IPAA Oil and Gas Investment Symposium Halbert Washburn Co-Founder & CEO New York, NY - April 2011
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 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.…
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 Full-year 2010 production totaled 6.7 MMBoe, up 3% over 2009, and our 2011 production guidance range is 6.5 6.9 MMBoe In 2011 we expect to spend between 70 and 74 million on…
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…
Improved Financial Flexibility Senior Notes Offering Primary Equity Offering Partnership launched 250 million inaugural Partnership announced a public offering of Senior Notes offering September 23, 2010 4,000,000 common units…
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 58.2 56.7 140 14 50.9 50.8…
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…
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 (mmbtu/d) 50,000 Volumes (mmbtu/d) 41,971 38,257 37,000 40,000 Hedging Volumes 30,000…
Return to Distribution Growth Cumulative Distributions since IPO in 2006 Consecutive Distribution Increases Since 7.00 Reinstatement 6.00 5.75 Temporary Suspension of Distributions 5.34 4.95 5.00 4.56 4.19 4.19 4.19 4.19 4.19…
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…
Appendix BreitBurn Energy Partners L.P. 15
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%…
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…
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…
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…
IPAA Oil and Gas Investment Symposium Halbert Washburn Co-Founder & CEO New York, NY April 2011
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