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1Q 2019 Earnings Presentation – Riviera Resources

Riviera Resources · May 9, 2019 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2019 Earnings Presentation – Riviera Resources – slide 1
    First Quarter 2019 Supplemental Presentation
  2. 1Q 2019 Earnings Presentation – Riviera Resources – slide 2
    Riviera Resources Recent Developments Highlighted Accomplishments: Blue Mountain Midstream LLC (Blue Mountain) engaged Tudor, Pickering, Holt & Co. to unlock unrealized value through pursuing strategic alternatives, including…
  3. 1Q 2019 Earnings Presentation – Riviera Resources – slide 3
    Riviera Resources Sum of the Parts 1 2 Balance 3 Sheet Growth Oriented Assets Growth Oriented Midstream business Blue Income Generating Assets Upstream Mountain funded by Strong Balance Cash Credit requiring minimal capital…
  4. 1Q 2019 Earnings Presentation – Riviera Resources – slide 4
    Riviera Upstream Assets Overview Growth 247 MMcfe/d(1) 1.4 Tcfe(2) 10%(2) Mid-Continent First Quarter 2019 78% Natural Gas Approximate Net Production of 27 MMcfe/d Net Production 20% NGL Base Decline Rate NW STACK Core acreage…
  5. 1Q 2019 Earnings Presentation – Riviera Resources – slide 5
    2018 Year End Proved Reserves All assets owned by Riviera as of December 31, 2018 78% Natural Gas 1.6 Tcfe of Standardized Measure Proved Reserves PV-10 of 747 million 6%4% 4%5% 21% 1% 78% 90% 91% Natural Gas Oil NGL PDP…
  6. 1Q 2019 Earnings Presentation – Riviera Resources – slide 6
    Pro-Forma 2018 Year End Proved Reserves Proved Developed Reserves as of December 31, 2018 YE 2018 YE 2018 Proved Pro-Forma Developed Pro-Forma Updated Pricing PV-10 (1)(2) Adjustments PV-10 (2)(3)(4)(5)(6) (210) 75 (64)…
  7. 1Q 2019 Earnings Presentation – Riviera Resources – slide 7
    Riviera Resources Pro Forma Sum of the Parts Value RVRA Market YE 2018 Capitalization Pro-Forma assuming Updated Pricing 15.00 / share Proved PV-10 1,000 (see slide 8) 900 211 800 (20) 88 Blue Mountain Midstream Cryo 1 gas…
  8. 1Q 2019 Earnings Presentation – Riviera Resources – slide 8
    Helium VPP Overview VPP interests transferred to a SPV that, in turn, issued 5.16% Senior Secured Notes due September 20, 2028 to investors A VPP structure provides the investor with consistent cash flows and a conservative risk…
  9. 1Q 2019 Earnings Presentation – Riviera Resources – slide 9
    Anadarko Basin Anadarko Basin Leasehold Position Approximately 105,000 net leasehold acres throughout the Anadarko Basin Approximately 70,000 net acres in NW STACK Core area Current development area Acreage is 98% HBP and 75%…
  10. 1Q 2019 Earnings Presentation – Riviera Resources – slide 10
    North Louisiana North Louisiana Leasehold Approximately 92,000 net acres across northern Louisiana Acreage is 99% HBP Current focus area in the Ruston Field Ruston field is direct offset to prolific Terryville field Significant…
  11. 1Q 2019 Earnings Presentation – Riviera Resources – slide 11
    Blue Mountain Midstream Overview Growth-oriented midstream company focused on Merge/SCOOP/STACK plays in Oklahoma Supported by dedicated acreage position of more than 80,000 net acres under long-term G&P contracts State-of-the-art…
  12. 1Q 2019 Earnings Presentation – Riviera Resources – slide 12
    Merge Water Project Initial Buildout Blue Mountain to provide comprehensive water management services including trucking, pipeline gathering, disposal, treatment and redelivery of recycled water for re-use 10-year acreage dedication…
  13. 1Q 2019 Earnings Presentation – Riviera Resources – slide 13
    Path to Run Rate Water EBITDA Current water volumes delivered to Blue Mountain from Roan: 67,000 Bbl/day Expected 2019 annualized average water volumes delivered: 45,000 55,000 Bbl/day Facilities Fully Gathered Volumes Current Q4…
  14. 1Q 2019 Earnings Presentation – Riviera Resources – slide 14
    Contracted Growth Outlook(1) ( in millions) 58 ( in Millions) 12 Baseline Adjusted EBITDA (2) 46 35 BASELINE Q1 2019 ANNUALIZED (3) BASELINE Q4 2019 ANNUALIZED (4) Cryo Plant Water (1) Illustrative scenario only…
  15. 1Q 2019 Earnings Presentation – Riviera Resources – slide 15
    Cryo I Economics(1) ( in millions) BASELINE BASELINE Q1 2019 Q4 2019 FULL PLANT ANNUALIZED (3) ANNUALIZED (4) 250 MMCF/D (5) 164 Revenue(2) ( in Millions) 115 85 69 46 35 26 11 16 9 9 9 14 14 14 G&A Fixed Opex…
  16. 1Q 2019 Earnings Presentation – Riviera Resources – slide 16
    Blue Mountain Unlocking Value Exploring various alternatives to maximize value of the Blue Mountain enterprise as we transition from a startup entity to a multi-service growth oriented midstream company: Engaged Tudor, Pickering, Holt…
  17. 1Q 2019 Earnings Presentation – Riviera Resources – slide 17
    2019 Capital Summary ( in millions) Upstream - 68 Million Capital Blue Mountain - 104 Million Capital Gas Gathering / NW Other 44 STACK Water System Drilling N LA 60 Seismic 44 9 6 53 Leasing 2 Note: Blue…
  18. 1Q 2019 Earnings Presentation – Riviera Resources – slide 18
    2019 Guidance Upstream Upstream Q2 2019E FY 2019E Net Production (MMcfe/d) 255 285 248 274 Natural gas (MMcf/d) 210 235 203 225 Oil (Bbls/d) 1,600 1,850 1,500 1,800 NGL (Bbls/d) 5,900 6,500 5,900 6,500 Other revenues, net (in…
  19. 1Q 2019 Earnings Presentation – Riviera Resources – slide 19
    Pro-Forma Riviera Upstream 2019 Adjusted EBITDAX Outlook Prior 2019 2019 Riviera Riviera Upstream Upstream Guidance Guidance 120 95 100 1 1 (3) 15 in Millions 80 60 96 96 95 40 80 20 0 Prior 2/28/19 FY19…
  20. 1Q 2019 Earnings Presentation – Riviera Resources – slide 20
    Riviera Resources Share Buybacks Through April 30, 2019 Riviera has returned over 205 million to shareholders since the Spin-Off ( in millions) 65,441,848 250 shares outstanding 200 20 34 150 19 100 206 186 152 152 133…
  21. 1Q 2019 Earnings Presentation – Riviera Resources – slide 21
    Riviera Upstream Commodity Hedge Portfolio (As of April 15, 2019) 2019 2020 Volume Average Price Volume Average Price Natural Gas (MMMBtu/d) (per MMBtu) (MMMBtu/d) (per MMBtu) Swaps 141 2.88 30 2.82 Collars 20 2.75 - 3.00 -…
  22. 1Q 2019 Earnings Presentation – Riviera Resources – slide 22
    Blue Mountain Commodity Hedge Portfolio (As of April 15, 2019) 2019 Volume Average Price Natural Gas (MMMBtu/d) (per MMBtu) Swaps 15 2.81 Volume Average Price Oil (Bbls/d) (per Bbl) Swaps 99 66.60 Volume Average Price…
  23. 1Q 2019 Earnings Presentation – Riviera Resources – slide 23
    APPENDIX
  24. 1Q 2019 Earnings Presentation – Riviera Resources – slide 24
    Water Volumes - Pathway to Run-Rate EBITDA Start Up Full Run Rate 100% 80% 60% Volumes quickly transition from trucking to economic pipe solution 40% 20% 0% Trucked Piped Start Up Full Run Rate 100% 80% Efficient, low cost…

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