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WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP

LRR Energy LP · Dec 10, 2013 · 21 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. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 1
    LRR Energy, L.P. Wells Fargo Energy Symposium December 2013
  2. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 2
    LRR Energy, L.P. LRR Energy Overview Upstream MLP formed in November 2011 (NYSE: LRE) Develop, acquire and exploit mature oil and gas properties Diversified portfolio of stable, long-lived assets with a significant development…
  3. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 3
    LRR Energy, L.P. Recent Developments Strong Q3 2013 operational and financial results Production of 6,609 Boe/d EBITDA of 21.5 MM Total distribution coverage of 1.10x Common distribution coverage of 1.48x Q3 2013…
  4. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 4
    LRR Energy, L.P. Property Summary Mid-Continent LRE Total Q3 2013 Production (Boe/d) 1,922 Proved Reserves (MMBoe) (1) 11.4 Q3 2013 Production (Boe/d) 6,609 % Proved Developed 92% Proved Reserves (MMBoe) (1) 31.7 % Liquids 24% %…
  5. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 5
    LRR Energy, L.P. Quality Assets Shallow production decline Low Risk, Mature Assets 84% proved developed reserves 13.2 reserve life Focused operations Focused Portfolio Well, commodity and geographic diversification Three…
  6. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 6
    LRR Energy, L.P. Permian Basin Region Key fields: Red Lake, Pecos Slope, Corral Canyon Proved reserves(1): 17.0 MMBoe (54% of total) Production: 3,549 Boe/d (54% of total) 636 gross (519 net) producing wells LRE operates 94%…
  7. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 7
    LRR Energy, L.P. Red Lake Field Oil-weighted field in Eddy County, NM Formations: Yeso and San Andres, 2,000-5,000 feet 34% of total proved reserves(1) and 35% of total production 198 gross (169 net) producing wells LRE…
  8. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 8
    LRR Energy, L.P. Mid-Continent and Gulf Coast Regions Mid-Continent Overview Gulf Coast Overview Key fields: Potato Hills, East Velma, Key fields: New Years Ridge, GW-Stratton Putnam Proved reserves(1): 3.3 MMBoe (10%) Proved…
  9. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 9
    LRR Energy, L.P. 2013 Capital Budget Oil-weighted capital budget of 34 MM 28.1 MM allocated to the Red Lake field 42 drill wells, including 26 Red Lake drill wells 32 recompletes / workovers, including 29 Red Lake recompletes /…
  10. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 10
    LRR Energy, L.P. Significant Growth Potential Multiple Acquisition Sources Drop-downs Joint Bids Acquisitions Acquisitions from with from from Third Lime Rock Lime Rock Lime Rock Parties Resources Resources Partners 3…
  11. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 11
    LRR Energy, L.P. Lime Rock Resources Overview Formed in 2005, currently manages LRR / LRE Operating Areas three funds Acquires, operates, and exploits lower- risk oil and gas properties in the U.S. 8% Gas Potential assets for…
  12. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 12
    LRR Energy, L.P. Conservative Financial Strategy Strong balance sheet As of September 30, 2013 commitment ( in thousands) Cash & Equivalents 5,301 Target debt/Adjusted Senior Credit Facility 195,000 EBITDA…
  13. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 13
    LRR Energy, L.P. Active Hedge Program Hedging strategy includes commodity, regional oil and gas basis and interest rates Mitigates commodity price volatility and rising interest rates Protects cash flow, distributions, borrowing…
  14. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 14
    LRR Energy, L.P. Hedge Portfolio Natural Gas Hedges 85% of current PDP is hedged through 2017 Assuming flat production(1), total production is hedged 94% in 2013, 82% in 2014, 63% in 2015, 55% in 2016 and 44% in 2017 Average…
  15. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 15
    LRR Energy, L.P. Significant Total Return Potential Annual distribution of 1.95 per unit Current yield of 12.1% Substantial tax shield 100% shield on 2012 income 70% shield estimated through 2015 Opportunity for price…
  16. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 16
    LRR Energy, L.P. Investment Highlights Quality Assets Stable, low-risk and predictable properties Operated, primary production and low cost asset portfolio Large internal project inventory Significant Growth Potential Potential…
  17. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 17
    Appendix 17
  18. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 18
    LRR Energy, L.P. Lime Rock Overview Lime Rock Management Lime Rock Founded in 1998 5.5 BN of private capital commitments Lime Rock Partners Lime Rock Resources LRR Energy, L.P. LRP LRR LRE 4.0 BN of private Formed in 2005…
  19. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 19
    Appendix Organization and Ownership Summary 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…
  20. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 20
    Appendix Management Team and Board of Directors Executive Leadership Years of Name and Position Experience Select Prior Experience Eric Mullins 23 Lime Rock Resources; Goldman Sachs (Managing Director) Co-CEO and Chairman…
  21. WELLS FARGO ENERGY SYMPOSIUM – LRR Energy LP – slide 21
    Appendix Commodity Hedges Current Hedge Position (Swaps & Puts) Q4 2013 2014 2015 2016 2017 NYMEX HH GAS Swaps Gas (MMBtu) 1,889,315 6,077,016 5,500,236 5,433,888 5,045,760 Wt Avg Price 5.13 5.53 5.72 4.29 4.61 Puts Gas…

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