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4Q 2019 Earnings Presentation – Brigham Minerals Inc.

Brigham Minerals Inc. · Feb 27, 2020 · 30 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. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 1
    Q4 2019 Investor Presentation February 2020
  2. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 2
    Brigham Minerals Overview Utilize Operator Experience and Technical Evaluation to Acquire in the Core Business Plan Bud Brigham Founders Rob Roosa Sophisticated and Technically Disciplined Evaluation Model Leveraging E&P…
  3. 4Q 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. 4Q 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, 7,200 , 9% Delaware, Williston, 25,750 , 31%…
  5. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 5
    Production & Revenue DUC Inventory Provides Visibility to Continued Growth Net Production and DUC Inventory Average Quarterly Rigs and NRA Under Development Boe/d DUC Conversion Prior Period Gross DUCs Rigs 46 Rigs in Jan., NRA 80…
  6. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 6
    Location Conversion and Reloading Organic Development & Acquisitions Underpin DUC and Permit Maintenance Gross PDP Location Rollforward Other 6,000 1% 4,908 5,000 4,359 376 168 5 Acquired 4,000 31% 3,000 549 Wells 2,000 1,000 Added 0…
  7. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 7
    2019 Acquisition Summary Q4 2019 Acquisition Capital Allocation into Less Competitive, Highest Value Areas Net Well Acquisitions by Basin by Quarter mm per Net Well vs % Net DUCs and Permits 100% 16 mm / Net Well 16 80% 1H2019…
  8. 4Q 2019 Earnings 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. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 9
    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 25,750 / 31% 4,100 / 5% 11,100 / 14% 10,700 / 13% 15,600 / 19% 7,750 /…
  10. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 10
    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 2020 Production…
  11. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 11
    Portfolio Overview & Highlights Page 12 MNRL
  12. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 12
    Substantial Organic Inventory 67% of Gross & 74% of Net Undeveloped Locations in Permian/SCOOP/STACK Total Gross Locations Undeveloped Gross Locations 18,577 36% Delaware Midland 12,777 12 Years of 8% SCOOP 3P (69%) Inventory…
  13. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 13
    Organic Undeveloped Inventory 14 Year Organic Inventory to Drive Production and Cash Flow Gross Horizontal Well Locations - (12,777) 100% Net Horizontal Well Locations (111.8) Delaware Midland SCOOP STACK DJ Williston Other Delaware…
  14. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 14
    Delaware Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Williston Other 9% 9% DJ 19% Delaware Delaware 31% 25,750 NRAs Loving County Stack Development Area 13% Midland Scoop 5%…
  15. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 15
    LCDA Update Underpinned by Proven Operators and Superior Geology Loving County Development Area OXY / XTO / EOG / SHELL LCDA Gross Wells & NRA Owned Permits, 26, 15% MNRL Owns Over 3,400 PDP, 86, DUCs, NRA in the 50% 59, 35%…
  16. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 16
    Financial Overview Page 17 MNRL
  17. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 17
    Quarterly Financial Results Total Revenue and Realized Price Adjusted EBITDA(1) in mm and / Boe Rev. in mm CAGR CAGR 35 45.26 33.1 49.00 53% 58% 42.87 30 40.54 40.15 26.8 30 37.39 42.00 Lease Bonus 36.3124.5 25.1 25 Adjusted…
  18. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 18
    Financial Policies Strong Alignment with Shareholders PSUs - ATSR Hurdles No annual cash bonuses 30% 25% 300% Share-based Compensation (LTIP): 20% 15% 200% Executive Chairman 100% Performance-Based 10% Restricted Stock Units (PSUs)…
  19. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 19
    Quarterly Dividend Declared Q4 2019 dividend of 0.38 per share of Class A common stock Dividend to be paid on March 19, 2020 to holders of record as of March 12, 2020 Anticipate gradually holding back cash flow in 2020 to fund a…
  20. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 20
    2020 Operational and Financial Guidance Raising the midpoint of base-asset production guidance by 500 Boe/d Operational costs consistent with historical results Lease bonus revenue estimated at greater than 4.5 million for the full…
  21. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 21
    Appendix Page 22 MNRL
  22. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 22
    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…
  23. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 23
    Anadarko Basin (SCOOP) Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Delaware 31% Midland 5% Other SCOOP 9% Scoop 14% 11,100 Williston NRAs 9% Stack DJ 13% 19% Undeveloped Well…
  24. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 24
    Anadarko Basin (STACK) Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Midland 5% Delaware Scoop 31% 14% STACK Stack 13% 10,700 NRAs Other 9% DJ Williston 19% 9% Undeveloped Well…
  25. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 25
    DJ Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Scoop 14% Stack 13% Midland 5% DJ DJ 19% 15,600 Laramie NRAs Delaware Williston East 31% Other 9% 9% Pony MNRL Core Outline…
  26. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 26
    Midland Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Delaware Other 31% 9% Williston Midland 9% Midland 4,100 5% NRAs DJ Scoop 19% 14% Stack 13% Undeveloped Well Locations…
  27. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 27
    Williston Basin Overview Core Outline Validated by Operator Rig Activity Net Royalty Acres MNRL DSUs Stack 13% DJ 19% Scoop 14% Williston Williston 7,750 Midland 9% 5% NRAs Other 9% Delaware 31% Undeveloped Well…
  28. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 28
    Mineral and Royalty Key Terms Implied Average Net Revenue Weighted Avg. Interest Per Well Net Mineral Acres Royalty Net Royalty Acres (1) 100% Royalty Acres (2) Gross DSU Acres (3) Delaware 16,200 19.9% 25,750 3,200 301,500 1.1%…
  29. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 29
    Historical Financial Summary (in thousands) Three Months Ended December 31, September 30, December 31, Year Ended December 31, 2019 2019 2018 2019 2018 2017 Production: Daily production (Boe/d) 9,627 7,828 4,579 7,414 3,881 2,352 %…
  30. 4Q 2019 Earnings Presentation – Brigham Minerals Inc. – slide 30
    Non-GAAP Reconciliations (in thousands) Three Months Ended December 31, September 30, December 31, Year Ended December 31, 2019 2019 2018 2019 2018 2017 Net Income 12,346 8,464 7,114 21,639 32,815 115,612 Add: Loss on extinguishment…

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