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SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc

Vanguard Natural Resources, Llc · Aug 2, 2012 · 16 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 1
    Supplemental Q2 2012 Earnings Results
  2. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 2
    2nd Quarter 2012 Highlights Significant Second Quarter Results: We increased proved reserves 86% to 136.2 million barrels of oil equivalent as of June 30, 2012 from the 73.2 million barrels of oil equivalent at December 31, 2011, pro…
  3. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 3
    2nd Quarter 2012 Highlights (cont.) Significant Events: Completed a 350.0 million offering of 7.875% senior notes due 2020 in April (net proceeds of 339.6 million); Completed the acquisition of 402 Bcfe of natural gas and liquids…
  4. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 4
    Selected Summary Financials Three Months Ended June 30, Six Months Ended June 30, ( in thousands, expect per unit amounts) 2012 2011 2012 2011 Production (Boe/d) (1) 12,338 13,286 12,953 13,279 Oil, natural gas and natural gas…
  5. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 5
    Updated 2012 and 2013 Guidance FY 2012E FY 2013E Net Production: Oil (Bbls/d) 7,700 - 7,900 7,900 - 8,300 Natural gas (Mcf/d) 52,500 - 54,500 71,800 - 76,300 Natural gas liquids (Bbls/d) 2,000 - 2,100 2,700 - 2,900 Total (Boe/d)…
  6. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 6
    Commodity Hedge Summary Year Year Year Year Year Year 2012 2013 2014 2015 2016 2017 Natural Gas Positions: Fixed Price Swaps: Notional Volume (MMBtu) 16,887,432 27,813,000 20,587,725 18,250,000 16,470,000 7,602,000 Fixed Price…
  7. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 7
    Commodity Hedge Positions 3,500 3,000 5% 9% 34% 83% 89.50 91.25 2,500 29% 42% MBbls 2,000 92.29 14% 19% 1,500 3% 1,000 52% 45% 47% 500 100.00 9% 7% 0 2012 2013 2014 2015 Swaps Collars Three Way Collars Put…
  8. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 8
    6/30/12 Reserve Summary Excludes Appalachia properties and includes the Arkoma Basin Acquisition Reserve Mix 54% natural gas / 46% liquids 72% proved developed / 28% proved undeveloped Reserve life of approximately 15 years…
  9. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 9
    6/30/12 YE Reserve Breakout Reserve Charts By Commodity 14% Oil Natural Gas NGLs 54% 32% Reserve Charts By Reserve Class 3% PDP PDNP 28% PUD 69% Reserve Charts By Area 21% Arkoma Permian & GC Big Horn 50%…
  10. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 10
    Adjusted EBITDA / Distributable Cash Flow and Adjusted Net Income Adjusted EBITDA Adjusted EBITDA is used by management as a tool to measure (prior to the establishment of any cash reserves by our board of directors, debt service and…
  11. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 11
    Adjusted EBITDA and Distributable Cash Flow (a) Three Months Ended S ix Months Ended June 30, June 30, ( in thousands, expect per unit amounts) 2012 2011 (b) 2012 2011 (b) Net income attributable to Vanguard unitholders 103,447 31,799…
  12. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 12
    Adjusted Net Income Three Months Ended S ix Months Ended June 30, June 30, 2012 2011 2012 2011 ( in thousands, expect per unit amounts) Net income attributable to Vanguard unitholders 103,447 31,799 101,423 1,387 Net income…
  13. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 13
    Coverage Ratio Calculation Distribution Coverage Ratio The coverage ratio is used to determine the amount of actual cash distributions the company makes, relative to the amount it could potentially pay out. The amount of distribution…
  14. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 14
    Production and Realized Pricing Three Months Ended S ix Months Ended June 30, June 30, 2012 (a) 2011 (a)(b) 2012 (a) 2011 (a)(b) Average Daily Production: Oil (Bbls/d) 7,549 7,367 7,578 7,490 Natural Gas (M cf/d) 20,203 29,482…
  15. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 15
    Statements of Operations Three Months Ended Six Months Ended ( in thousands, expect per unit amounts) June 30, June 30, 2012 2011 2012 2011 Revenues: Oil, natural gas and NGLs sales 66,441 80,371 149,158 152,410 Loss on commodity…
  16. SUPPLEMENTAL Q2 2012 EARNINGS RESULTS – Vanguard Natural Resources, Llc – slide 16
    Balance Sheets June 30, December 31, ( in thousands) 2012 2011 (Unaudited) Assets Current assets Cash and cash equivalents - 2,851 Trade accounts receivable, net 48,152 48,046 Derivative assets 75,132 2,333 Other current assets…

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