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CITIGROUP MLP CONFERENCE – LRR Energy LP

LRR Energy LP · Aug 22, 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. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 1
    LRR Energy, L.P. Citigroup MLP Conference August 22, 2013
  2. CITIGROUP MLP CONFERENCE – 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. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 3
    LRR Energy, L.P. Recent Developments Strong Q2 2013 operational and financial results Production of 6,484 Boe/d EBITDA of 21.3 MM Total distribution coverage of 1.11x Common distribution coverage of 1.49x Closed third…
  4. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 4
    LRR Energy, L.P. Property Summary Mid Continent LRE Total Production (Boe/d) 2,352 Proved Reserves (MMBoe) 11.4 Production (Boe/d)(1) 6,484 % Proved Developed 92% Proved Reserves (MMBoe)(1) 31.7 % Liquids 24% % Proved Developed…
  5. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 5
    LRR Energy, L.P. Quality Assets Shallow production decline Low Risk, Mature Assets 84% proved developed reserves 13.4 reserve life Focused operations Focused Portfolio Well, commodity an geographic diversification Three…
  6. CITIGROUP MLP CONFERENCE – 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: 3,348 Boe/d (52% of total) 636 gross (519 net) producing wells LRE operates 94%…
  7. CITIGROUP MLP CONFERENCE – 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 ft 34% of total proved reserves(1) and 32% of total production 198 gross (169 net) producing wells LRE…
  8. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 8
    LRR Energy, L.P. Mid-Continent & Gulf Coast Regions Mid-Continent Summary Overview Gulf Coast Summary Overview Key fields: Potato Hills, East Velma, Key fields: New Years Ridge, GW-Stratton Putnam Proved reserves(1): 3.3 MMBoe…
  9. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 9
    LRR Energy, L.P. 2013 Capital Budget Oil-weighted capital budget of 32 MM 29 MM allocated to the Red Lake field 33 drill wells, including 25 Red Lake drill wells 32 recompletes, including 30 Red Lake recompletes 1 waterflood…
  10. CITIGROUP MLP CONFERENCE – 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. CITIGROUP MLP CONFERENCE – 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. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 12
    LRR Energy, L.P. Conservative Financial Strategy Strong balance sheet As of June 30, 2013 ( in thousands) commitment Cash 4,892 Target debt/Adjusted EBITDA Senior Credit Facility 192,000…
  13. CITIGROUP MLP CONFERENCE – 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. CITIGROUP MLP CONFERENCE – 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 96% in 2013, 80% in 2014, 57% in 2015, 55% in 2016 and 44% in 2017 Average…
  15. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 15
    LRR Energy, L.P. Significant Total Return Potential Annual distribution of 1.94 per unit Current yield of 12.8% Substantial tax shield 100% shield on 2012 income 70% shield estimated through 2015 Opportunity for price…
  16. CITIGROUP MLP CONFERENCE – 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. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 17
    Appendix Appendix 17
  18. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 18
    Appendix Lime Rock Overview Lime Rock Management Lime Rock Founded in 1998 Manages 5.0 BN of private capital Lime Rock Partners Lime Rock Resources LRR Energy, L.P. LRP LRR LRE 3.8 BN capital under Formed in 2005 Mature…
  19. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 19
    Appendix Management Team & 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 Charles…
  20. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 20
    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…
  21. CITIGROUP MLP CONFERENCE – LRR Energy LP – slide 21
    Appendix Commodity Hedges Current Hedge Position (Swaps & Puts) 3Q - 4Q 2013 2014 2015 2016 2017 NYMEX HH GAS Swaps Gas (MMBtu) 3,790,956 6,077,016 5,500,236 5,433,888 5,045,760 Wt Avg Price 5.09 5.53 5.72 4.29 4.61 Puts Gas…

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