Brigham Minerals Overview Utilize Operator Experience and Technical Evaluation to Identify and Acquire in the Core Business Plan Bud Brigham Founders 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 Anadarko (SCOOP) Begin Building Williston Acreage Position Enter…
Brigham Minerals Introduction Targeted Acquisitions in the Core of Liquids Rich Resource Plays Brigham Minerals Position By County Net Royalty Acres by Area (1) Williston Other 8% Williston Delaware 9% 29% 74,100 DJ DJ 21%…
Brighams Differentiated Positioning Diversified High Growth Vehicle Diversified Acreage Position Across Liquids Rich Resource Plays Rigs on Position Scaled to 100K NRA per Company (1) 84 1.7x the rig density of any other…
Pro Forma Production Growth Lookback 54% Pro Forma Production CAGR Over 6+ Years Boe/d WTI 6,400 120 6+ Year CAGR Delaware 67% DJ 76% Midland 140% 4,800 SCOOP 36% 90 WTI STACK 46% Williston 33% TOTAL 54% 3,200 60…
Production & Revenue DUC Inventory Provides Visibility to Continued Growth in 2019 & 2020 Net Production and DUC Inventory Average Quarterly Rigs and NRA Under Development Boe/d Prior Period DUCs Rigs NRA 8,000 100 6,000 6,768…
Differentiated Technical Evaluation 1 2 Initial Vetting Operator Review Number of Deals and 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: 13,500…
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 21,750 / 29% 3,500 / 5% 10,250 / 14% 10,050 / 14% 15,450 / 21% 6,900…
Substantial Organic Inventory 81% Undeveloped in the Permian and SCOOP/STACK Total Gross Locations Undeveloped Gross Locations 16,864 Delaware 35% Midland 3P (72%) SCOOP 12,085 13 Years of 7% 9% STACK PD (28%) Inventory 15%…
Organic Undeveloped Inventory Gross Horizontal Well Locations - (12,085) 100% Net Horizontal Well Locations (104.4) Delaware Midland SCOOP STACK DJ Williston Other Delaware Midland SCOOP STACK DJ Williston Other Wolfcamp A 1,769…
Portfolio Area Highlights Page 16 MNRL
Delaware Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Loving County Development Area Delaware 21,750 NRAs Net Well Locations Avalon 1% 1st Bone Spring Other Other 4%…
Anadarko Basin (SCOOP) Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Delaware 29% Midland Other 5% SCOOP SpringBoard 8% SCOOP 10,250 Development Area Williston 14% NRAs 9% STACK DJ…
Large Scale Development Underpinned by Proven Operators Loving County Development Area OXY / XTO / EOG CLR Project SpringBoard MNRL Acreage Producing Permit Active Rig 1 Mi 1 Mi 37 DUCs, 6 Rigs and 19 Permits…
Financial Overview Page 20 MNRL
Quarterly Financial Results Total Revenue and Realized Price Adjusted EBITDA(1) in MM and / Boe in MM Rev. CAGR CAGR 45% 42% 25 20 18.3 15.5 15 13.8 13.0 13.8 10.8 10 5 - 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Net Income…
Financial Policies Strong Alignment with Shareholders PSUs - ATSR Hurdles 30% 25% 300% No annual cash bonuses 20% 15% 200% Share-based Compensation (LTIP): 10% 50% Restricted Stock Units (RSU) and 50% 10% 100% Performance-based…
Quarterly Dividend Declared first quarterly dividend of 0.33 per share of Class A common stock Based on results for full quarter beginning April 1, 2019 o Not prorated for April 23, 2019 IPO date Dividend to be paid on August 29,…
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 Net Royalty Acres MNRL DSUs Midland 5% SCOOP Delaware 29% 14% STACK STACK 10,050 14% Other NRAs 8% Williston DJ 9% 21% Net Well…
DJ Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs SCOOP STACK 14% 14% Laramie Midland 5% DJ DJ 15,450 21% NRAs Delaware Williston 29% Other 9% East 8% Pony Net Well…
Midland Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Delaware Other 29% 8% Williston Midland 9% Midland 3,500 5% NRAs DJ SCOOP 21% 14% STACK 14% Net Well Locations Delaw…
Williston Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs STACK 14% DJ 21% SCOOP Williston 14% Williston 6,900 Midland 9% NRAs 5% Other 8% Delaware 29% Net Well Locations…
Mineral and Royalty Key Terms Weighted Imlied Average Net Avg. Net 100% Gross Net Revenue Mineral Acres Royalty Royalty Acres (1) Royalty Acres (2) DSU Acres Interest Per Well (3) Delaware 13,500 20% 21,750 2,700 265,000 1.0%…
Historical Financial Summary ( in thousands) Three Months Ended Jun. 30, Mar. 31, Jun. 30, Year Ended December 31, 2019 2019 2018 2018 2017 Production: Daily production (Boe/d) 6,768 5,382 3,723 3,881 2,352 % Liquids 71% 70% 70% 71%…
Non-GAAP Reconciliations (in thousands) Three Months Ended Jun. 30, Mar. 31, Jun. 30, Year Ended December 31, 2019 2019 2018 2018 2017 Net income (3,207) 4,036 9,351 33,362 115,612 Add: Loss on extinguishment of debt 6,933…
Location Conversion PDP Conversion Acquired DUCs 29% 70% 301 Wells Converted to PDP Permits 1% DUC Conversion 292 943 860 (209) 90% of DUCs Less than One year old 24% of Gross DUCs converted to PDP and generating…
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