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DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc.

Brigham Minerals Inc. · Dec 11, 2019 · 34 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. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 1
    December Investor Presentation December 2019
  2. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 2
    Q3 2019 Update Page 3 MNRL
  3. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 3
    Promises Made Promises Kept Permian U.S. Rig Count() Rigs on MNRL Acreage US Hz rig count 15% through Q3 2019 Other Q4 19 703 65 in Oct 931 73 Core 913 865 795 64 62 63 P MNRL rig count roughly flat through Q3 2019 Portfolio…
  4. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 4
    Brigham Minerals Portfolio Update 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…
  5. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 5
    Consistent Production Growth / Rig Activity DUC Inventory Provides Visibility to 2020 Growth Net Production and Gross DUC Inventory Average Quarterly Rigs and NRA Under Development Boe/d Prior Period Gross DUCs Rigs NRA DUC…
  6. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 6
    Location Conversion and Reloading Organic Development & Acquisitions Underpin DUC and Permit Growth Gross PDP Location Rollforward Other 5,000 5,000 4,359 4,359 5% 3,920 3,920 245 245 22 169 169 23 23 4,000 4,000 3,000 3,000 2,000…
  7. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 7
    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…
  8. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 8
    2019 Mineral Acquisitions Successful Execution of Targeted Acquisition Strategy Delaware Mineral Position Midland Mineral Position SCOOP Mineral Position McClain Grady MNRL Acreage as of YE18 Stephens MNRL Acreage 2019…
  9. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 9
    Substantial Organic Inventory 78% Undeveloped in the Permian and SCOOP/STACK Total Gross Locations Undeveloped Gross Locations 17,504 36% Delaware Midland Undeveloped 12,216 12 Years of 7% SCOOP Proved 3PDeveloped (70%)…
  10. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 10
    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…
  11. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 11
    Quarterly Financial Results Revenue and Adj EBITDA Growth Despite Reduction in Realized Prices 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…
  12. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 12
    Company Overview Page 13 MNRL
  13. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 13
    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…
  14. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 14
    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…
  15. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 15
    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…
  16. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 16
    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…
  17. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 17
    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…
  18. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 18
    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…
  19. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 19
    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…
  20. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 20
    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%…
  21. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 21
    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…
  22. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 22
    Manufacturing Mode Development Projects 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…
  23. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 23
    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…
  24. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 24
    Financial Overview Page 25 MNRL
  25. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 25
    Financial Policies Management Compensation Aligned with Shareholders Strong Alignment with Shareholders PSUs - ATSR Hurdles 30% 25% 300% No annual cash bonuses 20% 15% 200% Share-based Compensation (LTIP): 50% / 50% 10% Restricted…
  26. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 26
    Quarterly Dividend Declared 3Q19 dividend of 0.33 per share of Class A common stock Dividend paid on November 27, 2019 to holders of record as of November 20, 2019 MNRL anticipates distributing substantially all discretionary cash…
  27. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 27
    Appendix Page 28 MNRL
  28. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 28
    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…
  29. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 29
    Anadarko Basin (STACK) Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Midland 5% Delaware SCOOP 31% 13% STACK STACK 13% 10,250 NRAs Other 9% DJ Williston 20% 9% Undeveloped Well…
  30. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 30
    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…
  31. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 31
    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…
  32. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 32
    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%…
  33. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 33
    Non-GAAP Reconciliations (in thousands) Three Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Year Ended December 31, 2019 2019 2019 2018 2018 2018 2018 2018 2017 Net Income 8,464 (3,207) 4,036 7,114 8,153…
  34. DECEMBER 2019 INVESTOR PRESENTATION – Brigham Minerals Inc. – slide 34
    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%…

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