Legacy Reserves LP Overview Upstream master limited partnership (MLP) headquartered in Midland, TX IPOd in January 2007 NASDAQ: LGCY Current Enterprise Value: 2.3 billion 1.5 billion market cap(1) 784 million of net debt…
Permian Basin: Our Home and a Great Fit for an MLP Industry Production Activity Discovered in 1921 1921, the Permian Basin is one of the most prolific basins in the U.S. Has produced over 30 billion Bbls In October 2012, produced…
Legacy Core Competencies E l t acquisitions Evaluate i iti and d development d l t projects j t Review property performance history Apply specific reservoir and operating knowledge Finance capital requirements Manage…
Acquisitions Drive Growth Disciplined evaluation approach to making acquisitions of mature, long-lived 350 700 635 40 oil and natural gas properties with high concentration of PDP reserves. 300 35 280 Over 1.5 billion of…
Concho 2012 Acquisition On December 20, 2012 Legacy closed the Acquisition q Overlap p with Existing g Properties p purchase of Permian Basin oil and natural gas properties from Concho Resources Inc. for approximately 503 million…
Core Asset Areas Overview 83.2 MMBoe proved reserves(1) 68% Oil and NGLs 88% PDP 19,989 Boe / d current production(2) Rocky Mountain Proved R/P of 11.4 10,286 MBoe proved reserves(1) Over 80% of reserves are operated 96% Oil…
Key Investment Highlights High-quality High liquids-rich quality, liquids rich asset portfolio 68% Liquids 11.4 R/P Strong acquisition track record 112 acquisitions completed worth over 1.5 billion Extensive, Low-Risk…
Financial Overview 10
Conservative Capital Structure ( in millions) December 31 31, 2012 Cash and cash equivalents 3.5 Long- term debt: Revolving credit facility due 2016 488.0 8% Senior Notes due 2020 (1) 300.0 T t l Debt Total D bt 788 0 788.0…
Production and EBITDA Growth with Modest Leverage Average Daily Production (Boe / d) Adjusted EBITDA ( MM) 300 24,000 225 18,000 150 12,000 274 19,989 201 198 6,000 13,071 14,811 75 141 9,611 104 120 7,582 8,225 70 4,970…
Quarterly Cash Distribution Profile Quarterly Distribution per Unit WTI Spot Price ( / Bbl) 0.700 Cumulative distributions since 160 inception = 12.34/unit 140 0.600 0.5650.570 0.5500.5550.560 120 0.5400.545 (Quarterly…
Hedging Strategy Clear objective to reduce cash flow volatility to protect our borrowing base and future distribution levels Target up to 85% of estimated PDP production over the next 18-24 months on a rolling quarterly basis with…
Oil and Natural Gas Hedging Summary 82% of expected PDP crude oil production Oil 3-Way Collars Summary hedged through 2014 at a weighted-averaged 1,600 140.00 105.85 110.65 112.21 106.40 floor price of 91.03 / Bbl 104.20 1,200…
Appendix 17
Ownership Structure and Governance Significant g insider ownership p No IDRs yields lower cost of capital and ensures Founding Investors, unitholder alignment Di t Directors P bli Public and Management Unitholder voting…
2013 Guidance FY 2013E Range Pr oduction: Oil (MBbls) 4,330 - 4,470 Natur al gas liquids (MGal) 13,300 - 13,750 Natur al gas (MMcf) 14,050 - 14,500 Total (MBoe) 6,988 - 7,214 Aver age daily pr oduction (Boe/d) 19,146 - 19,765…
Adjusted EBITDA & Distributable Cash Flow Reconciliation The following presents a reconciliation of Adjusted EBITDA and Distributable Cash Flow, both of which are non-GAAP measures, to their nearest comparable GAAP measure. Adjusted…
Reg G Reconciliation ( in millions) 2007 2008 2009 2010 2011 2012 Net income (loss) (55.7) 158.2 (92.8) 10.8 72.1 68.6 Plus: Interest expense 7.1 21.2 13.2 25.8 18.6 20.3 Income taxes 0.3 0.0 0.6 0.5 1.0 1.1 Depletion,…
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