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IPAA 2014 OGIS New York – LRR Energy LP

LRR Energy LP · Apr 1, 2014 · 24 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. IPAA 2014 OGIS New York – LRR Energy LP – slide 1
    LRR Energy, L.P. IPAA 2014 OGIS New York April 2014
  2. IPAA 2014 OGIS New York – LRR Energy LP – slide 2
    LRR Energy, L.P. LRR Energy Overview Market Valuation1 Upstream MLP formed in November Equity Market Capitalization 453 MM 2011 (NYSE: LRE) Net Debt 246 MM Seek to provide investors with stable Enterprise Value 699 MM…
  3. IPAA 2014 OGIS New York – 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. IPAA 2014 OGIS New York – LRR Energy LP – slide 4
    LRR Energy, L.P. Quality Assets Shallow production decline Low Risk, Mature Assets 88% proved developed reserves 12.6 reserve life Focused operations Focused Portfolio Three operating areas with scale Well, commodity and…
  5. IPAA 2014 OGIS New York – LRR Energy LP – slide 5
    LRR Energy, L.P. Property Summary LRE Total Q4 2013 Production (Boe/d) 6,522 (1) Proved Reserves (MMBoe) 30.1 % Proved Developed 88% % Liquids 49% Total Proved Reserve Life (R/P) 12.6 Producing Wells (gross) 1,168 Permian…
  6. IPAA 2014 OGIS New York – LRR Energy LP – slide 6
    LRR Energy, L.P. Production Summary Q4 2013 Production BY PRODUCT BY AREA 20122013 Production by Product 100% 80% 60% 40% 20% 0% Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Oil Sales (Bbls) NGL Sales (Bbls) Gas…
  7. IPAA 2014 OGIS New York – 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 Q4 2013 Production: 3,621 Boe/d Eddy (56% of total) Reagan 662 gross (533 net)…
  8. IPAA 2014 OGIS New York – 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 38% of total Q4 2013 production Lea 223 gross (186 net) producing wells…
  9. IPAA 2014 OGIS New York – 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. IPAA 2014 OGIS New York – 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. IPAA 2014 OGIS New York – LRR Energy LP – slide 11
    LRR Energy, L.P. 2014 Capital Budget Oil-weighted capital budget of 34 million 22 million allocated to the Red Lake field 36 drill wells, including 19 Red Lake drill wells Estimated average new well rate of return 30-35% 32…
  12. IPAA 2014 OGIS New York – 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. IPAA 2014 OGIS New York – 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. IPAA 2014 OGIS New York – LRR Energy LP – slide 14
    LRR Energy, L.P. Conservative Financial Strategy Strong balance sheet As of December 31, 2013 ( in thousands) commitment Cash & Equivalents 4,417 Target debt/Adjusted EBITDA Senior Credit Facility 200,000 of < 3.0x 2nd Lien…
  15. IPAA 2014 OGIS New York – LRR Energy LP – slide 15
    LRR Energy, L.P. 2013 Operational Improvements Operational issues faced during Q1 2013 Pecos Slope nitrogen rejection and compressor failure Red Lake - plant capacity constraints and compressor issues forced flaring Putnam -…
  16. IPAA 2014 OGIS New York – LRR Energy LP – slide 16
    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…
  17. IPAA 2014 OGIS New York – LRR Energy LP – slide 17
    LRR Energy, L.P. Robust Hedge Portfolio at Attractive Prices Average prices of 5.06 per MMBtu, 91.87 per oil barrel and 34.41 per NGL barrel 10% increase or decrease in commodity prices would affect 2014 EBITDA by less then 1%1…
  18. IPAA 2014 OGIS New York – LRR Energy LP – slide 18
    LRR Energy, L.P. Significant Total Return Potential Annual distribution of 1.96 per unit Current yield of 11.4% Substantial tax shield 100% shield on 2013 income 70% shield estimated through 2015 Opportunity for price…
  19. IPAA 2014 OGIS New York – LRR Energy LP – slide 19
    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 six consecutive…
  20. IPAA 2014 OGIS New York – LRR Energy LP – slide 20
    Appendix 20
  21. IPAA 2014 OGIS New York – LRR Energy LP – slide 21
    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…
  22. IPAA 2014 OGIS New York – LRR Energy LP – slide 22
    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…
  23. IPAA 2014 OGIS New York – LRR Energy LP – slide 23
    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…
  24. IPAA 2014 OGIS New York – LRR Energy LP – slide 24
    Appendix Commodity Hedges Current Hedge Position 2014 2015 2016 2017 NYMEX HH GAS SWAPS Gas (MMBtu) 6,077,016 5,500,236 5,433,888 5,045,760 Wt Avg Price(1) 5.53 5.72 4.29 4.61 NYMEX WTI OIL SWAPS Oil (Bbl) 723,634 561,833…

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