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Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Dec 6, 2011 · 14 slides

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Slides

  1. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 1
    BreitBurn Energy Partners L.P. (NASDAQ: BBEP) Investor Presentation Halbert S. Washburn Co-founder and Chief Executive Officer Los Angeles, CA December 2011
  2. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – 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. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – 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. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 4
    Nationwide Footprint Significant Operations Diversified Among Six States Headquarters Gaylord Office Houston Office Cody Office 2010 Avg. Daily Prod. 10,683 Boepd Avg. Daily Prod. 7,692 Boepd Est. Proved Reserves 80.3 MMBoe…
  5. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – 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. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 6
    Focus on Core Strategies Maintaining and Growing Production 2010 production increased 3% over 2009; 2011 expected production is approximately 7.0 MMBoe 2011 capital spending is expected to be approximately 80 million, with…
  7. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 7
    Recent Wyoming Acquisitions Evanston and Green River Basins Wyoming Area of Operations Closed October 6 95% gas 230 Bcfe proved, 136 Bcfe PDP 30 MMcfe / day on average for 2012 620 producing wells in 16 fields Over 90 PUDs, 600…
  8. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 8
    Commodity Price Protection Portfolio: 2011 2015 Assumes 2011 2015 production equals the midpoint of 2011 production guidance (6.7 million boe) plus contributions from Wyoming acquisitions and assumes oil comprises approximately 40% of…
  9. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 9
    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 62.3 61.6 16 60.0 59.1 58.2 56.7 56.0 140 14 50.9…
  10. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 10
    Cumulative Distributions Since IPO in 2006 Six Quarters of Consecutive Distribution Increases 8.00 7.02 7.00 6.59 6.17 6.00 5.75 5.34 Cumulative Distribution 4.95 5.00 4.56 4.19 4.19 4.19 4.19 4.19 4.00 3.67 3.15…
  11. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 11
    Attractive Distribution Yield BBEP has an attractive distribution yield versus its peer group 12.0% 10.0% 9.6% 8.3% 8.2% 8.1% 8.0% Distribution Yield 7.5% 6.6% Alerian MLP ETF (AMLP) yield 6.4% 6.0% 4.5% 4.0%…
  12. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 12
    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…
  13. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 13
    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…
  14. Wells Fargo Securities 10th Annual Pipeline MLP and Energy Symposium – Breitburn Energy Partners L.P. – slide 14
    BreitBurn Energy Partners L.P. (NASDAQ: BBEP) Investor Presentation Halbert S. Washburn Co-founder and Chief Executive Officer Los Angeles, CA December 2011

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