Citi High Yield November 14, 2012 Conference New York City Presented by: Richard Robert, EVP & CFO NYSE: VNR
Overview of Vanguard Natural Resources Upstream oil & gas LLC, headquartered in Houston, Texas Initial Public Offering VNR October 2007 (Total Enterprise Value of 240mm) Seventeen strategic acquisitions totaling 2.4bn expanded…
Geographically Diversified Reserve Base Core Areas Overview Big Horn Basin Williston Basin Proved Reserves: 24.2 MMBoe 188.6 MMBoe proved reserves Proved Reserves: 5.3 MMBoe 85% oil and 96% Proved Developed 93% oil and 95%…
How We Spend Capital Disciplined approach to capital spending focus on maintaining cash flow from mature, long lived fields By contrast, resource players invest in growth to support equity valuation The nature of our capital program…
Our Acquisition Strategy The U.S. has a large inventory of mature oil and natural gas basins which provide significant opportunity for future growth and consolidation Current E&P opportunity set is comprised of an estimated 1.5…
Robust Asset Coverage PV-10 Value and Commodity Hedges NYMEX Strip Case (1)(2) Total Debt as adjusted for Senior Notes(3) Total PV-10 Value (mm) VNR PV-10 Asset Value (mm) 2,500 2,035 2,148 PDP Value 1,693 1,778 257 113 PDNP…
Our Successful Acquisition Track Record 8 1,200 1020.5 3 1,000 782.5 800 liquids 2 gas 600 494.3 400 2 2 126.8 200 105.8 - 2008 2009 2010 2011 2012* * 2012 includes the recently announced natural gas and…
Arkoma Basin Acquisition Woodford Shale Fayetteville Shale Operated Acreage Non-operated Acreage Assets located in the Woodford Shale and Fayetteville Shale plays Total proved reserves of 402 Bcfe (57% PDP) Current net…
Barrett Acquisition in Colorado and Wyoming Wind River & Powder River, Wy and Piceance Basin, CO Assets located in the Piceance Basin in Colorado and the Powder River and Wind River Basins in Wyoming Total proved reserves of 300…
Acquisition Financing Strategy Vanguards long-term strategy is to fund its acquisition program with approximately 60% equity and 40% debt, de-levering the company over time via equity issuances and utilizing excess cash flow to pay…
Key Investment Highlights High quality, long-lived reserve base with low production decline rates and low capital reinvestment requirements Geographically diverse asset base comprised predominantly of oil properties Active…
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