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IPAA OGIS SAN FRANCISCO – LRR Energy LP

LRR Energy LP · Sep 3, 2012 · 23 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. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 1
    LRR Energy, L.P. IPAA OGIS San Francisco September 2012
  2. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 2
    LRR Energy, L.P. Who is Lime Rock Lime Rock Management Lime Rock Founded in 1998 Manages 3.9 billion of private capital Lime Rock Partners Lime Rock Resources LRR Energy, L.P. LRP LRR LRE 3.0 billion capital Formed in 2005…
  3. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 3
    LRR Energy, L.P. LRR Energy, L.P. Upstream MLP formed in November 2011 (NYSE: LRE) Operate, acquire, exploit and develop mature oil and gas properties Experienced team with proven acquisition, operational and exploitation track…
  4. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 4
    LRR Energy, L.P. Property Summary Mid Continent Q2 2012 Production (Boe/d) 1,890 LRE Total Proved Reserves (MMBoe) 10.0 Q2 2012 Production (Boe/d) 6,462 % Proved Developed 94% Proved Reserves (MMBoe) 30.6 % Liquids 0% % Proved…
  5. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 5
    LRR Energy, L.P. Recent Events 2nd Quarter results and distribution Production of 6,462 Boe/d EBITDA of 17.7 million Quarterly distribution of 0.475 per unit Distribution coverage of 1.06x 67 million acquisition from Lime Rock…
  6. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 6
    LRR Energy, L.P. Quality Assets Shallow production decline Low Risk, Mature Assets 86% proved developed reserves 13.0 R/P Focused operations and diversified geographically Focused Portfolio Three operating areas with scale…
  7. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 7
    LRR Energy, L.P. Permian Basin Region1 Key fields: Red Lake, Pecos Slope, Corral Canyon Proved reserves: 16.8 MMBoe (55% of total) R/P Ratio: 12.8 years LRE operated: 93% of value 703 gross (582 net) producing wells 152 gross…
  8. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 8
    LRR Energy, L.P. Mid-Continent & Gulf Coast Regions Mid-Continent Summary Overview1 Gulf Coast Summary Overview1 Key fields: Potato Hills Key fields: New Years Ridge, GW-Stratton Proved reserves: 10.0 MMBoe (33% Proved reserves:…
  9. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 9
    LRR Energy, L.P. Production and Revenue Summary Q2 2012 Production Q2 2012 Gross Revenues1 6,462 Boe/d 22.6 MM Estimated percent of volumes hedged over next 18 months2 90% of gas and oil 70% of NGLs 1 Excludes other…
  10. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 10
    LRR Energy, L.P. Significant Growth Potential Acquisition Sources Drop-downs Joint Bids Acquisitions Acquisitions from with from from Third Lime Rock Lime Rock Lime Rock Parties Resources Resources Partners 29.8 MMBoe of…
  11. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 11
    LRR Energy, L.P. Lime Rock Resources Growing Inventory of Assets Annual Revenue 180 2 163.2 160 5% Gas 140 120 1 100 92.9 MM 80 21% Gas 60 40 79% Liquids 95% Liquids 20 0 LRE LRR 1 Annualized first six…
  12. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 12
    LRR Energy, L.P. Conservative Financial Strategy Capital required to maintain production Maintenance Estimated 21 million per year Capital Estimate based on internal development inventory Target debt/Adjusted EBITDA…
  13. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 13
    LRR Energy, L.P. Hedge Portfolio Natural Gas Hedges 10 94% of current PDP is hedged through 2016 8 91% Production (Bcf) Assuming flat production1, total 6 72% production is hedged 90% in 2012, 4 65% 59% 88% in 2013, 63%…
  14. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 14
    LRR Energy, L.P. 2012 Guidance and Capitalization 2012 Guidance Daily Production (Boe/d) 6,100 - 6,400 Lease Operating Expenses (/Boe) 10.50 - 11.00 Maintenance Capital ( MM) 21.0 Other Capital ( MM) 10.0 Total Capital ( MM)…
  15. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 15
    LRR Energy, L.P. Upstream MLP Yields1 LRE's current yield is attractive compared to peers 12.0% 10.6% 10.6% 10.4% 9.9% 10.0% Peer Average: 8.6% 8.7% 8.4% 8.3% 8.2% 8.0% 7.3% 6.0% 4.8% 4.0% 2.0% 0.0% LRE…
  16. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 16
    LRR Energy, L.P. Why LRE MLP Conservative Quality Growth Proven Financial Assets Potential Management Strategy Stable, low-risk Multiple avenues Experienced and Distributions and predictable for growth incentivized supported by:…
  17. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 17
    Appendix Appendix 17
  18. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 18
    Appendix Recent Acquisition Property Summary Closed June 1st Recent Acquisition April 2012 Production (Boe/d) 765 Proved Reserves (MBoe) 1,728 67 million acquisition % Proved Developed Producing 92% % Liquids 83% Total Proved…
  19. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 19
    Appendix Management Team & Board of Directors Executive Leadership Years of Name and Position Experience Select Prior Experience Eric Mullins 21 Lime Rock Resources; Goldman Sachs Co-CEO and Chairman Charles Adcock 35 Lime Rock…
  20. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 20
    Appendix Summary Organization Lime Rock Management LP 100% Class A Member Interest LRE GP, LLC Lime Rock Resources (LRR) Incentive Distribution Rights Fund I Common Units Subordinated Units 0.1% GP Interest 52.4% LP…
  21. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 21
    Appendix Commodity Hedges Current Hedge Position (Swaps, Collars & Puts) 2H 2012 2013 2014 2015 2016 2017 NYMEX HH GAS Swaps Gas (MMBtu) 2,080,305 7,267,590 5,876,099 5,326,561 4,878,990 2,558,556 Wt Avg Price 5.67 5.15 5.52…
  22. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 22
    Appendix Adjusted EBITDA Calculation Adjusted EBITDA is used as a supplement financial measure by our management and by external users of our financial statements, such as investors, commercial banks and others, to assess: our…
  23. IPAA OGIS SAN FRANCISCO – LRR Energy LP – slide 23
    Appendix Distributable Cash Flow and Distribution Coverage Calculation The following table presents a reconciliation of Distributable Cash Flow and Distribution Coverage Ratio to Adjusted EBITDA. Adjusted EBITDA is reconciled to net…

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