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SummaryVanguard 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.ScopeThe 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 buyThe 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 ContentsTable of Contents 2List of Tables 4List of Figures 5Company Snapshot 8Key Information 8Company Overview 8Vanguard Natural Resources, LLC, Valuation and Financial Data 9Vanguard Natural Resources, LLC, Share Price Performance 9Share Price Performance, Q2, 2015-Q2, 2016 9Vanguard Natural Resources, LLC, Key Valuation Metrics 10Key Valuation Metrics, Q2, 2015-Q2, 2016 10Vanguard Natural Resources, LLC, Quarterly Results of Oil & Gas Operations Per boe Produced 11Results of Oil & Gas Operations Per boe Produced, Q2, 2015-Q2, 2016 11Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2015-Q2, 2016 12Vanguard Natural Resources, LLC, Quarterly E&P Costs Trends 13Upstream Capital Expenditure, Q2, 2015-Q2, 2016 13Vanguard Natural Resources, LLC, Quarterly Production Trends 14Vanguard Natural Resources, LLC, Total Oil and Gas Production 14Total Crude Oil and Natural Gas Production Trend, Q2, 2015-Q2, 2016 14Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2015-Q2, 2016 15Vanguard Natural Resources, LLC, Crude Oil Production 16Total Crude Oil Production Trend, Q2, 2015-Q2, 2016 16Crude Oil Production, By Country/Region, Q2, 2015-Q2, 2016 17Vanguard Natural Resources, LLC, Natural Gas Production 18Total Natural Gas Production Trend, Q2, 2015-Q2, 2016 18Natural Gas Production, By Country/Region, Q2, 2015-Q2, 2016 19Vanguard Natural Resources, LLC, Valuation and Financial Data, 2011-2015 20Vanguard Natural Resources, LLC, Share Price Performance, 2011-2015 20Share Price Performance, 2011-2015 20Key Valuation Metrics, 2011-2015 21Vanguard Natural Resources, LLC, Production and Reserves Trends 22Total Oil and Gas, Reserves and Production 22Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26Crude Oil/Liquids Production and Reserve 27Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27Crude Oil Production and Reserves By Country/Region, 2011-2015 28Crude Oil/Liquids Reserve Changes, 2011-2015 30Natural Gas Production and Reserve 31Natural Gas Production and Reserve Trend, 2011-2015 31Natural Gas Production and Reserves, By Country/Region, 2011-2015 32Natural Gas Reserve Changes, 2011-2015 34Total Crude Oil and Natural Gas Reserves Life Index 35Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36Vanguard Natural Resources, LLC, E&P Costs Trends 38Allocation of the Upstream Capital Expenditure 38Upstream Capital Expenditure, 2011-2015 38Acquisition Costs By Country/Region, 2011-2015 39Exploration and Development Costs, By Country/Region, 2011-2015 40Oil and Gas Cost Per boe, US$/boe 41Oil and Gas Cost Per boe, US$/boe, 2011-2015 41Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 42Vanguard Natural Resources, LLC, Reserve Replacement Ratio 44Oil and Gas Production Replacement Ratio 44Oil and Gas Production Replacement Ratio, 2011-2015 44Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 46Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Trend 50Oil and Gas Revenue and Expenses 50Oil and Gas Revenue and Expenses, 2011-2015 50Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 51Oil and Gas Revenue and Expenses, Per boe 55Oil and Gas Revenue and Expenses, By boe, 2011-2015 55Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 56Oil and Gas Performance Metrics 59Vanguard Natural Resources, LLC, Land Holdings and Well Data 60Developed and Undeveloped Acreage 60Gross and Net Developed and Undeveloped Acreage, 2011-2015 60Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 61Well Statistics 64Producible Oil and Gas Well, 2011-2015 64Producible Oil and Gas Well, By Country/Region, 2011-2015 65Exploration and Development Wells Drilled, 2011-2015 69Exploration and Development Wells Drilled, By Country/Region, 2011-2015 70Recent Developments 71Vanguard Natural Resources, LLC - Recent Developments 71Nov 08, 2016: Vanguard Natural Resources Reports Third Quarter 2016 Results 71Jul 27, 2016: Vanguard Natural Resources Reports Second Quarter 2016 Results 74May 26, 2016: Vanguard Natural Resources Announces Amendment To Credit Facility And Results Of Borrowing Base Redetermination 77May 19, 2016: Vanguard Natural Resources Announces Closing Of Scoop/stack Asset Sale In Oklahoma And Provides Updated 2016 Outlook 77Mar 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 78Nov 09, 2015: Vanguard Natural Resources Reports Third Quarter 2015 Results 83Sep 11, 2015: Boardwalk Pipeline, Columbia Pipeline, And Vanguard Natural Resources To Join The Alerian MLP Index And Alerian MLP Equal Weight Index 86Sep 02, 2015: The Law Office Of Robbins Arroyo Announces That It Has Filed A Class Action Lawsuit Against LRR Energy (LRE) 87Aug 03, 2015: Vanguard Natural Resources Reports Second Quarter 2015 Results 87May 01, 2015: Vanguard Natural Resources Reports First Quarter 2015 Results 90Appendix 93Methodology 93Coverage 93Secondary Research 93Primary Research 93Data Information Sources 94Company Source 94SEC/Other Regulatory Filings 94Other Sources 94Expert Panel Validation 94Data Definition 94Oil and Gas Reserves 94Units of Measure 95About GlobalData 95Disclosure 95Disclaimer 95List of TablesTable 1: Vanguard Natural Resources, LLC, Key Facts 8Table 2: Vanguard Natural Resources, LLC, Share Price Performance, Q2, 2015-Q2, 2016 9Table 3: Vanguard Natural Resources, LLC, Key Valuation Metrics, Q2, 2015-Q2, 2016 10Table 4: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2015-Q2, 2016 11Table 5: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2015-Q2, 2016 12Table 6: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, Q2, 2015-Q2, 2016 13Table 7: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production, Q2, 2015-Q2, 2016 14Table 8: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2015-Q2, 2016 15Table 9: Vanguard Natural Resources, LLC, Total Crude Oil Production, mmbbl, Q2, 2015-Q2, 2016 16Table 10: Vanguard Natural Resources, LLC, Crude Oil Production, By Country/Region, mmbbl, Q2, 2015-Q2, 2016 17Table 11: Vanguard Natural Resources, LLC, Total Natural Gas Production, bcf, Q2, 2015-Q2, 2016 18Table 12: Vanguard Natural Resources, LLC, Natural Gas Production, By Country/Region, bcf, Q2, 2015-Q2, 2016 19Table 13: Vanguard Natural Resources, LLC, Share Price Performance, 2011-2015 20Table 14: Vanguard Natural Resources, LLC, Key Valuation Metrics, 2011-2015 21Table 15: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23Table 16: Vanguard Natural Resources, LLC, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25Table 17: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26Table 18: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27Table 19: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29Table 20: Vanguard Natural Resources, LLC, Crude Oil Reserve Changes, mmbbl, 2011-2015 30Table 21: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31Table 22: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33Table 23: Vanguard Natural Resources, LLC, Natural Gas Reserve Changes, bcf, 2011-2015 34Table 24: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, Years, 2011-2015 35Table 25: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37Table 26: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, US$ mil, 2011-2015 38Table 27: Vanguard Natural Resources, LLC, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39Table 28: Vanguard Natural Resources, LLC, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 40Table 29: Vanguard Natural Resources, LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41Table 30: Vanguard Natural Resources, LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 43Table 31: Vanguard Natural Resources, LLC, Oil and Gas Production Replacement Ratio, %, 2011-2015 45Table 32: Vanguard Natural Resources, LLC, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 49Table 33: Vanguard Natural Resources, LLC, Revenue and Expenses, US$ mil, 2011-2015 50Table 34: Vanguard Natural Resources, LLC, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 54Table 35: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55Table 36: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 58Table 37: Vanguard Natural Resources, LLC, Oil and Gas Performance Metrics, 2011-2015 59Table 38: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 60Table 39: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 63Table 40: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, 2011-2015 64Table 41: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, By Country/Region, 2011-2015 68Table 42: Vanguard Natural Resources, LLC, Exploratory and Developed Wells, 2011-2015 69Table 43: Vanguard Natural Resources, LLC, Exploratory and Developed Wells, By Country/Region, 2011-2015 70List of FiguresFigure 1: Vanguard Natural Resources, LLC, Share Price Performance, USD/Share, Q2, 2015-Q2, 2016 9Figure 2: Vanguard Natural Resources, LLC, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q2, 2015-Q2, 2016 10Figure 3: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2015-Q2, 2016 11Figure 4: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, US$ mil, Q2, 2015-Q2, 2016 13Figure 5: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production, mmboe, Q2, 2015-Q2, 2016 14Figure 6: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2015-Q2, 2016 15Figure 7: Vanguard Natural Resources, LLC, Total Crude Oil Production, mmbbl, Q2, 2015-Q2, 2016 16Figure 8: Vanguard Natural Resources, LLC, Crude Oil Production, By Country/Region, mmbbl, Q2, 2015-Q2, 2016 17Figure 9: Vanguard Natural Resources, LLC, Total Natural Gas Production, bcf, Q2, 2015-Q2, 2016 18Figure 10: Vanguard Natural Resources, LLC, Natural Gas Production, By Country/Region, bcf, Q2, 2015-Q2, 2016 19Figure 11: Vanguard Natural Resources, LLC, Share Price Performance, USD/Share, 2011-2015 20Figure 12: Vanguard Natural Resources, LLC, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21Figure 13: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22Figure 14: Vanguard Natural Resources, LLC, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24Figure 15: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24Figure 16: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26Figure 17: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27Figure 18: Vanguard Natural Resources, LLC, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28Figure 19: Vanguard Natural Resources, LLC, Oil Production, By Country/Region, mmbbl, 2011-2015 28Figure 20: Vanguard Natural Resources, LLC, Crude Oil Reserve Changes, mmbbl, 2015 30Figure 21: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31Figure 22: Vanguard Natural Resources, LLC, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32Figure 23: Vanguard Natural Resources, LLC, Gas Production, By Country/Region, bcf, 2011-2015 32Figure 24: Vanguard Natural Resources, LLC, Natural Gas Reserve Changes, bcf, 2015 34Figure 25: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, Years, 2011-2015 35Figure 26: Vanguard Natural Resources, LLC, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36Figure 27: Vanguard Natural Resources, LLC, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36Figure 28: Vanguard Natural Resources, LLC, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37Figure 29: Vanguard Natural Resources, LLC, Development Costs, By Country/Region, US$ mil, 2011-2015 40Figure 30: Vanguard Natural Resources, LLC, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41Figure 31: Vanguard Natural Resources, LLC, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42Figure 32: Vanguard Natural Resources, LLC, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42Figure 33: Vanguard Natural Resources, LLC, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 44Figure 34: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 46Figure 35: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 46Figure 36: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 47Figure 37: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 47Figure 38: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 48Figure 39: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 48Figure 40: Vanguard Natural Resources, LLC, Revenue and Expenses, US$ mil, 2011-2015 50Figure 41: Vanguard Natural Resources, LLC, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51Figure 42: Vanguard Natural Resources, LLC, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51Figure 43: Vanguard Natural Resources, LLC, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 52Figure 44: Vanguard Natural Resources, LLC, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52Figure 45: Vanguard Natural Resources, LLC, Production Costs, By Country/Region, US$ mil, 2011-2015 53Figure 46: Vanguard Natural Resources, LLC, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53Figure 47: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55Figure 48: Vanguard Natural Resources, LLC, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 56Figure 49: Vanguard Natural Resources, LLC, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 56Figure 50: Vanguard Natural Resources, LLC, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 57Figure 51: Vanguard Natural Resources, LLC, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 57Figure 52: Vanguard Natural Resources, LLC, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 58Figure 53: Vanguard Natural Resources, LLC, Oil and Gas Performance Metrics, 2011-2015 59Figure 54: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 60Figure 55: Vanguard Natural Resources, LLC, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 61Figure 56: Vanguard Natural Resources, LLC, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 61Figure 57: Vanguard Natural Resources, LLC, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 62Figure 58: Vanguard Natural Resources, LLC, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 62Figure 59: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, 2011-2015 64Figure 60: Vanguard Natural Resources, LLC, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 65Figure 61: Vanguard Natural Resources, LLC, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 65Figure 62: Vanguard Natural Resources, LLC, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 66Figure 63: Vanguard Natural Resources, LLC, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 66Figure 64: Vanguard Natural Resources, LLC, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 67Figure 65: Vanguard Natural Resources, LLC, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 67Figure 66: Vanguard Natural Resources, LLC, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 68Figure 67: Vanguard Natural Resources, LLC, Exploratory and Developed Wells, 2011-2015 69