News

Record Net Income and Consolidated Adjusted EBITDA

Releases Detailed Portfolio Review that Includes 10,160 Gross and 68.1 Net (100% NRI) Upside Locations(1) and an Estimated 15 Years of Drilling Inventory(2)

Company to Participate in Upcoming Investor Conferences

Q4 2020 Rig Count Increased by 30%

Well-Positioned to Benefit from Improving Natural Gas Fundamentals

Increased Payout Ratio to 75% of Q2 2020 Cash Available for Distribution

Increases Payout Ratio to 75% of Projected Second Quarter 2020 Cash Available for Distribution

Quarterly Production of 12,602 Boe/d (6:1); Post-Springbok Quarterly Production Exceeds 15,000 Boe/d (6:1) for the First Time[1]

Record Full-Year Revenues; Record High Quarterly Production

Expected to be immediately accretive to distributable cash flow per unit, includes core position in the Delaware Basin, expected to increase daily production by 19% to 15,790 Boe/d[1] and to generate estimated cash G&A savings of 18% per Boe

Eagle Ford Shale; Oil-Focused Production Mix; Two Rigs Actively Drilling

Record High Production Exceeds High End of Q3 2019 Production Guidance

No Material Federal Income Taxes Expected to Be Paid by Company for Next Seven Years (2019 to 2025); Substantially All Distributions Paid to Common Unitholders for Next Four Years (2019 to 2022) Not Expected to Be Taxable Dividend Income; Less Than 25% of Distributions Paid to Common Unitholders for Subsequent Three Years (2023 to 2025) Expected to Be Taxable Dividend Income

Company Achieves Record High Production of 11,958 Boe/d(1) with Phillips Assets