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Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp

Eagle Rock Energy Partners Lp · Dec 9, 2014 · 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. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 1
    2014 Wells Fargo Securities Energy Symposium December 9 - 10, 2014 DRAFT 2014 Citi MLP One-on-One Conference August 20, 2014
  2. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 2
    Management Representatives Joe Mills Chairman and Chief Executive Officer Bob Haines Senior Vice President and Chief Financial Officer Chad Knips Director of Corporate Finance and Investor Relations 3 Eagle Rock Energy…
  3. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 3
    Partnership Overview & Recent Highlights Eagle Rock Energy Partners, L.P. NASDAQ: EROC
  4. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 4
    Eagle Rock Overview Eagle Rock Energy Partners, L.P. is a growth-oriented upstream Master Limited Partnership (MLP) with assets located primarily in Oklahoma, South Alabama, Texas, Mississippi and Arkansas Market Valuation Key…
  5. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 5
    Investment Highlights Reserves and production spread across multiple fields and geographies Diverse Reserve Significant number of producing wells 562 operated and 1,202 non-operated Base Across High- Quality Basins Approximately 73%…
  6. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 6
    Liquidity Summary Strong balance sheet after divestiture of Midstream Business Liquidity Summary ( in millions) Over 320 million of liquidity (including RGP units) 9/30/2014 RGP units are freely tradable with no lockups Cash 0.6…
  7. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 7
    Robust Hedging Profile Includes Hedgeable Volumes Crude, Condensate and NGLs (C2) (1) Ethane and Natural Gas (1) 100% 100% 90% 90% 87% 85% 80% 76% 77% 80% 72% 70% 66% 70% 60% 60% 50% 50% 40% 35% 40% 34% 34% 30% 30% 13%…
  8. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 8
    Upstream Asset Base Mid-Continent Assets Proved Reserves: 42 MMboe Alabama Area Avg. Prod. Rate (1): 8.2 Mboe/d Proved Reserves: 8.3 MMboe % Oil / Gas (1): 46% / 54% Avg. Prod. Rate (1): 2.3 Mboe/d Net Acreage: 146,046 % Oil / Gas…
  9. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 9
    Diversified Reserve Base Proved Reserve Profile By Product By Category By Area 57.7 MMboe of proved Alabama reserves at 12/31/13 NGLs Oil 14% PUD 25% 24% Permian 27% 6% STX/ETX/ Other 13 year reserve life (1) 7% PDNP 6%…
  10. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 10
    Eagle Rock Value Proposition Eagle Rock currently trades at a significant discount to upstream MLP peers Eagle Rock offers investors upside potential with its strong balance sheet and ample liquidity for acquisitions EV / 2015 EBITDA…
  11. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 11
    Midcontinent Eagle Rock Energy Partners, L.P. NASDAQ: EROC
  12. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 12
    Midcontinent Overview 146,046 Net Acres, 93% Held by Production Cleveland Cana Woodford / Stack Play Arkoma Golden Trend Granite Wash Verden Legend SE Cana Eagle Rock Wells Operated Woodford and Eagle Rock Wells Non…
  13. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 13
    SCOOP Area Overview SCOOP Asset Map 21,000 Net Acres Shale Basin Metric Barnett Marcellus Woodford Springer Depth (ft) 6,500' - 8,500' 4,000' - 8,500' 5,000' - 16,500' 11,000' - 14,000' Net Thickness (ft) 100' - 700' 50' - 350' 120' -…
  14. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 14
    SCOOP Locations SCOOP Drilling Locations Location Selection Criteria Depth range from 9,000 to 16,000 TVD DEEP SCOOP Woodford thickness greater than 100 up to 10,000 350 Potential drilling inventory of over 430 SHALLOW locations…
  15. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 15
    Selected Deep SCOOP Activity (Woodford 10,000 Vertical depth) Selected Deep SCOOP Activity Industry players intend to develop most of T2N R4W MCLEMORE 1-20H (EROC), WI: 42% with extended laterals IP30: 315 Bbl/d, 2,192 Mcf/d First…
  16. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 16
    Dual Section Deep Woodford Type Curve Type Curve 10,000 Oil Gas Daily Production 1,000 100 10 0 365 730 1,095 1,460 1,825 Days Overview Reserves Production Assumed WI: 100%, NRI: 75% Economic EUR: 1,834 MBoe…
  17. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 17
    Selected Springer (Goddard Shale) Activity Selected Springer Activity Industry Activity WILKERSON 1-20H (CLR) IP: 2,038 Bbl/d BIRT 1-13H (CLR) Play launched in 2013 by the Continental IP: 793 Bbl/d Resources - Wilkerson 1-20H…
  18. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 18
    Alabama Eagle Rock Energy Partners, L.P. NASDAQ: EROC
  19. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 19
    Alabama Overview Mature, liquids-rich, shallow-decline Smackover and Norphlet fields located in Southern Alabama Asset Map Q3 2014 net production averaged 2.3 Mboe/d and BEC Field 160 LT/d of sulfur Net margin of 37/Boe in Q3 2014…
  20. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 20
    Big Escambia Creek Drilling Program BEC plant runtimes have been strong following the SuperClaus installation at the end of 2012 99% runtimes at the sulfur and cryogenic plant Planned 15-day routine turnaround in 1H 2015 will…
  21. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 21
    Summary Financial Information Eagle Rock Energy Partners, L.P. NASDAQ: EROC
  22. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 22
    Pro Forma Upstream Financials and Guidance Historical Summary Financial Results Summary Guidance ( in millions) 2012A 2013A YTD 2014A Volumes (MMcfe) Expect quarterly G&A to decrease Midcontinent 19,157 17,109 12,940 Alabama 5,837 5,328…
  23. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 23
    Why Invest in Eagle Rock Strong Compelling Balance Valuation Sheet Robust Acquisition Hedge Focused Portfolio Quality Reserve Base 24 Eagle Rock Energy Partners, L.P. NASDAQ: EROC
  24. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 24
    Appendix Eagle Rock Energy Partners, L.P. NASDAQ: EROC
  25. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 25
    Golden Trend Selected Drilling Results Producing Formations GR Log One to Two Rig Vertical Program Drilling Bromide/Big Four Wells BEAM 3-17 (97% WI) BEAM 5-17 (100% WI) STERR 1-15 (98% WI) Deese (Hart Sand) IP30: 179 Bbl/d, 800…
  26. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 26
    Selected Shallow SCOOP Activity Selected Shallow SCOOP Activity Industry Activity GREEN ACRES 1-36H (CLR) IP: 760 Bbl/d, 1,294 Mcf/d Industry activity has moved up dip to test the MILLS 1-21H (CLR) IP30: 693 Bbl/d, 1,145 Mcf/d…
  27. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 27
    Permian Overview The Permian assets contain numerous fields located Asset Map primarily in Ward, Pecos and Crane counties These fields produce from multiple intervals from the Yates-Seven River-Queen group through the Ellenburger…
  28. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 28
    Permian CO2 Potential Whiting North Ward Estes CO2 Project Whiting Petroleum is currently operating and expanding a successful CO2 flood immediately north of Eagle Rocks position Whiting CO2 Project CO2 injection was initiated in…
  29. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 29
    ETX / STX / MS Overview East Texas Production primarily from the Smackover formation from 12,000 Asset Map feet to 12,700 feet Produced gas includes approximately 30% hydrogen sulfide, nitrogen and CO2 Production is delivered to…
  30. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 30
    Adjusted EBITDA and DCF Reconciliation Three Months Ended Nine Months Ended Three Months Ended September 30, September 30, June 30, 2014 2013 2014 2013 2014 Net income (loss) to Adjusted EBITDA Net (loss) income, as reported 266,288…
  31. Wells Fargo Securities Energy Symposium – Eagle Rock Energy Partners Lp – slide 31
    SEC Reserve Disclosures The SEC requires oil and gas companies to disclose proved reserves quantities and allows for the optional disclosure of probable reserves. The Partnership has provided internally generated estimates for probable…

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