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IPAA OGIS NEW YORK – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Apr 20, 2015 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 1
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION APRIL 2015
  2. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 2
    KEY INVESTMENT CONSIDERATIONS Balanced portfolio of oil / gas reserves and production HIGH QUALITY MLP ASSETS Long-lived oil and gas properties with proved reserve life of greater than 15 years(1) 315.3 MMBoe est. proved reserves 77%…
  3. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 3
    ATTRACTIVE ASSETS IN 7 PRODUCING AREAS PERMIAN BASIN 2014 Avg. Daily Production 13,490 Boe/d Est. Proved Reserves 56.6 MMboe ROCKIES ARK-LA-TEX MI/IN/KY 2014 Avg. Daily Production 9,956 Boe/d CALIFORNIA Est. Proved Reserves 66.7…
  4. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 4
    SIGNIFICANT SCALE VS. PEERS SCALE SOLIDIFIES BREITBURNS POSITION IN A SECTOR WHERE SCALE MATTERS (Billions) 13.6 Enterprise Value(1) 6 5.0 5 4 3.6 3.0 3 2.3 2.1 1.8 1.6 2 1 0.6 0.5 0.4 0 Peer 1 BBEP Peer 2 Peer 3…
  5. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 5
    NASDAQ: BBEP FINANCIAL OVERVIEW
  6. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 6
    SUCCESSFUL OPERATING PLAN FOR OVER 25 YEARS SOLID DISTRIBUTIONS Cumulative distributions of 13.06 per common unit paid since IPO DISTRIBUTIONS ACCRETIVE ACQUISITIONS Acquire assets that complement existing portfolio and are…
  7. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 7
    STRONG HISTORY OF OPERATING AND FINANCIAL PERFORMANCE ESTIMATED PROVED RESERVES (MMBOE) 23% CAGR (2009 2014) 315 214 CAGR 23% 151 149 111 119 2009 2010 2011 2012 2013 2014 PRODUCTION (MMBOE) ADJUSTED EBITDA(1) (MM) 17%…
  8. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 8
    1 BILLION STRATEGIC FINANCING TRANSACTION LED BY EIG GLOBAL ENERGY PARTNERS Significant Investment Secured to Provide Balance Sheet and Distribution Visibility 1 Billion Investment Led by EIG Bank Credit Facility Preeminent…
  9. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 9
    SUMMARY OF COMMODITY PRICE PROTECTION PORTFOLIO (2015 2018)(1) Average Oil and Gas Hedge Prices 93.51/bbl 89.01/bbl 85.32/bbl 82.20/bbl 4.98/mmbtu 4.25/mmbtu 4.33/mmbtu 4.15/mmbtu 100% % of Production Hedged 80% 74% 75% 71%…
  10. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 10
    MITIGATING COMMODITY PRICE VOLATILITY Breitburns hedge portfolio has mitigated crude oil and natural gas price fluctuations as evidenced by our Adjusted EBITDA NYMEX Natural Gas (Mcf) NYMEX Crude Oil (Bbl) QUARTERLY ADJUSTED…
  11. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 11
    CUMULATIVE DISTRIBUTIONS SINCE IPO DISTRIBUTIONS Current annual distribution of 0.50 per common unit Tax advantaged income Paid monthly Cumulative distributions of 13.06 per common unit since IPO Distributions supported by:…
  12. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 12
    DISCIPLINED ACQUISITION STRATEGY Breitburn acquisition strategy unchanged since the founding of its 2014 TRANSACTION ACTIVITY predecessor Screened Acquire mature oil and gas properties with stable, Screened400 opportunities 350…
  13. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 13
    NASDAQ: BBEP SELECTED OPERATING AREAS
  14. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 14
    PERMIAN BASIN OPERATIONS ASSET OVERVIEW Breitburns largest producing area Acreage: 120,367 (gross) / 82,122 (net) Consolidated position in the Midland Basin Central Basin Platform and Delaware Basin Interests in 3,208 productive…
  15. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 15
    PERMIAN BASIN MAXIMIZING VALUE OF MIDLAND BASIN ACREAGE Roosevelt Bailey Lamb Hale Floyd Motley Cottle Cochran Hockley Lubbock Crosby Chaves Dickens King Permian Basin Acreage Gross: 120,367 / Net: 82,122 Yoakum Terry Lynn…
  16. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 16
    HORIZONTAL OPPORTUNITIES IN MIDLAND BASIN Primary Development Area and Tier 1 Development Net & Effective(1) Acreage Primary Development Area Gross/Net Acreage Tier 1 Gross/Net Acreage Surface Effective Surface Effective Total…
  17. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 17
    PERMIAN BASIN STRONG SUCCESS IN AND NEAR PRIMARY DEVELOPMENT AREA Element Wolfe-McCann Unit 10-15 2H Element - Wright 44-41 3H Lateral Length: 6995 Lateral Length: 6,750 Peak 24hr/30 day IP (Boe/d): 1,018/951 Peak 24hr/30 day IP…
  18. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 18
    ARK-LA-TEX OPERATIONS ASSET OVERVIEW Breitburns largest operating area by estimated proved reserves Prominent position in the East Texas Oil Field Legacy oil field with approximately 7 billion barrels of OOIP Key formations:…
  19. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 19
    MID-CONTINENT OPERATIONS ASSET OVERVIEW Key assets include Postle Field and Northeast Hardesty Unit in Oklahoma Panhandle Postle Field discovered in 1958; CO2 injection since 1995 Contractual rights to 59 Bcf of CO2 from Bravo…
  20. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 20
    2015 CAPITAL PROGRAM SUMMARY Region 2015E (MM) Commentary Expansion of Morrow A sand flood and exploitation of largely undeveloped A1 and A2 sands Oklahoma CO2 58 Expand existing infrastructure and CO2 supply to extend footprint Key…
  21. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 21
    KEY INVESTMENT CONSIDERATIONS Balanced portfolio of oil / gas reserves and production HIGH QUALITY MLP ASSETS Long-lived oil and gas properties with proved reserve life of greater than 15 years(1) 315.3 MMBoe est. proved reserves 77%…
  22. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 22
    NASDAQ: BBEP SUPPLEMENTAL INFORMATION
  23. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 23
    NASDAQ: BBEP SELECTED OPERATIONS
  24. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 24
    MICHIGAN/ INDIANA/ KENTUCKY MAP OF OPERATIONS ASSET OVERVIEW Breitburn is the largest gas producer in Michigan and one of the top producers in the Antrim Shale Other MI Reservoirs include: Praire du Chien, Richfield, Detroit River…
  25. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 25
    FLORIDA OPERATIONS ASSET OVERVIEW Largest producer in Florida Key Asset: Jay/Little Escambia Creek Unit (Jay Unit) in northwest Florida/Alabama Nitrogen miscible gas injection since 1980 Breitburn operates a 70 acre processing…
  26. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 26
    CALIFORNIA OPERATIONS ASSET OVERVIEW Large complex oil fields in the Los Angeles and San Joaquin Basins Certain mature fields have been producing for over 100 years Low risk development opportunities, significant original oil in…
  27. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 27
    ROCKIES OPERATIONS ASSET OVERVIEW Key Basins include Powder River Basin in eastern Wyoming (primarily oil) Evanston and Green River Basins in southwestern Wyoming (primarily natural gas) Wind River and Big Horn Basins in central…
  28. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 28
    NASDAQ: BBEP FINANCIAL STATEMENTS
  29. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 29
    NON-GAAP FINANCIAL MEASURES Non-GAAP Financial Measures Financial tables and other supplemental information in this presentation, including the reconciliations of certain non-generally accepted accounting principles (non-GAAP) measures…
  30. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 30
    HISTORICAL FINANCIAL STATEMENTS(1) ADJUSTED EBITDA Three Months Ended Year Ended December 31, December 31, September 30, December 31, Thousands of dollars 2014 2014 2013 2014 2013 Reconciliation of net income (loss) to Adjusted…
  31. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 31
    HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA (CONTINUED) Three Months Ended Year Ended December 31, December 31, September 30, December 31, Thousands of dollars 2014 2014 2013 2014 2013 Reconciliation of net cash flows from…
  32. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 32
    HISTORICAL FINANCIAL STATEMENTS Breitburn Energy Partners LP and Subsidiaries Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Balance Sheets Unaudited Consolidated Balance Sheets December 31, December 31,…
  33. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 33
    HISTORICAL FINANCIAL STATEMENTS Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Operations Three Months Ended Twelve Months Ended December 31, December 31, Thousands of dollars, except per unit…
  34. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 34
    HISTORICAL FINANCIAL STATEMENTS Breitburn Energy Partners LP and Subsidiaries Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Cash Flows Unaudited Consolidated Statements of Cash Flows Twelve Months…
  35. IPAA OGIS NEW YORK – Breitburn Energy Partners L.P. – slide 35
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION APRIL 2015

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