April 2016 Investor Presentation – Legacy Reserves Lp

Legacy Reserves Lp · Apr 20, 2016 · 10 slides

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APRIL 2016 INVESTOR PRESENTATION
Legacy Reserves LP Overview Midland, Texas-based Master Limited Partnership (NASDAQ: LGCY, LGCYP, LGCYO) Proved Reserves by Region PV-10 by Region 4% 24% 13% 5% 52% 44% 28% 30% Total Proved - 164 MMBoe Total PV-10 - 695…
Balance Sheet No Near-Term Debt Maturities ( in millions) December 31, 2015 Cash and cash equivalents 2.0 Long- term debt: 700 608 Revolving credit facility due 2019 608.0 600 8% Senior Notes due 2020 300.0 550 6.625% Senior Notes…
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 3.40 3.36 3.36 3.36 800 20,000 600 15,000 68.37 400 10,000 200 5,000 84.75 0…
Recent Events and Current Initiatives January Distribution Suspension Suspended distributions to both common and Preferred units February Bank Amendment Reduced Borrowing Base Relaxed Financial Covenants through 6/30/17, though…
Recent Events and Current Initiatives (contd) Horizontal Development Achieved target production levels on recently-completed 12 horizontal JDA wells with substantial cost savings (see pg 9) Currently on pause, but analyzing results…
Preliminary 2016 Capital Budget 37.0 million Preliminary Capital Budget % of Total Net Capital Program 30.0% 30.0% 20.0% 20.0% Horizontal Permian Drilling Other Workovers CO2 + Other Facilities East Texas (Workovers,…
Successful Cost Reduction Efforts Avg. Gross D&C Cost per Well (12 Average Drilling Days (12 Horizontal JDA Horizontal JDA Wells) Wells) 8.0 7.0 (19%) 40 38 (39%) 7.0 35 51% 5.7 6.0 30 5.0 49% 25 23 4.0 20 3.0 15 2.0 49%…
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) Joint…
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 Approximately 504 Bcfe of Proved Reserves (100% gas;…

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