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Citi MLP Investor Conference – LRR Energy LP

LRR Energy LP · Aug 20, 2014 · 23 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. Citi MLP Investor Conference – LRR Energy LP – slide 1
    LRR Energy, L.P. Citi MLP Investor Conference August 20, 2014
  2. Citi MLP Investor Conference – LRR Energy LP – slide 2
    LRR Energy, L.P. LRR Energy Overview Market Valuation1 Upstream MLP formed in November Equity Market Capitalization 493 MM 2011 (NYSE: LRE) Net Debt 242 MM Seek to provide investors with stable Enterprise Value 735 MM…
  3. Citi MLP Investor Conference – LRR Energy LP – slide 3
    LRR Energy, L.P. Strategy: Stable Cash Flows with Exposure to Growth Target long-lived, low-risk properties Make Accretive Proven management team with acquisition track record Acquisitions of Oil Leverage industry relationships to…
  4. Citi MLP Investor Conference – LRR Energy LP – slide 4
    LRR Energy, L.P. Quality Assets Shallow production decline Low Risk, Mature Assets 88% proved developed reserves 13.0 reserve life Focused operations Focused Portfolio Three operating areas with scale Well, commodity and…
  5. Citi MLP Investor Conference – LRR Energy LP – slide 5
    LRR Energy, L.P. Property Summary LRE Total Q2 2014 Production (Boe/d) 6,418 (1) Proved Reserves (MMBoe) 30.1 % Proved Developed 88% % Liquids 49% Total Proved Reserve Life (R/P) 12.9 Producing Wells (gross) 1,168 Permian…
  6. Citi MLP Investor Conference – LRR Energy LP – slide 6
    LRR Energy, L.P. Production Summary AT IPO BY PRODUCT Q2 2014 BY PRODUCT Q2 2014 BY AREA Q2 2014 OP VS. NON-OP LRE has become more liquids weighted as a result of drilling at Red Lake and acquisitions 6
  7. Citi MLP Investor Conference – LRR Energy LP – slide 7
    LRR Energy, L.P. Permian Basin Region Key fields: Red Lake, Pecos Slope, Corral Canyon Chaves Proved reserves1 : 16.5 MMBoe (55% of total) Lea Q2 2014 Production: 3,562 Boe/d Eddy (56% of total) Reagan 662 gross (533 net)…
  8. Citi MLP Investor Conference – LRR Energy LP – slide 8
    LRR Energy, L.P. Red Lake Field Largest LRE field, predominantly Chaves liquids Located in Eddy County, New Mexico 34% of total proved reserves1 and 39% of total Q2 2014 production Lea 223 gross (186 net) producing wells…
  9. Citi MLP Investor Conference – LRR Energy LP – slide 9
    LRR Energy, L.P. Red Lake Field Significant Inventory of Drilling Opportunities Epoch/Series/ Time NW Shelf System Stage (M.Y.) New Mexico 2014 Red Lake Capital Plan Dewey Lake Ochoan 251 Ruster Salado New Wells Recompletes…
  10. Citi MLP Investor Conference – LRR Energy LP – slide 10
    LRR Energy, L.P. Mid-Continent and Gulf Coast Regions Mid-Continent Overview Gulf Coast Overview Key fields: Potato Hills, East Velma, Key fields: New Years Ridge, George Putnam West-Stratton Proved reserves1: 10.6 MMBoe (35%)…
  11. Citi MLP Investor Conference – LRR Energy LP – slide 11
    LRR Energy, L.P. 2014 Capital Budget Oil-weighted capital budget of 37.5 million 28 million allocated to the Red Lake field 42 drill wells, including 23 Red Lake drill wells Estimated average new well rate of return 30-35% 34…
  12. Citi MLP Investor Conference – LRR Energy LP – slide 12
    LRR Energy, L.P. Significant Growth Potential Multiple Acquisition Sources Drop-downs Joint Bids Acquisitions Acquisitions from with from From Lime Rock Lime Rock Lime Rock Third Parties Resources Resources Partners 3…
  13. Citi MLP Investor Conference – LRR Energy LP – slide 13
    LRR Energy, L.P. Lime Rock Resources Strong Committed Sponsor Formed in 2005 and consists of three investment funds Acquires mature, low-risk producing oil and natural gas properties in U.S. with long-lived production profiles…
  14. Citi MLP Investor Conference – LRR Energy LP – slide 14
    LRR Energy, L.P. Conservative Financial Strategy Strong balance sheet As of June 30, 2014 ( in thousands) commitment Cash & Equivalents 2,871 Target debt/Adjusted EBITDA Senior Credit Facility 195,000 of < 3.0x 2nd Lien Term…
  15. Citi MLP Investor Conference – LRR Energy LP – slide 15
    LRR Energy, L.P. Stable and Consistent Source of Distributions Track record of increasing distributions Focused on increasing coverage while providing distribution growth over time Distribution growth driven by organic development…
  16. Citi MLP Investor Conference – LRR Energy LP – slide 16
    LRR Energy, L.P. Robust Hedge Portfolio at Attractive Prices Average prices of 4.99 per MMBtu, 91.05 per oil barrel and 34.55 per NGL barrel 10% increase or decrease in commodity prices would affect 2014 EBITDA by less then 1%1…
  17. Citi MLP Investor Conference – LRR Energy LP – slide 17
    LRR Energy, L.P. Significant Total Return Potential Annual distribution of 1.98 per unit Current yield of 11.0% Substantial tax shield 100% shield on 2013 income 70% shield estimated through 2015 Opportunity for price…
  18. Citi MLP Investor Conference – LRR Energy LP – slide 18
    LRR Energy, L.P. Investment Highlights Stable, low-risk and predictable properties Quality Assets Operated, primary production and low cost asset portfolio Consistent Source Track record of distribution increases 8 consecutive…
  19. Citi MLP Investor Conference – LRR Energy LP – slide 19
    Appendix 19
  20. Citi MLP Investor Conference – LRR Energy LP – slide 20
    Appendix Lime Rock Overview Lime Rock Management Lime Rock Founded in 1998 5.5 BN of private capital commitments Lime Rock Partners Lime Rock Resources LRR Energy, L.P. LRP LRR LRE 4.0 BN of private Formed in 2005 Mature…
  21. Citi MLP Investor Conference – LRR Energy LP – slide 21
    Appendix Organization and Ownership Summary Lime Rock Management LP 100% Class A Member Interest LRE GP, LLC Lime Rock Resources (LRR) Incentive Distribution Rights Fund I Common Units Subordinated Units 0.1% GP…
  22. Citi MLP Investor Conference – LRR Energy LP – slide 22
    Appendix Management Team and Board of Directors Executive Leadership Years of Name and Position Experience Select Prior Experience Eric Mullins 23 Lime Rock Resources; Goldman Sachs (Managing Director) Co-CEO and Chairman…
  23. Citi MLP Investor Conference – LRR Energy LP – slide 23
    Appendix Commodity Hedges Current Hedge Position Q3-Q4 2014 2015 2016 2017 NYMEX HH GAS SWAPS Gas (MMBtu) 2,961,198 5,500,236 5,433,888 5,045,760 Wt Avg Price 5.56 5.72 4.29 4.61 NYMEX WTI OIL SWAPS Oil (Bbl) 378,675…

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