RBC MLP Conference Dallas, Texas November 17, 2011 Scott W. Smith President & CEO
Overview of Vanguard Natural Resources Upstream oil & gas LLC, headquartered in Houston, Texas Initial Public Offering VNR - October 2007 (Total Enterprise Value of 240 MM) Ten strategic acquisitions totaling 900 MM expanded…
Snapshot of Strategic Acquisitions Since IPO Acquisition Date Region Deal Proved Reserves/ Key Features Size PDP(1) Apache Feb 2008 Permian Basin 73.4M 4.4 MMBoe / 90% PDP 83% oil Dos Hermanos Jul 2008 South Texas 53.4M 20 Bcfe /…
Comparable Company Distribution Increases VNR Leads Peer Group in Overall Distribution Growth 40% 36% 36% 35% Peer 1 30% 27% Peer 2 VNR 25% 21% Peer 3 20% Peer 4 15% 9% 10% Peer 5 10% 5% 2% VNR 0% Calculations include…
Price Performance Since 2009 The results have been good. VNR has outperformed US Royalty Trusts, C-Corps and other E&P MLPs. The strategy works. 800% 700% VNR Total Return: 563% 600% 500% VNR: 381% 400% E&P MLPs:…