Management Representatives Joseph A. Mills Chairman and Chief Executive Officer Jeffrey P. Wood Senior Vice President and Chief Financial Officer Adam K. Altsuler Director, Corporate Finance and Investor Relations 3
Eagle Rock Energy Partners, L.P. Snapshot Eagle Rock (NASDAQ: EROC) is a growth-oriented MLP engaged in the midstream and upstream businesses and is well-positioned to benefit from some of the most prolific producing basins in the…
Strategically Located, Diversified Asset Base Midstream Business (1) Upstream Business (2) 5,583 miles of pipeline 591 operated producing wells 17 processing plants 371 Bcfe proved reserves 452 MMcf/d gathering volumes 84.7…
Key Investment Considerations Strategically Located, Diversified Asset Base Experienced and Strong Financial Proven Management Profile Team Disciplined Hedging Low Risk Growth Strategy Strategy 6
Positioning for Further Growth Eagle Rock Has Substantially Improved Its Liquidity and Balance Sheet Stability (1) March 31, 2010 March 31, 2011 March 31, 2012 Enterprise Value: 1.2 billion Enterprise Value: 1.5 billion Enterprise…
Trend in Credit Metrics Recent credit ratios have been consistent with managements stated target to maintain total leverage below 3.5x EBITDA Total Leverage Ratio (1) Interest Coverage Ratio (2) 5.00x 6.00x 4.54x 5.44x 4.27x…
Eagle Rock Energy Partners, L.P. Midstream Business Overview NAPTP Investor Conference May 2012
Geographically Diverse Midstream Business Morrow/Cleveland Tonkawa Granite Wash Hogshooter Panhandle 3,963 miles of pipeline 7 processing plants 141,000 compression HP 160 MMcf/d gathering volume 5,510 Bbls/d…
Panhandle System Installation of 60 MMcf/d cryogenic processing facility (the Woodall Plant) operational by May 2012 Planned installation of 60 MMcf/d cryogenic processing facility (the Wheeler Plant) operational in first…
The Granite Wash Fairway Eagle Rock is Well-Positioned to Serve Growing Production Volumes Stacked Pay Zones Improve Economics Canadian Roberts Woodall Red Deer Phoenix Wheeler Source: HPDI, RigData and Eagle…
Building on Our Core; Delivering for Our Customers Hemphill County Recent Activity 1 1 Oct. 10 Acquired Gathering Systems from CEFS Canadian 2 Dec. 10 Installed Phoenix-Arrington Red Ranch Plant (50 MMcf/d) Deer 3 Oct. 11…
Woodall Plant - Hemphill County, TX Woodall Plant Startup by end of May Anticipate base loading at 30 MMcf/d Projected cost = 72 million Johnson Compression Station Mechanically complete in late May Anticipated to be fully…
Strategic Footprint in East Texas System Activity Austin Chalk: Vixen Large independents staking 14 potential dedicated sites Drilling moving east into Louisiana with Austin Chalk and prospective Tuscaloosa Shale / Louisiana…
Eagle Rock Energy Partners, L.P. Upstream Business Overview NAPTP Investor Conference May 2012
Geographically Diverse Upstream Assets Mid-Continent Assets (1) Proved Reserves: 257 Bcfe Q1 2012 Prod. Rate: 51.8 MMcfe/d % Gas (2): 67% Operated Wells: 316 Average Operated WI: 83% Permian Area Alabama/Miss. Area Proved…
Diversified Reserve Base Across High Quality Basins Reserves by Commodity Reserves by Category PUD NGLs 24% 18% PDNP Gas 6% 63% Oil 19% PDP 70% Total proved reserves as of December 31, 2011 of 371 Bcfe 12.0 year…
Margins Driven by Liquid-Rich Assets Over 60% of Asset Production Generates a Net Margin of 6.00/Mcfe or Greater Net Margin by Field Area (/Mcfe) (1) Production (2) Cana 10.00 9% 8.00 Alabama Barnett 21% 7% 6.00 4.00 South…
Upstream Growth Production Growth Driven Organically by Lower-Risk Drilling Inventory Eagle Rock Identified Locations (1) Cana Shale 398 Golden Trend 29 120 200 Anadarko 38 Cana Arkoma 39 105 Mid-Con Conventional Barnett Shale 13…
Focus on Low Cost Operations Upstream Historical and Projected Operating Costs (1) 40 2.40 Mid Continent 35 Legacy Assets 2.10 Unit OPEX 10.5 30 1.80 Unit OPEX (/Mcfe) Total OPEX (MM) 5.8 25 1.50 24.1 26.0 20 22.2…
Expansion of the Cana Woodford Trend Broad Development and Expansion Continues Across Eagle Rocks Acreage Position 47 rigs currently drilling horizontal wells in the western Oklahoma Cana Woodford shale trend Majority of drilling…
Horizontal Cana Woodford Development Area Core Development Continues Across Eagle Rocks Acreage Position 30 rigs drilling development and EROC 25% WI step-out wells across Canadian, EROC Stidham 1-9H WOC CLR Nash1-5H Blaine and…
Southeast Cana Results Are Promising Play Expands Southeast Across Eagle Rocks Golden Trend Position 15 rigs currently drilling to expand the horizontal Cana play into Grady, Garvin, McClain and Stephens EROC Golden Trend…
Golden Trend Field Drilling Update Liquids-rich field producing from multiple pay formations from 8,000 Hart Sandstone to 14,000 including Bromide, Big 4, Springer, Morrow, Hart, Deese Scott 1-17 Springer Sandstone IP 1,100 Mcfd,…
Key Investment Considerations Strategically Located, Diversified Asset Base Experienced and Strong Financial Proven Management Profile Team Disciplined Hedging Low Risk Growth Strategy Strategy 27
Eagle Rock Energy Partners, L.P. Appendix NAPTP Investor Conference May 2012
Use of Non-GAAP Financial Measures (Continued) Eagle Rocks Adjusted EBITDA definition may not be comparable to Adjusted EBITDA or similarly titled measures of other entities, as other entities may not calculate Adjusted EBITDA in the same…
Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Three Months Ended Tw elve Months Ended March 31, Decem ber 31, 2012 2011 2011 2010 ( in thousands) ( in thousands) Net cash flows provided by operating activities…
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