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Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp

Eagle Rock Energy Partners Lp · Aug 22, 2012 · 30 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 – Eagle Rock Energy Partners Lp – slide 1
    Creating Sustainable Growth
  2. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 2
    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
  3. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 3
    Eagle Rock Energy Partners, L.P. Acquisition of BPs Texas Panhandle System
  4. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 4
    Eagle Rock Energy Partners, L.P. Overview of Eagle Rock Energy Partners
  5. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 5
    Eagle Rock Energy Partners, L.P. Today (Pre-BP Acquisition) 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…
  6. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 6
    Strategically Located, Diversified Asset Base Midstream Business (1) Upstream Business (2) Stand-Alone Pro Forma Miles of pipeline 5,583 8,083 Operated producing wells 591 Processing plants 19 21 Proved reserves (Bcfe) 371…
  7. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 7
    Midstream Business (Pro Forma for BP Acquisition) Morrow/Cleveland Tonkawa Granite Wash Hogshooter Panhandle (1) 6,463 miles of pipeline 11 processing plants 200,000 compression HP Gathering Volume: 380 MMcf/d Equity…
  8. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 8
    BP Acquisition Excellent Asset Fit; Creates Supersystem 83 active rigs in general area (17 rigs on dedicated acreage) Over 500 wells permitted in area over past six BP System months Roberts 6,500 miles of gathering lines…
  9. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 9
    Strengthening the Core Acquisition Positions Eagle Rock for Continued Growth in Liquids-Rich Area The acquisition of BPs Texas Panhandle midstream system adds substantial scale and reach to Eagle Rocks existing position in the core of…
  10. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 10
    The Texas Panhandle Fairway: Serving Multiple Prolific Formations Eagle Rock is Well-Positioned to Serve Growing Production Volumes Stacked Pay Zones Improve Economics Combined system will have approximately 470 MMcf/d of…
  11. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 11
    The Texas Panhandle Fairway: Stacked Pay Zones Industry has drilled approximately 2,600 horizontal wells to these formations Source: Apache Corporation and Eagle Rock Energy research. Includes Hansford, Hemphill, Hutchinson,…
  12. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 12
    Superior Economics Driving Production Growth 120% Projected Granite Wash Daily Production (1) 105% 100% Other(s) Unit Corporation Penn Virginia Cimarex Energy Single Well Returns (2) Linn Energy QEP Resources Newfield…
  13. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 13
    Strategic Partnership with BP Eagle Rock becomes the exclusive gathering and processing partner for all of BP and its joint venture partners natural gas production around the acquired system (1) Existing Production Future…
  14. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 14
    Strategic Footprint in East Texas East Texas / North Louisiana System Activity 5 rigs currently running on EROC dedicated acreage 59 permits (within 180 days) in Austin Chalk and Tuscaloosa Shale Play Anadarko Forestar Beyerly 2:…
  15. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 15
    Eagle Rock Energy Partners, L.P. Upstream Business Overview
  16. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 16
    Geographically Diverse Upstream Assets Mid-Continent Assets (1) Proved Reserves: 257 Bcfe Q2 2012 Prod. Rate: 52.8 MMcfe/d % Gas (2): 71% Operated Wells: 316 Average Operated WI: 83% Permian Area Alabama/Miss. Area Proved…
  17. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 17
    Diversified Reserve Base Across High Quality Basins Reserve Profile PUD NGLs 371 Bcfe of proved 24% 18% reserves at 12/31/11 12-year reserve life (1) PDNP Gas 6% 63% Oil PDP Over 575 (gross) identified 19% 70% drilling…
  18. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 18
    Upstream Growth Organic Production Growth Driven by Lower-Risk Drilling Inventory Eagle Rock Identified Locations (1) Cana Shale 391 120 Golden Trend 26 200 Cana Anadarko 38 105 Arkoma 39 175 Mid-Con Conventional Barnett Shale…
  19. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 19
    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…
  20. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 20
    Golden Trend and the Cana Woodford Trend Broad Development and Expansion Continues Across Eagle Rocks Acreage Position With 33 rigs in the combined Cana and S.E. Cana Woodford plays, activity has remained strong but shifting toward…
  21. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 21
    Southeast Canas Strong Results Continue 13 rigs currently drilling in Grady, Garvin, McClain and Stephens counties EROC has approximately 2,505 net acres across 17 sections in SE Cana EROC Golden Trend Well of Interest CLR…
  22. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 22
    Eagle Rock Energy Partners, L.P. Financial Update
  23. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 23
    Positioning for Further Growth Eagle Rock Has Substantially Improved Its Liquidity and Balance Sheet Stability (1) June 30, 2010 June 30, 2011 TODAY (as adjusted)(2) Enterprise Value: 1.0 billion Enterprise Value: 2.2 billion…
  24. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 24
    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…
  25. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 25
    Robust Hedging Profile Crude, Condensate and NGLs (C2) (1) Ethane and Natural Gas (1) 100% 100% 80% 80% 60% 60% 89% 40% 80% 84% 40% 78% 72% 68% 20% 40% 20% 41% 34% 19% 0% 0% 0% 0% 2012 REM 2013 2014 2015 2012…
  26. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 26
    Closing Considerations Strategically Located, Diversified Asset Base Experienced and Strong Financial Proven Management Profile Team Proven Track Record of Disciplined Hedging Growth, Highlighted by Strategy BP…
  27. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 27
    Eagle Rock Energy Partners, L.P. Appendix
  28. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 28
    Individual System Overviews Eagle Rock Panhandle System BP Panhandle System Nine processing plants with approximately 330 MMcf/d Two processing plants with approximately 220 MMcf/d of processing capacity (1) cryogenic processing…
  29. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 29
    Golden Trend Field Drilling Update Producing Formations GR Log 2 Rigs currently drilling Bromide/ Big 4 wells. Reviewing Hart and Woodford horizontal drilling. Hart Sand Springer Sand Mattie Wallace 4-18 IP 70 Bopd 51 Blpd…
  30. Citi MLP Midstream Infrastructure Conference – Eagle Rock Energy Partners Lp – slide 30
    Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2012 2011 2012 2011 ( in thousands) ( in thousands) Net cash flows provided by operating activities 22,782 6,059…

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