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Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Jun 26, 2013 · 40 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. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 1
    BreitBurn Energy Partners L.P. NASDAQ: BBEP Investor Presentation Halbert S. Washburn Chief Executive Officer June 2013
  2. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 2
    BBEP: Key Investment Considerations Predecessor founded in 1988, 2006 IPO E&P MLP 25 years of Successful Focused on acquisition, exploitation and development of oil and gas properties Operatorship Enterprise value: 2.7 billion…
  3. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 3
    Geographically Diversified Asset Base Significant Presence Currently In Seven States BreitBurn 2012 Totals(1) Total Production: 8,318 Mboe (26,426 Boe/d) Est. Proved Reserves: 149.4 MMBoe Reserve Mix: 49% Oil / 4% NGLs / 47% Gas…
  4. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 4
    Proven Business Strategy Since 1988 Operational Expertise Acquisition Criteria Mature properties with large amounts of OOIP Excellent industry experience and responsible management Consistent with current asset base Strong track…
  5. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 5
    Successful Operating Plan that Pays Sequential Distribution Growth 12 consecutive quarters of distribution growth FY 2012 distribution growth of 7%(1) Accretive Acquisitions Acquire assets that complement existing portfolio and…
  6. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 6
    An Expanding Portfolio of Great MLP Assets Portfolio Highlights (1) Geographically diverse across 9 states, concentrated in mature basins with operations dating to 1800s Long-life (17+ years reserve life), low decline assets with…
  7. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 7
    High Margin, High Growth Reserve Base Liquids % of Estimated Proved Reserves Increased Focus on Oil Focus on expanding oil / liquids 53% opportunities since 2010 Acquisitions were key drivers of 35% increased oil exposure 53% of…
  8. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 8
    Operational Overview
  9. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 9
    Wyoming Operating Area Asset Overview Asset Map Key Basins: Wind River, Big Horn, Green River, Powder River Sheridan Wells first drilled in 1884; long, active production history Park Big Horn Crook Total acreage: 218,109 gross,…
  10. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 10
    Texas Operating Area Asset Overview Asset Map Key Basin: Permian CochranHockley Lubbock Crosby Dickens BreitBurn Operating Partner: CrownQuest (66% operatorship currently; Knott Area Yoakum Terry Lynn Garza Kent 22% operatorship…
  11. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 11
    California Operating Area Asset Overview Asset Map Key Fields: Santa Fe Springs, Belridge, East Coyote, Sawtelle Concentrated in large, complex oil fields within the Los San Luis East Coyote Obispo Kern Angeles and San Joaquin…
  12. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 12
    Santa Fe Springs Field, CA Reservoir Characteristics New Well Log Deep Targets Fine to coarse sands deposited in a deep-water turbidite environment Porosity ranges from 15-25%, permeability ranges from 16-820 md, oil viscosities…
  13. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 13
    Acquisition Overview
  14. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 14
    Disciplined Acquisition Strategy BreitBurn acquisition strategy unchanged for 25 years 2012 Transaction Activity 15 person business development and acquisition evaluation team Screened 500 opportunities Acquire mature oil and gas…
  15. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 15
    Oklahoma Panhandle Acquisition Summary Key Terms Asset Highlights Assets: Interests in oil properties in Postle and 35.0 MMBoe Est. Proved Reserves (2) North East Hardesty Fields in Oklahoma Est. proved reserve life index of 13…
  16. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 16
    Oklahoma Panhandle Acquisition Strategic Rationale High margin oil properties with 13 year est. proved reserve life as of 4/1/13 High Quality Current expectations for 10+ years of little to no decline in production MLP Assets Low risk…
  17. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 17
    Oklahoma Panhandle Acquisition Asset Overview Postle Field (97% WI) Transpetco CO2 Pipeline (100% Owned) 5 Units 120 Miles 26,000 Net acres 175 MMcfd capacity 35 MMcfd current Colorado throughput Kansas NE Hardesty Field New…
  18. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 18
    Oklahoma Panhandle Acquisition Field Operational Highlights Postle discovered 1958, waterflood 1967, CO2 injection 1996 5 Postle Units (97% WI) and 1 NE Hardesty Unit (95% WI) 7,400 Boe/d net production for April 2013 244 producing…
  19. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 19
    Transaction Financing BBEP has financing commitment to increase the borrowing base of its credit facility to 1.5 Billion, with financing commitments of 1.4 Billion The credit facility amendment is expected to close concurrently with…
  20. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 20
    Financial Overview
  21. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 21
    Operating and Financial Performance Strong Operating and Financial Performance Since 2006 IPO Production (Mboe) Adjusted EBITDA (MM) 31.1% CAGR 30.2% CAGR 9,000 8,318 295.8 300 8,000 6,809 7,037 6,517 6,699 250 233.0 226.9…
  22. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 22
    Disciplined Financial Strategy Liquidity: Maintain solid liquidity profile Leverage: Seek to maintain low leverage ratios Maintain debt to LTM Adjusted EBITDA ratio 3.0x Acquisitions financed with 50% - 60% equity and 40% - 50%…
  23. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 23
    Consistent Distribution Growth for Twelve Straight Quarters Distributions Sequential Quarterly Distribution Growth Tax advantaged income (75% shield) 1 Twelve quarters of consecutive distribution increases since Q1 2010 Partnership…
  24. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 24
    Commodity Price Protection Portfolio: 2H 2013 FY 2017 The chart assumes 2H 2013 FY 2017 pro forma expected production remains constant at the annualized midpoint of the Partnership's 2H 2013 production guidance 2H 2013 production…
  25. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 25
    Commodity Price Protection Crude Oil Average Crude Oil Hedge Prices (per bbl) 94.80 94.78 94.75 92.63 88.20 18,000 17,906 17,614 Hedging Volumes (bbls/d) 16,000 15,489 5,072 5,500 14,000 5,100 12,000 10,000 9,505 1,094…
  26. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 26
    Commodity Price Protection Natural Gas Average Natural Gas Hedge Prices (per mmbtu) 5.75 4.99 5.00 4.34 4.49 70,000 Hedging Volumes (mmbtu/d) 63,100 60,000 52,100 52,200 50,000 37,700 40,000 30,000 63,100 46,100…
  27. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 27
    Mitigating Commodity Price Volatility Our hedge portfolio has significantly mitigated crude oil and natural gas price fluctuations as evidenced by our quarterly Adjusted EBITDA 160 16 90 140 14 78 120 12 NYMEX Natural Gas…
  28. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 28
    BBEP Value Proposition BBEP has attractive yield compared to peer group With current consensus target price of 22, BBEP has an implied yield of 8.6% BBEP offers attractive opportunity for price appreciation BBEP Target 14.0%…
  29. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 29
    Investment Highlights Responsible Management: Experienced management team has an average of over 25 years of industry experience Quality Assets: High quality asset base with predictable, long-lived production offering Critical…
  30. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 30
    Appendix1 (1) Financial statements included in the Appendix are from the Q1 2013 10-Q.
  31. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 31
    2H 2013 Public Guidance ( in 000s) 2H 2013 Guidance Total Production (Mboe): 5,950 - 6,350 Oil Production (Mbbls) 3,350 - 3,550 NGL Production (Mbbls) 300 - 340 Gas Production (MMcfe) 13,800 - 14,760 December 2013 Exit Rate…
  32. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 32
    2H 2013 Public Guidance Notes (1) Approximately 25% of oil production is expected to be sold based on Brent pricing. (2) Operating Costs include lease operating costs, processing fees, district expense, and transportation expense.…
  33. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 33
    Historical Financial Statements Adjusted EBITDA Three Months Ended March 31, December 31, March 31, Thousands of dollars 2013 2012 2012 Reconciliation of net loss to Adjusted EBITDA: Net loss attributable to the Partnership…
  34. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 34
    Historical Financial Statements Adjusted EBITDA (continued) Three Months Ended March 31, December 31, March 31, Thousands of dollars 2013 2012 2012 Reconciliation of net cash flows from operating activities to Adjusted EBITDA: Net…
  35. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 35
    Historical Financial Statements Consolidated Balance Sheets BreitBurn Energy Partners L.P. and Subsidiaries BreitBurn Energy Partners L.P. and Subsidiaries Unaudited Consolidated Balance Sheets Unaudited Consolidated Balance Sheets…
  36. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 36
    Historical Financial Statements Consolidated Statement of Operations BreitBurn Energy Partners L.P. and Subsidiaries Unaudited Consolidated Statements of Operations Three Months Ended March 31, Thousands of dollars, except per unit…
  37. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 37
    Historical Financial Statements Consolidated Statement of Cash Flows BreitBurn Energy Partners L.P. and Subsidiaries BreitBurn Energy Partners L.P. and Subsidiaries Unaudited Consolidated Statements of Cash Flows Unaudited…
  38. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 38
    Florida Operating Area Asset Overview Asset Map Key fields: Raccoon Point, Bear Island, West Felda, Lehigh Acres Martin Lehigh Charlotte Glades Sunoco Felda Production is from the Cretaceous Sunniland Trend of Lee Hendry South…
  39. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 39
    Michigan Operating Area Asset Overview Asset Map Key fields: Antrim Shale; Prairie du Chien, Richfield, Detroit Michigan Antrim River Zone III, and Niagaran Pinnacle Reefs Shale BBEP is the largest gas producer in MI; one of the…
  40. Credit Suisse MLP and Energy Logistics Conference – Breitburn Energy Partners L.P. – slide 40
    BreitBurn Energy Partners L.P. NASDAQ: BBEP Investor Presentation Halbert S. Washburn Chief Executive Officer June 2013

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