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UBS MLP One on One Conference – Legacy Reserves Lp

Legacy Reserves Lp · Jan 12, 2016 · 15 slides

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Slides

  1. UBS MLP One on One Conference – Legacy Reserves Lp – slide 1
    JANUARY 2016 INVESTOR PRESENTATION
  2. UBS MLP One on One Conference – Legacy Reserves Lp – slide 2
    Legacy Reserves LP Overview Midland, Texas-based Master Limited Partnership (NASDAQ: LGCY) The commodity price fallout has shaken confidence, but our experienced and aligned management team remains: Focused on owning and…
  3. UBS MLP One on One Conference – Legacy Reserves Lp – slide 3
    East Texas and Bolt-on Acquisitions Overview Ideal MLP Assets 492 million of acquisitions of mature, low-decline, gas-weighted PDP properties & midstream assets in East Texas Anderson Approximately 504 Bcfe of Proved Reserves (100%…
  4. UBS MLP One on One Conference – Legacy Reserves Lp – slide 4
    Recent Hedging 80.0 3.40 100% 3.40 90% 70.0 3.36 3.36 3.36 3.35 3.35 3.36 80% 60.0 70% Production Hedged 3.30 3.30 Volumes Hedged 50.0 60% % of Current (Mmcf/d) 40.0 3.25 50% 3.25 30.0 40% 3.20 3.20…
  5. UBS MLP One on One Conference – Legacy Reserves Lp – slide 5
    Pro Forma Assets Standalone(1) Acquisitions(2) Pro Forma (89.5% PDP) (95% PDP) (92% PDP) 139.0 MMBoe 83.9 MMBoe 222.9 MMBoe 100% 38% 7% 4% 43% 27% 50% 31% Permian Basin Rocky Mountain Mid-Continent East Tx 6%…
  6. UBS MLP One on One Conference – Legacy Reserves Lp – slide 6
    Balance Sheet ( in millions) September 30, 2015 Cash and cash equivalents 1.6 Long-term debt: Revolving credit facility due 2019 (1) 607.0 8% Senior Notes due 2020 300.0 6.625% Senior Notes due 2021 550.0 Total Debt 1,457.0…
  7. UBS MLP One on One Conference – Legacy Reserves Lp – slide 7
    Joint Development Agreement (JDA) Overview and Key Deal Terms Legacy and TSSP1 signed definitive agreements to jointly develop certain of Legacys Spraberry, Wolfcamp and Bone Spring rights in the Permian Basin TSSP initially commits…
  8. UBS MLP One on One Conference – Legacy Reserves Lp – slide 8
    JDA Merits Accelerates Development of Premier Asset in MLP-Friendly Structure Adds great partner in TPG Special Situations Partners Provides Long-Term Accretion to DCF Yields Balance Sheet Accretion Broadens Acquisition…
  9. UBS MLP One on One Conference – Legacy Reserves Lp – slide 9
    JDA Acreage Target acreage includes 6,000 net acres across 3 Blocks AMI includes broader Permian horizontal development Lea Unit / Hamon (2,312 Net Acres) RTF (1,413 Net Acres) University (2,346 Net Acres) 10
  10. UBS MLP One on One Conference – Legacy Reserves Lp – slide 10
    Why is the JDA so powerful Efficient development of our horizontal potential with TSSP funding 95% of the development costs; through our 7.5% carried interest, Interim and Final Reversions, we are able to participate in the early part…
  11. UBS MLP One on One Conference – Legacy Reserves Lp – slide 11
    Attractive Long-Term Investment Opportunity High-quality, geographically diversified, low-decline asset portfolio 31% Liquids, 69% Gas 11.9 PDP R/P Experienced, aligned, and incentivized Insiders 15% of outstanding units held…
  12. UBS MLP One on One Conference – Legacy Reserves Lp – slide 12
    Appendix 13
  13. UBS MLP One on One Conference – Legacy Reserves Lp – slide 13
    Oil and Natural Gas Hedging Summary Oil Hedging Summary(1) Natural Gas Hedging Summary(2) 1,600 40,000 1,400 35,000 1,200 30,000 1,000 25,000 800 20,000 600 15,000 68.37 400 10,000 3.40 3.36 3.36 3.36 200 5,000 84.75 3.96…
  14. UBS MLP One on One Conference – Legacy Reserves Lp – slide 14
    Hedging Commodity Basis Exposure Natural Gas Crude Oil 100% Currently seeing meaningful pricing 90% improvement due to recent pipeline 80% 70% completions % of Existing Hedges (1) 60% 50% We are opportunistically layering…
  15. UBS MLP One on One Conference – Legacy Reserves Lp – slide 15
    Estimated Production Range and D&C Capital (1) 2,500 2,350 10,000 Net Capital to Legacy (000s) 2,000 8,000 1,920 Production (Boe/d) 1,500 6,000 1,270 1,000 1,040 4,000 500 460 2,000 380 0 0 Q4 2015 2016 2017…

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