68. RETAILTexasmarketingpresentationFINAL.pdf - Enerplus
68. RETAILTexasmarketingpresentationFINAL.pdf - Enerplus
68. RETAILTexasmarketingpresentationFINAL.pdf - Enerplus
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Future Production Growth in the Marcellus (unconstrained)<br />
Full scale development not planned. Sizeable resource capture provides<br />
opportunity for material development even with partial interest reduction<br />
MMcfe/day<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
-50<br />
-100<br />
-150<br />
-200<br />
Production<br />
Capital<br />
Free Cash Flow (NOI - Capex)<br />
2011 2012 2013 2014<br />
$1,200<br />
$1,000<br />
$800<br />
$600<br />
$400<br />
$200<br />
$0<br />
-$200<br />
-$400<br />
-$600<br />
$ Millions<br />
• Under full scale development<br />
(unconstrained), production<br />
grows to 350 MMcfe/day by<br />
end of 2014<br />
• Over $2.4 billion of capital<br />
over next 4 years<br />
• Net operating income grows<br />
to over $500 million by 2014<br />
• Expected F&D cost of<br />
~$1.60/Mcf<br />
-250<br />
-$800<br />
Assumes February 14, 2011 strip pricing<br />
34
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