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Riviera Investor Presentation August 23, 2018

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Riviera Investor Presentation August 23, 2018 Riviera Investor Presentation August 23, 2018 Forward-Looking Statements and Risk Factors Statements made in this presentation that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by Riviera Resources, Inc. (“Riviera” or the “Company”) which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial and operational performance and results of the Company, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, ability to replace reserves and efficiently develop current reserves, the capacity and utilization of midstream facilities and the regulatory environment. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Registration Statement on Form S-1 and other public filings. We undertake no obligation to publicly update any forward- looking statements, whether as a result of new information or future events. Reserve Estimates The Securities and Exchange Commission (the “SEC”) permits oil and natural gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms. The Company may use terms in this presentation that the SEC’s guidelines strictly prohibit in SEC filings, such as “estimated ultimate recovery” or “EUR,” “resources,” “net resources,” “total resource potential” and similar terms to estimate oil and natural gas that may ultimately be recovered. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves as used in SEC filings and, accordingly, are subject to substantially greater uncertainty of being actually realized. These estimates have not been fully risked by management. Actual quantities that may be ultimately recovered will likely differ substantially from these estimates. Factors affecting ultimate recovery include the scope of the Company’s actual drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, field spacing rules, actual drilling results and recoveries of oil and natural gas in place, and other factors. These estimates may change significantly as the development of properties provides additional data. Non-GAAP Measures Adjusted EBITDAX The non-GAAP financial measure of adjusted EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Therefore, this non-GAAP measure should be considered in conjunction with net income (loss) and other performance measures prepared in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for GAAP. Adjusted EBITDAX is a measure used by Company management to evaluate the Company's operational performance and for comparisons to the Company's industry peers. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. EBITDA The non-GAAP financial measure of EBITDA, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Therefore, this non-GAAP measure should be considered in conjunction with net income (loss) and other performance measures prepared in accordance with GAAP. EBITDA should not be considered in isolation or as a substitute for GAAP. EBITDA is a measure used by Company management to evaluate the Company's operational performance and for comparisons to the Company's industry peers. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's financial results. PV-10 PV-10 represents the present value, discounted at 10% per year, of estimated future net cash flows. The Company’s calculation of PV-10 herein differs from the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC in that it is calculated before income taxes and including the impact of helium, rather than after income taxes and not including the impact of helium, using the average price during the 12- month period, determined as an unweighted average of the first-day-of-the-month price for each month. The Company’s calculation of PV-10 should not be considered as an alternative to the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC. Table of Contents Slides Riviera Resources, Inc. Overview Company Overview 5-8 Upstream Asset Overview 9 Proved Reserves 10 Upstream Benchmarking 11-14 Blue Mountain Midstream Overview 15-16 Balance Sheet and Buybacks 17-18 Riviera Upstream Overview 20 Upstream Growth Assets NW STACK 22-25 Arkoma 26-28 East Texas 29-32 North Louisiana 33-35 Upstream Long Life Low Decline Assets Hugoton / Jayhawk Plant 37-38 Michigan / Illinois 39 Uinta Basin (Drunkards Wash) 40 Blue Mountain Midstream LLC (wholly owned subsidiary) Business Overview 42-45 Operational Overview 46-47 Commercial Overview 48-49 Financial Overview 50-51 Guidance Update 53-56 Commodity Hedge Portfolio 57-58 Capital Structure 59 Leadership 60-61 Riviera Resources – Recent Developments Riviera Resources (Riviera or RVRA) recently spun-out from Linn Energy, Inc (LNGG) to unlock the sum of the parts Net Asset Value Riviera is a newly formed independent company focused on efficiently operating its mature low-decline production, developing its growth-oriented assets (including Blue Mountain Midstream LLC), and returning capital to shareholders Based on recent trading, we believe RVRA is trading at a discount to its sum of the parts Net Asset Value The Riviera Board approved a $100 million share buyback program Due to encouraging offset activity, Riviera Upstream is initiating a NW STACK drilling program starting Q4 2018 Blue Mountain is working with Riviera Upstream to provide a midstream solution in the NW STACK Riviera Upstream is evaluating potential development of its other growth assets, such as Arkoma, East Texas and North Louisiana Blue Mountain recently brought a state of the art cryogenic processing plant on-line and is currently processing ~150 mmcf/d Due to rapidly ramping throughput, Blue Mountain has initiated the engineering and design of a second plant targeting total throughput of 500 mmcf/d in 2H 2019 to meet projected demand Blue Mountain has established a stand-alone $200 million credit facility with current capacity of $70 million LNGG share buyback program has reduced outstanding share count to 76.2 million shares as of the Spin Transaction 5 Riviera Resources - Overview Riviera Upstream has 1.6 Tcfe of long life proved developed reserves with a Mid-Year adjusted PV-10 value of $963 million(1) 312 mmcfe/d second quarter 2018 average production 11% base production decline(2) (mature asset base declines: Hugoton 6%, Michigan/IL 4%; Uinta 11%) 15 year proved developed reserves to production ratio Additionally, Riviera Upstream has a large undeveloped acreage position in several active basins NW STACK (~60,000 net acres in Core Focus Area), Arkoma (~37,000 net acres), East Texas (~110,000 net acres), North Louisiana (~100,000 net acres) More than 900 potential net locations identified with expected internal rates of return (IRRs) >40%(3) NW STACK operated rig starting in Q4 2018 Evaluating deployment of additional rigs in other growth basins Blue Mountain Midstream is a growth-oriented midstream business in the heart of the Merge/SCOOP/STACK play in central OK More than 80,000 acres dedicated to the system Anchor producer is well-capitalized and currently running 8 rigs State of the art cryogenic processing plant with current capacity of 150 mmcf/d growing up to 250 mmcf/d in Q4 2018 Initiated engineering and design of a second plant with additional capacity up to 250 mmcf/d servicing the rapidly growing Merge play Targeting additional 3rd party gas gathering, crude gathering, terminals and water handling Strong balance sheet with no debt, up to $495(4) million of available borrowing capacity, and approximately $100 million in projected cash as of 9/30/2018 (1) YE 2017 proved reserves as of 8/1/18 with updated pricing of $2.85 per MMBtu for natural gas and $65.00 per bbl for oil, and adjusted for basis pricing, including helium revenue, $7.5MM per year of third party operating margin at Jayhawk Plant (PV-10 of $75MM) and excluding income taxes. See “Non-GAAP Measures - PV-10” for more information. (2) Base decline includes both mature and growth assets (3) Assumed Pricing: $2.85 per MMBtu for natural gas and $65.00 per bbl for oil 6 (4) Includes Riviera Upstream $425 million credit facility, and $70 million of Blue Mountain Midstream LLC $200 million credit facility Riviera Resources – Sum of the Parts 1 2 3 Balance Sheet Current Mature
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