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 Inc, Valuation and Financial Data 8
Vanguard Natural Resources Inc, Share Price Performance 8
Share Price Performance, Q4, 2016-Q4, 2017 8
Vanguard Natural Resources Inc, Key Valuation Metrics 9
Key Valuation Metrics, Q4, 2016-Q4, 2017 9
Vanguard Natural Resources Inc, Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2016-Q4, 2017 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2016-Q4, 2017 11
Vanguard Natural Resources Inc, Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q4, 2016-Q4, 2017 12
Vanguard Natural Resources Inc, Quarterly Production Trends 13
Vanguard Natural Resources Inc, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2016-Q4, 2017 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2016-Q4, 2017 15
Vanguard Natural Resources Inc, Crude Oil Production 16
Total Crude Oil Production Trend, Q4, 2016-Q4, 2017 16
Crude Oil Production, By Country/Region, Q4, 2016-Q4, 2017 17
Vanguard Natural Resources Inc, Natural Gas Production 18
Total Natural Gas Production Trend, Q4, 2016-Q4, 2017 18
Natural Gas Production, By Country/Region, Q4, 2016-Q4, 2017 19
Vanguard Natural Resources Inc, Valuation and Financial Data, 2013-2017 20
Vanguard Natural Resources Inc, Share Price Performance, 2013-2017 20
Share Price Performance, 2013-2017 20
Key Valuation Metrics, 2013-2017 21
Vanguard Natural Resources Inc, Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2013-2017 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2013-2017 24
Total Crude Oil and Natural Gas Reserve Changes, 2013-2017 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2013-2017 27
Crude Oil Production and Reserves By Country/Region, 2013-2017 28
Crude Oil/Liquids Reserve Changes, 2013-2017 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2013-2017 31
Natural Gas Production and Reserves, By Country/Region, 2013-2017 32
Natural Gas Reserve Changes, 2013-2017 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2013-2017 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2013-2017 36
Vanguard Natural Resources Inc, E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2013-2017 38
Acquisition Costs By Country/Region, 2013-2017 39
Exploration and Development Costs, By Country/Region, 2013-2017 40
Oil and Gas Cost Per boe, US$/boe 41
Oil and Gas Cost Per boe, US$/boe, 2013-2017 41
Vanguard Natural Resources Inc, Reserve Replacement Ratio 44
Oil and Gas Production Replacement Ratio 44
Oil and Gas Production Replacement Ratio, 2013-2017 44
Oil and Gas Production Replacement Ratio, By Country/Region, 2013-2017 46
Vanguard Natural Resources Inc, Results of Oil & Gas Operations Trend 49
Oil and Gas Revenue and Expenses 49
Oil and Gas Revenue and Expenses, 2013-2017 49
Oil and Gas Revenue and Expenses, By Country/Region, 2013-2017 51
Oil and Gas Revenue and Expenses, Per boe 55
Oil and Gas Revenue and Expenses, By boe, 2013-2017 55
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2013-2017 56
Oil and Gas Performance Metrics 59
Vanguard Natural Resources Inc, Land Holdings and Well Data 60
Developed and Undeveloped Acreage 60
Gross and Net Developed and Undeveloped Acreage, 2013-2017 60
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2013-2017 61
Well Statistics 64
Producible Oil and Gas Well, 2013-2017 64
Producible Oil and Gas Well, By Country/Region, 2013-2017 65
Exploration and Development Wells Drilled, 2013-2017 70
Exploration and Development Wells Drilled, By Country/Region, 2013-2017 72
Recent Developments 73
Vanguard Natural Resources Inc – Recent Developments 73
Aug 06, 2018: Vanguard Natural Resources concludes sale of Arkoma Basin assets 73
Aug 06, 2018: Vanguard Natural Resources concludes sale of Arkoma Basin assets 73
Jul 09, 2018: Vanguard Natural Resources Announces Asset Divestiture Update, Amendment To Credit Facility And Borrowing Base Redetermination 74
May 09, 2018: Vanguard Natural Resources Reports First Quarter 2018 Results, Asset Divestiture Updates, And Updated 2018 Guidance 76
May 09, 2018: Vanguard Natural Resources Reports First Quarter 2018 Results, Asset Divestiture Updates, And Updated 2018 Guidance 80
Mar 21, 2018: Vanguard Natural Resources Reports Fourth Quarter 2017 Results 83
Feb 21, 2018: Vanguard Natural Resources Announces Election Of New Director 87
Jan 18, 2018: Vanguard Natural Resources Announces Senior Leadership Changes And Initial 2018 Guidance, And Provides 2018 General Corporate Update 88
Dec 04, 2017: Vanguard Natural Resources Announces Appointment Of General Counsel, Corporate Secretary And Vice President Of Land 91
Appendix 92
Methodology 92
Coverage 92
Secondary Research 92
Primary Research 93
Data Information Sources 93
Company Source 93
SEC/Other Regulatory Filings 93
Other Sources 93
Expert Panel Validation 93
Data Definition 93
Oil and Gas Reserves 93
Units of Measure 94
About GlobalData 95
Disclosure 95
Disclaimer 95
Table 1: Vanguard Natural Resources Inc, Key Facts 7
Table 2: Vanguard Natural Resources Inc, Share Price Performance, Q4, 2016-Q4, 2017 8
Table 3: Vanguard Natural Resources Inc, Key Valuation Metrics, Q4, 2016-Q4, 2017 9
Table 4: Vanguard Natural Resources Inc, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2016-Q4, 2017 10
Table 5: Vanguard Natural Resources Inc, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2016-Q4, 2017 11
Table 6: Vanguard Natural Resources Inc, Upstream Capital Expenditure, Q4, 2016-Q4, 2017 12
Table 7: Vanguard Natural Resources Inc, Total Crude Oil and Natural Gas, Production, Q4, 2016-Q4, 2017 14
Table 8: Vanguard Natural Resources Inc, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2016-Q4, 2017 15
Table 9: Vanguard Natural Resources Inc, Total Crude Oil Production, mmbbl, Q4, 2016-Q4, 2017 16
Table 10: Vanguard Natural Resources Inc, Crude Oil Production, By Country/Region, mmbbl, Q4, 2016-Q4, 2017 17
Table 11: Vanguard Natural Resources Inc, Total Natural Gas Production, bcf, Q4, 2016-Q4, 2017 18
Table 12: Vanguard Natural Resources Inc, Natural Gas Production, By Country/Region, bcf, Q4, 2016-Q4, 2017 19
Table 13: Vanguard Natural Resources Inc, Share Price Performance, 2013-2017 20
Table 14: Vanguard Natural Resources Inc, Key Valuation Metrics, 2013-2017 21
Table 15: Vanguard Natural Resources Inc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2013-2017 23
Table 16: Vanguard Natural Resources Inc, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2013-2017 25
Table 17: Vanguard Natural Resources Inc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013-2017 26
Table 18: Vanguard Natural Resources Inc, Crude Oil Production and Reserves Metrics, mmbbl, 2013-2017 27
Table 19: Vanguard Natural Resources Inc, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2013-2017 29
Table 20: Vanguard Natural Resources Inc, Crude Oil Reserve Changes, mmbbl, 2013-2017 30
Table 21: Vanguard Natural Resources Inc, Natural Gas Production and Reserves Metrics, bcf, 2013-2017 31
Table 22: Vanguard Natural Resources Inc, Natural Gas Production and Reserves, By Country/Region, bcf, 2013-2017 33
Table 23: Vanguard Natural Resources Inc, Natural Gas Reserve Changes, bcf, 2013-2017 34
Table 24: Vanguard Natural Resources Inc, Oil and Gas Reserves Life Index, Years, 2013-2017 35
Table 25: Vanguard Natural Resources Inc, Oil and Gas Reserves Life Index, By Country/Region, Years, 2013-2017 37
Table 26: Vanguard Natural Resources Inc, Upstream Capital Expenditure, US$ mil, 2013-2017 38
Table 27: Vanguard Natural Resources Inc, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2013-2017 39
Table 28: Vanguard Natural Resources Inc, Exploration and Development Costs, By Country/Region, US$ mil, 2013-2017 40
Table 29: Vanguard Natural Resources Inc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2013-2017 42
Table 30: Vanguard Natural Resources Inc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2013-2017 43
Table 31: Vanguard Natural Resources Inc, Oil and Gas Production Replacement Ratio, %, 2013-2017 44
Table 32: Vanguard Natural Resources Inc, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2013-2017 48
Table 33: Vanguard Natural Resources Inc, Revenue and Expenses, US$ mil, 2013-2017 50
Table 34: Vanguard Natural Resources Inc, Revenue and Expenses, By Country/Region, US$ mil, 2013-2017 54
Table 35: Vanguard Natural Resources Inc, Oil and Gas Revenue and Expenses, US$/boe, 2013-2017 55
Table 36: Vanguard Natural Resources Inc, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2013-2017 58
Table 37: Vanguard Natural Resources Inc, Oil and Gas Performance Metrics, 2013-2017 59
Table 38: Vanguard Natural Resources Inc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2013-2017 60
Table 39: Vanguard Natural Resources Inc, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2013-2017 63
Table 40: Vanguard Natural Resources Inc, Producible Oil and Gas Wells, 2013-2017 64
Table 41: Vanguard Natural Resources Inc, Producible Oil and Gas Wells, By Country/Region, 2013-2017 69
Table 42: Vanguard Natural Resources Inc, Exploratory and Developed Wells, 2013-2017 71
Table 43: Vanguard Natural Resources Inc, Exploratory and Developed Wells, By Country/Region, 2013-2017 72
List of Figures
Figure 1: Vanguard Natural Resources Inc, Share Price Performance, USD/Share, Q4, 2016-Q4, 2017 8
Figure 2: Vanguard Natural Resources Inc, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2016-Q4, 2017 9
Figure 3: Vanguard Natural Resources Inc, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2016-Q4, 2017 10
Figure 4: Vanguard Natural Resources Inc, Upstream Capital Expenditure, US$ mil, Q4, 2016-Q4, 2017 12
Figure 5: Vanguard Natural Resources Inc, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2016-Q4, 2017 13
Figure 6: Vanguard Natural Resources Inc, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2016-Q4, 2017 15
Figure 7: Vanguard Natural Resources Inc, Total Crude Oil Production, mmbbl, Q4, 2016-Q4, 2017 16
Figure 8: Vanguard Natural Resources Inc, Crude Oil Production, By Country/Region, mmbbl, Q4, 2016-Q4, 2017 17
Figure 9: Vanguard Natural Resources Inc, Total Natural Gas Production, bcf, Q4, 2016-Q4, 2017 18
Figure 10: Vanguard Natural Resources Inc, Natural Gas Production, By Country/Region, bcf, Q4, 2016-Q4, 2017 19
Figure 11: Vanguard Natural Resources Inc, Share Price Performance, USD/Share, 2013-2017 20
Figure 12: Vanguard Natural Resources Inc, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2013-2017 21
Figure 13: Vanguard Natural Resources Inc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2013-2017 22
Figure 14: Vanguard Natural Resources Inc, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2013-2017 24
Figure 15: Vanguard Natural Resources Inc, Total Oil & Gas Production, By Country/Region, mmboe, 2013-2017 24
Figure 16: Vanguard Natural Resources Inc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2017 26
Figure 17: Vanguard Natural Resources Inc, Crude Oil Production and Reserves Metrics, mmbbl, 2013-2017 27
Figure 18: Vanguard Natural Resources Inc, Oil Reserves, End of Period, By Country/Region, mmbbl, 2013-2017 28
Figure 19: Vanguard Natural Resources Inc, Oil Production, By Country/Region, mmbbl, 2013-2017 28
Figure 20: Vanguard Natural Resources Inc, Crude Oil Reserve Changes, mmbbl, 2017 30
Figure 21: Vanguard Natural Resources Inc, Natural Gas Production and Reserves Metrics, bcf, 2013-2017 31
Figure 22: Vanguard Natural Resources Inc, Gas Reserves, End of Period, By Country/Region, bcf, 2013-2017 32
Figure 23: Vanguard Natural Resources Inc, Gas Production, By Country/Region, bcf, 2013-2017 32
Figure 24: Vanguard Natural Resources Inc, Natural Gas Reserve Changes, bcf, 2017 34
Figure 25: Vanguard Natural Resources Inc, Oil and Gas Reserves Life Index, Years, 2013-2017 35
Figure 26: Vanguard Natural Resources Inc, Gas Reserve Life Index, By Country/Region, Years, 2013-2017 36
Figure 27: Vanguard Natural Resources Inc, Oil & Gas Reserve Life Index, By Country/Region, Years, 2013-2017 36
Figure 28: Vanguard Natural Resources Inc, Oil Reserve Life Index, By Country/Region, Years, 2013-2017 37
Figure 29: Vanguard Natural Resources Inc, Development Costs, By Country/Region, US$ mil, 2013-2017 40
Figure 30: Vanguard Natural Resources Inc, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2013-2017 41
Figure 32: Vanguard Natural Resources Inc, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2013-2017 43
Figure 33: Vanguard Natural Resources Inc, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2013-2017 44
Figure 34: Vanguard Natural Resources Inc, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2013-2017 46
Figure 35: Vanguard Natural Resources Inc, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2013-2017 46
Figure 37: Vanguard Natural Resources Inc, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2013-2017 47
Figure 39: Vanguard Natural Resources Inc, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2013-2017 47
Figure 40: Vanguard Natural Resources Inc, Revenue and Expenses, US$ mil, 2013-2017 49
Figure 41: Vanguard Natural Resources Inc, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 51
Figure 42: Vanguard Natural Resources Inc, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 51
Figure 43: Vanguard Natural Resources Inc, Oil & Gas Revenue, By Country/Region, US$ mil, 2013-2017 52
Figure 44: Vanguard Natural Resources Inc, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 52
Figure 45: Vanguard Natural Resources Inc, Production Costs, By Country/Region, US$ mil, 2013-2017 53
Figure 46: Vanguard Natural Resources Inc, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 53
Figure 47: Vanguard Natural Resources Inc, Oil and Gas Revenue and Expenses, US$/boe, 2013-2017 55
Figure 48: Vanguard Natural Resources Inc, Lifting Cost per boe, By Country/Region, US$/boe, 2013-2017 56
Figure 49: Vanguard Natural Resources Inc, Annual Net Income per boe, By Country/Region, US$/boe, 2013-2017 56
Figure 50: Vanguard Natural Resources Inc, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2013-2017 57
Figure 51: Vanguard Natural Resources Inc, Total DD&A per boe, By Country/Region, US$/boe, 2013-2017 57
Figure 52: Vanguard Natural Resources Inc, Total Revenue per boe, By Country/Region, US$/boe, 2013-2017 58
Figure 53: Vanguard Natural Resources Inc, Oil and Gas Performance Metrics, 2013-2017 59
Figure 54: Vanguard Natural Resources Inc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2013-2017 60
Figure 55: Vanguard Natural Resources Inc, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2013-2017 61
Figure 56: Vanguard Natural Resources Inc, Total Net Undeveloped Acreage, By Country/Region, Acres, 2013-2017 61
Figure 57: Vanguard Natural Resources Inc, Total Gross Developed Acreage, By Country/Region, Acres, 2013-2017 62
Figure 58: Vanguard Natural Resources Inc, Total Net Developed Acreage, By Country/Region, Acres, 2013-2017 62
Figure 59: Vanguard Natural Resources Inc, Producible Oil and Gas Wells, 2013-2017 64
Figure 60: Vanguard Natural Resources Inc, Gross Productive Gas Wells, By Country/Region, Number, 2013-2017 65
Figure 61: Vanguard Natural Resources Inc, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2013-2017 65
Figure 62: Vanguard Natural Resources Inc, Gross Productive Oil Wells, By Country/Region, Number, 2013-2017 66
Figure 63: Vanguard Natural Resources Inc, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2013-2017 66
Figure 64: Vanguard Natural Resources Inc, Net Productive Gas Wells, By Country/Region, Number, 2013-2017 67
Figure 65: Vanguard Natural Resources Inc, Net Productive Oil & Gas Wells, By Country/Region, Number, 2013-2017 67
Figure 66: Vanguard Natural Resources Inc, Net Productive Oil Wells, By Country/Region, Number, 2013-2017 68
Figure 67: Vanguard Natural Resources Inc, Exploratory and Developed Wells, 2013-2017 70