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MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp

Memorial Production Partners Lp · Aug 3, 2016 · 8 slides

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Slides

  1. MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp – slide 1
    MEMP Guidance Update and Discussion of Current Developments August 3, 2016 www.memorialpp.com
  2. MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp – slide 2
    1H16 Strategic Update and Path Forward Lowered operating costs over 30% from 2015 levels Reduced headcount by approximately 25% since last summer 1st Half 2016 Divested non-core properties, realizing 55.3 MM in total cash proceeds…
  3. MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp – slide 3
    Realized Significant Operating Cost Reductions Significant Progress in Reducing Operating Costs 50.0 Lease Operating Expense (MM) 45.0 45.4 40.0 (18)% QoQ 35.0 37.4 (5)% QoQ 35.7 (18)% 30.0 QoQ 29.4 0.0 25.0 3Q15 4Q15…
  4. MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp – slide 4
    Update on Balance Sheet and Debt Reductions Overview Commentary Debt Maturity Schedule 1,200 Debt reduced by 197 MM since year-end Borrowing Base 1,000 925 Revolver paydown: 113 MM Undrawn Amount High yield retirement: 84 MM(1)…
  5. MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp – slide 5
    Updated 2016 Full Year Guidance (1) Updated for divestitures of Permian and Non-core Rockies; projecting lower cost structure based on 1H16 actuals and internal expectations January 27, 2016 Guidance August 3, 2016 Guidance Low High…
  6. MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp – slide 6
    MEMP Hedging Overview and Update: 3Q16 through 2019 MEMPs commodity risk management policy provides for hedging approximately 65-85% of estimated production from total proved reserves on a rolling three to six year period…
  7. MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp – slide 7
    2016 Adjusted EBITDA & Distributable Cash Flow Guidance Reconciliation Mid-Point For Year Ended (in millions) 12/31/2016 Calculation of Adjusted EBITDA: Net income 30 Interest expense 111 Depletion, depreciation, and…
  8. MEMP Guidance Update and Discussion of Current Developments Presentation – Memorial Production Partners Lp – slide 8

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