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ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp.

Memorial Resource Development Corp. · Aug 19, 2014 · 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. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 1
    EnerCom Oil & Gas Conference Denver, Colorado William J. Scarff Andrew J. Cozby President Vice President and Chief Financial Officer August 19, 2014
  2. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 2
    Premier Unconventional Horizontal Company with Best-in-Class Results Consolidated core position in the Terryville Complex of North Louisiana Top tier returns projected single well IRRs in excess of 200%(1) Best-in-Class Production of…
  3. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 3
    4.9 Billion of Best-in-Class Assets Reserves Breakdown (1) Asset Overview (1) 1P By Category Total MRD 1.1 Tcfe Net Acres 205,818 29% Proved (Bcfe) 1,126 % Gas 71% Total 3P (Bcfe) 3,637 Terryville Complex NSAI 3P PV-10 (MM) 4,907 Net…
  4. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 4
    Best-in-Class Performance Exceptional Horizontal Well Results High IRR Wells Top Resource Plays(1) Average IP-30 +200% +200% +200% Avg. 18.0 MMcfe/d per Quarter (MMcfe/d) 22.4 18.8 16.7 16.9 17.2 15.2 16.0 14.5 14.4…
  5. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 5
    32 Years of High Quality Horizontal Drilling Inventory Gross Horizontal Drilling Locations (1) Zone Proved Prob. Poss. MGT Total 43% of upside Upper Deep Pink -- 37 42 75 154 inventory falls Lower Deep Pink 4 28 47 79 158 within 3P area…
  6. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 6
    Conviction, Execution and Results December 2013 April 2014 PIK toggle notes Initial filing of IPO issuance registration statement November 2007 June 2010 May 2012 Acquired interests in Acquired additional Acquired interests in the…
  7. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 7
    High Production Rates Throughout Cotton Valley Trend MRD Has the Top 9 Wells in the Cotton Valley Trend 25 Active Cotton Valley Horizontal Rigs across +250 miles Hutchinson 9-005 14.9 MMcfe/d Terryville Complex Lloyd 5-6H 11.3…
  8. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 8
    MRD Has Consolidated the Entire Terryville Play Horizontal redevelopment unlocks over 1,400 drilling opportunities 76% of acreage HBP as of December 31, 2013 Initial Entry Petrohawk Acquisition May 2010 Clayton Williams Acquisition…
  9. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 9
    Experienced Management Team Years Name / Title Experience Previous Experience John A. Weinzierl 24 Managing Director and Operating Partner of Natural Gas Partners CEO Petroleum engineer with Conoco, Inc. (MEMP: Chairman and CEO)…
  10. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 10
    Key Highlights Self funding development plan and low cost structure Financial Strength Pro forma liquidity of greater than 650MM and Flexibility Strong existing hedge program to protect cash flows through commodity price cycles Proved…
  11. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 11
    Asset Overview & Financial Summary 14
  12. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 12
    World Class Resource Base MRD Has Top Productive Wells Top 100 Gas Wells by Operator Peak 30-Day Mcfe Production Since 2012, 32 wells of 13,000 horizontal gas wells in the U.S. have peak monthly production over 21 MMcfe/d 9 of those…
  13. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 13
    Horizontal Drilling Unlocks Full Potential Legacy Vertical Production Focused on Commingling Sections, Horizontal Development Focused on Specific Zones Legacy Vertical Development CV Stacked Horizontal Targets Competitor Activity…
  14. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 14
    Multi-Zone Well Pad Development Plan Drives Efficiency Efficient Full Field Stacked Development Wright 13 12HC Super Site 7 horizontal laterals per zone per section First 10 acre Super Site 16 well pad constructed in 2013 770 spacing…
  15. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 15
    Rich NGLs Drive Strong Economics Liquids Provide 45% of Revenues MRDs NGL Barrel is Heavy (MM) Current realized NGL pricing is 45% of WTI due to high concentration of C-5 100 Gas Oil & NGLs 100% Pentane 90 13% 90% Pentane 24%…
  16. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 16
    Secured Midstream Infrastructure Supports Development Plan Sufficient, Existing Takeaway Diverse Regional Takeaway Current processing capacity of 405 MMcf/d May 2015 projected processing capacity of 605 MMcf/d 2 current major gas…
  17. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 17
    Financial Strategy and Pro Forma Capitalization Financial Strategy Pro Forma Capitalization(1) Preserve Financial Flexibility ( in MM) Capital Operate free cash flow positive asset base As of Markets Pro Forma 6/30/14 Transactions…
  18. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 18
    Fiscal Year 2014 Guidance MRD expects its FY14 capital expenditures to total approximately 351 million, consisting of the following: 304 million for drilling and completion in the Terryville Field 29 million for drilling and completion…
  19. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 19
    MRD Hedging Overview: Q3 - 2014 through 2017 MRDs commodity risk management policy provides for hedging estimated production from total proved reserves Proactive policy reduces MRDs exposure to movements in commodity prices and…
  20. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 20
    Investment Highlights Best-in-Class Assets with Top Tier Growth Premier Drilling Economics with Extensive Inventory Funding Growth Predominately with Internally Generated Cash Flow Coupled with a Conservative Balance…
  21. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 21
    Appendix
  22. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 22
    Organizational Chart Headquarters: Houston, TX Employees: 430 full-time NGP Funds Certain Former Management Members of MRD Holdco LLC Public WildHorse Resources 21.9% 52.1% 26.0% 7.5% limited partner interest Memorial…
  23. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 23
    Low-Cost Operations Provide Top Tier Margins Historical LOE Expense (/Mcfe) Q2 2014 Total Cash Cost (/Mcfe) 1.20 10.00 Cash G&A Other Expenses (1) 9.50 1.01 7.50 0.80 0.74 7.62 0.50 5.00 0.40 3.01 0.29 2.77 Average 2.75…
  24. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 24
    MRD NSAI Reserve Detail(1) Oil Gas NGLs Total % Gas SEC PV-10 MBBL MMCF MBBL MMCFE % M PDP 2,626 234,037 12,260 323,351 72% 610,304 PDNP 777 29,760 1,645 44,290 67% 92,615 PUD 7,908 538,457 28,672 757,936 71% 766,033 Total…
  25. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 25
    Other Regions East Texas and Rockies East Texas Rockies TEXAS WOOD MARION WYOMING UPSHUR HARRISON CARBON SMITH RUSK PANOLA Joaquin WELD SHELBY UTAH COLORADO Tepee Key Field: Joaquin Field Tepee Field Piceance Basin:…
  26. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 26
    Significant Production Growth From Horizontal Wells Horizontal redevelopment increases Terryville gross production by 6.0x from 27 wells 200,000 10,000 Wet Gas (Mcf/d) Well Count 180,000 9,000 Oil / Condensate (Bbl/d) May 2010:…
  27. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 27
    Secured Water Infrastructure for Future Development Ample Completion Fluid Supply Salt Water Disposal Infrastructure in Place Secured completion fluid supply Complete salt water disposal (SWD) pipeline Acquired nine long-term pond…
  28. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 28
    Minimizing Stranded Reserves Regulatory Constrained Development Plan - 2011-2012 Current Development Plan - 2013-2014 Cross Unit Lateral Regulatory Constraint Cross Unit Laterals Approved Mid-2013 Stranded Reserves Uneconomic to…
  29. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 29
    Adjusted EBITDA Reconciliation Adjusted EBITDA is a non-GAAP financial measure. We evaluate segment performance based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss), plus interest expense; debt extinguishment costs;…
  30. ENERCOM OIL AND GAS CONFERENCE – Memorial Resource Development Corp. – slide 30

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