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UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P.

Natural Resource Partners L.P. · Jan 13, 2015 · 17 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. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 1
    NATURAL RESOURCE PARTNERS L.P. UBS SECURITIES MLP ONE-ON-ONE CONFERENCE Deer Valley, Utah January 13, 2015
  2. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 2
    MOVE TO A MORE BALANCED PORTFOLIO Over the last 2 years, NRP has focused on diversifying its assets to create a more balanced natural resource company Priority on investing with strong partners and experienced management teams…
  3. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 3
    DIVERSIFICATION INTO TRONA/SODA ASH OPERATIONS OCI Wyoming Overview U.S. Soda Ash Industry Dynamics OCI Wyoming produces trona and refines into soda ash in Green River Basin of Wyoming Worlds largest deposit of trona is in the…
  4. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 4
    VANTACORE - ENHANCES AGGREGATES PLATFORM On October 1, closed the acquisition of VantaCore, a privately held limited partnership specializing in the construction materials industry, for 205 million Positions NRP as top 25 aggregates…
  5. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 5
    VANTACORE OPERATIONS Laurel Aggregates Serves the energy and construction industries in southwestern PA, northern WV, and eastern OH. Reserves with close proximity to Marcellus and Utica Pittsburgh Direct sales from Lake Lynn…
  6. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 6
    GROWING INVESTMENT IN AGGREGATES AND INDUSTRIAL MINERALS BUSINESS 795 million tons of aggregates in 17 states for NRP, including 295 million tons acquired in VantaCore transaction 15% of LTM 3Q2014 total revenues, but growing 54.3…
  7. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 7
    KAISER-FRANCIS SOLIDIFIES BAKKEN POSITION On November 12, NRP acquired non-operated oil and gas working interests in the Williston Basin from Kaiser-Francis for 339 million Average 15% non-operated working interest in the Sanish…
  8. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 8
    OVERVIEW OF NRPS OIL AND GAS BUSINESS Producing positions in multiple growth basins Interest in 1,500 oil and gas wells Invested 470 million since 2011 to acquire mineral, royalty, ORRI and non-operated assets Production and…
  9. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 9
    POTENTIAL UPSIDE FROM EXISTING COAL ASSETS Compared to 2011, NRP expects coal related revenues to decrease by 120 million for 2014 400 60 Driven by a structural transformation in the (in millions) 350 domestic thermal sector and…
  10. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 10
    OVERVIEW OF NRPS COAL BUSINESS 5th largest owner of coal reserves in the U.S. 2.3 billion tons Strategically located in Appalachia, Illinois Basin, Western U.S. Stable production with potential for increased production from…
  11. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 11
    INCREASINGLY DIVERSE STREAM OF CASH FLOWS In 2012, coal related business, with a significant concentration in Appalachia, drove 94% of EBITDA(1) As a result of diversification strategy, the EBITDA(1) contribution from non-coal…
  12. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 12
    NRP HAS STRONG EBITDA MARGINS MLP Peers EBITDA Margins (LTM 9/30/14) 88.0% 80.0% 65.5% 58.5% 55.8% 53.0% 37.3% 36.6% 24.2% 23.2% 18.0% 10.2% 10.1% 8.9% 6.9% 4.9% NRP Vanguard Breitburn Linn Energy…
  13. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 13
    HISTORIC DISTRIBUTION COVERAGE 15
  14. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 14
    FINANCIAL STRATEGY STRENGTHENS NRP Maintain adequate liquidity during this difficult commodity price Liquidity environment Combination of cash and borrowing capacity on credit facilities Will continue to reduce leverage to…
  15. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 15
    NRP - A DIVERSIFIED NATURAL RESOURCE COMPANY Large, Diverse Aggregates, coal, industrial minerals and oil and gas Portfolio of Provides cash flow stability through market cycles Natural Resource Well-positioned for rebound in coal…
  16. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 16
    APPENDIX
  17. UBS SECURITIES MLP ONE ON ONE CONFERENCE – Natural Resource Partners L.P. – slide 17
    HISTORICAL EBITDA RECONCILIATION (in thousands) LTM 3Q2014 Net income 147,166 Interest expense 77,536 DD&A 63,970 Impairments 5,624 DD&A, Interest and Taxes from OCI 20,000 EBITDA 314,296 Revenues 357,223 EBITDA Margin 88% 20

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