BreitBurn Energy Partners L.P. (NASDAQ: BBEP) Investor Presentation RBC Capital Markets Global Energy and Power Conference June 5, 2012
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…
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…
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…
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…
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…
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…
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…
Commodity Price Protection Portfolio: 2012 2016 The Partnership recently added significantly to its 2014 2016 commodity price protection portfolio Portfolio additions included both natural gas swaps and puts covering 19,000 mmbtu/d in…
Commodity Price Protection Natural Gas Average Natural Gas Hedge Prices 7.12/mmbtu 5.96/mmbtu 5.05/mmbtu 5.05/mmbtu 4.18/mmbtu 60,000 56,000 54,257 mbtu/d) 49,500 49,500 50,000 Volumes (mm 40,000 35,129 30,000…
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…
Quarterly Distributions Distributions Sequential Distribution Growth Tax advantaged g income Eight quarters of consecutive di t ib ti iincreases since distribution i Q1 2010 Eight consecutive quarters of distribution increases…
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…
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…
Attractive Distribution Yield BBEP has an attractive distribution yield versus its peer group 16.0% 13.8% 14.0% 12.1% 12.0% 11.5% 11.1% 10.2% 10.4% 10 4% (1) 9.3% Distribution Yield 10.0% 8.3% 8.3% 8.0% 6.1% 6…
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…
BreitBurn Energy Partners L.P. (NASDAQ: BBEP) Investor Presentation RBC Capital Markets Global Energy and Power Conference June 5, 2012
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