Brigham Minerals Overview Utilize Operator Experience and Technical Evaluation to Identify and Acquire in the Core Business Plan Founders Bud Brigham Rob Roosa Sophisticated and Technically Disciplined Evaluation Model Leveraging…
Brigham Track Record Consistent History of Shareholder Value Creation in Resource Plays Brigham Exploration Brigham Resources Brigham Minerals 2006 2012 2013 Enter SCOOP Begin Building Williston Acreage Position Enter Southern…
Brigham Minerals Introduction Targeted Acquisitions in the Core of Liquids Rich Resource Plays Brigham Minerals Position Net Royalty Acres by Area(1) Williston Other 8% Williston Delaware 10% 29% 71,500 DJ DJ 22% NRA…
Brighams Differentiated Positioning Diversified High Growth Vehicle Diversified Operators Running Rigs on Position Diversified Acreage Position Across Oil Resource Plays Scaled to 100K NRA per Company(1) 102 Twice the rig…
Highly Economic Mineral Portfolio RSEG Half Cycle Breakeven for Major North American Plays High breakeven and Low IRR Low breakeven and High IRR % of Brighams NRA(1) 10% 13% 14% 22% 28% 5% Greater than 90% of portfolio has…
Pro Forma Production Growth Lookback 57% Production CAGR Over 6 Years Boe/d WTI 120 6 Year CAGR 4,800 Delaware 63% Midland 164% SCOOP 34% STACK 53% WTI DJ 91% 80 Williston 33% 3,200 TOTAL 57% 40 1,600 0 -…
Production & Revenue Significant Historical Growth with Visibility to Continued Growth in 2019 & 2020 Net Production vs Prior Year End DUCs Average Quarterly Rigs on Acreage vs NRA Boe/d Prior YE DUCs Rigs NRA 8,000 80 4,000 73…
Differentiated Technical Evaluation 1 2 Initial Vetting Operator Review Number of Deals vs Avg NRA Per Deal 500 100 400 80 300 60 3 4 Activity Analysis Inventory Potential 200 40 100 20 0 - 2012 2013 2014 2015 2016…
Significant Acquisition Potential Mineral Ownership is Highly Fragmented Gross Core Delaware Acres Total US Royalty Production MNRL Current NMA: 12,500 Only 1% of royalties Potential Gross Core Acres: 2,900,000(1) owned by Public…
Portfolio Overview Page 12 MNRL
Portfolio Area Overview Core Position in Premier Liquids-Rich Basins Delaware Basin Midland Basin SCOOP STACK DJ Basin Williston Basin Total(1) NRA / % of Total 20,550 / 29% 3,200 / 4% 9,750 / 14% 9,700 / 14% 15,450 / 22% 6,850 /…
Substantial Organic Inventory 83% Undeveloped in the Permian and SCOOP/STACK Total Gross Locations Undeveloped Gross Locations 15,712 Delaware 33% Midland 3P (74%) 11,648 16 Years of 7% SCOOP 9% STACK PD (26%) Inventory 15%…
Organic Undeveloped Inventory Gross Horizontal Well Locations - (11,648) 100% Net Horizontal Well Locations (100.5) Delaware Midland SCOOP STACK DJ Williston Other Delaware Midland SCOOP STACK DJ Williston Other Wolfcamp A 1,673…
Portfolio Area Highlights Page 16 MNRL
Delaware Basin Overview Core Outline Validated by Operator Rig Activity NRA MNRL DSUs Williston Other 10% 8% Loving County Development Area DJ 22% Delaware Delaware 29% 20,550 NRAs STACK 14% Midland SCOOP 4% 13%…
Anadarko Basin (SCOOP) Overview Core Outline Validated by Operator Rig Activity NRA MNRL DSUs Delaware 29% Other Midland 4% SCOOP SpringBoard 8% 9,750 Development Area SCOOP Williston 10% 13% NRAs STACK DJ 14%…
Large Scale Development Areas Underpin Growth Northern Loving APC / XTO / CXO CLR Project SpringBoard SpringBoard MNRL Acreage Producing Permit Active Rig 18 DUCs, 2 Rigs and 19 Permits highlight In 30 of 31 DSUs, CLR…
Financial Overview Page 20 MNRL
Financial Policies Expect to pay a dividend in amounts determined by board Dividend policy No annual cash bonuses Absolute total shareholder return focus for management incentives LTIP geared towards Restricted Stock Units (RSU)…
Annual Financial Results Total Revenue Adjusted EBITDA(2) in MM in MM 80 80 67.3 CAGR 60 78% 60 CAGR 53.1 82% 40.9 40 40 33.6 21.2 20 20 16.0 - - 2016 2017 2018 2016 2017 2018 Net Income Adjusted EBITDA Margin(2)(3)…
Investment Thesis Page 23 MNRL
Investment Thesis Dedicated and Technically Focused Team with Strong Shareholder Alignment Core Mineral Position Under High-Quality, Well Capitalized Operators Strong Free Cash Flow Generation DUCs Drive Visible Near Term…
Appendix Page 25 MNRL
Anadarko Basin (STACK) Overview Core Outline Validated by Operator Rig Activity NRA MNRL DSUs Midland 4% Delaware SCOOP 29% 13% STACK STACK 14% 9,700 Other NRAs 8% Williston DJ 10% 22% Net Well Locations…
DJ Basin Overview Core Outline Validated by Operator Rig Activity NRA MNRL DSUs STACK SCOOP 14% Laramie 13% Midland 4% DJ DJ 22% 15,450 Delaware NRAs 29% Williston 10% Other East 8% Pony Net Well Locations MNRL…
Midland Basin Overview Core Outline Validated by Operator Rig Activity NRA MNRL DSUs Other Delaware 8% 29% Williston 10% Midland Midland 3,200 4% NRAs DJ SCOOP 22% 13% STACK 14% Net Well Locations Other…
Williston Basin Overview Core Outline Validated by Operator Rig Activity NRA MNRL DSUs STACK DJ 14% 22% Williston SCOOP Williston 6,850 13% Midland 10% NRAs Other 4% 8% Delaware 29% Net Well Locations STACK…
Mineral and Royalty Key Terms Weighted Implied Average Net Avg. Net 100% Gross Net Revenue Mineral Acres Royalty Royalty Acres(1) Royalty Acres(2) DSU Acres Interest Per Well (3) Delaware 12,500 21% 20,550 2,560 250,000 1.0% Midland…
Historical Financial Summary (in thousands) Three Months Ended Mar. 31, Dec. 31, Year Ended December 31, 2019 2018 2018 2017 2016 Production: Daily production (Boe/d) 5,382 4,579 3,881 2,352 1,399 % Liquids 70% 72% 70% 66% 69%…
Reconciliation of Adjusted EBITDA (in thousands) Three Months Ended Mar. 31, Dec. 31, Year Ended December 31, 2019 2018 2018 2017 2016 Net income 4,195 7,388 33,362 115,612 11,248 Add: Depreciation, depletion and amortization 5,116…
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