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Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc

Vanguard Natural Resources, Llc · Nov 9, 2015 · 16 slides

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Slides

  1. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 1
    Supplemental Q3 2015 Earnings Results
  2. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 2
    Third Quarter 2015 Highlights Adjusted EBITDA (a non-GAAP financial measure defined at the end of this presentation) decreased 19% to 88.2 million in the third quarter of 2015 from 108.2 million in the third quarter of 2014 and…
  3. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 3
    Selected Summary Financials Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 ( in thousands, except per unit data) (Unaudited) Production (Mcfe/d) 386,679 321,847 383,067 301,816 Oil, natural…
  4. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 4
    Commodity Hedge Summary (as of 10/1/15) Percent Production Hedged VNR Stand Alone October 1 - Year Year December 31, 2016 2017 2015 Gas Production Hedged: % Anticipated Production Hedged 88 % 68 % 41 % Weighted Average Price…
  5. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 5
    Commodity Hedge Summary (as of 10/1/15) Natural Gas Hedges (Full Year) 140,000 4.35 4.19 120,000 4.28 100,000 31% 61% 80,000 11% MMBtu 15% 60,000 40,000 58% 13% 1% 20,000 84% 26% 0 2015 2016 2017 Swaps…
  6. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 6
    Natural Gas Hedge Positions (Q4 2015 - 2017) Oct 1- Year Year Dec 31, 2015 2016 2017 Gas Positions: Fixed Price Swaps Notional Volume (MMBtu) 26,465,699 69,996,888 31,112,760 Fixed Price (/MMBtu) 4.31 4.43 4.33 Three Way Collars…
  7. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 7
    Oil Hedge Positions (Q4 2015 - 2017) Oct 1- Year Year Dec 31, 2015 2016 2017 Oil Positions: NYMEX Fixed Price Swaps Notional Volume (Bbls) 936,730 1,875,531 749,698 Fixed Price (/Bbl) 79.00 84.01 85.70 LLS Fixed Price Swaps…
  8. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 8
    NGL Hedge Positions (Q4 2015 - 2017) Oct 1- Year Year Dec 31, 2015 2016 2017 Natural Gas Liquids: Fixed Price Swaps Mont Belviu Ethane Notional Volume (Bbls) 15,491 - - Fixed Price (/Bbl) 11.35 - - Mont Belviu Propane Notional…
  9. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 9
    Distributable Cash Flow Distributable Cash Flow Available to Common and Class B Unitholders Distributable Cash Flow Available to Common and Class B Unitholders is used by management as a tool to measure (prior to the establishment…
  10. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 10
    Adjusted Net Income Adjusted Net Income Available to Common and Class B Unitholders This information is provided because management believes exclusion of the impact of these items will help investors compare results between periods…
  11. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 11
    Adjusted EBITDA and Distributable Cash Flow (a) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income (loss) (462,277) 114,099 (1,374,752) 124,482 Plus: Interest expense 21,130 16,721…
  12. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 12
    Adjusted Net Income Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net Income (Loss) Attributable to Common and Class B Unitholders (468,967) 109,150 (1,394,822) 112,975 Plus (less): Change…
  13. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 13
    Coverage Ratio Calculation Distribution Coverage Ratio The coverage ratio is used to determine the amount of actual cash distributions the company makes, relative to the amount it could potentially pay out. The amount of…
  14. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 14
    Production and Realized Pricing Three Months Ended Three Months Percentage Percentage September 30, Ended June 30, Increase / Increase / 2015 (a) 2014 (a) (Decrease) 2015 (Decrease) Total production volumes: Oil (MBbls) 839 813…
  15. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 15
    Statements of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues: Oil sales 33,624 69,034 113,425 211,197 Natural gas sales 50,851 67,827 146,502 201,175 NGLs…
  16. Supplemental Q3 2015 Earnings Results – Vanguard Natural Resources, Llc – slide 16
    Balance Sheets (Unaudited) September 30, December 31, 2015 2014 Assets Current assets Cash and cash equivalents 19,490 Trade accounts receivable, net 66,200 140,017 Derivative assets 139,901 142,114 Other current assets 11,119…

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