Legacy Reserves LP Overview Midland, Texas-based Master Limited Partnership (NASDAQ: LGCY) Focused on long-lived oil and natural gas properties with stable, low-decline production Straight-forward, aligned organizational structure…
Pending Acquisition Overview Key Economic Terms Asset Highlights Forming strategic alliance with WPX Energy (NYSE: WPX) 276 Bcfe (46 MMBoe) proved reserves (100% PDP) through acquisition of interest in certain Piceance Basin 83%…
Pro Forma Assets Standalone(1) Acquisitions(2)(3) Pro Forma (88% PD) (99% PD) (92% PD) 87.6 MMBoe 55.0 MMBoe 142.6 MMBoe 7% 89% 41% 11% 11% 11% 52% 78% Permian Basin Rocky Mountain MidContinent 13% 8% 70% 46% 5%…
Investment Rationale of Pending Acquisition WPX is a world-class Rockies operator with a deep inventory of MLP-friendly assets Unmatched experience, infrastructure, and economics in the Piceance Basin IDRs incentivize both parties to…
LGCYs New IDR: Comparison to Typical IDRs Similarities Offer Comfort Differences Offer Advantages IDR Distributions (i.e. Payout) based Far-reaching Scope on one schedule of LGCY distribution Typical structures have access to one…
Proven History of Growth Average Daily Production (Boe / d) 36,000 30,000 24,000 18,000 30,868 12,000 19,668 6,000 13,071 14,811 7,582 8,225 9,611 4,970 0 2007 2008 2009 2010 2011 2012 2013 PF Adjusted EBITDA ( MM)…
Consistent Track Record of Distribution Growth Quarterly Distribution per Unit 0.700 160 WTI Spot Price ( / Bbl) Cumulative distributions since inception = 15.265/unit 140 0.600 0.59 0.595 0.58 0.585 0.57 0.575 0.56 0.565…
Costless Hedging Strategy Clear objective to reduce cash flow volatility to protect our borrowing base and future distribution levels Target approximately 85% of estimated PDP production over the next 18-24 months on a rolling…
Capital Structure ( in millions) March 31, 2014 Pro Forma Cash and cash equivalents 3.0 3.0 Long-term debt: Revolving credit facility due 2019 (1) 360.0 465.3 8% Senior Notes due 2020 300.0 300.0 6.625% Senior Notes due 2021 (1)…
Conclusion High-quality, geographically diversified, low-decline asset portfolio 54% Liquids 12.7 R/P Experienced, Aligned, and Incentivized Management Team 18% of outstanding units held by Management/Insiders Management/Insiders…
Appendix 13
IDR Key Terms Units: 1,000,000 IDRs authorized and available for issuance by LGCY Founding Investors, WPX: Issued 300,000 IDRs Directors Public and Management Vesting: 100,000 IDRs immediately vest; 200,000 IDRs are available to…
Hedging the Pending Acquisition Natural Gas Hedges Similar to our corporate 100% 1 4.79 strategy, we have taken a 80% 4.34 0.8 rolling stair-step approach % Hedged (1) 60% 0.6 to hedging the Pending Acquisition through…
WPX Company Overview WPX Energy (NYSE: WPX), based in Tulsa, Oklahoma, Williston Marcellus 106 MMBoe Proved 328 Bcfe Proved has a 4.3 billion market cap, 6.2 billion TEV (as of 176 MMBoe 3P 1,555 Bcfe 3P 5/15/14), and reported 779…
Updated Financial Guidance (1) FY 2014E Range Production: Oil (MBbls) 4,820 - 4,940 Natural gas liquids (MGal) 24,700 - 25,300 Natural gas (MMcf) 22,650 - 23,200 Total (MBoe) 9,183 - 9,409 Average daily production (Boe/d) 25,159 -…
Adjusted EBITDA Reconciliation The following presents a reconciliation of Adjusted EBITDA which is a non-GAAP measure, to its nearest comparable GAAP measure. Adjusted EBITDA should not be considered as an alternative to GAAP measures,…
Reg G Reconciliation ( in millions) 2007 2008 2009 2010 2011 2012 2013 Net income (loss) (55.7) 158.2 (92.8) 10.8 72.1 68.6 (35.3) Interest expense 7.1 21.2 13.2 25.8 18.6 20.3 50.1 Income taxes 0.3 0.0 0.6 0.5 1.0 1.1 0.6…
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