2013 RBC MLP Conference November 22, 2013 www.memorialpp.com
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…
Recent Developments October 2013 Completed the acquisition of oil and natural gas assets in the Permian Basin, East Texas and the Rockies from Memorial Resource Development LLC (MRD) and affiliates of Natural Gas Partners (NGP) for…
Transformative Acquisition Transaction Overview Asset Location(1) Acquisition of multiple asset packages from MEMPs sponsor, MRD and affiliates of NGP for total Rockies consideration of approximately 603 million Asset Strategic…
Significant Footprint MEMP Asset Overview Total Partnership (Pro Forma) California Proved Reserves (Bcfe) 1,063 % Proved Developed 61% Proved Reserves (MMBbls) 14.7 % Gas Reserves 59% % Oil Reserves 100% Production (MMcfe/d) 164.8…
MRD Relationship Provides Exceptional Growth Opportunities Value Enhancing Relationship with MRD MRD Asset Overview Significant and diverse asset base with over 1 Total proved reserves: Over 1 Tcfe(1) Tcfe of proved reserves(1) 70%…
MEMP Has Executed on All Acquisition Strategies 100% Ownership 80% Ownership 20% Ownership(1) Public Unitholders Drop Downs from Third Party Joint Bid with Acquisitions from NGP Memorial Resource Acquisitions Memorial…
Acquisition Strategy Drives Growth & Diversification Acquisitions since IPO Proved Reserves(1) Net Production(1) Purchase Date Transaction Structure Location (Bcfe) (MMcfe/d) Price (MM) September 13 Third Party Acquisitions East Texas /…
East Texas / North Louisiana Asset Summary Asset Overview Asset Location Key Fields: Joaquin, Carthage, Willow Springs, East Henderson and the Terryville fields Primary Formations: Cotton Valley, Travis Peak Field Characteristics…
Permian Basin Asset Summary 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 Characteristics…
California Asset Summary Asset Overview Asset Location Located 11 miles offshore Port of Long Beach, Los Angeles Long Beach California 2 wellhead platforms each with a permanent drilling Huntington Beach Ellen and Elly rig; 1…
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…
South Texas Asset Summary 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 Production depth ranges…
Rockies Asset Summary 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 waterflood operations…
Financial Strategy Safety, Growth and Cash Flows Liquidity provided by 845 million borrowing base Preserve Financial 2Q 2013 trailing 12-month DCF coverage ratio of 1.10x Flexibility Expect to fund acquisitions on a conservative…
MEMP Hedging Overview: Q4-2013 thru 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 MEMPs…
Updated Full Year 2013 and 2014 Guidance Full Year 2013 Guidance Low High For Year Ending For Year Ending December 31, 2013 December 31, 2013 Annual Production (Bcfe) 48 50 Adjusted EBITDA (MM) 208 212 Distributable Cash Flow…
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
Low Development Costs Maximize Margins Identified Production Replacement Project Types Pro Forma PDNP + PUDs Pro Forma PUDs Only Control and reduce costs through low-risk drilling, recompletions 484.5 Bcfe Total 414.4 Bcfe Total and…
Long Lived Production and Active Hedging Program Reserve Life (Years) (1) 17.3x 17.7x 15.5x 15.9x Average = 15 years 14.4x 12.9x 13.2x 11.8x LGCY ARP VNR EVEP BBEP QRE LINE MEMP 5 Year Hedge Profile (% of total forecasted…
Natural Gas and NGL Hedges: Q4-2013 thru 2019 Natural Gas / NGLs Hedge Summary Year Ending December 31, 2013 2014 2015 2016 2017 2018 2019 Natural Gas Derivative Contracts: Swap contracts: Volume (MMBtu) 5,925,516 29,045,500…
2013 Adjusted EBITDA & Distributable Cash Flow Guidance Reconciliation Low High For Year Ended For Year Ended (In millions) December 31, 2013 December 31, 2013 Calculation of Adjusted EBITDA: Net income 97 101 Interest expense 35…
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 138 146 Interest expense 62…
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