nations come to the fore when talking about border disputes. Recently, the political scenario has seen a shift with China’s advancement in bolstering Nepal’s circumstances. China endeavored to nurture unity and open a myriad of routes to assist Nepal at every front. Currently, it is assisting in the following ways:
2. 2
Cautionary Statements
FORWARD-LOOKING STATEMENTS
This presentation and the oral statements made in connection therewith may contain “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 fact, regarding Rice Energy’s strategy, future operations, financial position, estimated revenues and
income/losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements often include the words “could,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These
forward-looking statements are based on Rice Energy’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of
future events. Rice Energy assumes no obligation to and does not intend to update any forward looking statements included herein. Rice Energy cautions you that these forward-looking statements
are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond their control, incident to the exploration for and development, production,
gathering and sale of natural gas, natural gas liquids and oil. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production
equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas reserves and in projecting future rates of
production, cash flow and access to capital, the timing of development expenditures, and the other risks described under “Risk Factors” in Rice Energy’s Form 10-K filed on March 21, 2014 and
other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Rice Energy’s actual
results and plans could differ materially from those expressed in any forward-looking statements.
This presentation has been prepared by Rice Energy and includes market data and other statistical information from sources believed by Rice Energy to be reliable, including independent industry
publications, government publications or other published independent sources. Some data are also based on Rice Energy’s good faith estimates, which are derived from its review of internal
sources as well as the independent sources described above. Although Rice Energy believes these sources are reliable, it has not independently verified the information and cannot guarantee its
accuracy and completeness.
NON-PROVEN OIL AND GAS RESERVES
The SEC permits oil and gas companies, in their filings with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable
certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions and certain probable and possible reserves that meet the SEC’s definition for
such terms. We may use certain broader terms such as "EUR" (estimated ultimate recovery of resources), and we may use other descriptions of volumes of potentially recoverable hydrocarbon
resources throughout this presentation that the SEC does not permit to be included in SEC filings. These broader classifications do not constitute "reserves" as defined by the SEC, and we do not
attempt to distinguish these classifications from probable or possible reserves as defined by SEC guidelines.
Our estimates of EURs have been prepared by our independent reserve engineers. 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, particularly in areas or zones where there has been limited or no drilling history. We include these estimates to
demonstrate what we believe to be the potential for future drilling and production by the company. Actual locations drilled and quantities that may be ultimately recovered from our properties will
differ substantially. In addition, we have made no commitment to drill all of the drilling locations which have been attributed to these quantities. Ultimate recoveries will be dependent upon
numerous factors including actual encountered geological conditions, the impact of future oil and gas pricing, exploration and development costs, and our future drilling decisions and budgets
based upon our future evaluation of risk, returns and the availability of capital and, in many areas, the outcome of negotiation of drilling arrangements with holders of adjacent or fractional interest
leases. Estimates of resource potential and other figures may change significantly as development of our properties provide additional data and therefore actual quantities that may ultimately be
recovered will likely differ from these estimates.
Our forecast and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells, the undertaking and outcome of future
drilling activity and activity that may be affected by significant commodity price declines or drilling cost increases.
3. 3
Rice Energy – Concentrated Core Position
Fayette
Preston
Monongahela
Greene
Washington
Allegheny
Washington
Butler
Marshall
Wetzel
Marion
Harrison Taylor
Doddridge
Tyler
Washington
Wood
Pleasants
Ritchie Barbour
Tucker
Somerset
Belmont
Monroe
Harrison
Jefferson
Carroll
Columbiana
Tuscarawas
Guernsey
Noble
Morgan
Muskingum
Coshocton
Holmes
StarkWayne
Westmoreland
Blair
Athens
Allegany
Ohio
Brooke
HQ
Marcellus/Upper Devonian
Net acres at 12/31/13(1): ~43,000
1Q14 est. net production (MMcf/d): 205-210
Net Risked Locations(2): 536 (325 Marcellus, 211 Upper Devonian)
Current Rigs: 4 (2 top hole + 2 horizontal)
Pennsylvania
Ohio
Utica
Net acres at 12/31/13: ~47,000
Net Risked Locations(2): 233
Current Rigs: 2 (1 top hole + 1 horizontal)
Rice Energy
Net acres at 12/31/13: ~90,000
1Q14 est. net production (MMcf/d): 205-210
Net Risked Locations(2): 769
Current Rigs: 6 (3 top hole + 3 horizontal)
West Virginia
__________________________
1. Approximately 39,020 gross (36,932 net) acres in the Marcellus Shale is also prospective for the Upper Devonian Shale. The Upper Devonian and the Marcellus Shale are stacked formations within the same geographic footprint.
2. See slide entitled “Additional Disclosures” on detail regarding Rice’s methodology for the calculation of net unrisked and risked locations
5. 5
325
180
53
125
54
16
450
235
69
0
100
200
300
400
500
Marcellus Utica Dry Utica Wet
Risked Locations Unrisked Locations
Rice Energy Net Drilling Inventory (2)
104%
70%
119%
0%
20%
40%
60%
80%
100%
120%
Marcellus Utica Dry Utica Wet
__________________________
1. Assumes $40.00 per Bbl NGL.
2. See slide entitled “Additional Disclosures” on detail regarding Rice’s methodology for the calculation of net unrisked and risked locations
3. Three wells currently shut-in as of 3/31/13.
4. Defined as total drilling and completion capital expenditures for the period divided by PDP and PDNP volumes after adding back production for the period. Rice pro forma for ASR buy-in.
IRR
Rice Energy Well Economics @ $4.00 / MMBtu NYMEX (1)
Net Drilling Locations
Extensive drilling inventory of low risk, high return projects
Rice believes the most critical component of creating
shareholder value is repeatedly delivering high single well
returns
Driven by production and costs
Sustained, prolific production
Our Marcellus wells have an average 180-day IP of
~9.0 MMcf/d, ~1.6 Bcf cumulative, with an average
lateral length of 5,275’
Our Marcellus wells have an average 360-day IP of
~7.4 MMcf/d, ~2.7 Bcf cumulative, with an average
lateral length of 4,876’
Low cost structure
Historically achieved $1.09/Mcf proved developed
F&D(4) and $1,640 per lateral foot D&C cost
Our D&C costs have continued to trend down as a
result of pad drilling and longer laterals and our 3
Hulk wells (9,000’ laterals) averaged $1,165 per
lateral foot
Rice – A Returns Focused Company
PV-10 ($mm, 100% WI)
Undiscounted Payback
$8.5mm
1.0 yrs
$19.6mm
1.0 yrs
$13.4mm
1.2 yrs
NRI HZ Ft Inventory 2.2mm ft. 0.5mm ft.1.8mm ft.
Lateral Length Assumed 6,000’ 9,700’9,700’
7. 7
Why Invest in Rice?
100% of Leasehold in Core of Marcellus and Utica
Owned and Operated Gathering and Water Midstream
Infrastructure Supports Our Upstream Operations
Differentiated Technical Approach Has Led to Industry Leading Well Results
Conservative Financial and Hedging Approach to Protect Downside and
Lock-In Attractive Returns
Nimble and Incentivized Management and Technical Teams
Top-Tier Growth With Attractive Risk-Adjusted Return Profile
Firm Transportation Contracts De-risk Production Growth,
Ensure Takeaway and Limit Appalachian Basis Exposure
9. 9
43,351 net acres in the southwestern core
• 48% held by production with an
additional 36% not expiring until 2017
or later
• Expect to hold substantially all of our
core acreage under our current
development plan
• The Upper Devonian and Marcellus
are stacked formations within the same
geographic footprint, substantially all
of our acreage is also prospective for
the Upper Devonian
Drilled and completed 44 horizontal wells
as of March 31, 2013
• Average Marcellus initial 120-day
production rates of 9.9 MMcf/d
519 total net risked identified drilling
locations, 325 in the Marcellus and 194 in
the Upper Devonian
Average working interest of 95% (100%
operated)
March 2014 average net production of
~230 MMcf/d
Marcellus Overview
_________________________
Note: Wells shown are all Marcellus wells turned to sales in 2013 and 2014 YTD.
Marcellus Well ResultsSummary
Sustained prolific production rates over a 6-month period
Allegheny
Washington
Greene
PA
OH
WV
Rice Energy Acreage
X-Man Pad – 2 Wells
Avg 180 Day IP: 12.8 MMcf/d
Avg Lateral Ft: 7,410’
Thunder 2 Pad – 2 Wells
Avg 180 Day IP: 12.0 MMcf/d
Avg Lateral Ft: 9,006’
Lusk Pad – 2 Wells
Avg 180 Day IP: 10.2 MMcf/d
Avg Lateral Ft: 5,780’
AU2 Pad – 2 Wells
Avg 180 Day IP: 8.8 MMcf/d
Avg Lateral Ft: 5,921’
Brova 1H
Avg 180 Day IP: 9.5 MMcf/d
Lateral Ft: 3,552’
Amigos Pad – 3 Wells
Avg 120 Day IP: 11.7 MMcf/d
Avg Lateral Ft: 6,317’
Big Daddy Pad – 2 Wells
Avg 180 Day IP: 6.7 MMcf/d
Avg Lateral Ft: 3,150’
Hulk Pad – 3 Wells
Avg 120 Day IP: 15.7 MMcf/d
Avg Lateral Ft: 9,000’
Mono 4H
Avg 482 Day IP: 11.2 MMcf/d
5.4 Bcf produced in 16 months
Lateral Ft: 6,233’
Whipkey 1H
Avg 180 Day IP:10.5 MMcf/d
Avg Lateral Ft: 6,655’
2012 2013 2014
Gotham Pad – 4 Wells
Avg 60 Day IP:12.6 MMcf/d
Avg Lateral Ft: 6,691’
10. 10
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
0 200 400 600 800 1,000 1,200 1,400 1,600 1,800
Peer-Leading Results with Strong Production Profiles
__________________________
1. Rice Energy days online based on producing days, peer data based on Pennsylvania Department of Environmental Protection production reports as of December 31, 2013.
Producing wells have exhibited strong production profiles compared to those of Marcellus peers
D&C strategies have resulted in consistently higher cumulative production and cash flows on a per well basis
Rice Marcellus
Rice Upper Devonian
Peer Wells
Washington & Greene Counties Cumulative Production vs. Time (1)
Cumulative Production (Bcfe)
Days Online
11. 11
Rapidly Growing Production in a Capital Efficient Manner
Rice reached 300 MMcf/d of gross operated production with fewer wells than any company over the last 30 years
Nearly linear production growth an outcome of committed takeaway capacity and repeatable well results
Rice is focused on being the most capital efficient operator in the Marcellus, not the biggest
Rice
308 MMcf/d
41 Wells (1)
Rice is drilling the biggest wells and growing production faster than its peers while maintaining a
healthy balance sheet
__________________________
Note: Based on management analysis of Pennsylvania Department of Environmental Protection production reports.
1. Rice’s gross operated production surpassed 300 MMcf/d in February 2014. At that time, Rice had brought 44 gross wells online and had 3 wells shut-in.
GrossDailyProduction(Mcf/d)
12. 12
Offset Operator
2 wells, 6,000’ lateral avg
Missed richest zone
Inconsistent rock stage to stage
Screened out on 20% of stages
Rice Energy
2 wells, 6,000’ lateral avg
In 3’ window for entire lateral
Most brittle + gas rich zone
Completion pumped as designed
Avg Production per Well
Peak IP: 6.0 MMcf/d
6 Month Avg: 2.8 MMcf/d
Avg Production per Well
Peak IP: 20.0 MMcf/d
6 Month Avg: 10.2 MMcf/d
Pads Drilled 2 Miles Apart
Rice Energy
Two 6,000’ Laterals
Offset Operator
Two 6,000’ Laterals
Within a localized geologic area, performance variability is mostly attributable to operator execution; not rock quality
Our lateral placement accuracy has yielded higher productivity and greater consistency in productivity versus our peers’ efforts
Differentiator #1: Proficiency with Lateral Placement
In Target zone
Washington County, PA
Rice is able to achieve consistent and predictable results by using the same methodical approach
13. 13
2,019
1,885
1,685 1,613 1,554 1,516
1,380 1,373 1,336 1,316 1,284 1,249 1,246 1,198 1,196 1,170 1,157 1,156 1,138 1,042 1,021 1,015 1,002
883
0 lb
1,000 lb
2,000 lb
3,000 lb
Pounds per Lateral Foot
Differentiator #2: Early Adopter of New Services & Techniques
__________________________
Note: Marcellus wells in Pennsylvania completed since 2010, PA DEP data, company analysis.
205
255 256 256 258 266 272 285 287 294 294 295 295 307 313 316 317 323 332
357 366 368
452
474
502
0'
200'
400'
600'
Feet per Stage
Average Frac Stage Length
150-250’ stages since first HZ well in 2010… long before this technique became an industry buzzword
Strong correlation between sand concentration and production
Rice executes the same methodical approach since its first horizontal well in 2010 and was early to
identify the benefits of new oilfield services and techniques
Other Marcellus Operators
Rice
Marcellus / Utica Peers
Other Marcellus Operators
Rice
Marcellus / Utica Peers
Average Sand Concentration
14. 14
0
2
4
6
8
10
12
14
16
0 1 yrs 2 yrs 3 yrs
Actual Production - Historical Average NSAI - 6,000' Lateral
Type Well Economics (2)
1.94 Bcf / 1,000’ Type Curve (1)
IRR Sensitivity (3)
30%
61%
104%
162%
236%
52%
77% 135%
169%
$3.00 $3.50 $4.00 $4.50 $5.00
0%
50%
100%
150%
200%
250%
NYMEX ($ / MMBtu)
Rice’s Marcellus Shale Type Curve
___________________________
1. Represents gross type curve. Actual production is normalized to 6,000’ laterals. Normalized production excludes six wells; five due to suboptimal spacing to offset producing wells and one well excluded because majority of lateral was
drilling in suboptimal zone (second Marcellus well in Company’s history). Data has been adjusted to reflect only producing days.
2. Based on $4.00/MMBtu and 100% WI. Net horizontal feet calculation based on net revenue interest assuming a 18.5% average royalty interest in the Marcellus.
3. IRR is net to Rice’s ownership interest. Hedged IRR assumes 50% of production hedged at $4.00/MMBtu in the first year and 25% of production hedged at $4.00/MMBtu in the second year.
All new wells are produced on
restricted choke program
Hedged IRRUnhedged IRR
Net Unrisked Locations 450
NRI HZ Ft. Inventory 2.2mm ft.
PV-10 ($mm) $8.5
IRR 104%
Undiscounted Payback 1.0 yrs
D&C ($mm) $8.0
Type Curve Assumptions
120-Day IP (MMcf/d) Pre-Processed 13.4
Bcf / 1,000' 1.94
Average Lateral Length 6,000
NGL Yield (Bbls / MMcf) -
Gas Mmbtu (Pre-Processed) 1,050
Gas Shrink 0%
Gross EUR (Bcfe, Post-Processing) 11.6
% Gas 100%
MMcf/d
15. 15
172,744
394,555
47,796
442,351
–
100,000
200,000
300,000
400,000
500,000
2013 2014
Marcellus Utica
Highly Visible Production Growth in 2014
~270,000 NRI horizontal feet scheduled for first sales in 2014, of which ~85% or ~230,000 horizontal feet were in progress as of March 2014
Similarly, 2014 development fuels 2015 production growth
__________________________
Note: Feet in progress denotes horizontal feet from wells spud but not yet producing.
NRI Horizontal Feet Bridge (12/31/13 – 12/31/14)
184,491
42%
85,116
19%
Producing In Progress 2014
2014 Scheduled Development
NRI Producing Horizontal Feet, by Area
Utica - 2 Rigs Marcellus - 4 Rigs
Greene County, PA Washington County, PA
Producing
Drilling/Completing
On Schedule
Greene
Washington
Belmont
GPOR
Non-Op
172,744
39%
17. 17
Utica: Quickly Becoming Another Premier North American Play
__________________________
1. Data per RigData as of March 14, 2014.
Growth and Development
Horizontal rig count has dramatically increased
due to recent results and activity continues to
shift towards the Utica core
Rice has partnered with one of the most active
and proven operators in the play, Gulfport
Energy (NYSE: GPOR)
• Gulfport and Rice’s acreage positions are
very complementary, leading to substantial
drilling cost savings
• Rice is able to leverage off of Gulfport’s
learning curve
Utica Rigs Over Time (1)
Rig count continues to grow and rig activity is shifting towards the core area in Belmont and Monroe counties
Infrastructure Build-out
Active build-out of midstream infrastructure to
support production in the Utica
Take-away capacity out of the Appalachian
Basin will continue to improve
• The proposed reversal of the Rockies
Express pipeline could add significant take-
away capacity
Rice’s production is expected to be substantially
all dry gas and enables multiple take-away
options
November 2012 March 2014
Utica
Fairway
Utica
Core
Competitor Horizontal Rigs
Rice Acreage Position
Dry Gas Line
Rice Horizontal Rig
Marcellus
Fairway
Marcellus
Core
Utica
Fairway
Utica
Core
Marcellus
Fairway
Marcellus
Core
18. 18
Industry Results Confirm our Position in the Utica Core
Very consistent well results from offset operators clearly
define Point Pleasant Core in the southern portion of the
play
Offset operators’ results, from the likes of Gulfport and
Antero, tie extremely well with internal geologic model
Rice Energy has captured 46,488 net acres in what is
potentially the highest volume shale play in the country
Development is underway on initial pads (stars)
Initial test results for Bigfoot 9H in second quarter 2014
Utica
Core
IP Results Sized and Color-Coded >30 MMcfe/d
20-30 MMcfe/d
10-20 MMcfe/d
5-10 MMcfe/d
0-5 MMcfe/d
__________________________
Note: Initial production rates are based on operator announcements and public filings.
Gulfport: 1 well
IP: 30 MMcfe/d (in sales)
Gulfport: 2 Wells
IP: 29 - 45 MMcfe/d
Eclipse: 1 well
IP: 20 MMcfe/d
TUSCARAWAS
Rex: 3 Wells
IP: 18 - 19 MMcfe/d
Rice Acreage
Rice: 1 well
Bigfoot 9H
Reached TD
Mid-March
Rice: 2 wells
Blue Thunder 10H, 12H
Drilling Ahead
Hess: 1 well
IP: 25 MMcfe/d
Gulfport: 1 well
IP: 21 MMcf/d
Avg 14 MMcfe/d in Q3 ‘13
Antero: 5 wells
IP: 37 – 53 MMcfe/d (peak)
Antero: 2 wells
IP: 20 – 22 MMcfe/d
Rice’s acreage is offset by some of the largest producing wells in the Utica
Magnum Hunter: 1 Well
IP: 32 MMcfe/d
19. 19
High Volume Wells Predicted by Geologic Model
Consistent offset operators’ strong well results and high quality reservoir and geologic
characteristics should equate to low risk and highly productive well results
• Offset operator production results mirror Rice’s internal geologic model
• Core Features: Strong Point Pleasant porosity, impermeable Utica cap, highly overpressured
Increased capital spending by the industry confirms Rice’s belief that the Utica is one of the premier
and highest quality shale plays in North America
Initial data from pilot hole in Belmont County very encouraging:
• Porosity > 14% in our target interval translates into strong results
• Severely overpressured: Pressure Gradient > 0.8 psi/ft
• Flowed substantial gas unstimulated while drilling pilot hole through the Point Pleasant
North South
6 MMcfe2 MMcfe 8 MMcfe 12 MMcfe 30 MMcfe
0%
6%
Rice Belmont
Leasehold
Porosity
12%
__________________________
Note: Initial production rates are based on operator announcements and public filings.
20 MMcfe1 MMcfe Pending Results
Utica
Point Pleasant Core
Rice Energy controls ~46,488 net acres in the heart of the high porosity Point Pleasant core in Belmont County
Point Pleasant Core
Belmont + Monroe Counties
30+ MMcfe/d
20-30 MMcfe/d
10-20 MMcfe/d
5-10 MMcfe/d
0-5 MMcfe/d
CRAWFORD MERCERERIE BEAVER COLUMBIANA CARROLL JEFFERSON BELMONT MONROE WASHINGTON ATHENSMERCER WASHINGTON
20. 20
Rice-Gulfport Belmont County Development Agreement
Rice and Gulfport Energy entered into a Development Agreement
covering an Area of Mutual Interest in the core of the Utica
• Contiguous acreage immediately creates a more drillable position to
provide development and unit visibility
• Mutually beneficial, coordinated effort allows for shared learning in
development, leasing and infrastructure
Management teams are dedicated to the science and execution of low
risk, repeatable results
• Gulfport has three of the highest producing wells in Belmont
County, the Shugert 1-12H, Irons 1-4H and Shugert 1-1H
AMI
~50,000 net acres
Marshall
Ohio
Belmont
Monroe
Noble
Jefferson
Harrison
Tuscarawas
Guernsey
Brooke
Rice Operated
~69% Rice
Participating Interest
Gulfport Operated
~57% GPOR
Participating Interest
Rice’s AMI partnership provides the opportunity to leverage Gulfport’s Utica experience and realize substantial
cost synergies
Areas: The agreement is divided up into two areas and each party’s
participating interest is based on the amount of acreage they own
• Rice Operated Northern Contract Area (~27,000 net acres)
o Townships: Goshen & Smith
o Net Acres & Participating Interest: Rice ~18,400 & ~69% /
Gulfport ~8,400 & 31%
• Gulfport Operated Southern Contract Area (~23,000 net acres)
o Townships: Washington & Wayne
o Net Acres & Participating Interest: Rice ~9,700 & ~43% /
Gulfport ~13,100 & 57%
Term: The agreement has a term of ten years and is terminable upon 90
days notice by either party
Terms of the Agreement
Acreage MapOverview
21. 21
Utica Dry – Type Well Economics (1) Utica Dry – IRR Sensitivity (2)
Rice’s Utica Well Economics
___________________________
1. Based on $4.00/MMBtu and 100% WI. Net horizontal feet calculation based on net revenue interest assuming a 20% average royalty interest in the Utica.
2. IRR is net to Rice’s ownership interest. Hedged IRR assumes 50% of production hedged at $4.00/MMBtu in the first year and 25% of production hedged at $4.00/MMBtu in the second year.
21%
41%
70%
108%
155%
33%
51% 91%
115%
$3.00 $3.50 $4.00 $4.50 $5.00
0%
50%
100%
150%
200%
NYMEX ($ / MMBtu)
Hedged IRRUnhedged IRR
Net Unrisked Locations 235
NRI HZ Ft. Inventory 1.8mm ft.
PV-10 ($mm) $13.4
IRR 70%
Undiscounted Payback 1.2 yrs
D&C ($mm) $14.0
Type Curve Assumptions
120-Day IP (MMcf/d) Pre-Processed 17.1
Bcf / 1,000' 2.25
Average Lateral Length 9,700
NGL Yield (Bbls / MMcf) -
Gas Mmbtu (Pre-Processed) 1,080
Gas Shrink 0%
Gross EUR (Bcfe, Post-Processing) 21.8
% Gas 100%
Utica Wet – Type Well Economics (1) Utica Wet – IRR Sensitivity (2)
57%
85%
119%
160%
210%
78%
98% 142%
166%
$3.00 $3.50 $4.00 $4.50 $5.00
0%
50%
100%
150%
200%
250%
NYMEX ($ / MMBtu)
Hedged IRRUnhedged IRR
Net Unrisked Locations 69
NRI HZ Ft. Inventory 0.5mm ft.
PV-10 ($mm) $19.6
IRR 119%
Undiscounted Payback 1.0 yrs
D&C ($mm) $14.0
Type Curve Assumptions
120-Day IP (MMcf/d) Pre-Processed 15.2
Bcf / 1,000' 2.00
Average Lateral Length 9,700
NGL Yield (Bbls / MMcf) 40
Gas Mmbtu (Pre-Processed) 1,200
Gas Shrink 15%
Gross EUR (Bcfe, Post-Processing) 21.1
% Gas 78%
23. 23
NFG
Ohio
River
Monongahela
River
TCO –
Columbia Gas
Basis to NYMEX
May ‘14
-$0.09
TETCO-M2
Basis to NYMEX
May ‘14
-$0.35
DTI –
Dom. South
Basis to NYMEX
May ‘14
-$0.59
Rice Acreage
Belmont
Jefferson
Harrison
Monroe
Brooke
Hancock
Ohio
Marshall
Greene
MonongaliaWetzel
Washington
Allegheny
Fayette
Pipeline and Basis Overview
Basis Strip Prices as of 3/31/14
Access to multiple long-haul pipelines and substantial firm transportation contracts support production growth
and provides basis/pricing diversification
Firm Transportation/Sales & Associated Basis (1)
~65% of FT outside of Appalachia by 2016 Pennsylvania long-haul access – Columbia, DTI, TETCO
Ohio long-haul access – DEO, REX, TETCO
__________________________
1. These amounts include approximately 115,000 MMBtu/d of firm sales contracted with a third party through October 2017, subject to annual renewal.
2. As of 3/31/2014.
($0.04)
MMBtu/d
Basis Strip Prices (Discount to NYMEX) (2)
330
654
761
-
200
400
600
800
2014 2015 2016
TCO M2 Dom S M3 Michcon ELA HHUB
$(1.50)
$(1.00)
$(0.50)
$-
$0.50
$1.00
$1.50
$2.00
TCO M2 Dom S
M3 Michcon ELA
24. 24
Midstream Infrastructure Overview
Highlights
As of December 31, 2013, our owned and operated system comprised of
the following:
• Gas gathering pipeline system with 1.5 Bcf/d throughput capacity
• 27 miles of high-pressure gathering pipelines
• 33 miles of high-density polyethylene pipelines for transporting water
Provides the ability to efficiently bring wells online, mitigates the risk of
unplanned shut-ins and creates pricing and transportation optionality
• Connected to multiple large pipelines: Columbia, DEO, DTI, REX,
TETCO
• Continue to expand our Pennsylvania gathering system congruent
with our future development plans
• Recently announced an acquisition of 28 miles of high pressure
gathering pipelines in Washington and Greene counties
Committed to owning and operating midstream assets to ensure off-take capacity from the wellhead
Rice Gathering and Water System
We will replicate the strategy deployed in Pennsylvania of owning and
operating our own midstream system in Ohio
• Expect to have our gathering system in Belmont County substantially
complete by Q2 2015
• Plan to invest $375 million in midstream infrastructure, including our
~$110 million Momentum acquisition, in 2014
Focused on securing long haul firm transport (FT) and firm sales (FS)
takeaway capacity to provide certainty of sales
• Heavy investment from 3rd party off-takers will provide additional
flexibility for long haul transportation & storage
• We continue to identify and acquire additional takeaway capacity to
facilitate production growth
Development Plans
Washington
Greene
Belmont
Momentum Acquisition
26. 26
Focus on financial flexibility provides downside protection, especially in commodity price down-cycle
Operate vast majority of our properties to control timing, execution and cost of our drilling program
Maintain a minimum of $200 million of liquidity, consisting of cash on hand and borrowing base availability
Pro forma for the Senior Unsecured Notes, we will have $1,099 million of liquidity (as of 12/31/13)
Expect borrowing base to increase meaningfully as a result of successful drilling program
Focus on
Financial
Flexibility
Acreage strategy driven by quality over quantity
Built leasehold position through carefully selected and privately negotiated acreage acquisitions and low risk bolt-on
opportunities; leasehold budget is highly discretionary and will be deployed opportunistically
Targeting the core of the Marcellus and Utica with single well IRRs of 70% - 119% and break even pricing between
$1.84 - $2.82 per Mcfe
Maintain
Conservative
Business
Model
Committed to building and owning midstream infrastructure to meet our production growth
Allows us to commercialize our production more quickly and provides us with a competitive advantage in acquiring bolt-
on acreage
Will continue to enter firm transport and firm sales agreements to assure access to market and diversify basis exposure
Over 80% of 2014E gross production contracted through firm transport or firm sales agreements
Midstream
Infrastructure
Emphasis
Goal of protecting near-term financial commitments from sudden changes in commodity prices
Typically hedge 50% of forecasted production for up to two years out
71.3 Bcf of natural gas production hedged for 2014 at a weighted average index floor price of $4.06 per MMBtu (1)
59.1 Bcf of natural gas production hedged for 2015 at a weighted average index floor price of $4.05 per MMBtu
Active
Commodity
Hedging
Program
Financial Policy
__________________________
1. Hedges as of 3/31/14.
27. 27
Commodity Hedging Philosophy
We employ financial instruments (primarily swaps and costless collars) to mitigate commodity price risk
Assures a base level of cash flow to reinvest in growth
Typically target hedging of 50% of forecasted production for up to two years out
Add incremental hedges opportunistically beyond two years
Utilize our bank group as counterparties to avoid cash collateral and margin calls
Detailed Hedge Position (1)
__________________________
1. Hedges as of 3/31/14.
2. The index prices for the natural gas price swaps, collars and puts are based on the NYMEX – Henry Hub last trading day futures price.
2014 2015 2016 2017
NYMEX
Natural Gas Swaps (2)
Volume (BBtu/d) 162 92 99 60
Price ($/MMBtu) $4.12 $4.16 $4.20 $4.24
Natural Gas Collars (2)
Volume (BBtu/d) 10 70 - -
Ceiling Price ($/MMBtu) $5.80 $4.68 N/A N/A
Floor Price ($/MMBtu) $3.00 $3.91 N/A N/A
Natural Gas Puts (2)
Volume (BBtu/d) 23 - - -
Strike Price ($/MMBtu) $4.55 - - -
Put Premium ($/MMBtu) $0.45 - - -
Basis
TCO
Volume (BBtu/d) 40 35 8 -
Swap Price ($/MMBtu) ($0.24) ($0.42) ($0.44) N/A
Dominion South Point / M3
Volume (BBtu/d) 4 25 21 -
Swap Price ($/MMBtu) ($0.79) ($0.79) ($0.79) N/A
28. 28
2014 Guidance
Capital Expenditure
Budget by Type
Drilling & Completion Capital
Expenditure Budget by Area
Net Wells Turned to
Sales by Area (2)
Marcellus,
37, 84%
Utica,
7, 16%
Drilling,
$580, 47%
Leasehold,
$385, 31%
Midstream,
$265, 22%
Marcellus,
$430, 74%
Utica,
$150, 26%
44 Wells$1,230mm (1) $580mm
___________________________
1. Excludes acquisition capital expenditures of $300 million for ASR buy-in and ~$110 million for Momentum acquisition in 2014.
2. Represents net wells drilled that become revenue producing.
2014 Guidance
Income Statement Guidance Low High
Total Net Production (MMcfe/d) 260 310
% Dry Gas 100% 100%
Heat Content (Btu/Scf) 1,050
Lease Operating Expense ($/mcfe) (0.40)$ (0.35)$
Gathering & Transportation ($/mcfe) (0.55)$ (0.45)$
Production Taxes and Impact Fees ($/mcfe) (0.03)$ (0.02)$
Cash G&A ($mm) 40$ 35$
1,050
29. 29
Q1 2014 Preliminary Financial and Operating Data
Low High
Operating statistics
Average daily net production (MMcfe/d) 205 - 210
Natural gas as a percentage of production 100%
Heat content (Btu/Scf) 1,050
Total revenues including the effect -
of realized hedging gains and losses ($mm)
Operating expenses ($mm)
Lease operating $7 - $6
Gathering, compression and transportation $10 - $9
Production taxes and impact fees $1 - $1
Realized Prices per mcfe
Average prices before effects of hedges $5.45
Average realized prices after effects of hedges $4.82
Average costs per mcfe
Lease operating $0.40 - $0.32
Gathering, compression and transportation $0.53 - $0.47
Production taxes and impact fees $0.04 - $0.04
1Q 2014 Preliminary
$89 $91
30. 30
Sources & Uses and Pro Forma Capitalization
Pro Forma CapitalizationProposed Transaction
Sources & Uses
$750 million senior unsecured notes
Proceeds are intended to be used to:
• Repay and permanently retire the $300 million Second
Lien Term Loan and pay associated breakage cost of ~$3
million
• Fund general corporate purposes including capital
expenditures
• Pay related fees and expenses
___________________________
1. Pro forma for Initial Public Offering and Alpha Shale Resources acquisition. Does not include ~$110 million cash consideration for Momentum acquisition.
2. As of April 9, 2014, there was cash on hand of ~$182.6 million.
3. As of April 10, 2014, there were no outstanding borrowings under the revolving credit facility.
4. Net of unamortized original issue discount of ~$3.9 million. As of April 10, 2014, there were $293.3 million in outstanding borrowings under the second lien term loan, net of unamortized original issue discount of ~$3.7 million.
5. Other debt includes (i) $7mm of convertible debentures outstanding as of 12/31/13, (ii) $8mm of NPI note and (iii) $3mm of other debt
6. As of April 10, 2014, there were $71.3 million of outstanding letters of credit.
Sources Amount % of Total
Senior Unsecured Notes $750 100.0%
Total Sources $750 100.0%
Uses Amount % of Total
Repayment of Second Lien Term Loan $298 39.7%
General Corporate Purposes 435 57.9%
Fees & Expenses 15 2.0%
Breakage Fees 3 0.4%
Total Uses $750 100.0%
As of December 31, 2013
As (1)
Notes As Further
($ in millions) Adjusted Adj. Adjusted
Cash (2)
$347 $435 $782
Borrowing Base Credit Facility (3)
- - -
Second Lien Term Loan (4)
294 (294) -
Senior Unsecured Notes - 750 750
Other Debt (5)
18 - 18
Total Debt $312 $456 $768
Shareholders' Equity 1,134 (13) 1,121
Total Capitalization $1,446 $443 $1,889
Liquidity
Borrowing Base $350 $350
Less: Borrowings - -
Less: Letters of Credit (6)
(33) (33)
Plus: Cash (2)
347 782
Available Liquidity $664 $1,099
On April 11, 2014, Rice announced the private placement offering of $750mm of senior notes due 2022
32. 32
Rice Energy History
__________________________
Note: Initial Production refers to 24 hour IP test rate.
April 2013
Closed new $500 million
Senior Secured Borrowing
Base Credit Facility, $300
million Second Lien Term
Loan and received $200
million follow-on equity
investment from NGP
Feb 2007
Rice Energy founded
with $50 million
equity investment by
the Rice Family
May 2009
Acquired initial
615 net acre
foothold in the
Marcellus
(Washington
County, PA)
Jan 2014
Completed $1.1 billion Initial
Public Offering
Jan 2014
Acquired ANR’s 50% JV
interest for $300 million,
funded with $100 million of
cash and $200 million of Rice
Energy shares
Feb 2010
Formed 50% / 50%
Joint Venture with
Alpha Natural
Resources (NYSE:
ANR) to develop
certain properties in
the Marcellus
(Greene County, PA)
Nov 2012
Acquired initial
~33,500 net acre
foothold in the
Utica (Belmont
County, OH)
Feb 2014
Entered agreement to
purchase certain
gathering assets in
the Marcellus
(Washington &
Greene Counties,
PA) from
Momentum for
~$110 million
October 2010
Completed first
horizontal well in the
Marcellus, X-Man
1H with 8.6 MMcf/d
IP (2,444’ lateral)
October 2013
Signed Development &
Area of Mutual Interest
Agreement with
Gulfport in the Utica
(Belmont County, OH)
on ~50,000 net acres
Jan 2012
Natural Gas Partners
(“NGP”) invested
$100 million of
equity in Rice
Energy
2007 2008 2009 2010 2011 2012 2013 2014
($ / MMBtu)
Rice’s formative years were during a $2.00-$4.00 gas price environment; being a nimble, low-cost
producer is in our DNA
March 2014
Successfully drilled
and cased Bigfoot
9H Utica well
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
Jan-07 Mar-08 Jun-09 Aug-10 Nov-11 Jan-13 Apr-14
Henry Hub Spot Price
33. 33
Determination of Identified Drilling Locations
Our gross (net) identified drilling locations are those drilling locations identified by management based on the following criteria:
Drillable Locations – These are mapped locations that our Vice President of Exploration & Geology has deemed to have a high likelihood
as being drilled or are currently in development but have not yet commenced production. With respect to our Pennsylvania acreage, we had
224 gross (200 net) pro forma drillable Marcellus locations and 134 gross (117 net) pro forma drillable Upper Devonian locations as of
December 1, 2013. With respect to our Ohio acreage, as of December 1, 2013, we had 637 gross (192 net) drillable Utica locations, all of
which are located within the contract areas covered by our Development Agreement and AMI Agreement with Gulfport.
Estimated Locations – These remaining estimated locations are calculated by taking our total acreage, less acreage that is producing or
included in drillable locations, and dividing such amount by our expected well spacing to arrive at our unrisked estimated locations which is
then multiplied by a risking factor. We assume these Marcellus locations have 6,000 foot laterals and 600 foot spacing between Marcellus
wells which yields approximately 80 acre spacing. We assume these Upper Devonian locations have 6,000 foot laterals and 1,000 foot
spacing between Upper Devonian wells which yields approximately 140 acre spacing. We assume these Utica locations have 8,000 foot
laterals and 600 foot spacing between Utica wells which yields approximately 110 acre spacing. With respect to our Pennsylvania acreage,
we multiply our unrisked estimated Marcellus and Upper Devonian locations by a risking factor of 50% to arrive at total risked estimated
locations. As a result, we had 125 gross (125 net) pro forma estimated risked Marcellus locations and 77 gross (77 net) pro forma estimated
risked Upper Devonian locations as of December 1, 2013. With respect to our Ohio acreage, we multiply our unrisked estimated locations by
a risking factor of approximately 37% to arrive at total risked estimated locations. We then apply our assumed working interest for such
location, calculated by applying the impact of assumed unitization on the underlying working interest as well as, in the case of locations
within the AMI with Gulfport, the applicable participating interest. As a result, as of December 1, 2013, we had 116 gross (41 net) estimated
risked Utica locations. Estimated locations include ununitized locations that have been risked (50% in the Marcellus, 37% in the Utica) to
take into account the risk of forming drilling units.
Net Risked Locations – Consist of Drillable Locations and Estimated Locations. We assume 325 net risked Marcellus locations (200 pro
forma net drillable Marcellus locations and 125 pro forma net estimated risked Marcellus locations). We assume 233 net risked Utica
locations (192 pro forma net drillable Utica locations and 41 net estimated risked Utica locations).
Unrisked Locations – Consist of Drillable Locations and Estimated Locations without applying our risking factor. We assume 450 net
unrisked Marcellus locations (200 pro forma net drillable Marcellus locations and 250 pro forma net estimated unrisked Marcellus
locations). We assume 304 net unrisked Utica locations (192 pro forma net drillable Utica locations and 112 net estimated unrisked Utica
locations)
Additional Disclosures