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IPAA OGIS New York Conference – Memorial Resource Development Corp.

Memorial Resource Development Corp. · Apr 11, 2016 · 28 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. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 1
    IPAA OGIS New York Conference New York, New York Andrew J. Cozby SVP and CFO April 11 12 , 2016
  2. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 2
    MRD Continues to Execute on its Core Strategy Increasing production through efficient drilling and expanding its asset footprint via accretive acquisitions while maintaining a strong balance sheet and generating strong shareholder…
  3. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 3
    Jay Graham: Experienced and Proven Leader Terryville Founder: Instrumental in development of Terryville Field Former President and Co-Founder of WildHorse Resources, LLC which drilled the initial horizontal wells in the Terryville…
  4. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 4
    Managing Through the Commodity Cycle Discretionary and Disciplined Deployment of Capital Significant flexibility in development plan (no long-term rig contracts) Expect to have 30 drilled but uncompleted wells (DUCs) by end of 2Q16…
  5. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 5
    Significant and Growing Acreage Position Acreage Expansion Overview Map In 2015, MRD executed separate transactions to add to its industry-leading position in North Louisiana CLAIBORNE through the following: Acquisition of a…
  6. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 6
    Multi-Year Drilling Inventory Drives Upside Potential Terryville Horizontal Locations as of 12/31/15 Terryville Horizontal Locations by Pay-Zone(1) Zone Proved Prob. Poss. NSAI 3P Mgmt Total Upper Red 77 51 397 525 1,248 1,773 100+ year…
  7. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 7
    World Class Asset Productivity MRD Has Top Productive Wells Top 100 Gas Wells by Operator Since 2012, 95 of 20,800 horizontal gas wells in the U.S. Peak 30-Day Mcfe Production have peak monthly production over 21 MMcfe/d MRD 36 of…
  8. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 8
    Consistent Well Results Across Terryville Field Bellevue Timber 16 9 HC-1 TL McCrary 13 24 25 HC-1 Wright 13 24 HC-4 IP-30: 36.4 MMcfe/d IP-30: 31.4 MMcfe/d IP-30: 25.9 MMcfe/d DL Sanford 18 7 HC-1 Werner 29 32 5 HC-2 IP-30: 31.1…
  9. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 9
    Steady and Improving Terryville Field Well Performance Average Upper Red IP-30 by Year Since 2013(1) Upper Red: MRD Production vs NSAI PUD Type Curves(2) 23.8 2,500 22.5 Mgmt. TC Cum. Production MMcfe 2015 UR 2,000 Avg.…
  10. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 10
    Terryville Field Drilling Performance Progressing 2014 (26 wells) 2015 (35 wells(1)) 2016 YTD (16 wells) (/Ft) 350 336 MRD has consistently decreased 301 drilling days each year and averaged 300 40 days from spud to rig release…
  11. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 11
    Multi-Well Pads Increasing Efficiencies Across All Stages of Development 2015: Illustrative Example of MRDs Drill & Completion Schedule for a 4-Well Pad Vertical Vertical Lateral Lateral Frac Well 1 Vertical Lateral Frac Well 1…
  12. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 12
    Continued Operational Efficiencies in the Terryville Field Increasing Completed Lateral Lengths Drilling and Completion ( / Lateral Foot) Feet Most recent 3-well TL McCrary pad: 8,000 50 1,800 Expected avg well 7,200' cost of 9.0MM…
  13. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 13
    Economic Uplift From Decreased Well Costs Drilling inventory remains highly economic in current environment 9.0 million D&C cost 10.0 million D&C cost 11.8 million D&C cost NPV10 IRR% (MM) 16 150% 132% 14 120% 12 99% 10 90%…
  14. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 14
    Strong Financial Position Financial Update Full Year 2016 Guidance Projected to exit 2016 with net debt to annualized Adjusted EBITDA…
  15. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 15
    MRD Peer Comparison 2016E YoY Production Growth(1) 2016E Free Cash Flow (MM)(2) 40% 100 22 4 31% 30% 30% (18) (34) (100) 18% 18% (121) 20% 15% (200) Average: 12% Average: (191) (188) 10% (300) 5% 5% (400) (434)(444) (500)…
  16. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 16
    Hedge Restructure Solidifies Cash Flow During Q415, MRD restructured its existing 2018 hedges into new oil and NGL swaps in 2016 Results in approximately 100% of expected 2016 production hedged at total weighted average price of…
  17. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 17
    Industry Leading Hedge Position Percent of 2016E Production Hedged 100% 100% 85% 80% 71% 61% 60% 56% Average 2016: 41% Average: 41% 45% 42% 42% 40% 28% 20% 12% 10% MRD AR RICE GPOR EPE PDCE EQT RRC QEP COG SWN UPL…
  18. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 18
    Investment Highlights Consolidated core position in and around the Terryville Complex of North Louisiana Prolific, Highly Top tier returns highly economic single well IRRs projected at current commodity Economic Asset prices Base…
  19. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 19
    Appendix
  20. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 20
    Organizational Chart & Ownership(1) Headquarters: Houston, TX NGP Funds Certain Former Management Members of MRD Holdco LLC Public WildHorse Resources 15% 36% 49% Memorial Resource Development Corp. (NASDAQ: MRD)…
  21. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 21
    High Production Rates Throughout Cotton Valley Trend MRD has the Top 41 Wells in the Cotton Valley Trend Terryville Complex Bellevue Timber 16 9HC-1 36.4 MMcfe/d Lloyd 5-6H 11.3 MMcfe/d G Breffeilh 11 H 11.1 MMcfe/d Hutchinson…
  22. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 22
    MRD Regional Advantage Proximity to Gulf Coast Provides High Gas Realizations and Access to Future Demand Growth Primary Demand Drivers(1) A Proximity to New LNG Exports Facilities A. Dominion - Five LNG exports facilities are FERC…
  23. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 23
    Horizontal Development of Multiple Producing Benches(1) Legacy Vertical Production Focused on Commingling Sections, Horizontal Development Focused on Specific Zones Legacy Vertical Development CV Stacked Horizontal Targets Competitor…
  24. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 24
    Terryville Drilling Inventory - 100+ Year Inventory in Four Primary Zones Terryville Future Horizontal Locations by Reserve Category (1)(2)(3) Distribution of Locations Lower Upper 4 Primary Upper Lower Deep Deep Zones Other Total of…
  25. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 25
    MRD NSAI Reserve Detail Oil Natural Gas NGLs Total % Gas (MBbl) (MMcf) (MBbl) (MMcfe) (%) PDP 5,605 420,938 23,296 594,345 71% PDNP 495 23,045 1,286 33,737 68% PUD 7,053 529,831 29,577 749,613 71% 2015 (1) Total Proved 13,154…
  26. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 26
    Reconciliation of PV-10 to Standardized Measure PV-10 is a non-GAAP financial measure and differs from the Standardized Measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a…
  27. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 27
    Cautionary Statements and Additional Disclosures Except as otherwise indicated, the description of MRDs business, properties, strategies and other information in this presentation relates solely to the MRD Segment, which excludes the…
  28. IPAA OGIS New York Conference – Memorial Resource Development Corp. – slide 28
    Adjusted EBITDA Reconciliation Adjusted EBITDA is a non-GAAP financial measure. We evaluate segment performance based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss), plus interest expense; debt extinguishment costs;…

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