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RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp

Eagle Rock Energy Partners Lp · Nov 10, 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. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 1
  2. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 2
    Management Representatives Jeffrey P. Wood Senior Vice President & Chief Financial Officer Adam K. Altsuler Director, Corporate Finance & Investor Relations 3
  3. RBC Capital Markets MLP 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. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 4
    Strategically Located, Diversified Asset Base Midstream Business (1) Upstream Business (2) 5,482 miles of pipeline 600 operated producing wells 19 processing plants 385 Bcfe proved reserves 476 MMcf/d gathering volumes 81.1…
  5. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 5
    Delivering on Our Strategic Objectives Objective Status Create Platform to Grow Recently announced Midstream projects Organically capitalize on existing infrastructure Upstream properties contain over 680 gross identified drilling…
  6. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 6
    Positioning for Further Growth Eagle Rock Has Substantially Improved Its Liquidity and Balance Sheet Stability (1) September 30, 2009 September 30, 2010 September 30, 2011 Enterprise Value: 1.1 billion Enterprise Value: 1.1 billion…
  7. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 7
    Robust Hedging Profile Crude, Condensate and NGLs (C2) Ethane and Natural Gas 100% 100% 80% 80% 60% 60% 102% 40% 85% 80% 78% 80% 40% 75% 67% 59% 20% 20% 31% 35% 26% 16% 0% 0% 0% 0% 0% 0% 2011 REM 2012 2013…
  8. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 8
    Delivering Value to Our Unitholders Improved Growth Profile and Capitalization Lead to Greater Unitholder Value Current Annualized Distribution Guidance ** 25% Annualized Distribution per Unit ** Management's intentions around…
  9. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 9
    Eagle Rock Energy Partners, L.P. Midstream Business Overview RBC Capital Markets MLP Conference November 2011
  10. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 10
    Geographically Diverse Midstream Business East Texas / North Louisiana 1,213 miles of pipeline Granite Wash 7 processing plants 49,700 compression HP 174 MMcf/d gathering volume 1,081 Bbls/d NGL/condensate Panhandle 3,963 miles…
  11. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 11
    Panhandle System Announced planned installation of 60 MMcf/d cryogenic processing facility (the Woodall Plant) operational by Q1 2012 Wheeler Plant Announced planned installation of 125 MMcf/d cryogenic processing…
  12. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 12
    Leading Midstream Company in the Granite Wash Superior Economics Driving Production Growth Stacked Pay Zones Improve Economics Granite Wash Daily Production (1) Other(s) Unit Corporation Penn Virginia Cimarex Energy Linn Energy…
  13. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 13
    The Granite Wash Fairway Eagle Rock is Well-Positioned to Serve Growing Production Volumes Tight sands formation with up to 3,000 feet of pay through multiple zones 132 directional / horizontal rigs running in Roberts, Hemphill…
  14. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 14
    Building on Our Core; Delivering for Our Customers Hemphill County Recent Activity 1 1 Oct. 10 Acquired Gathering Systems from CEFS Canadian Dec. 10 Installed Phoenix-Arrington 2 Red Ranch Plant (50 MMcf/d) Deer Oct. 11…
  15. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 15
    Strategic Footprint in East Texas System Activity Austin Chalk: Large independents staking 14 potential dedicated sites Drilling moving east into Louisiana with Austin Chalk and Indigo Minerals Bentley prospective Lumber 34H 1…
  16. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 16
    Eagle Rock Energy Partners, L.P. Upstream Business Overview RBC Capital Markets MLP Conference November 2011
  17. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 17
    Geographically Diverse Upstream Assets Mid-Continent Assets (1) Proved Reserves: 257 Bcfe Q3 2011 Prod. Rate: 47.5 MMcfe/d % Gas (2): 73% Alabama Area Proved Reserves: 65 Bcfe Permian Area Q3 2011 Prod. Rate: 16.4 MMcfe/d…
  18. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 18
    Diversified Reserve Base Across High Quality Basins Third quarter 2011 average Production production rate of 81.1 MMcfe/d Cana 5% Production growth anticipated Barnett Alabama from liquids-rich Cana Shale 10% 20% and Golden…
  19. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 19
    Golden Trend Play Liquids-rich field producing from multiple pay formations from 8,000 Hart Sandstone to 14,000 including Bromide, Big 4, Springer, Morrow, Hart, Deese Springer Sandstone McElvaney 2-23 IP: 780 Mcfd, 265 Bopd…
  20. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 20
    Cana Shale Play Drilling Activity 47 rigs currently drilling horizontal wells in the western Oklahoma Woodford Cana shale trend Shale characterized by dry gas to the southwest and oil to the northeast 296 Cana wells on…
  21. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 21
    Woodford Shale -- Potential Room to Run Arkoma Basin Verden Field Cana Shale Golden Trend Field Ardmore Basin 22 Eagle Rock acreage
  22. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 22
    Upstream Growth Production Growth Driven Organically by Lower-Risk Drilling Inventory Eagle Rock Identified Locations PUD PROB Cana Shale 21 413 Golden Trend 36 2 Anadarko 42 21 Arkoma 46 11 120 Barnett Shale 4 9 180 Cana Verden…
  23. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 23
    Focus on Low Cost Operations Upstream Historical and Projected Operating Costs (1) 40 2.40 Mid Continent Legacy Assets 35 11.7 2.10 Unit OPEX 30 1.80 Unit OPEX (/Mcfe) Total OPEX (MM) 5.5 25 1.50 24.5 24.8 23.2 20…
  24. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 24
    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…
  25. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 25
    Eagle Rock Energy Partners, L.P. Appendix RBC Capital Markets MLP Conference November 2011
  26. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 26
    Mid-Continent Acquisition Transaction Overview Acquisition of all equity interests of CC Energy II L.L.C (Crow Creek) for a total purchase price of 563.7 million 60% of purchase price in form of equity to sellers, primarily Natural…
  27. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 27
    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…
  28. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 28
    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…
  29. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 29
    Midstream: Panhandle System System Overview Map of Texas Panhandle System (1) Miles of Pipeline: 3,963 Processing Plants: 7 Compression HP: 141,000 LTM Avg. Gathering Volume: 151 MMcf/d LTM Avg. Equity NGL / Condensate Volume:…
  30. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 30
    Midstream: East Texas System System Overview Map of East Texas System Miles of Pipeline: 1,213 Processing Plants: 7 Compression HP: 49,700 LTM Avg. Gathering Volume: 190 MMcf/d LTM Avg. Equity NGL / Condensate Volume: 1.1…
  31. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 31
    Midstream: South Texas System System Overview Map of South Texas System Miles of Pipeline: 266 Processing JT Skids: 3 Compression HP: 15,300 LTM Operating Income (1): 5.1 million LTM Capex (1): 0.1 million Contract Mix by…
  32. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 32
    Midstream: Gulf of Mexico System System Overview Gulf of Mexico System Miles of Pipeline: 40 Processing Plants: 2 (non-operated) Compression HP: 14,180 LTM Operating Income (1): 3.3 million LTM Capex (1): 0.2 million Contract Mix…
  33. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 33
    Mid-Continent: Upstream Asset Asset Overview Mid-Continent Properties Acquisition Date: May 3, 2011 Oklahoma Counties: Dewey, Blaine, Canadian, Caddo, Grady, Love, Marshall Coal, Pittsburg, Latimer Texas Counties Tarrant,…
  34. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 34
    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)…
  35. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 35
    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…
  36. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 36
    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…
  37. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 37
    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.:…
  38. RBC Capital Markets MLP 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. RBC Capital Markets MLP 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. RBC Capital Markets MLP Conference – Eagle Rock Energy Partners Lp – slide 40
    Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Three Months Ended Nine Months Ended Septem ber 30, Septem ber 30, 2011 2010 2011 2010 ( in thousands) ( in thousands) Net cash flows provided by operating activities…

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