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3Q 2018 Earnings – Riviera Resources

Riviera Resources · Nov 8, 2018 · 13 slides

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Slides

  1. 3Q 2018 Earnings – Riviera Resources – slide 1
    Third Quarter 2018 Supplemental Presentation
  2. 3Q 2018 Earnings – Riviera Resources – slide 2
    Riviera Resources Recent Developments Completed spin-off from LINN Energy, Inc. (LNGG) on August 7, 2018 (the Spin-Off) Since the Spin-Off, returned over 140 million of capital to shareholders through share repurchases and tender…
  3. 3Q 2018 Earnings – Riviera Resources – slide 3
    Riviera Upstream Assets Q3 2018 Overview Growth Mid-Continent 302 MMcfe/d Net Production of 56 MMcfe/d Third Quarter 2018 NW STACK Net Production Core acreage position of 60,000 net acres heavily concentrated in Blaine, Major and…
  4. 3Q 2018 Earnings – Riviera Resources – slide 4
    Quarter End Cash Reconciliation ( in millions) 157 19 5 (8) 17 141 138 138 16 5 3 100 100 103 Previous Higher Adjusted Lower Lower Capital LNGG Brea Share Working RVRA Guidance as of EBITDAX Severance Spending Cash (1)…
  5. 3Q 2018 Earnings – Riviera Resources – slide 5
    Pro-Forma Cash 12/31/18 ( in millions) Pro-Forma Estimates 175 150 157 125 100 (133) 75 50 30 (44) 25 24 Net Debt = - 0 (33) (23) (25) Ending Cash Tender Offer Q4 2018E Q4 2018E Working Projected Net Balance…
  6. 3Q 2018 Earnings – Riviera Resources – slide 6
    NW STACK Position NW STACK Position Approximately 60,000 core net acres within Rivieras focus area of Major, Blaine, and Garfield counties Acreage is 100% HBP and 75% operated(1) Acreage located in black oil window Shallow…
  7. 3Q 2018 Earnings – Riviera Resources – slide 7
    Blue Mountain Key Statistics Operating Margin (1) Capital Forecast ( in millions) ( in millions) 175 125 20.0 150 Average Throughput Gathered MMcf/d 150 123 96 125 130 15.0 75 100 12 53 10.0 75 61 62 8 50 5.0…
  8. 3Q 2018 Earnings – Riviera Resources – slide 8
    Pro-Forma Riviera Upstream 2018 Adjusted EBITDAX Outlook Adjusted Riviera 2018 Pro-Forma Upstream Riviera Estimates Guidance Resources Guidance 140 120 58 100 in Millions 80 (24) 28 142 60 (13) 93 40 68 56 56…
  9. 3Q 2018 Earnings – Riviera Resources – slide 9
    FY 2018 Capital Allocation Total FY 2018 Capital - 190 million ( in millions) Drilling = 38MM Seismic = 6MM Leasing = 10MM Total = 54MM Upstream Assets Oil & Gas Capital (1) 54 Blue Mountain Midstream Q1 - Q3 2018 Asset…
  10. 3Q 2018 Earnings – Riviera Resources – slide 10
    2018 Capital Bridge Full Year ( in millions) 250 225 235 (13) (32) 200 (3) 3 190 190 175 150 125 100 75 50 25 0 Prior Guidance as NW STACK Blue Mountain Blue Mountain North Louisiana Current Guidance of…
  11. 3Q 2018 Earnings – Riviera Resources – slide 11
    Commodity Hedge Portfolio Henry Hub and WTI (As of October 31, 2018) Natural Gas Positions Oil Positions (1) 200 191 2,000 175 1,750 1,598 Volume Hedged (MMbtu/d) 150 1,500 Volume Hedged (bbls/d) 121 125 1,250…
  12. 3Q 2018 Earnings – Riviera Resources – slide 12
    Commodity Hedge Portfolio Natural Gas Basis (As of October 31, 2018) PEPL Basis Positions NGPL TXOK Basis Positions 100 25 Volume Hedged (MMbtu/d) Volume Hedged (MMbtu/d) 20 75 70 60 15 50 10 10 (0.659) (0.641) 25…
  13. 3Q 2018 Earnings – Riviera Resources – slide 13
    APPENDIX

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