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NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · May 24, 2012 · 20 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 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 1
    BreitBurn Energy Partners L.P. (NASDAQ: BBEP) Investor Presentation Mark Pease Executive Vice President and Chief Operating Officer Greenwich, CT May 2012
  2. NAPTP 2012 MLP Investor Conference – 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 2012 MLP Investor Conference – 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 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 4
    Nationwide Footprint Significant Operations Diversified Among Six States BREITBURN TOTALS 2011 Avg. Daily Prod. 22,884 Boepd Est. Proved Reserves 151.1 MMBoe % Proved Developed 87% 2011 Avg. Daily Prod. 10,336 Boepd R/P 18 years…
  5. NAPTP 2012 MLP Investor Conference – 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 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 6
    Focus on Core Strategies Maintaining and Growing Production 2011 production increased 5% over 2010 2012 capital spending is expected to be approximately 87 million, focused principally on oil projects Growth Through Acquisitions…
  7. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 7
    Recent Acquisitions - Wyoming Big Horn Basin, Wyoming Wyoming Area of Operations 98 million purchase price Announced April 25 100% oil Immediately accretive to distributable cash flow Park County 600 Boe/day net production in…
  8. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 8
    Recent Acquisitions - Texas Permian Basin, Texas Texas Area of Operations Two separate acquisitions of oil and gas properties, 220 million combined purchase price Announced May 10 Acquisitions give Partnership entry to Permian…
  9. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 9
    Commodity Price Protection Portfolio: 2012 2016 Assumes 2012 2016 production remains constant at the midpoint of 2012 production guidance (8.05 million boe) and assumes oil comprises approximately 43% of total production Average…
  10. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 10
    Commodity Price Protection Crude Oil Average Crude Oil Hedge Prices 101.00/bbl 92.05/bbl 94.36/bbl 96.10/bbl 92.93/bbl 10,000 Hedging Volumes (bbls/d) 8,000 7,516 6,980 7,000 6,500 6,000 5,039 4,000 6,480 6,000 5,000…
  11. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 11
    Commodity Price Protection Natural Gas Average Natural Gas Hedge Prices 7.12/mmbtu 5.96/mmbtu 5.43/mmbtu 5.55/mmbtu 60,000 56,000 Hedging Volumes (mmbtu/d) 54,257 50,000 40,000 35,129 30,500 30,500 30,000 56,000…
  12. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 12
    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 64.4 16 62.3 61.6 61.4 60.0 59.1 58.2 140 56.7…
  13. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 13
    Quarterly Distributions Distributions Sequential Distribution Growth Tax advantaged income Eight quarters of consecutive distribution increases since Q1 2010 Partnership has made cumulative distributions of 7.93 per unit since…
  14. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 14
    Significant Financial Flexibility Debt and Equity Offerings 2012 Borrowing Base Redeterminations Partnership closed a public offering of 9,200,000 April 6, 2012 redetermination increased common units representing limited partner…
  15. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 15
    Target Acquisition Criteria BreitBurn is actively pursuing acquisition opportunities that meet the following criteria: Properties with large amounts of original oil in place and low terminal decline rates Complementary to our current…
  16. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 16
    Attractive Distribution Yield BBEP has an attractive distribution yield versus its peer group 12.0% 11.1% 11.0% 10.4% 10.0% 8.9% 8.9% 7.8% 7.7% (1) 7.7% 8.0% Distribution Yield 6.0% Alerian MLP ETF yield 6.0% 5.1%…
  17. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 17
    Investment Highlights High-quality asset base with predictable, long-lived production Experienced management, operating and technical teams Critical mass in large mature basins with geographic, geologic and commodity diversity…
  18. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 18
    2012 Public Guidance (Assuming no Acquisitions) 2012 Guidance Total Production (Mboe) 7,800 - 8,300 Oil Production (Mbbls) 3,350 - 3,600 Gas Production (MMcfe) 26,700 - 28,200 Average Price Differential %: Oil Price…
  19. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 19
    2012 Public Guidance Footnotes 1. Represents the expected average price differential to both WTI crude oil and Brent crude oil pricing. Approximately 30% of the Partnerships oil production is expected to be sold based on Brent…
  20. NAPTP 2012 MLP Investor Conference – Breitburn Energy Partners L.P. – slide 20
    BreitBurn Energy Partners L.P. (NASDAQ: BBEP) Investor Presentation Mark Pease Executive Vice President and Chief Operating Officer Greenwich, CT May 2012

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