Legacy at a Glance Longstanding Midland, Texas-based operator (NASDAQ: LGCY) ND Stable PDP footprint MT Q417 daily production of 48.3 MBoepd (41% liquids)(1) SD Underlying PDP decline rate of 11.9%(1)(2)(3) and PDP R/P of 9.4…
2017 Review Oil Production Growth: Record annual production of 49.2 MBoe/d in Q417 representing a 23% QoQ increase in oil production and volumes at the high end of guidance LOE: 9.41 LOE per Boe in Q4, down 12% from Q416 JDA…
Operated Permian Horizontal Acreage with Identified Locations Northwest Shelf Midland Basin Total Acreage Gross Net Total Acreage 6,400 5,900 Gross Net 12,700 10,700 Delaware Central Basin Basin Platform Total Acreage…
Total Permian Acreage Northwest Shelf Midland Basin Delaware Central Basin Basin Platform Identified Locations Other Permian (Op + Non-Op) Active Horizontal Rigs Source: Company data and estimates. See Annual Report for…
Operated Horizontal Development Inventory Operated Horizontal Drilling Locations - Permian and East Tx Legacy has identified attractive Wells drilling locations by coordinating the PDP at YE'17 Total Identified Locations(1) per…
2018 Capital Budget 2018 Net Capital by Category & Permian County Free cash flow neutral program drives projected 47% oil-production growth and 46% 225MM Net (345MM Gross) EBITDA growth YoY in 2018 Andrews Similar gross capital figures…
2018 Permian D&C Detail Permian D&C Capital by Bench Economics of Scale Lateral Length by County 203MM Total Net % of Capital Budget 12,500 10,000 42% 37% 7,500 7,400 Wtd. Avg. Wolfcamp Bone Spring 5,000 20%…
Horizontal Permian Program Development Hz Wells Drilled by Qtr and County Hz Wells Brought Online by Qtr and County 39 drilled in 2018 48 brought online in 2018 14 13 25 22 12 10 20 10 9 15 8 7 11 11 6 10 4 4 5 2…
Projected Well Economics 2018 Forecasted Development Lateral Gross D&C Peak 30-Day EUR County/Bench Length (Ft.) Cost (MM) Rate (Boe/d) (MBOE) % Oil EUR Howard County Lwr. Spraberry 7,500-10,000 6.4-7.5 700-800 850-950 80%-85%…
2018 Guidance vs. Historicals (1) (2) 2H'17 Actual : '18E vs. 2H'17 ( in thousands unless otherwise noted) Excl. Panhandle Sale 18E Range % Production: Oil (Bbls/d) 15,819 19,000 - 21,400 4,381 27.7% Natural Gas Liquids (Bbls/d)…
Summary Financial Projections Projected Adjusted EBITDA growth driven by an 47% increase in oil production while maintaining free cash flow neutrality Oil Production (mbopd) Adjusted EBITDA (MM)(1) 25 400 20.2 +46% 330 +47% 20…
Transition Steps Taken & Completed Legacy has taken and is taking several proactive steps to position the Company to profitably generate material production and Adjusted EBITDA growth and develop its sizeable inventory of identified…
Balance Sheet Progress (1) YE'16 YE'17 PF Chg Debt Maturities Revolving credit facility due 2019 463.0 502.0 600 12% 2nd Lien Term Loan due 2021 60.0 338.6 502 8% Senior Notes due 2020 233.0 233.0 500 6.625% Senior Notes due 2021…
Asset Detail 16
Lea County Recent Activity Update Legacy has generated strong well results in recent wells drilled in Lea County and continues to identify attractive drilling locations Assets include 3,200 gross (2,307 net) acres Average 30-day IP…
Lea County Offset Wolfcamp Development Activity by Legacy and offset operators in the area has extended the Wolfcamp play to Northern Lea County. Oil on Pits Lower Wolfcamp 3rd BS Landing MTDR Airstrip 31 18 35 / Wolfcamp Frac…
Howard County Recent Activity Update Legacy has increased its acreage position in Howard County by 116%, or 1,848 acres net acres, since it started drilling in the area in 2015 Assets include 4,118 gross (3,441 net) acres Average…
Andrews County Horizontal San Andres Position Acreage Map Forge/Lime Rock Fisher 76C 6H 366 BOPD 30/IP; 564 MBOE EUR Ring Univ. 14Q1H; 535 BOPD 30/IP Ector Midland Legacys position in the area comprises 10,886 gross /…
East Texas Summary Overview of Horizontal Inventory Freestone Area 31 vintage Hz Cotton Valley sand Shelby Area wells were completed using outdated D&C techniques Well-positioned in Shelby Trough 31 well averages Latest completions…
Appendix 22
Ongoing Expense Control Legacy has proactively cut expenses by 44% since 2014 driven by coordinated efforts at all levels of the organization to deliver value to all stakeholders through the downturn LOE per Boe Since 2011 25.00…
Hedge Summary + Price Sensitivities Added 1,000 Bbls/d of 2018 oil swaps at 63.68 year-to-date Currently working to add 2019 oil swaps % Oil Hedged(1) % Natural Gas Hedged(1) 70% 64% 70% 59% 60% 60% 50% 50% 42% 40% 40% 30%…
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