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Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide updates to this information quarterly to the extent of changes within the quarter. MEMP may update more frequently at its discretion.

Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

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Page 1: Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

Commodity Hedging Overview May 10, 2012

The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide updates to this information quarterly to the extent of changes within the quarter.

MEMP may update more frequently at its discretion.

Page 2: Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

As of May 10, 2012 2

Forward-Looking StatementsThis document may include “forward-looking statements” --- that is, statements related to future, not past, events within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “estimate,” “intend,” “expect,” “plan,” “project,” “should,” “goal,” “forecast,” “guidance,” “could,” “may,” “continue,” “might,” “potential,” “scheduled,” or “will” or other similar words. These forward-looking statements involve certain risks and uncertainties and ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated statements. For further discussion of risks and uncertainties, you should refer to MEMP’s filings with the SEC available at http://www.memorialpp.com or http://www.sec.gov. MEMP undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement and other SEC filings.

These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about our:

business strategies; ability to replace the reserves we

produce through drilling and property acquisitions;

drilling locations; oil and natural gas reserves; technology; realized oil and natural gas

prices; production volumes; lease operating expenses; general and administrative

expenses;

future operating results; cash flows and liquidity; availability of drilling and

production equipment; availability of oil field labor; capital expenditures; availability and terms of capital; marketing of oil and natural gas; expectations regarding general

economic conditions; competition in the oil and natural

gas industry;

effectiveness of risk management activities;

environmental liabilities; counterparty credit risk; expectations regarding

governmental regulation and taxation;

expectations regarding developments in oil-producing and natural-gas producing countries; and

plans, objectives, expectations and intentions.

Page 3: Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

As of May 10, 2012 3

MEMP Hedging Overview: Q2-2012 thru 2016

MEMP’s commodity risk management policy provides for hedging 65-85% of targeted volumes on a rolling three to five year period

– Policy reduces MEMP’s exposure to movements in commodity prices and provides stability to distributable cash flow

– MEMP primarily utilizes swaps, but may strategically use collars and options where appropriate

– All of MEMP’s existing trading counterparties have credit ratings of A- (S&P) or A3 (Moody’s) or higher

MEMP’s targeted average net production estimates represent the lower boundary of the annual production range in our 2012 full year guidance

Hedge Summary Year Ending December 31,2012 2013 2014 2015 2016

Natural Gas 88.1% 88.3% 82.0% 76.0% 70.0%Crude Oil 83.6% 89.1% 62.2% 62.0% 61.8%Natural Gas Liquids 25.9% 24.6% 0.0% 0.0% 0.0%Percent of target production hedged 82.6% 82.9% 74.2% 68.9% 63.7%

Note: Reported hedges for 2012 refer to the period: 4/1/2012 – 12/31/2012.

Page 4: Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

As of May 10, 2012 4

Natural Gas Hedges Mitigate Price Risk

MEMP’s existing natural gas hedges cover approximately 88% of targeted natural gas production volumes for Q2-Q4 2012 at a weighted average floor of $4.64

Approximately 81% of MEMP’s 2012 natural gas hedges are to appropriate basis

Natural Gas Hedging Summary

$4.44

$4.40$4.44

$4.37$4.58

$4.83$5.87

$5.07$5.80

$4.80$4.64 $4.51

$4.44$4.37

$4.58

0

5

10

15

20

25

30

35

40

45

50

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2012 2013 2014 2015 2016

Tar

get

Gas

Pro

duct

ion

(M

Mcf

/d)

Hed

ged

V

olu

mes

(M

MB

tu/d

)

Swap Collar Put Target Gas Production

Page 5: Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

As of May 10, 2012 5

Locking-In Value of Oil Production

MEMP has hedged approximately 84% of targeted crude oil production volumes for Q2-Q4 2012 at a weighted average floor of $92.31

MEMP’s near-term collars allow for upside participation of up to a weighted-average ceiling of $115.12, $116.94 and $117.72 in the years 2012, 2013 and 2014, respectively

Crude Oil Hedging Summary

$98.15 $99.53$90.55

$91.36 $91.34

$86.67$115.12

$87.16$116.94

$90.00$117.72

$92.31$93.26

$90.28 $91.36 $91.34

0

50

100

150

200

250

300

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400

50

100

150

200

250

300

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400

2012 2013 2014 2015 2016

Tar

get

Oil

Pro

duct

ion

(B

bl/d

)

Hed

ged

V

olu

mes

(B

bl/d

)

Swap Collar Target Oil Production

Page 6: Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

As of May 10, 2012 6

NGL Hedging

MEMP has hedged approximately 26% of targeted NGL production volumes for Q2-Q4 2012 at a weighted average floor of $71.85

– C2 (Ethane) is currently unhedged NGLs hedged by product and to basis, increasing correlation to realized pricing

MEMP is in the process of reviewing NGL volumes and contracts and intends to increase its NGL hedge position during 2012

NGL Hedging Summary

$66.26

$73.11

$75.16$93.57

$71.85 $73.11

0

100

200

300

400

500

600

700

800

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016

Tar

get

NG

L P

rodu

ctio

n

(Bbl

/d)

Hed

ged

V

olu

mes

(B

bl/d

)

Swap Collar Target NGL Production

Page 7: Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

As of May 10, 2012 7

Natural Gas Hedging Summary: 2012-2016

Note: Reported hedges for 2012 refer to the period: 4/1/2012 – 12/31/2012.

Year Ending December 31,2012 2013 2014 2015 2016

Natural Gas Derivative Contracts:Swap contracts:

Volume (MMBtu/d) 19,729 34,526 38,248 35,434 32,566Weighted-average fixed price $4.44 $4.40 $4.44 $4.37 $4.58

Collar contracts:Volume (MMBtu/d) 19,080 6,674 – – –Weighted-average ceiling price $5.87 $5.80 – – –Weighted-average floor price $4.83 $5.07 – – –

Put options:Volume (MMBtu/d) 2,291 – – – –Weighted-average floor price $4.80 – – – –Total natural gas volumes hedged (MMBtu/d) 41,100 41,200 38,248 35,434 32,566

Total weighted-average fixed/floor price $4.64 $4.51 $4.44 $4.37 $4.58Percent of target production hedged 88.1% 88.3% 82.0% 76.0% 70.0%

Page 8: Commodity Hedging Overview May 10, 2012 The following information is current as of May 10, 2012. Memorial Production Partners LP (MEMP) intends to provide

As of May 10, 2012 8

Liquids Hedging Summary: 2012-2016

Note: Reported hedges for 2012 refer to the period: 4/1/2012 – 12/31/2012.

Year Ending December 31,2012 2013 2014 2015 2016

Crude Oil Derivative Contracts:Swap contracts:

Volume (Bbl/d) 142 152 110 215 214Weighted-average fixed price $98.15 $99.53 $90.55 $91.36 $91.34

Collar contracts:Volume (Bbl/d) 147 156 105 – –Weighted-average ceiling price $115.12 $116.94 $117.72 – –Weighted-average floor price $86.67 $87.16 $90.00 – –Total crude oil volumes hedged (Bbl/d) 290 308 215 215 214

Total weighted-average fixed/floor price $92.31 $93.26 $90.28 $91.36 $91.34Percent of target production hedged 83.6% 89.1% 62.2% 62.0% 61.8%

Natural Gas Liquids Derivative Contracts:Swap contracts:

Volume (Bbl/d) 74 188 – – –Weighted-average fixed price $66.26 $73.11 – – –

Collar contracts:Volume (Bbl/d) 124 – – – –Weighted-average ceiling price $93.57 – – – –Weighted-average floor price $75.16 – – – –Total NGL volumes hedged (Bbl/d) 198 188 – – –

Total weighted-average fixed/floor price $71.85 $73.11 – – –Percent of target production hedged 25.9% 24.6% 0.0% 0.0% 0.0%