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NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp

Eagle Rock Energy Partners Lp · May 25, 2011 · 40 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. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 1
  2. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 2
    Management Representatives Joseph A. Mills Chairman & Chief Executive Officer Jeffrey P. Wood Senior Vice President & Chief Financial Officer Paul D. Hollas Senior Financial Analyst 3
  3. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 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…
  4. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 4
    Strategically Located, Diversified Asset Base Midstream Business (1) PF Upstream Business (2) 5,482 miles of pipeline 600 operated producing wells 19 processing plants 385 Bcfe proved reserves 491 MMcf/d gathering volumes 76…
  5. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 5
    Eagle Rock Energy Partners, L.P. We have been busy since we last saw you NAPTP Investor Presentation May 2011
  6. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 6
    Crow Creek Acquisition Summary Transaction Overview Acquisition of all equity interests of CC Energy II L.L.C (Crow Creek) for a total purchase price of 529.5 million 57% of purchase price in form of equity to sellers, primarily…
  7. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 7
    Dual Platform for Organic Growth Two balanced platforms to drive growth organically Midstream assets located in liquids-rich plays such as the Granite Wash and Austin Chalk where producers are ramping up drilling activity Upstream…
  8. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 8
    Strengthened Capitalization Profile Debt reduction efforts and improved growth profile have been well-received by investors 12.00 2,500 Net Debt Equity Value EROC Unit Price 2,250 10.00 2,000 Total Enterprise Value (MM)…
  9. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 9
    Returning Value to Our Unitholders Improved Growth Profile and Capitalization Lead to Greater Unitholder Value Current Annualized Distribution Guidance ** 1.00 1.00 25% Annualized Distribution per Unit 0.75 33% 0.75 0.60…
  10. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 10
    Midstream Business Overview
  11. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 11
    Geographically Diverse Midstream Business East Texas / North Louisiana Granite Wash 1,213 miles of pipeline 7 processing plants 49,700 compression HP 200 MMcf/d gathering volume 1,348 Bbls/d NGL/condensate volume Panhandle…
  12. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 12
    Midstream: Panhandle System Completed CenterPoint acquisition on October 19, 2010 Over 200 miles of gathering pipeline in Hemphill and Wheeler Counties West Panhandle: East Panhandle: Liquids-rich production from Brown…
  13. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 13
    Panhandle: Rich in Growth Opportunities Roberts Horizontal Wells Hemphill Horizontal Wells 8 Permitted 26 Permitted System Activity 104 Producing 128 Producing 60+ Rigs running in the Granite Wash Play today Producers remain…
  14. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 14
    Strategic Footprint in East Texas Sligo System Activity Simsboro Austin Chalk: Bellebower Large independents staking 20 potential Panola dedicated sites drilling moving east into Louisiana East Texas Currently, three rigs…
  15. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 15
    Upstream Business Overview
  16. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 16
    Geographically Diverse Upstream Assets Mid-Continent Assets (1) Proved Reserves: 257 Bcfe Q1 2011 Prod. Rate: 43.4 MMcfe/d East Texas Area (2) % Gas / NGLs (3): 89% Proved Reserves: 28 Bcfe Q1 2011 Prod. Rate: 7.6 MMcfe/d % Gas…
  17. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 17
    Crow Creek Adds Scale and Diversity to Reserve Base Eagle Rock (Legacy Assets) Crow Creek Pro Forma Eagle Rock PUD 11% PUD PUD Reserve Category 34% 26% PDNP 13% PDP PDNP 60% 9% PDP (1) PDNP 65% PDP (1) 76% 6% 128…
  18. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 18
    Diversified Production Base Across High Quality Basins Eagle Rock (Pre-Crow Creek) Pro Forma Q1 2011 Combined Cana 2% Barnett Permian Alabama 14% 17% 25% Arkoma South Texas 10% 2% East Texas Anadarko Alabama East Texas…
  19. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 19
    Alabama Assets: Established, Long-Life Producing Region Fields located in Big Escambia Creek, Flomaton and Fanny Church 30 operated wells and 2 non-operated wells with average working interests of 73% Two CO2 / H2S treating plants and…
  20. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 20
    Golden Trend: Multiple, Proved Pay Horizons Field located in the south-central Oklahoma counties of Garvin, Grady and McClain Characterized by multiple, proved pay horizons extending from 8,000 to 15,000 One operated drilling rig…
  21. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 21
    Cana Shale: Growing, Liquids Rich Natural Gas Shale Play 54 rigs currently drilling horizontal wells in the trend in western Oklahoma Shale characterized by dry gas to the southwest and oil to the northeast Mid-Continent net…
  22. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 22
    Focus on Low Cost Operations Upstream Historical and Projected Operating Costs (1) 40 2.40 Mid-Continent Assets 35 Legacy Assets 2.10 Unit OPEX Unit OPEX (/Mcfe) 30 1.80 Total OPEX (MM) 25 1.50 20 1.20 15 0.90 10…
  23. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 23
    Upstream Capital Program Production Growth Driven by Lower-Risk Drilling Inventory Eagle Rock Identified Locations PUD PROB Cana Shale 21 413 Golden Trend 36 2 Anadarko 42 21 Arkoma 46 11 Barnett Shale 4 9 180 Verden 33 13 120.0…
  24. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 24
    Robust Drilling Economics Exposure to liquids rich plays greatly enhances drilling economics in low gas price environment Early development of Cana Shale shows a range of EURs, with attractive drilling economics in liquids rich…
  25. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 25
    Eagle Rock is Well-Positioned for Continued Growth Strong credit profile and capital availability Absence of incentive distribution rights enhances long-term accretion potential Core midstream operations in liquids-rich areas…
  26. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 26
    Eagle Rock Energy Partners, L.P. Appendix NAPTP Investor Presentation May 2011
  27. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 27
    Robust Hedging Profile Pre-Crow Creek Hedging Summary (1) Combined Hedging Summary (1, 2) 100% 100% Percent of Hedgeable Volumes Hedged Crude, Condensate and NGLs (C3) Crude, Condensate and NGLs (C3) Ethane and Natural Gas…
  28. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 28
    Midstream: Panhandle System System Overview Map of Texas Panhandle System Miles of Pipeline: 3,963 Processing Plants: 7 Compression HP: 141,000 1Q11 Avg. Gathering Volume: 144 MMcf/d 1Q11 Avg. Equity NGL / Condensate Volume: 4.7…
  29. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 29
    Midstream: East Texas System System Overview Map of East Texas System Miles of Pipeline: 1,213 Processing Plants: 7 Compression HP: 49,700 1Q11 Avg. Gathering Volume: 200 MMcf/d 1Q11 Avg. Equity NGL / Condensate Volume: 1.3…
  30. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 30
    Midstream: South Texas System System Overview Map of South Texas System Miles of Pipeline: 266 Processing JT Skids: 3 Compression HP: 15,300 Q1 2011 Operating Income (1): 1.3 million Q1 2011 Capex: 0.07 million Contract Mix by…
  31. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 31
    Midstream: Gulf of Mexico System System Overview Gulf of Mexico System Miles of Pipeline: 40 Processing Plants: 2 (non-operated) Compression HP: 14,180 Q1 2011 Operating Income (1): 0.8 million Q1 2011 Capex: 0.04 million…
  32. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 32
    Alabama: Upstream Asset Asset Overview Alabama Properties Acquisition Date: July 31, 2007 Alabama Counties: Escambia, Choctaw Operated Producing Wells: 29 Non-Op Wells: 2 Net Acreage: 13,000 Net Reserves: 10.9 MMboe (65.4Bcfe)…
  33. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 33
    Mid-Continent Asset Base Golden Trend 62 Op / 94 OBO Q1 11 Avg. Rate: 15.4 MMcfe/d Proved Reserves: 85 Bcfe Arkansas 36 PUDs Cana Shale Trend 52% of Proved Value No Op / 4 OBO Q1 2011 Rate: 1.9 MMcfe/d Proved Reserves: 15…
  34. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 34
    East Texas Smackover Trend Assets Asset Overview East Texas Properties Acquisition Date: July 31, 2007 Texas Counties: Wood, Rains, Van Zandt, Henderson Operating Producing Wells: 34 Non-Op Producing Wells: 123 (ETX/LA) Net…
  35. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 35
    Permian Basin Assets Asset Overview Permian Basin Properties Acquisition Date: April 30, 2008 Texas Counties: Ward, Crane, Pecos Operated Producing Wells: 186 Non-Op Producing Wells: 21 Net Acreage: 24,000 Net Reserves: 4.7 MMboe…
  36. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 36
    South Texas Upstream Assets Asset Overview South Texas Properties Acquisition Date: July 31, 2007 Texas Counties: Atascosa Operating Producing Wells: 11 Net Acreage: 1,400 Net Reserves: 1.1 MMboe (6.6 Bcfe) Average Operated W.I.:…
  37. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 37
    Drilling Assumptions / Well Type Curves Golden Trend Type Curve Cana Shale Type Curve Golden Trend Drilling Assumptions Cana Shale Drilling Assumptions 3.0 million completed well cost 8.6 million completed well cost EUR of 1.1…
  38. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 38
    SEC Reserve Disclosures The SEC permits oil and gas companies, in their filings with the SEC, to disclose only reserves as defined by SEC rules. Estimates of reserves in this communication are based on economic assumptions with regard to…
  39. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 39
    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…
  40. NAPTP MLP Investor Conference – Eagle Rock Energy Partners Lp – slide 40
    Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Historical Pro Forma Three Months Ended 3 Mo Ended Year Ended December 31, March 31, FYE 12/31, March 31, 2008 2009 2010 2010 2011 2010 2011 Reconciliation of Adjusted…

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