Eclipse Resources Company Presentation - March 5, 2015

NYSE|ECR
Year-End 2014:
Financial Review &
Operational Update
March 5, 2015

2
Year-End2014EarningsCall
Cautionary Statements
This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this presentation, regarding Eclipse
Resources’ strategy, future operations, financial position, estimated revenues and income/losses, projected costs and capital expenditures, prospects, plans and objectives of
management are forward-looking statements. When used in this presentation, the words “will,” “would,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,”
“project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These
forward-looking statements are based on Eclipse Resources’ current expectations and assumptions about future events and are based on currently available information as to
the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described
under the heading “Risk Factors” in Eclipse Resources’ final prospectus dated June 19, 2014 and filed with the Securities Exchange Commission pursuant to Rule 424(b) of the
Securities Act on June 23, 2014 (the “IPO Prospectus”), and in “Item 1A. Risk Factors” of Eclipse Resources’ Quarterly Report on Form 10-Q.
Forward-looking statements may include statements about Eclipse Resources’ business strategy; reserves; general economic conditions; financial strategy, liquidity and capital
required for developing its properties and timing related thereto; realized natural gas, NGLs and oil prices; timing and amount of future production of natural gas, NGLs and oil;
its hedging strategy and results; future drilling plans; competition and government regulations, including those related to hydraulic fracturing; the anticipated benefits under its
commercial agreements; pending legal matters relating to its leases; marketing of natural gas, NGLs and oil; leasehold and business acquisitions; the costs, terms and
availability of gathering, processing, fractionation and other midstream services; general economic conditions; credit markets; uncertainty regarding its future operating
results, including initial production rates and liquid yields in its type curve areas; and plans, objectives, expectations and intentions contained in this presentation that are not
historical.
Eclipse Resources 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 its control, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil. These risks include, but are not limited to;
legal and environmental risks, drilling and other operating risks, regulatory changes, commodity price volatility, inflation, lack of availability of drilling, production and
processing equipment and services, counterparty credit risk, the uncertainty inherent in estimating natural gas, NGLs and oil 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 the heading “Item 1A. Risk Factors” in Eclipse
Resources’ Final Prospectus of Form S-1 and in “Item 1A. Risk Factors” of this the Company’s Quarterly Report on Form 10-Q.
Reserve engineering is a process of estimating underground accumulations of natural gas, NGLs and oil that cannot be measured in an exact way. The accuracy of any reserve
estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling,
testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could change the schedule of any further production
and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of natural gas, NGLs and oil that are ultimately recovered.
Should one or more of the risks or uncertainties described in Eclipse Resources’ Quarterly Report on Form 10-Q occur, or should underlying assumptions prove incorrect, the
Company’s actual results and plans could differ materially from those expressed in any forward-looking statements.
All forward-looking statements, expressed or implied, included in this presentation are expressly qualified in their entirety by this cautionary statement. This cautionary
statement should also be considered in connection with any subsequent written or oral forward-looking statements that Eclipse Resources or persons acting on the Company’s
behalf may issue.
Except as otherwise required by applicable law, Eclipse Resources disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the
statements in this section, to reflect events or circumstances after the date of this presentation.

3
2014 Accomplishments
 Grew average annual production by ~1,600% from 4.5 MMcfe/d in 2013 to 131 MMcfe/d
in 2014
 Grew adjusted net production ~1,200% to 131 MMcfe/d during the 4th quarter 2014
from 10 MMcfe/d during 4th quarter 2013
 Turned 28 gross operated wells to sales at an average of 11 days ahead of schedule
 Grew proved reserves by 353% from 78.5 Bcfe to 355.8 Bcfe
1. Revolver was increased from $100MM to $125MM subsequent to year-end
Production &
Reserve
Growth
Operational
Achievements
Financial
Highlights
 Completed one of the largest oil and gas initial public offerings of the year raising ~$818
million in gross proceeds
 Established senior secured revolving credit facility, increasing borrowing capacity from
$25 million to $125 million(1)
 Entered into a private placement offering raising ~$440 million in gross proceeds
 Spud 57 gross operated wells vs. plan of 40 gross operated wells
 Drilled 59 gross operated wells to TD in line with plan
 Increased average stages per day by 67% from 3 stages per day to 5 stages per day
 Completed 36 gross operated wells vs. plan of 44 gross operated wells with 15 wells
delayed due to the decline in commodity prices
 Reduced drilling times by 36% from IPO plan of 25 days to 16 days (normalized for 6,000’
lateral)
 Reduced average well costs by 55% year over year

4
2015 Strategy Update
 Raised $434 million of net proceeds in private placement
 Expanded borrowing base to $125 million(1)
– Pro forma for both actions, liquidity at Dec 31, 2014 was ~$600MM
 Joint venture process underway(2)
– JV to accelerate drilling activity without negative impact on liquidity and
potentially provide opportunistic acquisition capital
1. Revolver was increased from $100MM to $125MM subsequent to year-end
2. There can be no assurance that Eclipse Resources will be successful in closing such a transaction or the terms or timing of any such transaction
Eclipse will focus on preserving liquidity in the current market while still projecting over 100%
year over year production growth
Operational
Actions
Financial
Actions
 Reduce operated rig count to one rig
– Active in the our Utica Shale Dry Gas area
 Defer completions on 19 net wells to date in the liquids portion of the
Utica Shale to date
 Focus on operational efficiencies and service cost reductions
– Significant efficiencies already achieved; rapid cost reductions in progress
– Expected D&C costs down 12% currently with further 12% reduction expected in
the near term

5
Developing Value & Improving Efficiencies
Proved Reserves (Bcfe)(2)
Eclipse continues to convert unproved assets into proved reserves, while its drilling plan
generates superior growth
1. Fourth quarter 2014 represents adjusted net production
2. As of December 31, 2014; proved reserves based on estimates provided by Eclipse Resources’ independent engineering firm
Proved PV-10 ($ MM)(2)
Net Production (MMcfe/d)(1)
Average Gross Lateral Feet per Well Average Days Spud to Rig Release
78
356
-
100
200
300
400
Q4-13 Q4-14
161
509
-
100
200
300
400
500
600
Q4-13 Q4-14
12.9
137.8
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Q4-13 Q4-14
Revenue ($ MM)
49.8
19.0
-
10
20
30
40
50
60
Q1-14 Q4-14
10
131
-
25
50
75
100
125
150
Q4-13 Q4-14
5,996
7,173
-
2,000
4,000
6,000
8,000
10,000
Q4-13 Q4-14

6
-
30
60
90
120
150
Q1-14 Q2-14 Q3-14 Q4-14
Op Non-Op Full Year Guidance - Midpoint 2014 Average
2014 Average Daily Production (MMcfe/d)
(2)
Operated Producing Utica Wells
1. Assumes ethane rejection with contractual 30% recovery
2. Adjusted net production
10
11
9
8
6
7
5
1
42
3
Map
ID
Operated Unit
Name
Wellsin
Unit
Avg.
Completed
Lat Length
Type
Curve
Area
Turn to
Sales
Month
Producing 30-
Day Avg Sales
Rate/Well(1)
(MMcfe/d) % Gas % NGL % Oil
1 Tippens 1 5,850 Dry Gas Dec-13 18.6 100% 0% 0%
2 Herrick A 1 5,761 Dry Gas Jun-14 13.5 100% 0% 0%
3 Herrick B 1 6,380 Dry Gas Jun-14 10.8 100% 0% 0%
4 Herrick C 1 6,232 Dry Gas Jun-14 14.5 100% 0% 0%
5 Shroyer 2 7,422 Dry Gas Aug-14 23.5 100% 0% 0%
6 Mizer 5 5,923 Condensate Aug-14 5.5 40% 24% 35%
7 Duane Weisend 1 8,853 Rich Gas Sep-14 13.8 77% 23% 0%
8 Mizer Farms 5 6,176 Condensate Sep-14 3.4 39% 24% 37%
9 Fritz 3 7,394 Condensate Nov-14 4.5 37% 23% 40%
10 Hayes 4 6,298 Condensate Nov-14 3.7 39% 24% 38%
11 Pora 4 7,797 Condensate Dec-14 4.2 41% 26% 33%
Total/Average 28 6,678 7.4

7
13.7
25.7
5.8
1.0
18.0
1.0
19.31.6
5.8
0
10
20
30
40
50
60
9/30/2013 3/1/2015
Producing Drilling
Awaiting Completion/ Completing Deferred Completions
Awaiting Turn To Sales
Operated Wells in Progress
1. As of March 1, 2015
Eclipse has elected to defer completions on 765 stages across 25 Utica wells (19.3 net) in the
company’s Condensate type curve window to date
Operated Wells in Progress(1)Operated Net Well Summary
• At strip pricing,
achieving Further Cost
Improvements will increase
the Condensate type curve
IRR by ~5.6 percentage
points
• At our 2015 Budget
AFE, increasing oil price
$5/bbl increases the
Condensate type curve IRR
by ~4.1 percentage points
Deferred Completions
Waiting on Pipeline
Drilling

8
0.7 0.5 0.5
3.9
3.1
2.7
4.2
4.1
3.5
0.7
0.7
0.7
9.5
8.4
7.4
-
2.0
4.0
6.0
8.0
10.0
12.0
2014
AFE
2015
Budget AFE
Further Cost
Improvements
Construction Drilling Completions Facilities(2)
0.7 0.5 0.4
4.6
3.6
3.3
4.5
4.3
3.8
0.7
0.7
0.7
10.5
9.1
8.2
-
2.0
4.0
6.0
8.0
10.0
12.0
2014
AFE
2015
Budget AFE
Further Cost
Improvements
Construction Drilling Completions Facilities(2)
Type Curve Well Cost
Wet Gas ($ MM)(1) Dry Gas ($ MM)(1)
1. Normalized to a 6000’ lateral
2. Drilling may incur an additional $0.75MM for a pilot hole and $0.4MM for a coal void if encountered
Reductions in service costs should significantly enhance returns in this pricing environment

9
$2.45
$2.72
-
0.50
1.00
1.50
2.00
2.50
3.00
Summer 2015 -
Yearend
2016
20%
40%
22%
18%
Marketing Considerations & Impact
1. After transportation expense, pricing as of 3/3/2015
 Rex and TETCO connections now in place and selling gas daily into both systems
 Flowing into firm capacity starting April 2015
 ~100% of produced gas moving to firm transportation/sales arrangements as firm comes
on line
Midwest & Gulf Coast Capacity
Uplift ($/Mcf)(1)
Realized Netback for Midwest
& Gulf Coast ($/Mcf)(1)
Access to Gulf Coast and Midwest markets expected to provide ~$0.50/Mcf of uplift after
transportation expense relative to Dom South in 2015 and ~$0.45/Mcf in 2016(1)
Firm Transportation and Production (MMBtu/d)
Start Date Term Volume (Dth/d) Market
Firm Sales Nov-14 Various Up to 95,000 Dominion South / TETCO M2
TETCO Apr-15 9.5 years 100,000 Gulf Coast, Midwest & M3
Rockies Express Jun-15 17 months 50,000 Gulf Coast
TCO Nov-16 15 years 205,000 TCO Pool
Energy Transfer Dec-16 15 years 100,000 Gulf Coast
Energy Transfer Jul-17 15 years 50,000 Dawn Hub
Remainder 2015
Sales Markets
85%
15%
Q1 Sales Markets
$0.51
$0.48
-
0.10
0.20
0.30
0.40
0.50
0.60
Summer 2015 -
Yearend
2016

10
Revenues & EBITDAX
1. Includes cash settled derivatives
Adjusted Revenue ($ MM)(1)
EBITDAX ($ MM)
138.0
-
25
50
75
100
125
150
2014
62.4
-
10
20
30
40
50
60
70
2014
Q4-14 2014
Average Net Price ($/Mcfe)
Avg / Mcfe Price, as reported 4.61$ 5.20$
Plus Hedges (0.19) (0.01)
Realized Price 4.42$ 5.19$
Natural Gas ($/Mcf)
Avg Henry Hub Price 3.78$ 4.26$
Less Differential (0.41) (0.75)
Oil ($/Bbl)
Avg WTI Price 73.21$ 92.91$
Less Differential (9.72) (13.37)
NGL ($/Bbl)
% WTI 41% 42%
13.1
25.9
-
5
10
15
20
25
30
3Q-14 Q4-14
36.3
52.6
-
10
20
30
40
50
60
3Q-14 Q4-14

11
$1.45
$1.27
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$0
$5
$10
$15
$20
$25
$30
$35
$40
2013 2014
$/Mcfe
$0.88
$1.65
$1.40
$1.17
$-
$0.25
$0.50
$0.75
$1.00
$1.25
$1.50
$1.75
$0
$2
$4
$6
$8
$10
$12
$14
$16
1Q14 2Q14 3Q14 4Q14 $/Mcfe
Operating Expenses
Operating Expenses ($ MM)(1)
1. Excluding DD&A and G&A
The rapid production growth during the second half of the year was the primary driver of the
~30% reduction in per unit operating expense since the company’s IPO in June 2014

12
Strong Financial Position
The closing of Eclipse Resources’ private placement equity offering in January 2015 added
considerable cash to the company’s balance sheet and positions the company to weather
commodity price volatility throughout the coming year
Liquidity ($ MM)
434
25
141
575
600
-
100
200
300
400
500
600
700
12/31/2014 Private
Placement
Pro Forma
12/31/2014
Borrowing Base
Redetermination
Adjusted
Pro Forma 12/31/14
Cash & Cash Equivalents Available Borrowing Base

14
Hedging Summary
Natural Gas Hedges
Volume
(MMBtu/d)
Production Period Weighted Average Price ($/MMBtu)
Natural Gas Swaps
65,490 Current – December 2015 $3.794
25,000 January 2016 – December 2016 $3.660
Natural Gas Put Options
Floor sold 16,800 Current – December 2015 $3.350
Floor sold 16,800 April 2015 – October 2015 $2.870
Floor purchased 16,800 April 2015– October 2015 $3.350
Floor sold 16,800 January 2016 – December 2016 $2.750
Natural Gas – Three-Way Collars
Floor Purchased (Put) 15,000 January 2015 – December 2015 $3.600
Ceiling Sold (Call) 15,000 January 2015 – December 2015 $3.800
Floor Sold (Put) 15,000 January 2015 – December 2015 $3.000
Natural Gas – Collar
Floor Purchased (Put) 5,000 Current – March 2015 $4.000
Ceiling Sold (Call) 5,000 Current – March 2015 $4.750
Natural Gas Basis Swaps
25,000 Current – October 2015 ($1.190)(1)
1. Dominion South / Henry Hub Natural Gas Differentials
Oil Hedges
Volume
(Bbl/d)
Production Period Weighted Average Price ($/Bbl)
Oil – Collar
Floor Purchased (Put) 3,000 Current – February 2016 $55.000
Ceiling Sold (Call) 3,000 Current – February 2016 $61.400
Eclipse Resources’ 2015 gas production is hedged at an average price of $3.76/MMBtu

15
Non-GAAP Reconciliations
1. Loss on asset sales
2. Income tax benefit represents the effect of Company’s estimated annual tax rate 35.0% on Loss Before Income Taxes, adjusted
Adjusted EBITDAX Adjusted Net Loss
Three Months Ended
December 31,
($ in thousands) 2014
Loss Before Income Taxes, as reported (45,221)$
Gain/Loss on derivative instruments (19,693)
Net cash payment on derivative instruments 2,211
Net cash paid for option premium -
Rig Termination Expenses 3,283
Gain on reduction of pension liability -
Impairment of proved oil and gas properties 30,250
Dry hole expense -
Impairment of unproven properties 1,504
Incentive unit compensation 61
Other expense(1)
272
Loss Before Income Taxes, as adjusted (27,333)
Income Tax Benefit, adjusted(2)
5,937
Adjusted Net Loss (21,396)$
December 31, September 30,
($ in thousands) 2014 2014
Net Loss (33,023)$ (19,054)$
Depreciation, depletion & amortization 37,251 29,983
Exploration expense 4,289 3,057
Rig Termination Expense 3,283
Incentive unit compensation 61 31
Impairment of oil and gas properties 30,250 4,605
Accretion of asset retirement obligations 216 198
Gain on reduction of pension liability - -
Gain/Loss on derivative instruments (19,693) (5,572)
Net cash payment on derivative instruments 2,211 584
Net cash paid for option premium - (244)
Interest expense 13,027 10,066
Other expense(1) 272 -
Income tax expense (12,198) (10,544)
Adjusted EBITDAX 25,946$ 13,110$
Three Months Ended
Adjusted Net Production Pre-Tax PV-10
December 31,
($ in thousands) 2014
Before income tax (PV-10) 509,389$
Income taxes (178,732)
After income tax (standardized measure) 330,657$
Three Months Ended
December 31,
(MMcfe/d) 2014
Adjusted net production 130.7
Revision to prior estimate (3.8)
Production held in suspense pending acreage (2.2)
Condensate held in inventory at period end (0.9)
Net Sales Volumes 123.8

16
Operated Producing Well Detail
Well Name
Completed
Lat Length
Type Curve
Area
Turn-to-Sales
Month
24-Hr Peak Sales
Rate (Mcfe/d)
Producing 30-Day
Avg Sales Rate(1)
(Mcfe/d) % Gas % NGL % Oil
Tippens 6HS 5,850 Dry Gas December-13 23,585 18,601 100% 0% 0%
Herrick A 3H 5,761 Dry Gas June-14 17,068 13,511 100% 0% 0%
Herrick B 5H 6,380 Dry Gas June-14 14,616 10,828 100% 0% 0%
Herrick C 8H 6,232 Dry Gas June-14 16,590 14,503 100% 0% 0%
Shroyer 2H 8,235 Dry Gas August-14 30,144 24,848 100% 0% 0%
Shroyer 4H 6,608 Dry Gas August-14 23,663 22,131 100% 0% 0%
Mizer 2H 5,986 Condensate August-14 7,910 5,540 39% 24% 37%
Duane Weisend 4H 8,853 Rich Gas September-14 15,525 13,770 77% 23% 0%
Mizer Farms 1H 6,421 Condensate September-14 6,882 3,491 40% 25% 35%
Fritz 3H 7,431 Condensate November-14 7,535 4,627 36% 23% 41%
Hayes 2H 6,201 Condensate November-14 7,022 3,486 35% 21% 44%
Hayes 8H 6,320 Condensate December-14 5,929 3,419 41% 25% 34%
Pora 2H 7,862 Condensate December-14 7,211 4,538 40% 24% 36%
Average 6,678 10,173 7,419
1. Assumes ethane rejection with contractual 30% recovery

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Eclipse Resources Company Presentation - March 5, 2015