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SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp.

Memorial Resource Development Corp. · Mar 23, 2015 · 31 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. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 1
    Scotia Howard Weil Energy Conference New Orleans, Louisiana John A. Weinzierl Andrew J. Cozby Chief Executive Officer Sr. Vice President and Chief Financial Officer March 23-24, 2015
  2. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 2
    Premier Unconventional Horizontal Company with Best-in-Class Results Consolidated core position in the Terryville Complex of North Louisiana Top tier returns projected single well IRRs in excess of 200%(1) Best-in-Class Production of…
  3. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 3
    2014 and Recent Activity Completed 31 horizontal wells in 2014 20.2 MMcfe/d IP-30 2-well Colvin Estates pad 51.0 MMcfe/d IP-30 (easternmost wells) Solid Well Results 1-well DL Sanford pad 29.3 MMcfe/d IP-30 (northwestern-most well)…
  4. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 4
    Terryville Field Pure-Play Reserves Breakdown (1) Asset Overview (1) 1P By Category 1.4 Tcfe Terryville Key Statistics Complex Other Total MRD PUD32% Net Acres 65,314 79,102 144,416 Proved Reserves (Bcfe)(1) 1,367 18 1,385 65% %…
  5. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 5
    High Production Rates Throughout Cotton Valley Trend MRD has the Top 17 Wells in the Cotton Valley Trend 25 Active Cotton Valley Horizontal Rigs across +250 miles Terryville Complex Dowling 19-30 HC-2 31.6 MMcfe/d Lloyd 5-6H 11.3…
  6. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 6
    Best-in-Class Performance Exceptional Horizontal Well Results in 4 core zones(1) High IRRs at Current Prices(2) Average IP-30 +200% per Quarter Avg. 17.7 MMcfe/d (MMcfe/d) 21.6 21.2 18.7 44% 17.2 16.7 15.2 15.8…
  7. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 7
    Extensive Multi-Year Drilling Inventory Gross Horizontal Drilling Locations(1) Terryville Horizontal Locations by Pay-Zone (1) Zone Proved Prob. Poss. 3P Mgmt Total Upper Red 81 41 53 175 229 404 Locations Lower Red 52 48 53 153 202…
  8. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 8
    Step-Outs Continue to Expand the Terryville Field 1P, 2P & 3P Then and Now There was significant category shift from YE2013 Horizontal Well Locations by Category 2013 2014 1,500 1,431 1,400 544 743 1,000 503 500…
  9. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 9
    2015 MRD Development Plan 2014 First NSAI Res. Pad Name Production Wells Zone Category P1 Colvin Estate Q414 2 2 UR Proved P2 D L Sanford Q414 1 1 UR Proved P3 Dowling Q414 2 2 UR Proved P4 TL McCrary Q414 1 1 LR Proved P5…
  10. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 10
    MRD Continues to Outperform NSAI Type Curves Management vs NSAI 7,500 Normalized NSAI PUD Assumptions Upper Lower Lower Deep Currently producing from 53 horizontal wells in Red Red Pink four primary zones in Terryville Complex Capex…
  11. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 11
    Terryville Field Strong Horizontal Well Results (Unhedged)(1) MRDs drilling inventory projected to be highly economic across all commodity price environments 80 oil / 4.00 gas 70 oil / 3.50 gas 60 oil / 3.00 gas 50 oil / 2.50 gas NPV10…
  12. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 12
    Terryville Field Strong Horizontal Well Results (Hedged)(1) MRDs drilling inventory projected to be highly economic across all commodity price environments 80 oil / 4.00 gas 70 oil / 3.50 gas 60 oil / 3.00 gas 50 oil / 2.50 gas NPV10…
  13. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 13
    Asset Overview & Financial Summary 14
  14. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 14
    Terryville Field World Class Asset Large unconventional tight gas reservoir best unlocked through horizontal drilling Elevated pore pressure (0.8 psi/ft) provides prolific production rates and EURs Excellent Rock properties yield…
  15. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 15
    World Class Resource Base MRD Has Top Productive Wells Top 100 Gas Wells by Operator Peak 30-Day Mcfe Production Since 2012, 47 wells of 17,000 horizontal gas wells in the U.S. have peak monthly production over 21 MMcfe/d Other Cabot…
  16. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 16
    Horizontal Drilling Unlocks Full Potential Legacy Vertical Production Focused on Commingling Sections, Horizontal Development Focused on Specific Zones Legacy Vertical Development CV Stacked Horizontal Targets Competitor 8,500…
  17. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 17
    Multi-Zone Well Pad Development Plan Drives Efficiency Efficient Full Field Stacked Development Wright 13 12HC Super Site 7 horizontal laterals per zone per section First 10 acre Super Site 16 well pad constructed in 2013 770 spacing…
  18. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 18
    Rich NGLs Drive Strong Economics Liquids Provide 36% of Revenues MRDs NGL Barrel is Heavy (MM) Current realized NGL pricing is 39% of WTI due to high concentration of C-5 100 Gas Oil & NGLs 100% Pentane 90 13% 90% Pentane 46%…
  19. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 19
    Secured Midstream Infrastructure Supports Development Plan Sufficient, Existing Takeaway Diverse Regional Takeaway Current processing capacity of 405 MMcf/d Expect to have 1 Bcf/d of processing capacity by year-end 2015 3 current major…
  20. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 20
    MRD Peer Comparison Historical LOE Expense (/Mcfe) 2014 FY Total Cash Cost (/Mcfe) (1) 1.20 7.00 Cash G&A Other Expenses 1.01 6.00 5.08 5.00 0.80 0.74 4.00 0.50 2.89 3.36 3.00 0.40 0.32 Average 2.10 1.91 2.14 1.94 2.00…
  21. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 21
    Financial Strategy and Capitalization Financial Update Capitalization MRD Segment(1) Preserve Financial Flexibility ( in MM) 12/31/14 Operate free cash flow positive asset base Pro Forma Cash and Cash Equivalents 5.0 Keep leverage at…
  22. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 22
    Fiscal Year 2015 Guidance Highlights Detailed Guidance FY15 total D&C capital 2015 FY Guidance expenditures of 500MM Low High Net Average Daily Production (MMcfe/d) 325 - 365 2015 daily production projected to Natural Gas (MMcf/d)…
  23. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 23
    MRD Hedging Overview: 2015 through 2018 MRDs commodity risk management policy provides for hedging estimated production from total proved reserves Proactive policy reduces MRDs exposure to movements in commodity prices and provides…
  24. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 24
    Investment Highlights Best-in-Class Assets with Top Tier Growth Premier Drilling Economics with Extensive Inventory Funding Growth Predominately with Internally Generated Cash Flow Coupled with a Conservative Balance…
  25. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 25
    Appendix
  26. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 26
    Organizational Chart & Ownership(1) NGP Funds Headquarters: Houston, TX Employees: 500 full-time Certain Former Management Members of MRD Holdco LLC Public WildHorse Resources 18% 39% 43% 6.2% limited partner interest…
  27. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 27
    MRD NSAI Reserve Detail Oil Natural Gas NGLs Total % Gas PV-10 (MBbl) (MMcf) (MBbl) (MMcfe) (%) (M) PDP 3,290 358,795 18,211 487,800 74% 1,186,884 PDNP 615 33,386 1,713 47,351 71% 102,958 PUD 8,698 788,748 42,665 1,096,928 72%…
  28. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 28
    Adjusted EBITDA Reconciliation Adjusted EBITDA is a non-GAAP financial measure. We evaluate segment performance based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss), plus interest expense; debt extinguishment costs;…
  29. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 29
    Adjusted Net Income Reconciliation MRD Segment Adjusted Net Income is a supplemental non-GAAP financial measure that is used by external users of MRDs financial statements. We define MRD Segment Adjusted Net Income as net income excluding…
  30. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 30
    Reconciliation of PV-10 to Standardized Measure PV-10 is a non-GAAP financial measure and differs from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a…
  31. SCOTIA HOWARD WEIL ENERGY CONFERENCE – Memorial Resource Development Corp. – slide 31

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