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Vanguard Natural Resources LLC
July 2012 Management Presentation
| Scott W. Smith | Page 5 of 11 |
December 22, 2014
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"Vanguard Natural Resources LLC"
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How We Spend Capital Disciplined approach to capital spending focus on maintaining cash flow from mature, long lived fields By contrast, resource players invest in growth to support equity valuation The nature of our capital program is inherently less risky due to the lengthy production histories in the fields we operate We grow production primarily through accretive acquisitions of low - risk producing properties, rather than through the drillbit Our capital spending as a percent of EBITDA is best - in - class 2012E capital budget of $37.5 million approximately 15% of 2012E Adjusted EBITDA 2011 Adjusted EBITDA 2011 Capex (2) VNR 15% E&P MLPs (1) 49% Resource Players 172% EBITDA / Capex 1.0x 0.7x 0.5x 0.5x 0.4x 6.6x 3.0x 2. 8x 2.5x 1.8x (3) Capital Spending vs. Cash Flow Resource Players E&P MLPs 0 Source: Company filings Note: VNR adjusted EBITDA includes the non - controlling interest of ENP (1) Excludes VNR (2) Represents development and exploration expenses, excluding acquisitions (3) Based on Wall Street consensus estimates as of March 7, 2012 5