2013 Citi MLP Investor Conference August 21-22, 2013 www.memorialpp.com
Overview of Memorial Production Partners LP Upstream MLP headquartered in Houston, Texas; IPO in December 2011 Diverse portfolio of mature, long-lived producing properties Focus on acquiring, exploiting and developing oil and gas…
Safe, Diverse MLP Assets MEMP Current Asset Overview (1) MEMP Current Areas of Operation Total MEMP East TX / North LA Diverse portfolio of long-lived producing Proved Reserves (Bcfe) 771.1 properties located in mature basins % Gas…
July 2013 Acquisition Announcement Transaction Overview Asset Location(1) Acquisition of multiple asset packages from Rockies MEMPs sponsor, Memorial Resource Development Asset LLC, and affiliates of Natural Gas Partners for total…
MEMP Pro Forma Asset Overview Total Partnership (Pro Forma) California Proved Reserves (Bcfe) 1,047 % Proved Developed 60% Proved Reserves (MMBbl) 14.7 % Gas Reserves 59% % Oil Reserves 100% Total Proved Reserve Life (R/P) 18.8x…
Strong Sponsor Ownership Interests Aligned(1) Drop Down Potential 100% Ownership NGP Funds (2) 50% IDR Interest 28% LP Interest 50% IDR Interest Black Public MRD OpCo Classic BlueStone WildHorse Tanos MEMP GP Unitholders…
MRD Relationship Provides Exceptional Growth Opportunities Value Enhancing Relationship with MRD MRD Asset Overview Significant and diverse asset base with over 1 Total proved reserves: Over 1 Tcfe(1) Tcfe of proved reserves(1) 70%…
MEMP Has Executed on All Acquisition Strategies 100% Ownership 72% Ownership 28% Ownership Public Unitholders Drop Downs from Third Party Joint Bid with Acquisitions from NGP Memorial Resource Acquisitions Memorial…
Acquisition Strategy Drives Growth & Diversification Acquisitions since IPO Proved Reserves(1) Net Production(1) Purchase Date Transaction Structure Location (Bcfe) (MMcfe/d) Price (MM) July 2013 MRD Drop Down / Acquisition from NGP…
East Texas / North Louisiana Asset Summary Asset Overview Asset Location Key Fields: Joaquin, Carthage, Willow Springs, East Henderson and the Terryville fields Primary Formations: Cotton Valley, Travis Peak Field Characteristics…
South Texas Asset Summary Asset Overview Asset Location Key Fields: NE Thompsonville, Laredo and East Seven Sisters Primary Formations: Lobo, Wilcox Field Characteristics Fields discovered as early as 1959 Production depth ranges…
Permian Basin Asset Summary Asset Overview Asset Location Key Fields: Anita, Atoka, Dimmitt, Elkhorn, Kingdom Abo and North Square Lake Primary Formations: Abo Reef, Cherry Canyon, Clearfork and Palo Pinto Field Characteristics…
Rockies Asset Summary Asset Overview Asset Location Key Fields: Fort Collins and Moxa Arch Primary Formations: Muddy, Frontier and Dakota Field Characteristics Fort Collins: Muddy Sandstone production with waterflood operations…
California Asset Summary Asset Overview Asset Location Los Angeles Located 11 miles offshore Port of Long Beach, Long Beach California 2 wellhead platforms each with a permanent drilling Ellen and Elly Huntington Beach rig; 1…
Significant Remaining Original Oil in Place Overview Comparison to an Analogous Field (1) An independent third party reservoir consultant prepared Category Wilmington Field Beta Field an extensive reservoir model that estimates OOIP in…
Financial Strategy Safety, Growth and Cash Flows Liquidity provided by 480 million borrowing base Expecting a significant borrowing base increase in conjunction with the Preserve Financial closing of the pending acquisition announced…
MEMP Hedging Overview: 3Q 2013 through 2019 MEMPs commodity risk management policy provides for hedging approximately 65-85% of estimated production from total proved reserves on a rolling three to six year period Policy reduces MEMPs…
2013 Guidance Full Year 2013 Guidance Low High For Year Ending For Year Ending December 31, 2013 December 31, 2013 Annual Production (Bcfe) 46 48 Adjusted EBITDA (MM) 202 206 Distributable Cash Flow (MM) 129 133 DCF…
Safety, Growth and Returns High quality assets MLP appropriate asset profile Strong sponsorship with aligned interests Supportable and clear growth strategy Seasoned management team Cash flow visibility and security…
Appendix
Low Development Costs Maximize Margins(1) Identified Production Replacement Project Types Pro Forma PDNP + PUDs Pro Forma PUDs Only Control and reduce costs through low-risk drilling, recompletions and 361.5 Bcfe Total 304.9 Bcfe…
Cash Margin Per Mcfe Three Months Ended 6/30/2013 Net production volumes Oil (MBbls) 244 NGLs (MBbls) 385 Natural gas (MMcf) 6,699 Total (MMcfe) 10,473 Average net production (MMcfe/d) 115.1 Average sales prices before…
Natural Gas and NGL Hedges: 3Q 2013 through 2019 Natural Gas / NGLs Hedge Summary Year Ending December 31, 2013 2014 2015 2016 2017 2018 2019 Natural Gas Derivative Contracts: Swap contracts: Volume (MMBtu) 10,551,032 23,265,500…
Adjusted EBITDA & Distributable Cash Flow Guidance Reconciliation Low High For Year Ended For Year Ended (In millions) December 31, 2013 December 31, 2013 Calculation of Adjusted EBITDA: Net income 101 105 Interest expense 30 30…
Adjusted EBITDA Reconciliation Historical For the Year Ended December 31, (In thousands) 2011 2012 Calculation of Adjusted EBITDA: Net income (1) 117,623 29,917 Interest expense, net 6,987 11,339 Income tax expense (benefit) 2 231…
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