Vanguard Natural Resources, LLC Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2016

 Published On: Jun, 2017 |    No of Pages: 90 |  Published By: GlobalData | Format: PDF
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Summary

Vanguard Natural Resources, LLC (Vanguard) is an upstream company. It acquires, produces, and develops oil and natural gas properties. The company owns Green River Basin, Permian Basin, Piceance Basin, Gulf Coast Basin, Arkoma Basin, Big Horn Basin, Williston Basin, Anadarko Basin, and Wind River Basin oil and natural gas properties across Wyoming, New Mexico, Colorado, Texas, Louisiana, Mississippi, Alabama, Arkansas, Oklahoma, Montana, and North Dakota. Vanguard is headquartered in Houston, Texas, the US.

Vanguard Natural Resources, LLC Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies' capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following -
- The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.
- Provides details with respect to the company's oil and gas reserves and production information by country. It further consists of in-depth information on the company's expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.
- Provides a comprehensive overview of the company's share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.
2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.
3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.
- Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors' financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.
- Establish relative performance among the industry's players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Vanguard Natural Resources, LLC, Valuation and Financial Data 8
Vanguard Natural Resources, LLC, Share Price Performance 8
Share Price Performance, Q4, 2015-Q4, 2016 8
Vanguard Natural Resources, LLC, Key Valuation Metrics 9
Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Vanguard Natural Resources, LLC, Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2015-Q4, 2016 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2015-Q4, 2016 11
Vanguard Natural Resources, LLC, Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Vanguard Natural Resources, LLC, Quarterly Production Trends 13
Vanguard Natural Resources, LLC, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2015-Q4, 2016 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 15
Vanguard Natural Resources, LLC, Crude Oil Production 16
Total Crude Oil Production Trend, Q4, 2015-Q4, 2016 16
Crude Oil Production, By Country/Region, Q4, 2015-Q4, 2016 17
Vanguard Natural Resources, LLC, Natural Gas Production 18
Total Natural Gas Production Trend, Q4, 2015-Q4, 2016 18
Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 19
Vanguard Natural Resources, LLC, Valuation and Financial Data, 2012-2016 20
Vanguard Natural Resources, LLC, Share Price Performance, 2012-2016 20
Share Price Performance, 2012-2016 20
Key Valuation Metrics, 2012-2016 21
Vanguard Natural Resources, LLC, Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 24
Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2012-2016 27
Crude Oil Production and Reserves By Country/Region, 2012-2016 28
Crude Oil/Liquids Reserve Changes, 2012-2016 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2012-2016 31
Natural Gas Production and Reserves, By Country/Region, 2012-2016 32
Natural Gas Reserve Changes, 2012-2016 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 36
Vanguard Natural Resources, LLC, E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2012-2016 38
Acquisition Costs By Country/Region, 2012-2016 39
Exploration and Development Costs, By Country/Region, 2012-2016 40
Oil and Gas Cost Per boe, US$/boe 41
Oil and Gas Cost Per boe, US$/boe, 2012-2016 41
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2012-2016 43
Vanguard Natural Resources, LLC, Reserve Replacement Ratio 45
Oil and Gas Production Replacement Ratio 45
Oil and Gas Production Replacement Ratio, 2012-2016 45
Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 48
Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Trend 52
Oil and Gas Revenue and Expenses 52
Oil and Gas Revenue and Expenses, 2012-2016 52
Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 54
Oil and Gas Revenue and Expenses, Per boe 57
Oil and Gas Revenue and Expenses, By boe, 2012-2016 57
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2012-2016 58
Oil and Gas Performance Metrics 61
Vanguard Natural Resources, LLC, Land Holdings and Well Data 62
Developed and Undeveloped Acreage 62
Gross and Net Developed and Undeveloped Acreage, 2012-2016 62
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 63
Well Statistics 66
Producible Oil and Gas Well, 2012-2016 66
Producible Oil and Gas Well, By Country/Region, 2012-2016 67
Exploration and Development Wells Drilled, 2012-2016 72
Recent Developments 73
Vanguard Natural Resources, LLC - Recent Developments 73
Feb 02, 2017: Vanguard Natural Resources Files For Chapter 11 Protection 73
Nov 08, 2016: Vanguard Natural Resources Reports Third Quarter 2016 Results 74
Jul 27, 2016: Vanguard Natural Resources Reports Second Quarter 2016 Results 78
May 26, 2016: Vanguard Natural Resources Announces Amendment To Credit Facility And Results Of Borrowing Base Redetermination 80
May 19, 2016: Vanguard Natural Resources Announces Closing Of Scoop/stack Asset Sale In Oklahoma And Provides Updated 2016 Outlook 81
Mar 04, 2016: Vanguard Natural Resources Reports Fourth Quarter And Full Year 2015 Operating And Financial Results, 2016 Outlook And Suspension Of Common And Preferred Distributions 82
Appendix 87
Methodology 87
Coverage 87
Secondary Research 87
Primary Research 88
Data Information Sources 88
Company Source 88
SEC/Other Regulatory Filings 88
Other Sources 88
Expert Panel Validation 88
Data Definition 89
Oil and Gas Reserves 89
Units of Measure 89
About GlobalData 90
Disclosure 90
Disclaimer 90

List of Tables
Table 1: Vanguard Natural Resources, LLC, Key Facts 7
Table 2: Vanguard Natural Resources, LLC, Share Price Performance, Q4, 2015-Q4, 2016 8
Table 3: Vanguard Natural Resources, LLC, Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Table 4: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Table 5: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2015-Q4, 2016 11
Table 6: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Table 7: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production, Q4, 2015-Q4, 2016 14
Table 8: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 15
Table 9: Vanguard Natural Resources, LLC, Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 16
Table 10: Vanguard Natural Resources, LLC, Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 17
Table 11: Vanguard Natural Resources, LLC, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 18
Table 12: Vanguard Natural Resources, LLC, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 19
Table 13: Vanguard Natural Resources, LLC, Share Price Performance, 2012-2016 20
Table 14: Vanguard Natural Resources, LLC, Key Valuation Metrics, 2012-2016 21
Table 15: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 23
Table 16: Vanguard Natural Resources, LLC, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 25
Table 17: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 26
Table 18: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 27
Table 19: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 29
Table 20: Vanguard Natural Resources, LLC, Crude Oil Reserve Changes, mmbbl, 2012-2016 30
Table 21: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 31
Table 22: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 33
Table 23: Vanguard Natural Resources, LLC, Natural Gas Reserve Changes, bcf, 2012-2016 34
Table 24: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, Years, 2012-2016 35
Table 25: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 37
Table 26: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, US$ mil, 2012-2016 38
Table 27: Vanguard Natural Resources, LLC, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 39
Table 28: Vanguard Natural Resources, LLC, Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 40
Table 29: Vanguard Natural Resources, LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 42
Table 30: Vanguard Natural Resources, LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2012-2016 44
Table 31: Vanguard Natural Resources, LLC, Oil and Gas Production Replacement Ratio, %, 2012-2016 46
Table 32: Vanguard Natural Resources, LLC, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 51
Table 33: Vanguard Natural Resources, LLC, Revenue and Expenses, US$ mil, 2012-2016 53
Table 34: Vanguard Natural Resources, LLC, Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 56
Table 35: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 57
Table 36: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 60
Table 37: Vanguard Natural Resources, LLC, Oil and Gas Performance Metrics, 2012-2016 61
Table 38: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 62
Table 39: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 65
Table 40: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, 2012-2016 66
Table 41: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, By Country/Region, 2012-2016 71
Table 42: Vanguard Natural Resources, LLC, Exploratory and Developed Wells, 2012-2016 72

List of Figures
Figure 1: Vanguard Natural Resources, LLC, Share Price Performance, USD/Share, Q4, 2015-Q4, 2016 8
Figure 2: Vanguard Natural Resources, LLC, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2015-Q4, 2016 9
Figure 3: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Figure 4: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, US$ mil, Q4, 2015-Q4, 2016 12
Figure 5: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2015-Q4, 2016 13
Figure 6: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 15
Figure 7: Vanguard Natural Resources, LLC, Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 16
Figure 8: Vanguard Natural Resources, LLC, Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 17
Figure 9: Vanguard Natural Resources, LLC, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 18
Figure 10: Vanguard Natural Resources, LLC, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 19
Figure 11: Vanguard Natural Resources, LLC, Share Price Performance, USD/Share, 2012-2016 20
Figure 12: Vanguard Natural Resources, LLC, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 21
Figure 13: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 22
Figure 14: Vanguard Natural Resources, LLC, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 24
Figure 15: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, 2012-2016 24
Figure 16: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 26
Figure 17: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 27
Figure 18: Vanguard Natural Resources, LLC, Oil Reserves, End of Period, By Country/Region, mmbbl, 2012-2016 28
Figure 19: Vanguard Natural Resources, LLC, Oil Production, By Country/Region, mmbbl, 2012-2016 28
Figure 20: Vanguard Natural Resources, LLC, Crude Oil Reserve Changes, mmbbl, 2016 30
Figure 21: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 31
Figure 22: Vanguard Natural Resources, LLC, Gas Reserves, End of Period, By Country/Region, bcf, 2012-2016 32
Figure 23: Vanguard Natural Resources, LLC, Gas Production, By Country/Region, bcf, 2012-2016 32
Figure 24: Vanguard Natural Resources, LLC, Natural Gas Reserve Changes, bcf, 2016 34
Figure 25: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, Years, 2012-2016 35
Figure 26: Vanguard Natural Resources, LLC, Gas Reserve Life Index, By Country/Region, Years, 2012-2016 36
Figure 27: Vanguard Natural Resources, LLC, Oil & Gas Reserve Life Index, By Country/Region, Years, 2012-2016 36
Figure 28: Vanguard Natural Resources, LLC, Oil Reserve Life Index, By Country/Region, Years, 2012-2016 37
Figure 29: Vanguard Natural Resources, LLC, Development Costs, By Country/Region, US$ mil, 2012-2016 40
Figure 30: Vanguard Natural Resources, LLC, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 41
Figure 31: Vanguard Natural Resources, LLC, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 43
Figure 32: Vanguard Natural Resources, LLC, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 43
Figure 33: Vanguard Natural Resources, LLC, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 45
Figure 34: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 48
Figure 35: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2012-2016 48
Figure 36: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2012-2016 49
Figure 37: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2012-2016 49
Figure 38: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2012-2016 50
Figure 39: Vanguard Natural Resources, LLC, Revenue and Expenses, US$ mil, 2012-2016 52
Figure 40: Vanguard Natural Resources, LLC, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 54
Figure 41: Vanguard Natural Resources, LLC, Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 54
Figure 42: Vanguard Natural Resources, LLC, Production Costs, By Country/Region, US$ mil, 2012-2016 55
Figure 43: Vanguard Natural Resources, LLC, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 55
Figure 44: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 57
Figure 45: Vanguard Natural Resources, LLC, Lifting Cost per boe, By Country/Region, US$/boe, 2012-2016 58
Figure 46: Vanguard Natural Resources, LLC, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2012-2016 58
Figure 47: Vanguard Natural Resources, LLC, Total DD&A per boe, By Country/Region, US$/boe, 2012-2016 59
Figure 48: Vanguard Natural Resources, LLC, Total Revenue per boe, By Country/Region, US$/boe, 2012-2016 59
Figure 49: Vanguard Natural Resources, LLC, Oil and Gas Performance Metrics, 2012-2016 61
Figure 50: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 62
Figure 51: Vanguard Natural Resources, LLC, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 63
Figure 52: Vanguard Natural Resources, LLC, Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 63
Figure 53: Vanguard Natural Resources, LLC, Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 64
Figure 54: Vanguard Natural Resources, LLC, Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 64
Figure 55: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, 2012-2016 66
Figure 56: Vanguard Natural Resources, LLC, Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 67
Figure 57: Vanguard Natural Resources, LLC, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 67
Figure 58: Vanguard Natural Resources, LLC, Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 68
Figure 59: Vanguard Natural Resources, LLC, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 68
Figure 60: Vanguard Natural Resources, LLC, Net Productive Gas Wells, By Country/Region, Number, 2012-2016 69
Figure 61: Vanguard Natural Resources, LLC, Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 69
Figure 62: Vanguard Natural Resources, LLC, Net Productive Oil Wells, By Country/Region, Number, 2012-2016 70
Figure 63: Vanguard Natural Resources, LLC, Exploratory and Developed Wells, 2012-2016 72


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