Stock Information Key Statistics $5.0 Billion 10 Diverse Geographic

5847 San Felipe, Suite 3000 - Houston, Texas 77057 - www.vnrllc.com
Stock Information
As Of May 13, 2016
SYMBOL
VNR
UNIT PRICE
$1.49
52-WEEK RANGE
$1.29-$17.00
AVG. DAILY VOLUME (3 MONTHS)
2,576,140
TOTAL ENTERPRISE VALUE
$2.5 BILLION
Preferred Symbols
VNRAP
$3.81
VNRBP
$3.24
VNRCP
$3.14
Vanguard Natural Resources, LLC (NASDAQ:
VNR) is a publicly traded limited liability
company focused on the acquisition, production
and development of long-lived natural gas and
oil properties.
VNR’s assets consist primarily of producing
and non-producing natural gas and oil reserves
located in ten producing basins within the
continental United States.
Since our initial public offering in October
of 2007, we have completed 25 strategic
acquisitions which increased our reserves by
over 3,316%.
Key Statistics
25 Acquisitions
since 2007
2015 Production
$5.0 Billion
70% Natural Gas,
16% Oil,14% NGLs
10 Diverse
Geographic Basins
Average Annual
Production Growth
Since IPO
+3,358%
Proved Reserves
Growth Since IPO
+3,316%
Proved reserves includes closing of the LRE and EROC mergers.
21%
23%Arkoma
Arkoma&&Andarko
Andarko
1% Williston
10% Permian
1% Wind River
4% Big Horn
PROVED
RESERVES BY
AREA
(~ 2.29 Tcfe)
(~2.29 Tcfe)
30% Green River
15% NGLs
1% Powder River
69% PDP
3% PDNP
11% Gulf Coast
RESERVE MIX
19% Piceance
(~2.29
Tcfe)
(~2.29Tcfe)
Tcfe)
(~2.55
17% Oil
RESERVE BY
CATEGORY
68% Gas
INVESTOR RELATIONS - Lisa Godfrey - (832) 327-2234 - [email protected]
28% PUD
Distributions Paid Per Year
$1.89
$2.03
$2.19
$2.31
$2.47
$2.40
$2.52
$1.70
$1.24
$0.09
2007
(1)
2008
2009
2010
2011
2013
2012
2014
2015
(2)
2016
(1) Represents an annualized quarterly distribution.
(2) Represents the monthly cash distribution of $0.03 per unit paid January through March of 2016.
Key Investment Highlights
Analyst Coverage
Active management team that is well aligned with unitholders
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•
•
•
•
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High quality, long lived reserves
Asset base which generates stable cash flow
Multi-year hedge program which mitigates commodity risk
Geographic and commodity diversity
Structure is unitholder friendly (no IDRs)
Vanguard Natural Resources, LLC is followed by the
analysts listed below.
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•
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Bank of America Merrill Lynch
FBR & Co.
Hilliard Lyons
J.P. Morgan
Janney Montgomery Scott
Raymond James
RBC Capital Markets
Stifel Nicolaus
UBS
Wunderlich Securities
Ladenburg Thalmann
Structure & Benefits
Characteristic
VNR
Typical MLP
Typical Corp.
Yes
Yes
No
Tax Shields on Distribution / Dividends
Distribution
Distribution
Taxable Dividend
Tax Reporting
Schedule K-1
Schedule K-1
Form 1099
General Partner
No
Yes
No
Incentive Distribution Rights (IDRs)
No
Yes (Up to 50%)
No
Attractive Estate Planning Tool
Yes
Yes
No
Non-Taxable Entity
Average Annual Production (MMcfe/d)
Proved Reserves (Bcfe) (1)
2,280
2,289
2,031
379
327
444
2,031
415
1,050
213
327
912
110213
72
12
12
16
16
2007
2007
2008
2008
20
20
28
28
72
(2)
2009 2010
2010 201120112012 2012
2009
2013 2013
2014
439
41 6
110
2014
2015
2015E
2016E
67
67
10
9
109
143
143
2007
2007
2008
2008
2009
2009
416
912
1,050
439
2010
(2)
2010 2011 20112012
2013
2012
2014
2013
2015
2014
(1) Proved reserves as of 12/31/2015 based on SEC reserve report.
(2) Amounts illustrated reflect ENP and VNR proved reserves and production on a consolidated basis. Pro forma for exchange of Appalachian assets.
Statements made by Vanguard Natural Resources, LLC that are not historical facts are forward looking statements. These statements which reflect management’s experience, estimates and perception of historical trends,current
conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company,
which may cause actual results to differ materially from those implied or anticipated in the forward looking statements. These include risks relating to financial performance and results, our indebtedness under our revolving credit
facility, availability of sufficient cash to pay our distributions and execute our business plan, prices and demand for oil, natural gas and natural gas liquids, our ability to replace reserves and efficiently develop our reserves, our
ability to make acquisitions on economically acceptable terms and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward looking statements. See “Risk Factors”
in our most recent annual report on Form 10-K and Item 1A. of Part II “Risk Factors” in our subsequent quarterly reports on Form 10-Q and any other public filings and press releases. Vanguard Natural Resources, LLC undertakes no
obligation to publicly update any forward looking statements, whether as a result of new information or future events. This fact sheet has been prepared as of May 13, 2016.