2014 NAPTP Investor Conference May 22, 2014 William J. Scarff President www.memorialpp.com Robert L. Stillwell, Jr. Treasurer
Overview of Memorial Production Partners LP Upstream MLP headquartered in Houston Diverse portfolio of mature, long-lived producing properties Focus on acquiring, exploiting and developing oil and gas properties Assets in East…
1.1 Billion of Announced Acquisitions in 2014 Announced acquisition of oil producing properties in Wyoming for approximately 935 million, effective April 1, 2014 and expected to close during third quarter 2014 MEMP will acquire two…
935 Million Wyoming Oil Acquisition Transaction Overview Asset Location Acquisition of two individual CO2 floods located in Wyoming for approximately 935 million Shallow decline rate and significant resource base with large OOIP and…
MEMP Pro Forma Asset Overview Total Partnership (Pro Forma) Proved Reserves (Bcfe) 1,574 California % Proved Developed 61% Proved Reserves (MMBbls) 14.3 % Liquids Reserves 61% % Oil Reserves 100% PF 1Q14 Production (MMcfe/d)…
MEMP Has Executed on All Acquisition Strategies 100% Ownership 91% Ownership 9% Ownership Public Unitholders Drop Downs from Third Party Joint Bid with Acquisitions from NGP Memorial Resource Acquisitions Memorial Resource…
Acquisition Strategy Drives Growth & Diversification Acquisitions Since IPO Proved Reserves (1) Net Production (1) Purchase Price (1) Date Transaction Structure Location (Bcfe) (MMcfe/d) (MM) May 14 Pending Third Party Acquisition…
East Texas / North Louisiana Diversity and Upside Asset Overview Asset Location Key Fields: Joaquin, Carthage, Willow Springs, East Henderson and the Terryville fields Primary Formations: Cotton Valley, Travis Peak Field…
Legacy Rockies Summary Long-Lived Gas Asset Overview Asset Location Key Fields: Fort Collins and Moxa Arch Primary Formations: Muddy, Frontier and Dakota Field Characteristics: Fort Collins: Muddy Sandstone production with…
Bairoil Summary Concentrated, Long-Lived Oil Asset Overview Asset Location Located in Sweetwater and Carbon Counties, Wyoming Represents 29% of MEMPs pro forma proved reserves Key fields: Lost Soldier and Wertz Properties discovered…
Permian Basin Summary Long-Lived Oil Asset Overview Asset Location Key Fields: Anita, Atoka, Dimmitt, Elkhorn, Kingdom Abo and North Square Lake Primary Formations: Abo Reef, Cherry Canyon, Clearfork and Palo Pinto Field…
Eagle Ford Summary Structured for Stability Asset Overview Asset Location Acreage position in the core of the Eagle Ford in Karnes County Area recognized as the volatile oil window Eagle Ford Shale Trend History and Size:…
South Texas Summary Legacy, Long-Lived Gas Asset Overview Asset Location Key Fields: NE Thompsonville, Laredo and East Seven Sisters Primary Formations: Lobo, Wilcox Field Characteristics: Fields discovered as early as 1959…
California Summary Significant Oil in Place Asset Overview Asset Location Los Angeles Located 11 miles offshore Port of Long Beach, Long Beach California 2 wellhead platforms each with a permanent drilling Ellen and Elly Huntington…
Financial Strategy Safety, Growth and Returns Liquidity provided by 870 MM borrowing base (before redetermination) Preserve Financial 2014 FY projected DCF coverage ratio of 1.10x to 1.20x Flexibility Expect to fund acquisitions on…
MEMP Hedging Overview: Protected through 2019 MEMPs commodity risk management policy provides for hedging approximately 65-85% of estimated production from total proved reserves on a rolling three to six year period Policy reduces…
Full Year 2014 Guidance Full Year 2014 Guidance Low High For Year Ending For Year Ending December 31, 2014 December 31, 2014 Annual Production (Bcfe) 74 76 Adjusted EBITDA (MM) (1) 355 375 Distributable Cash Flow (MM) (1)…
Safety, Growth and Returns High quality assets MLP appropriate asset profile Strong sponsorship with aligned interests Supportable and clear growth strategy Seasoned management team Cash flow visibility and security…
Appendix
Significant Remaining Original Oil in Place Overview Comparison to an Analogous Field (1) An independent third party reservoir consultant prepared Category Wilmington Field Beta Field an extensive reservoir model that estimates OOIP in…
Cash Margin Per Mcfe Three Months Ended 3/31/2014 Net production volumes Oil (MBbls) 453 NGLs (MBbls) 420 Natural gas (MMcf) 9,712 Total (MMcfe) 14,952 Average net production (MMcfe/d) 166.1 Average sales prices before…
Low Development Costs Maximize Margins Identified Production Replacement Project Types PDNP + PUDs PUDs Only Control and reduce costs through low-risk drilling, recompletions 750.8 Bcfe Total 619.6 Bcfe Total and operational…
2014 Adjusted EBITDA & Distributable Cash Flow Guidance Reconciliation Low High For Year Ended For Year Ended (In millions) December 31, 2014 December 31, 2014 Calculation of Adjusted EBITDA: Net income 154 174 Interest expense 82…
Non-GAAP Measures Use of Non-GAAP Financial Measures. This presentation includes the non-GAAP financial measures of Adjusted EBITDA and Distributable Cash Flow. The accompanying schedules provide a reconciliation of these non-GAAP…
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