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3Q 2019 Earnings Presentation – Brigham Minerals Inc.

Brigham Minerals Inc. · Oct 30, 2019 · 31 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. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 1
    3Q19 Investor Presentation November 2019
  2. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 2
    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…
  3. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 3
    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…
  4. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 4
    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 9% Delaware Williston 31% 9% 79,200 DJ DJ 20%…
  5. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 5
    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) 80 2x the rig density of any other public…
  6. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 6
    Value of Diversification in Top-Tier Drilling Units Diversified Core Minerals Daily Production Growth Indexed to 100 Realized Oil Prices 170 70 150 60 130 50 110 40 90 30 70 20 4Q18 1Q19 2Q19 3Q19 4Q18 1Q19 2Q19 3Q19…
  7. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 7
    Pro Forma Production Growth Lookback 53% Pro Forma Production CAGR Since 2013 Boe/d WTI 8,000 150 CAGR Since 2013 Delaware 59% DJ 76% Midland 148% 6,400 120 SCOOP 36% WTI STACK 58% Williston 33% TOTAL 53% 4,800 90…
  8. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 8
    Production & Revenue DUC Inventory Provides Visibility to Continued Growth Net Production and Gross DUC Inventory Average Quarterly Rigs and NRA Under Development Boe/d Prior Period Gross DUCs Rigs NRA 10,000 80 4,000 73 7,828…
  9. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 9
    Location Conversion PDP Conversion 4,500 23 4,359 245 2 169 Other 3,920 5% 4,000 3,500 3,000 2,500 Acquired 439 Wells 2,000 39% Converted to DUCs 1,500 PDP 56% 1,000 500 0 2Q19 PDP DUCs Permits Acquired Other 3Q19 PDP DUC…
  10. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 10
    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 - - 2012 2013 2014 2015 2016 2017…
  11. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 11
    2019 Acquisition Summary 3Q19 Acquisitions Higher Net DUC and Permit Percentage Drives / Net Well Net Well Acquisitions by Basin by Quarter mm per Net Well vs % Net DUCs and Permits 100% mm / Net Well 16 80% 6% 3Q2019 Acquisitions…
  12. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 12
    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…
  13. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 13
    Portfolio Overview & Highlights Page 14 MNRL
  14. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 14
    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 24,900 / 31% 3,800 / 5% 10,600 / 13% 10,250 / 13% 15,450 / 20% 7,100…
  15. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 15
    Substantial Organic Inventory 78% Undeveloped in the Permian and SCOOP/STACK Total Gross Locations Undeveloped Gross Locations 17,504 36% Delaware Midland 12,216 12 Years of 7% SCOOP 3P (70%) Inventory 8% STACK PD (30%)…
  16. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 16
    Organic Undeveloped Inventory Gross Horizontal Well Locations - (12,216) 100% Net Horizontal Well Locations (107.5) Delaware Midland SCOOP STACK DJ Williston Other Delaware Midland SCOOP STACK DJ Williston Other Wolfcamp A 1,779…
  17. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 17
    Delaware Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Other Loving County Williston 9% Development Area 9% DJ Delaware Delaware 20% 31% 24,900 NRAs STACK 13% Midland SCOOP 5%…
  18. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 18
    Anadarko Basin (SCOOP) Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Delaware 31% Midland 5% Other SCOOP SpringBoard 9% SCOOP Development Area 13% 10,600 Williston NRAs 9% STACK DJ…
  19. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 19
    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 43 DUCs, 5 Rigs and 15 Permits…
  20. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 20
    Financial Overview Page 21 MNRL
  21. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 21
    Quarterly Financial Results Total Revenue and Realized Price Adjusted EBITDA(1) in mm and / Boe in mm Rev. CAGR CAGR Lease Bonus 40% 30 45.26 39% 49.00 25 42.87 Adjusted EBITDA Ex. Lease Bonus 40.54 40.15 24.5 25.1 25 42.00…
  22. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 22
    Financial Policies Strong Alignment with Shareholders PSUs - ATSR Hurdles 30% 25% 300% No annual cash bonuses 20% 15% 200% Share-based Compensation (LTIP): 10% 10% 100% 50% Restricted Stock Units (RSUs) and 50% Performance-based…
  23. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 23
    Quarterly Dividend Declared 3Q19 dividend of 0.33 per share of Class A common stock Dividend to be paid on November 27, 2019 to holders of record as of November 20, 2019 MNRL anticipates distributing substantially all discretionary…
  24. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 24
    Appendix Page 25 MNRL
  25. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 25
    Anadarko Basin (STACK) Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Midland 5% Delaware SCOOP 31% 13% STACK STACK 10,250 13% NRAs Other 9% DJ Williston 20% 9% Undeveloped Well…
  26. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 26
    DJ Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs SCOOP 13% STACK Midland Laramie 5% 13% DJ DJ 20% 15,450 NRAs Delaware 31% Williston Other 9% East 9% Pony Undeveloped…
  27. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 27
    Midland Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Delaware 31% Other 9% Midland Williston Midland 9% 5% 3,800 SCOOP NRAs DJ 13% 20% STACK 13% Undeveloped Well…
  28. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 28
    Williston Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs STACK DJ 13% 20% SCOOP 13% Williston Williston 9% 7,100 Midland 5% NRAs Other 9% Delaware 31% Undeveloped Well…
  29. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 29
    Mineral and Royalty Key Terms Implied Average Weighted Avg. Net Revenue Net Mineral Acres Royalty Net Royalty Acres (1) 100% Royalty Acres (2) Gross DSU Acres Interest Per Well (3) Delaware 15,600 20.0% 24,900 3,100 291,000 1.1%…
  30. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 30
    Historical Financial Summary (in thousands) Three Months Ended Sep. 30, Jun. 30, Sep. 30, Year Ended December 31, 2019 2019 2018 2018 2017 Production: Daily production (Boe/d) 7,828 6,768 3,953 3,881 2,352 % Liquids 69% 71% 71% 70%…
  31. 3Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 31
    Non-GAAP Reconciliations (in thousands) Three Months Ended Sep. 30, Jun. 30, Sep. 30, Year Ended December 31, 2019 2019 2018 2018 2017 Net Income 8,464 (3,207) 8,153 33,362 115,612 Add: Loss on extinguishment of debt 6,933 Adjusted…

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