Skip to main content Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp Investor Presentation | Shale Experts
Loading...
Pm

Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp

Memorial Production Partners Lp · Aug 21, 2014 · 23 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. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 1
    Citi MLP / Midstream Infrastructure Conference August 20-21, 2014 John A. Weinzierl Robert L. Stillwell, Jr. Chairman and CEO Vice President, Finance www.memorialpp.com
  2. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 2
    Overview of Memorial Production Partners LP Upstream MLP headquartered in Houston, Texas Diverse portfolio of mature, long-lived producing properties Focus on acquiring, exploiting and developing oil and gas properties Assets in…
  3. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 3
    MEMP Diverse, Long-Lived Assets (1) Total Partnership Proved Reserves (Bcfe) 1,578 California % Proved Developed 61% Proved Reserves (MMBbls) 14.3 % Liquids Reserves 61% % Oil Reserves 100% PF 2Q14 Production (MMcfe/d) 230.7…
  4. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 4
    Acquisition Strategy Drives Growth & Diversification Acquisitions Since IPO Proved Reserves (1) Net Production (1) Purchase Price (1) Date Transaction Structure Location (Bcfe) (MMcfe/d) (MM) May 14 Third Party Acquisition Rockies 499…
  5. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 5
    Strong, Aligned Sponsor (1) Sponsorship Allows for Growth NGP Funds Third Party Acquisitions MRD Holdco LLC (2) 52.1% Joint Bid with MRD Memorial Resource Development Corp. (NASDAQ: MRD) 100% Acquisitions from NGP…
  6. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 6
    East Texas / North Louisiana: Diversity and Upside Asset Overview Asset Location Key Fields: Joaquin, Carthage, Willow Springs, East Henderson and the Terryville fields Primary Formations: Cotton Valley, Travis Peak Field…
  7. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 7
    Rockies: Concentrated, Long-Lived Assets Asset Overview Asset Location Key fields: Lost Soldier and Wertz in Sweetwater and Carbon Counties, WY Properties discovered in the early 1900s; began secondary recovery in the 1970s and…
  8. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 8
    Permian Basin: Long-Lived Oil 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…
  9. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 9
    South Texas: Stable Production with Liquids Asset Overview Asset Location Eagle Ford acreage position in the core of the Eagle Ford play in Karnes County Area recognized as the volatile oil window Eagle Ford Producing Wells: 117 gross…
  10. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 10
    California: Significant Original Oil in Place 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…
  11. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 11
    Financial Strategy Liquidity of 695 MM (as of August 1, 2014) provided by a 1,315 MM borrowing base Preserve Financial Flexibility 2014 FY projected DCF coverage ratio of 1.10x - 1.20x Expect to fund acquisitions on a conservative…
  12. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 12
    MEMP Hedging Overview: Protected 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…
  13. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 13
    Steady and Prudent Growth Since IPO Daily Production (MMcfe/d) Reserves (Bcfe) 205 1,578 154 609 67 49 41 324 (1) (2) 2011A IPO Forecast 2012A 2013A 2014E 2011A 2012A PF 2013 Adjusted EBITDA ( in millions)…
  14. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 14
    Industry Leading Cost Structure (1) F&D / Mcfe LOE / Mcfe (2) 3.00 4.50 4.21 4.28 2.56 4.00 2.43 2.50 3.50 2.00 1.89 3.00 1.79 1.66 1.52 2.50 1.50 1.98 1.26 2.00 1.77 1.80 1.86 1.76 1.00 1.50 1.00 0.50 0.50 - - VNR MEMP…
  15. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 15
    Full Year 2014 Guidance Full Year 2014 Guidance Low High For Year Ending For Year Ending December 31, 2014 December 31, 2014 Annual Production (Bcfe) 74 76 Adjusted EBITDA (MM) (1) 355 375 Distributable Cash Flow (MM) (1)…
  16. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 16
    Safety, Growth and Returns High quality assets MLP-appropriate asset profile Strong sponsorship with aligned interests Clear and achievable growth strategy Seasoned management team Cash flow visibility and security 17
  17. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 17
    Appendix
  18. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 18
    Cash Margin Per Mcfe Three Months Ended 6/30/2014 (1) Net production volumes Oil (MBbls) 617 NGLs (MBbls) 524 Natural gas (MMcf) 10,965 Total (MMcfe) 17,806 Average net production (MMcfe/d) 195.7 Average sales prices before…
  19. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 19
    Low Development Costs Maximize Margins Identified Production Replacement Project Types PDNP + PUDs PUDs Only Control and reduce costs through low-risk drilling, recompletions 753 Bcfe Total 620 Bcfe Total and operational enhancements…
  20. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 20
    2014 Adjusted EBITDA & Distributable Cash Flow Guidance Reconciliation Low High For Year Ended For Year Ended (In millions) December 31, 2014 December 31, 2014 Calculation of Adjusted EBITDA: Net income 154 174 Interest expense 82…
  21. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 21
    EBITDA Reconciliation Year Ended December 31, (In thousands) 2013 Calculation of Adjusted EBITDA: Net income 20,268 Interest expense, net 41,901 Income tax expense 308 Depletion, depreciation and amortization 97,269 Impairment…
  22. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 22
    MEMP Reserve Details(1) Oil Gas NGLs Total % Gas MBBL MMCF MBBL MMCFE % Proved Developed Producing 51,210 354,929 27,125 824,940 43% Proved Developed Unproducing 8,061 43,730 6,853 133,216 33% Proved Undeveloped 49,548 220,852…
  23. Citi MLP Midstream Infrastructure Conference – Memorial Production Partners Lp – slide 23

From the store

Browse maps, data & reports in the Shale Experts store