Investor Presentation Richard Robert, EVP & CFO March 2016
Overview of Vanguard Natural Resources Upstream oil & gas LLC, headquartered in Houston, TX; Initial Public Offering VNR October 2007 had a Total Enterprise Value of Asset Profile(1) 240mm Twenty five strategic acquisitions…
Geographically Diversified Reserve Base Core Areas Overview Green River Basin Big Horn Basin Williston Basin Proved Reserves: 684 Bcfe Proved Reserves: 89 Bcfe 2.29 Tcfe (381 MMBoe) proved reserves Proved Reserves: 27 Bcfe 87%…
VNR Investment Thesis: Disciplined Acquisition Strategy Strong record of evaluating and integrating assets, Acquisitions Completed Since IPO in 2007 completing over 5.0 billion in acquisitions since VNRs IPO in 2007 Natural Gas…
Pro Forma Capitalization and Liquidity Capitalization Table (Current) ( in millions) Vanguard Cash 10 Credit Facility 1,680 7.0% Secured Second Lien due 2023 76 7.875% Senior Notes due 2020 382 8.375% Senior Notes due 2019 51…
2016E Guidance Table FY 2016E Net Production: Oil (Bbls/d) 12,800 - 14,200 Natural gas (Mcf/d) 280,000 - 310,000 Natural gas liquids (Bbls/d) 10,800 - 12,000 Total (Mcfe/d) 421,600 - 467,200 Costs per Mcfe: Lease operating…
2016 Guidance Table (footnotes) (1) Adjusted EBITDA and adjusted net income exclude the amortization of value on derivative contracts acquired (approximately 16.7 million for the FY 2016). (2) Additional detail regarding the capital…
Excess Cash Flow Sensitivities Chart Mid-point of Guidance 145 MM(1) Oil Price 107 217 Gas Price 2.00 135 168 NGL Price 136 154 35 Low Case High Case Oil Price 20.00 70.00 Gas Price 1.50 3.50 NGL Price 14.00 21.25 -5%…