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NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · May 25, 2011 · 27 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. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 1
    MLP Investor Conference Halbert Washburn Co-Founder & CEO Greenwich, CT May 2011
  2. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 2
    Overview of BreitBurn Energy Partners L.P. Publicly-traded upstream MLP with long-lived assets and extensive hedge portfolio Focused on acquisition, exploitation and development of oil and gas properties Leverage technical expertise…
  3. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 3
    Key Operating Attributes Asset Base Mature predictable and low-risk Shallow decline long life with low maintenance capital requirements Balanced between oil and gas Substantial low risk development opportunities Upside potential in…
  4. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 4
    Nationwide Footprint Significant Operations Diversified Among Six States PARTNERSHIP TOTALS 2010 Avg. Daily Prod. 18,354 Boepd Est. Proved Reserves 118.9 MMBoe % Oil 35% % Proved Developed 91% R/P 17+ years 2010 Avg. Daily Prod.…
  5. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 5
    Growth of Our Asset Base Since our IPO in October of 2006, BreitBurn has: Expanded its operations from 2 to 6 states Diversified its commodity base by acquiring natural gas assets in addition to oil properties Increased proved…
  6. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 6
    Focus on Core Strategies Maintaining and Growing Production 2010 production increased 3% over 2009; 2011 production guidance range is 6.5 6.9 MMBoe 2011 capital spending expected to be between 70 and 74 million, with approximately 70%…
  7. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 7
    BreitBurn Sunniland Trend Operations Lehigh Park West Felda Sunniland Bear Island Raccoon Point BreitBurn Energy Partners L.P. 7
  8. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 8
    Florida Net Boe Production 80,000 70,000 60,000 (Boe/month) 50,000 40,000 30,000 20,000 9 0 10 09 11 09 10 9 0 l-0 l-1 r-0 r-1 n- n- n- ct- ct- Ju Ju…
  9. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 9
    Florida Raccoon Point Wel l 3 Producing Vertical Wells Well 1 BBEP Development Wells W rren ng) el (c ril l Potential Horizontal u li 4 d Locations Well 2 tly BreitBurn Energy Partners L.P. 9
  10. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 10
    Florida Drilling Program Acquired in May 2007 Began drilling program in Q1 2010 March 2011 production was greater than 1,900 net Bopd Drilling program has increased production by 33% BBEP Development Wells: Current Production (1)…
  11. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 11
    Florida West Felda and Bear Island Producing Vertical Wells Injection Wells Producing Horizontal Wells Potential Horizontal Locations BreitBurn Energy Partners L.P. 11
  12. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 12
    Michigan Operations Acquired in November 2007 Michigan Area of Operations Michigan highlights Operating and/or have interests in 3,500+ producing wells Integrated midstream assets 150+ miles of high-pressure gas gathering…
  13. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 13
    Michigan Net MMcfe Production (1) 3,000 2,500 (MMcfe/month) 2,000 1,500 1,000 9 0 09 10 9 0 09 10 09 09 10 10 l-0 l-1 -0 -1 n- n- p- v- p- v-…
  14. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 14
    Improved Financial Flexibility Debt and Equity Offerings Borrowing Base Redetermination Partnership launched 250 million inaugural Senior Partnership completed semi-annual borrowing base Notes offering September 23, 2010, which was…
  15. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 15
    Mitigating Commodity Price Volatility Our hedge portfolio has significantly mitigated crude oil and natural gas price fluctuations as evident by our quarterly Adjusted EBITDA 160 16 62.3 61.6 60.0 59.1 140 58.2 14 56.7 56.0 50.9…
  16. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 16
    2011 2015 Hedge Profile Assuming 2011 2015 production equals the midpoint of 2011 production guidance (6,700 Mboe) and oil production comprises 48% of total production, the Partnership is hedged as follows: Average Oil and Gas Hedge…
  17. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 17
    Commodity Price Protection Crude Oil Average Crude Oil Hedge Prices 80.20/bbl 87.97/bbl 81.06/bbl 88.83/bbl 96.00/bbl 10,000 8,506 8,505 Volumes (bbls/d) 765 7,516 (bbls/d) 8,000 674 6,980 6,000 6,000 Volumes…
  18. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 18
    Commodity Price Protection Natural Gas Average Natural Gas Hedge Prices 7.92/mmbtu 8.05/mmbtu 6.50/mmbtu 6.00/mmbtu 6.00/mmbtu 50,000 Hedging Volumes (mmbtu/d) 41,971 40,000 38,257 37,000 30,000 25,955 19,129 20,000…
  19. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 19
    Return to Distribution Growth Cumulative Distributions since IPO in 2006 Four Quarters of Consecutive Distribution Increases 7.00 6.17 6.00 5.75 5.34 4.95 5.00 4.56 4.19 4.19 4.19 4.19 4.19 4.00 3.67 3.15 3.00 2.63 2.13…
  20. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 20
    Target Acquisition Criteria BreitBurn is actively pursuing acquisition opportunities that meet the following criteria: Long-lived and mature properties with large amounts of original oil and gas in place Consistent with our current…
  21. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 21
    Investment Highlights High-quality asset base with predictable, long-lived production Experienced management, operating and technical teams Critical mass in large, mature producing basins with geographic, geologic and commodity…
  22. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 22
    Appendix BreitBurn Energy Partners L.P. 22
  23. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 23
    2011 Guidance ( in 000s) 2011 Guidance Total Production (Mboe) 6,500 - 6,900 Production Mix: Oil Production % 48% Gas Production % 52% Average Price Differential %: Oil Price Differential % 89% - 91% Gas Price Differential % 100%…
  24. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 24
    2011 Guidance Footnotes 1. Operating Costs include lease operating costs, processing fees and transportation expense. Expected transportation expense totals approximately 6.7 million in 2011, largely attributable to our Florida…
  25. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 25
    Hedges Added Since January 1, 2011 A summary of the hedges added since January 1, 2011 is below: Contract Periods Daily Volumes Contract Prices Trade Month Crude Oil Bbls / day Per Bbl October 2014 December 2014 1000 98.00 February…
  26. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 26
    Non-GAAP Financial Measures Non-GAAP Financial Measures This presentation, and other supplemental information, including the reconciliations of certain non-generally accepted accounting principles (non-GAAP) measures to their nearest…
  27. NAPTP MLP Investor Conference 2011 – Breitburn Energy Partners L.P. – slide 27
    MLP Investor Conference Halbert Washburn Co-Founder & CEO Greenwich, CT May 2011

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