Caprock CO 2 Flood. John D. Allison, Jr. Legacy Reserves. Presented at the 20 th Annual CO 2 Flooding Conference. December 11-12, 2014.

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1 Caprock CO Flood John D. Allison, Jr. Legacy Reserves Presented at the 0 th Annual CO Flooding Conference December -, 0 Midland, Texas

2 Forward-Looking Statement Statements made by representatives of Legacy Reserves LP (the Partnership ) during the course of this presentation that are not historical facts are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on management s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, availability of sufficient cash flow to pay distributions or make payments on our notes and execute our business plan, prices and demand for oil and natural gas, our ability to replace reserves and efficiently exploit our current reserves, our ability to make acquisitions on economically acceptable terms, and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please see the factors described in the Partnership s Annual Report on Form 0-K for the year ended December, 0 in Item A under Risk Factors and subsequent filings with the Securities and Exchange Commission. The Partnership undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. Any reserve information pertaining to assets acquired after December, 0 and presented herein is based on our internal evaluation and interpretation and has not been independently verified or estimated.

3 Legacy Reserves LP Overview Midland, Texas-based Master Limited Partnership (NASDA: LGCY) Focused on owning and operating long-lived oil and natural gas properties with stable, low-decline production Today s presentation will focus on: Overview of Legacy Reserves Challenges to MLP ownership of CO floods Caprock field overview (not included here) Note: Represents the Partnership s reserves after giving effect to the WPX Acquisition. Darker shaded area represents increased reserve concentration

4 Proven History of Growth Average Daily Production (Boe / d) 6,000 0,000,000 8,000,000 6,000 0,09 9,668,07,8,970 7,58 8,5 9, ' Adjusted EBITDA ($ MM) $75 $00 $5 $50 $75 $0 $ $7 $0 $98 $0 $0 $ $ 'A

5 Consistent Distributions Through Volatile Oil uarterly Distribution per Unit (uarterly Distribution / Unit) $0.700 $0.600 $0.500 $0.00 $0. $0. $0. WTI Spot Price ($ / Bbl) $0.5 $0.9 $0.5 $0.55 $0.5 $0.5 Cumulative distributions since inception = $6.85/unit $0.575 $0.565 $0.57 $0.56 $0.55 $0.555 $0.55 $0.58 $0.585 $0.59 $0.595 $0.6 $0.6 $60 $0 $0 $00 $80 $60 ($ / Bbl) $0 $0.00 $0 $0.00 $ Legacy has increased its quarterly distribution by.% year-over-year and 8.8% since its IPO

6 Rapid Industry Development in the Permian 58% of current basin-wide oil production is less than years old and exhibits steep declines. Source: Drilling Info

7 0 Asset Transition Standalone () (88% PD) Acquisitions ()() Pro Forma (99% PD) (9% PD) 87.6 MMBoe 55.0 MMBoe.6 MMBoe 7% % % 78% 89% % % 5% Permian Basin Rocky Mountain Mid-Continent 5% 0% 65% % 70% 7% 8% 6% 7% Oil Gas NGL () Independent reserve estimate as of // per the 0-K. () Includes WPX Acquisition based on internal proved reserve estimates as of // based on SEC benchmark pricing. () Includes Caprock and Sheridan County, MT acquisitions (together the Bolt-On Acquisitions ) based on internal estimates per press release dated /6/. Note: Represents the Partnership s reserves after giving effect to the WPX Acquisition. Darker shaded area represents increased reserve concentration

8 Investment Rationale and Balance Sheet Strength High-quality, geographically diversified, low-decline asset portfolio 5% Liquids. PD R/P Strong track record through commodity cycles acquisitions worth approximately $. billion consecutive quarterly distributions Great balance sheet No near-term debt maturities Only 7% drawn on $950 million borrowing base Substantial hedge portfolio 6.00x 5.00x Debt / EBITDA ().00x.00x.00x.00x () Debt outstanding based on latest public filings; EBITDA based on annualized 05 Bloomberg consensus estimates () Peer Avg. consists of ARP, BBEP, EVEP, LINE, LRE, MCEP, MEMP and VNR () Wtd. Peer Avg. weights the average of the peers based on debt outstanding () Alerian Avg consists of the constituents within the Alerian MLP index. 0.00x LGCY Peer Avg. Wtd. Peer Avg. Aler ian Avg.

9 First and Only MLP with rd Party Drop-Down Opportunities Recent Strategic Alliance with WPX established newly-created IDRs 0% issued and vested 0% issued and unvested: vesting hinges on consummation of additional acquisitions 70% remains at LGCY and available to issue to parties with attractive inventory of current & future drop-downs Acquisitions are expected to be focused on long-lived oil and natural gas properties with stable, low-decline production Our IDRs are different relative to others IDRs. They are intended to: Increase scope Enhance economics Ensure alignment Cash, Units, and/or IDRs Potential Partner Assets LGCY