Matador Resources Company · NYSE:MTDR
Matador Resources — Investor Presentation (August 2015)
69 slides from Matador Resources's investor presentation, Aug 12, 2015
Slide 1: August 2015 Investor Presentation
August 2015 Investor Presentation NYSE: MTDR Exhibit 99.1
Slide 2: Disclosure Statements
2 Disclosure Statements Safe Harbor Statement – This presentation and statements made by representatives of Matador Resources Company (“Matador” or the “Company”) during the course of this presentation include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 19
Slide 3: Company Summary
merry aie 4 Matador J 4 cm dy A RESOURCES COMPANY a : ; Company Summary
Slide 4: Company history and capital raising milestones
2012, 2013 and 2014 capital spending focused primarily on developing Eagle Ford and transitioning to oil February 2012 IPO at $12.00; net cash proceeds of ~$136 million May 2014 Follow-on Offering at $25.00; net cash proceeds of ~$181 million September 2013 Follow-on Offering at $15.25; net cash pro
Slide 5: Company Overview
5 Company Overview Exchange: Ticker NYSE: MTDR Shares Outstanding(1) 85.4 million common shares Share Price(1) $22.40/share Market Capitalization(1) $1.9 billion (1) Shares outstanding as reported in the Form 10-Q for the quarter ended June 30, 2015 and share price as of August 10, 2015. (2) The Com
Slide 6: Matador Resources Company – Operations Overview
Matador Resources Company – Operations Overview Market Capitalization(1) $1.9 billion Avg. Daily Production – Q2 2015(2) 26,601 BOE/d Oil (% total) 13,847 Bbl/d (52%) Natural Gas (% total) 76.5 MMcf/d (48%) Proved Reserves @ 6/30/2015 87.0 million BOE % Proved Developed 39% % Oil 47% 2015E CapEx(3)
Slide 7: Matador's Execution History – Doing What We Say
Matador’s Execution History – “Doing What We Say” Oil Production 414 Bbl/d of oil 6% oil 4,916 Bbl/d of oil 46% oil 13,847 Bbl/d of oil 52% oil Proved Reserves 27 MMBOE 1.1 MMBbl of oil 4% oil 39 MMBOE 12.1 MMBbl of oil 31% oil 87 MMBOE 40.6 MMBbl of oil 47% oil PV-10(2
Slide 8: Oil and Natural Gas Proved Reserves and PV-10 Growth By Area
8 Eagle Ford $603.8 million, 58% Eagle Ford $540.4 million, 82% Haynesville/CV $193.4 million, 18% Permian $246.2 million, 24% Haynesville/CV $82.9 million, 13% Permian $31.9 million, 5% Eagle Ford $424.6 million, 45% Haynesville/CV $93.3 million, 10% Permian $424.8 million, 45% December 31, 2013 To
Slide 9: Net Debt / LTM EBITDA and financial discipline
0.0x 0.0x 0.1x 1.5x 0.2x 0.7x 1.1x 1.3x 1.5x 1.6x 0.8x 1.0x 1.2x 0.6x 1.0x 1.3x 1.6x 1.4x 2008 2009 2010 2011 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Net Debt / LTM EBITDA $76 $240 $256 $416 Be prudent with our investors’ capital Reduced drilling program from 5 rigs
Slide 10: Matador's Continued Production Growth Through June 30, 2015
Matador’s Continued Production Growth Through June 30, 2015 Average Daily Oil Production (Bbl/d) Average Daily Natural Gas Production (MMcf/d) Average Daily Total Production (MBOE/d) Oil Production Mix (% of Average Daily Production) 10 Growth since IPO Growth since IPO Growth since IPO Growth since
Slide 11: Peer comparison and growth in PV-10 and Adjusted EBITDA
1.1x 1.2x 1.3x 1.5x 1.8x 1.9x 2.0x 2.0x 2.0x 2.7x 3.3x 3.5x 3.9x 4.3x 4.3x Peer B Peer A Peer C Peer D Peer J Peer I Peer G Peer H Peer E Peer F Peer L Peer N 0 Peer M Peer K $0.38 $0.58 $1.17 $2.15 $3.26 $3.74 2009 2010 2011 2012 2013 2014 $1.75 $2.92 $5.82 $7.84 $11.15 $14.86 2009 2010 2011 2012 2
Slide 12: Previous Oil Price Declines Have Created Opportunities for Matador
12 Previous Oil Price Declines Have Created Opportunities for Matador(1) Comparison of Major Oil Corrections and Major Matador Turning Points Since 1980 Date Event % Change in Oil Price Length of Oil Price Decline (in trading days) % Increase in Oil Price – 1-Year Post-Low 1986 Saudi Market Share Wa
Slide 13: Keys to Matador's Success
Keys to Matador’s Success Over Last 35 Years(1) 13 People We have a strong, committed technical and financial team in place, and we continue to make additions and improvements to our staff, our capabilities and our processes Board and Special Advisor additions have strengthened Board skills an
Slide 14: Permian Basin
Permian Basin Southeast New Mexico and West Texas
Slide 15: Delaware Basin – A World Class Hydrocarbon System
15 Delaware Basin – A “World Class” Hydrocarbon System DELAWARE BASIN CENTRAL BASIN PLATFORM MIDLAND BASIN Wolfcamp Simpson ~23,000’ Sediment Fill East West Source “Kitchens” Now Unconventional Resource Plays 70,000 square mile area Up to 25,000 feet of multiple, stacked, petroleum systems Ext
Slide 16: Permian Basin Acreage Position and Recent Test Results
Permian Basin Acreage Position and Recent Test Results Note: All acreage at August 4, 2015. Some tracts not shown on map. (1) As of August 4, 2015. (2) As of July 8, 2015. (3) As of April 28, 2015. (4) Formerly the Ranger 33 State Com #1H. (5) Formerly the Rustler Breaks 12-24-27 #1H. (6) Formerly t
Slide 17: Stacked pay potential and type logs
Determining “Good, Better, Best” important as potential exceeds inter-formational stacked pay 2015 program will expand on intra-formational stacked pay tests performed in each asset area 4,000 feet of Hydrocarbon Column Creates Opportunity Wolf Area Type Log – Wolfcamp X/Y X Test Y Test 80 acre
Slide 18: Matador is a Significant Delaware Basin Player
Matador is a Significant Delaware Basin Player MTDR MTDR MTDR MTDR Matador’s 89,600 net acres place it among the largest operators in the Delaware Basin − Matador holds largest Delaware Basin acreage position among small and mid-cap publicly traded energy companies(1) − Matador is the second large
Slide 19: Matador's Acreage Among Other Significant Delaware Basin Activity
19 Matador’s Acreage Among Other Significant Delaware Basin Activity Matador Acreage Note: Horizontal wells shown based upon publicly available data as of March 31, 2015. All Matador acreage at August 4, 2015. Other Operators Wolf Prospect Area – Loving County, TX L o v in g W in k le r Ward Cimarex
Slide 20: Wolf Inventory – Multi-Pay Development Potential
Wolf Inventory – Multi-Pay Development Potential ~660’ Brushy Canyon Avalon 1st Bone Spring 2nd Bone Spring 3rd Bone Spring Wolfcamp X/Y Wolfcamp A 4 66 Eval. Ongoing 34 66 66 66 302 Full Development Location Gross Wells Development Well D&C(1) CapEx EUR(2) (MBOE) Bone Spring $6 – $7 million 450 – 6
Slide 21: Wolf Area Wolfcamp A/X Wells Performing Above Expectations
10 100 1000 10000 0 50 100 150 200 250 300 350 400 450 500 Production R ate, BO E/d ay Time, Days Dorothy White #1H Norton Schaub #1H Johnson 44 #204H 500 MBOE Type Curve 700 MBOE Type Curve 1,000 MBOE Type Curve Dorothy White #1H has produced 358,000 BOE (67% oil) in 15.5 months - "X" Norton Schaub
Slide 22: Rustler Breaks Inventory – Multi-Pay Development Inventory
Rustler Breaks Inventory – Multi-Pay Development Inventory Brushy Canyon Avalon 1st Bone Spring 2nd Bone Spring 3rd Bone Spring X/Y Wolfcamp B ~8 0 0 ’ 65 73 73 77 69 77 65 499 Full Development Location Gross Wells Development Well D&C(1) CapEx EUR(2) (MBOE) Bone Spring $5.25 – $6.25 million 350 – 6
Slide 23: Matador's First Three-Zone Stacked Lateral Test at Rustler Breaks
Historically oil productive interval. Matador’s First Three-Zone Stacked Lateral Test at Rustler Breaks Bone Spring Lime Upper Avalon Shale Lower Avalon Shale First Bone Spring Sand Second Bone Spring Carbonate Third Bone Spring Carbonate Wolfcamp / Pennsylvanian Strawn Wolfcamp “C” Third Bone Sprin
Slide 24: Rustler Breaks Wolfcamp B Wells Performing Above Expectations
10 100 1000 10000 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 Production R ate, BO E/d ay Time, Days Rustler Breaks #224H Tiger #224H 500 MBOE Type Curve 600 MBOE Type Curve 700 MBOE Type Curve 1000 MBOE Type Curve Rustler Breaks 12-24S-27E RB #224H(1) has produced 170,000
Slide 25: Rustler Breaks Wolfcamp A Well Off to Strong Start
10 100 1000 10000 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 Production R ate, BO E/d ay Time, Days Guitar #202H 500 MBOE Type Curve 700 MBOE Type Curve Guitar 10-24S-28E RB #202H has produced 38,300 BOE (78% oil) in 1.5 months Wolfcamp "A"/"X-Y" horizontal in Rustler Brea
Slide 26: Ranger Inventory – Multi-Well Development Potential
Ranger Inventory – Multi-Well Development Potential ~1,320’ 1st Bone Spring 2nd Bone Spring 3rd Bone Spring X/Y Wolfcamp A-D ~7 5 0 ’ 43 55 30 70 6 204 1 mile MRC Horizontal Drilled Full Development Location Full Development Spacing Pattern (Cross-Section View) Gross Wells Development Well D&C(1) Ca
Slide 27: Ranger Area Second Bone Spring Wells Performing Above Expectations
27 Ranger Area Second Bone Spring Wells Performing Above Expectations Note: Production as of May 17, 2015. (1) Formerly the Ranger 33 State Com #1H. (2) Formerly the Pickard State 20-18-34 #1H. 400 MBOE Type Curve 600 MBOE Type Curve 10 100 1,000 10,000 0 100 200 300 400 500 Production R ate, BO E/
Slide 28: New Rig Improvements
New Rig Improvements 7,500 psi Pressure Rating Estimated reduction in drilling time of 15 to 20% in the lateral on Wolfcamp wells Telescoping Flex-joint Estimated reduction in drilling time of 12 to 18 hours per well Integrated Mud-Gas Separator Estimated savings of 50% compared to renta
Slide 29: Latest Technology: Simultaneous Operations (Sim-Ops) Capable Rigs
Latest Technology: Simultaneous Operations (Sim-Ops) Capable Rigs 29 Conventional Drilling Configuration Sim-Ops Capable with V-door turned 90° Space available for frac operations while simultaneously drilling on the same pad Drilling rig must leave location prior to frac operations
Slide 30: Improving Wolfcamp Drilling Times
43 32 35 26 23 15 0 5 10 15 20 25 30 35 40 45 50 Loving County Wolfcamp Eddy County Wolfcamp Dril ling Da y s Historical Well 2015 Planned Well Recent Well Improving Wolfcamp Drilling Times 30 *Historical days averaged from 2014 wells *Recent days from Johnson #207H & Tiger #204H
Slide 31: Total Prospective Equivalent Oil Price Uplifts
$50.00 $7.50 $5.10 $4.50 $3.00 $3.00 $0.90 $74.00 $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 Total Prospective Equivalent Oil Price Uplifts 31 $50.00 $7.50 $6.00 $4.50 $3.00 $3.00 $74.00 $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 Current Oil Price Frac Savings M
Slide 32: Artificial Lift Reducing Natural Production Declines
32 Flowing Rod Pumping Gas Lifting 300 Bbl/d 100 Bbl/d Accelerated Production Benefits of Gas Lift • Accelerates production • Reduces LOE • Lower maintenance • Helps wells recover faster from offset fracs Artificial Lift Reducing Natural Production Declines Time Note: Graph and data is for illustrat
Slide 33: Evolution of Permian Basin Frac Design
33 7,500 Bbl 9,000 Bbl 8,400 Bbl 600 Mlbs 420 Mlbs 500 Mlbs Evolution of Permian Basin Frac Design – Reservoir Specific 375 ft. 300 ft. 50 ft. 75 ft. 210 ft. 35 ft. Gen 1 Gen 2 2,000 lbs/ft 1,333 lbs/ft 40 Bbl/ft 20 Bbl/ft 50’ cluster spacing 75’ cluster spacing Gen 1 Gen 2 2,000 lbs/ft 2,000 lbs/ft
Slide 34: Permian Basin Economics – Oil Price Sensitivities
34 Permian Basin Economics – Oil Price Sensitivities /Bbl /Bbl 0 10 20 30 40 50 60 70 80 90 100 110 120 40 45 50 55 60 65 70 75 80 ROR , % Realized Oil Price, $ /Bbl Dorothy White 700 - 1,000 MBOE ROR vs Oil Price 1,000 MBOE, $9.6 MM D&C 1,000 MBOE, $8 MM D&C 700 MBOE, $9.6 MM D&C 700 MBOE, $8 MM D&
Slide 35: Significant Delaware Basin Inventory
Significant Delaware Basin Inventory Matador has identified 1,445 gross (960 net) locations(1) This inventory does not yet include the HEYCO properties or Twin Lakes locations Formation Gross Locations Net Locations Delaware Group 109 67 Avalon 160 112 1st Bone Spring 146 96 2nd Bone Spring 210
Slide 36: Midstream
a‘, . 4 Matador ae cm Wore = Midstream
Slide 37: Longwood Gathering and Disposal Systems in Delaware Basin
37 Longwood Gathering and Disposal Systems(1) in Delaware Basin Loving County, Texas Natural gas gathering and compression Water gathering Salt water disposal Oil gathering Cryogenic natural gas processing plant Eddy County, New Mexico Natural gas gathering and compression Water ga
Slide 38: Midstream Initiatives Growing into Respectable Stand-Alone Business
Midstream Initiatives Growing into Respectable Stand-Alone Business 38 Expect to spend ~$48 million on midstream initiatives in the Permian Basin in 2015 Matador expects Longwood to be able to support its own sources of financing Additional third-party volumes and a contemplated natural gas pr
Slide 39: Loving County, Texas – Biggest Midstream Project to Date
39 Loving County, Texas – Biggest Midstream Project to Date Natural gas gathering and compression Cryogenic natural gas processing plant Water gathering Salt water disposal Oil gathering SWD = Salt Water Disposal
Slide 40: Eagle Ford "Oil Bank"
Citar a Wor nesounces dor Eagle Ford “Oil Bank”
Slide 41: Eagle Ford Overview
41 Eagle Ford Overview Note: All acreage at August 4, 2015. Some tracts not shown on map. (1) At December 31, 2014. Karnes Uvalde Medina Zavala Frio Dimmit La Salle Webb Atascosa McMullen Live Oak Bee Goliad Dewitt Gonzales Wilson San Antonio Glasscock Ranch Martin Ranch Northcut Affleck Troutt Sutt
Slide 42: Eagle Ford – 2014 Accomplishments
Eagle Ford – 2014 Accomplishments 42 Increased net oil production rate by 44% from ~6,400 Bbl/d in Q4 2013 to ~9,100 Bbl/d in Q4 2014 Added 2,900 net acres, more than replacing 2014 Eagle Ford drilled inventory of ~36 net wells (See chart to the right) Evolved from Generation 5 to 7 frac desig
Slide 43: Evolution of Matador Eagle Ford Frac Design
Gen 2 Gen 3 Gen 4 Gen 5 5,770 Bbl 7,825 Bbl 9,550 Bbl 11,750 Bbl 375 Mlbs 500 Mlbs 405 Mlbs 515 Mlbs 11,750 Bbl 650 Mlbs Gen 6 43 Note: Figure depicts proppant and fluid volume pumped per 300 ft. of horizontal wellbore. (1) Mlbs = thousands of pounds of proppant pumped. Fluid Volume Pumped Proppant
Slide 44: Haynesville Shale "Gas Bank"
Haynesville Shale “Gas Bank”
Slide 45: Haynesville – Chesapeake Elm Grove Operations
Haynesville – Chesapeake Elm Grove Operations 45 Estimated capital expenditures of ~$25 million for non-operated well participation interests ˗ Only ~6% of 2015 estimated capital expenditures ˗ Originally budgeted ~$15 million for 2015 31 gross (3.8 net) wells turned to sales throughout Tier 1 H
Slide 46: Economics of Tier 1 Haynesville Wells at Elm Grove
Economics of Tier 1 Wells (10 Bcf) Haynesville at Elm Grove 46 Note: Individual well economics only. Excludes costs prior to drilling (i.e. acquisition or acreage costs). Economics use a NRI / WI of 85% but actual interests vary. Natural gas price differential = ($0.55)/Mcf. D&C cost = drilling and
Slide 47: 2015 Capital Investment Plan
2015 Capital Investment Plan
Slide 48: Update 2015 Capital Investment Plan
48 Update 2015 Capital Investment Plan At the beginning of 2015, reduced drilling program from 5 rigs to 2 rigs due to lower commodity prices, with primary focus on Permian (Delaware) Basin In late July 2015, took delivery of a third rig with primary focus on Permian (Delaware) Basin Currently
Slide 49: 2015E CapEx
2015E CapEx of ~$425 million − Revised from $350 million on August 4, 2015 − Excluding CapEx associated with HEYCO merger or associated JVs 2015E CapEx highest in Q1 2015 – falls quickly thereafter − Q1 at $159 million (37%); Q2 at $107 million (25%); Q3 and Q4 at $159 million total (remaining 3
Slide 50: 2015E Oil and Natural Gas Production
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2011 2012 2013 2014 2015E Eagle Ford Permian 422 3,318 5,843 9,095 12,192 (1)(2) 0 10 20 30 40 50 60 70 80 2011 2012 2013 2014 2015E Haynesville/CV Eagle Ford Permian 39.8 34.1 35.4 41.9 72.6 (1)(3) 2015E Oil Production Estimated oil production of 4.4
Slide 51: 2015E Revenues and Adjusted EBITDA
$23.6 $49.9 $115.9 $191.8 $262.9 $225.0 $0.0 $100.0 $200.0 $300.0 2010 2011 2012 2013 2014 2015E $34.0 $67.0 $156.0 $269.0 $367.7 $295.0 $0.0 $100.0 2 . $300.0 $400.0 2010 2011 2012 2013 2014 2015E $76.39 $93.80 $101.86 $99.79 $87.37 $49.73 $3.75 $3.62 $2.59 $4.35 $5.08 $2.92 Realized Oil and Natura
Slide 52: Summary and 2015 Guidance
52 Summary and 2015 Guidance Moved from 5 rigs to 2 rigs in early 2015; currently operating 3 rigs in Delaware Basin − Added third drilling rig in the Delaware Basin in late July 2015 Delaware drilling focused on Wolf development and further delineation of Ranger and Rustler Breaks prospect area
Slide 53: Appendix
Fan . ) (Matador Pm cm ween el’ = Appendix
Slide 54: Board of Directors – Expertise and Stewardship
Board of Directors – Expertise and Stewardship Board Members Professional Experience Business Expertise David M. Laney Lead Director - Past Chairman, Amtrak Board of Directors - Former Partner, Jackson Walker LLP Law and Investments Reynald A. Baribault Director - Vice President / Engineering and Co
Slide 55: Special Board Advisors
Special Board Advisors Professional Experience Business Expertise Ronney F. Coleman - Retired President – North America, Archer - Former Vice President North America Pumping, BJ Services Co. Oilfield Services Marlan W. Downey - Retired President, ARCO International - Former President, Shell Pecten I
Slide 56: Proven Management Team – Experienced Leadership
Proven Management Team – Experienced Leadership Management Team Background and Prior Affiliations Industry Experience Matador Experience Joseph Wm. Foran Founder, Chairman and CEO - Matador Petroleum Corporation, Foran Oil Company, James Cleo Thompson Jr. 34 years Since Inception Matthew V. Hairford
Slide 57: Hedging Profile
420,000 680,000 810,000 810,000 390,000 390,000 390,000 390,000 $99.75 $87.72 $84.60 $84.60 $74.64 $74.64 $74.64 $74.64 $83.00 $70.38 $67.11 $67.11 $47.46 $47.46 $47.46 $47.46 $0 $50 $100 $150 $200 $250 $300 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 Q1 2015 Q2 2015 Q3
Slide 58: Credit Agreement Status
Strong, supportive bank group led by Royal Bank of Canada Borrowing base at $375 million based on December 31, 2014 reserves Bank group affirmed $375 million conforming borrowing base in April 2015 Retained full $375 million conforming borrowing base upon closing of Senior Notes offering N
Slide 59: Wolf-Bone Geological Setting
59 “Wolf-Bone” Geological Setting, Predicting Where the Better Rocks Are 265 mya End of Bone Springs – Warmer! Delaware Basin San Andres Yeso Abo Delaware Mountain Group 1st, 2nd, 3rd Bone Spring Sands Sands confined to channels and distributary systems 1st, 2nd, 3rd Bone Spring Carbonates Wolfcamp
Slide 60: North Ranger-Twin Lakes Area Pennsylvanian/Wolfcamp Production Distribution
North Ranger-Twin Lakes Area Pennsylvanian/Wolfcamp Production Distribution 60 A A’ MATADOR RESOURCES COMPANY PICKARD STATE 20-18-34 #2H Northern Delaware Horizontal Pennsylvanian/Wolfcamp Shale Test Vacuum Field Townsend Field 166 wells 25 million Bbl, 49 Bcf Sanmal & Leamex Fields Corbin Field Kem
Slide 61: Pennsylvanian/Wolfcamp Hybrid Production Target Interval
0 1 5 0 G R (C TR ) 2 2 0 0 0 0 L L D 0 .3 0 D P H I 0 .3 0 N P H I 0 1 5 0 GR (C TR ) 0 .3 0 D P H I 0 .3 0 N P H I 0 1 5 0 G R (C TR ) 2 2 0 0 0 0 ILM 2 2 0 0 0 0 L L D 0 .3 0 D P H I 0 .3 0 N P H I 0 1 5 0 GR (C TR ) 2 2 0 0 0 0 ILM 2 2 0 0 0 0 L L D 0 .3 0 D P H I 0 .3 0 N P H I 0 1 5 0 G R (C T
Slide 62: Understanding the Petroleum Systems for Maximum Oil Recovery
Understanding the Petroleum Systems for Maximum Oil Recovery Note: Diagram Modified from Bishop (2014). Eagle Ford & Haynesville Wolfcamp Bone Spring Conventional Unconventional Shelf Organic-Rich Basin Decoupled Coupled Micro-Coupled In-Situ Bone Spring Source Rock and Reservoir ReservoirRock Sourc
Slide 63: WTI Oil Price and Service Prices
$60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 7/5/2014 8/24/2014 10/13/2014 12/2/2014 1/21/2015 $0 $20 $40 $60 $80 $100 $120 $140 Fr ac In de x Pric e & Drilli ng Sp rea d Ra te W TI Oi l Pri ce WTI Oil Price Frac Index Price Drilling Spread Rate WTI Oil Price and Service Pri
Slide 64: Infrastructure Development savings
Saltwater disposal savings $1.30/Bbl of produced water Infrastructure Development ...equivalent to a $5.10/Bbl uplift in oil prices Oil pipeline fee reduction ...an uplift of $0.90/Bbl in oil prices 64
Slide 65: Potential Water Recycling Savings for Loving County
Potential Water Recycling Savings for Loving County Saltwater Disposal Produced Water Purchase Frac Water Frac Additives Fracturing Well (~200,000 Bbl) Recycling Potential savings of up to $600,000 per well ...equivalent to a $3.00/Bbl uplift in oil prices 65
Slide 66: Adjusted EBITDA Reconciliation
66 Adjusted EBITDA Reconciliation This investor presentation includes the non-GAAP financial measure of Adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of consolidated financial statements, such as industry analysts, investo
Slide 67: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively. 67 (In thousands) 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2
Slide 68: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively. 68 Note: LTM is last 12 months. LTM at LTM at LTM at (
Slide 69: PV-10 Reconciliation
69 PV-10 Reconciliation PV-10 is a non-GAAP financial measure and generally differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does not include the effects of income taxes on future net revenues. PV-10 is not an estimate of the fair market value of the
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