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Investor Presentation – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Nov 11, 2014 · 37 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. Investor Presentation – Breitburn Energy Partners L.P. – slide 1
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION HALBERT S. WASHBURN CHIEF EXECUTIVE OFFICER NOVEMBER 2014
  2. Investor Presentation – Breitburn Energy Partners L.P. – slide 2
    BREITBURN: KEY INVESTMENT CONSIDERATIONS E&P MLP Predecessor founded in 1988, 2006 IPO OVER 25 YEARS OF Focus on acquisition, exploitation and production of oil and gas properties SUCCESSFUL OPERATORSHIP Enterprise value: 4.4…
  3. Investor Presentation – Breitburn Energy Partners L.P. – slide 3
    NASDAQ: BBEP QR ENERGY ACQUISITION
  4. Investor Presentation – Breitburn Energy Partners L.P. – slide 4
    TRANSACTION OVERVIEW & RATIONALE 0.9856 of a BBEP unit for each unit of QRE (includes Common and Class B units) CONSIDERATION Subject to maximum of approximately 72mm total BBEP units issued QRE Class C Convertible Preferred units…
  5. Investor Presentation – Breitburn Energy Partners L.P. – slide 5
    COMPLEMENTARY ASSETS IN ATTRACTIVE PRODUCING AREAS BBEP Properties(1) QRE Properties(1) Wyoming Indiana/Kentucky Michigan Florida 2013 Avg. Daily Production 7,014 Boe/d 2013 Avg. Daily Production 591 Boe/d 2013 Avg. Daily Production…
  6. Investor Presentation – Breitburn Energy Partners L.P. – slide 6
    COMBINATION OF GROWING BUSINESSES Distribution per Unit(1) ( / unit) 3.79 3.89 3.95 4.00 3.44 3.00 1.95 1.95 1.94 1.71 2.00 1.00 1.73 1.85 1.94 2.00 0.00 2011 2012 2013 2014E Breitburn QR Energy Estimated Proved Reserves(2) Average…
  7. Investor Presentation – Breitburn Energy Partners L.P. – slide 7
    SIGNIFICANTLY ENHANCES SCALE VS. PEERS COMBINED SCALE SOLIDIFIES BREITBURNS POSITION IN A SECTOR WHERE SCALE MATTERS 22.0 Enterprise Value(1) (BN) 10.0 9.0 7.8 8.0 7.0 6.0 4.8 5.0 4.2 4.0 3.0 2.9 2.8 2.8 3.0 2.5 2.1 2.0 0.7 0.6 0.5 1.0…
  8. Investor Presentation – Breitburn Energy Partners L.P. – slide 8
    PRO FORMA COMMODITY PRICE PROTECTION PORTFOLIO: FY 2015 FY 2018 The chart assumes FY 2015 FY 2018 expected production remains constant at the midpoint of BBEPs latest revised guidance(1) and QREs latest revised guidance(2) Average Oil…
  9. Investor Presentation – Breitburn Energy Partners L.P. – slide 9
    NASDAQ: BBEP ANTARES ACQUISITION & HORIZONTAL WELL PROGRAM
  10. Investor Presentation – Breitburn Energy Partners L.P. – slide 10
    ANTARES ACQUISITION Transaction Summary Antares Acreage Adjacent to Breitburns Acreage TX-PERMIAN BASIN - Texas Permian Basin Deal closed on October 24th (Effective October 1st) Purchase Price: 50 million, subject to adjustment, plus…
  11. Investor Presentation – Breitburn Energy Partners L.P. – slide 11
    STRONG SUCCESS IN AND NEAR PRIMARY DEVELOPMENT AREA SUPPORTS BREITBURNS STRATEGY Wright 44-41 3H Gardner Unit 1510 2H Lateral Length: 6,750 Lateral Length: 7,020 Peak 24hr/30 day IP (Boe/d): 1,232/833 Peak 24hr/30 day IP (Boe/d):…
  12. Investor Presentation – Breitburn Energy Partners L.P. – slide 12
    OUTSTANDING OFFSET WOLFCAMP PERFORMANCE 1 MMBOE 800 MBOE 650 MBOE Sources: Sept 2014 PXD Investor Presentation; Sept 2014 ATHL Barclays Presentation, Element production data from operator pg. 13
  13. Investor Presentation – Breitburn Energy Partners L.P. – slide 13
    OUTSTANDING OFFSET LOWER SPRABERRY PERFORMANCE 1 MMBOE 800 MBOE 650 MBOE Sources: Sept 2014 PXD Investor Presentation; Sept 2014 ATHL Barclays Presentation, Element production data from operator pg. 14
  14. Investor Presentation – Breitburn Energy Partners L.P. – slide 14
    ANTARES ACREAGE + BREITBURN ACREAGE = VALUABLE MIDLAND BASIN POSITION Net & Effective(1) Acreage Antares and Pro-forma Acquisition Gross/Net Acreage Pro-Forma Gross/Net Acreage Surface Effective Surface Effective Total 4,608 /…
  15. Investor Presentation – Breitburn Energy Partners L.P. – slide 15
    MAXIMIZING VALUE OF MIDLAND BASIN ACREAGE HORIZONTAL WELL PROGRAM PROPOSED TIMELINE RIG 1 (Breitburn Funded) Start Date Q1 2015 RIG 2 Start Date Q3 2015 Possible Third RIG 3 Start Date Q3 2015 Party Investment RIG 4 Start Date Q1 2016…
  16. Investor Presentation – Breitburn Energy Partners L.P. – slide 16
    MAXIMIZING VALUE OF MIDLAND BASIN ACREAGE TX-PERMIAN BASIN - Texas Permian Basin Value Enhancing Options Include Legend Breitburn Acreage Antares Acreage BBEP Primary Development Financial Sponsor Investment Antares & BBEP Acreage…
  17. Investor Presentation – Breitburn Energy Partners L.P. – slide 17
    NASDAQ: BBEP FINANCIAL OVERVIEW
  18. Investor Presentation – Breitburn Energy Partners L.P. – slide 18
    SUCCESSFUL OPERATING PLAN THAT PAYS SEQUENTIAL DISTRIBUTION GROWTH Consistent distribution growth for the past 4 years 2013 distribution growth of approximately 4.8%(1) DISTRIBUTION GROWTH ACCRETIVE ACQUISITIONS Acquire assets that…
  19. Investor Presentation – Breitburn Energy Partners L.P. – slide 19
    OPERATING AND FINANCIAL PERFORMANCE BREITBURN: LAST FIVE YEARS PRODUCTION (MBOE) ADJUSTED EBITDA(1) (MM) 14% CAGR 17% CAGR Strong Operating and Financial Performance Supported by Successful Growth Through Acquisitions Strategy (1)…
  20. Investor Presentation – Breitburn Energy Partners L.P. – slide 20
    2014 CAPITAL PROGRAM SUMMARY FY 2014 capital program between 360 million and 370 million Significant amount of total capital planned for oil projects in Texas, California, Oklahoma and CO2 supply / infrastructure Significant amount of…
  21. Investor Presentation – Breitburn Energy Partners L.P. – slide 21
    SIGNIFICANT FINANCIAL FLEXIBILITY Recent Financing Activities Credit Facility COMMON AND PREFERRED Amended credit facility in April 2014, eliminating the Issued 14 million common units in October 2014 maximum total leverage ratio and…
  22. Investor Presentation – Breitburn Energy Partners L.P. – slide 22
    CONSISTENT DISTRIBUTION GROWTH FOR THE LAST FOUR YEARS DISTRIBUTIONS Tax advantaged income Converted to monthly distribution payment policy in January 2014 Breitburn has made cumulative distributions of 12.76 per unit since IPO Future…
  23. Investor Presentation – Breitburn Energy Partners L.P. – slide 23
    MITIGATING COMMODITY PRICE VOLATILITY Breitburns Hedge Portfolio Has Mitigated Commodity Price Fluctuations Relative to Adjusted EBITDA(1) NYMEX Natural Gas (Mcf) NYMEX Crude Oil (Bbl) QUARTERLY ADJUSTED EBITDA (MM) LEGEND NYMEX…
  24. Investor Presentation – Breitburn Energy Partners L.P. – slide 24
    BREITBURN: KEY INVESTMENT CONSIDERATIONS E&P MLP Predecessor founded in 1988, 2006 IPO OVER 25 YEARS OF Focus on acquisition, exploitation and production of oil and gas properties SUCCESSFUL OPERATORSHIP Enterprise value: 4.4…
  25. Investor Presentation – Breitburn Energy Partners L.P. – slide 25
    NASDAQ: BBEP 1 APPENDIX OPERATIONS & FINANCIAL INFORMATION (1)Financial statements included in the Appendix are from the 3Q14 10-Q.
  26. Investor Presentation – Breitburn Energy Partners L.P. – slide 26
    OKLAHOMA OPERATING AREA Transpecto CO2 Pipeline ASSET OVERVIEW ASSET MAP Postle Field Key Assets: Postle and Northeast Hardesty Fields in Oklahoma Hough Oil Pipeline Panhandle and associated midstream assets in Oklahoma, New NE…
  27. Investor Presentation – Breitburn Energy Partners L.P. – slide 27
    TEXAS OPERATING AREA ASSET OVERVIEW ASSET MAP Key Basin: Permian Cochran Hockley Lubbock Crosby Dickens Total acreage: 18,013 gross, 14,865 net Lynn Garza Kent Yoakum Terry Gross producing wells: 230 40 API oil Gaines Dawson Borden…
  28. Investor Presentation – Breitburn Energy Partners L.P. – slide 28
    CALIFORNIA OPERATING AREA ASSET OVERVIEW ASSET MAP Key Fields: Santa Fe Springs, Belridge, East Coyote, Sawtelle Belridge Concentrated in large, complex oil fields within the Los Angeles and San Joaquin Basins San Luis Obispo Kern…
  29. Investor Presentation – Breitburn Energy Partners L.P. – slide 29
    WYOMING OPERATING AREA ASSET OVERVIEW ASSET MAP Key Basins: Wind River, Big Horn, Green River, Powder River First wells drilled in 1884; long, active production history Sheridan Total acreage: 198,122 gross, 101,665 net Park Crook Big…
  30. Investor Presentation – Breitburn Energy Partners L.P. – slide 30
    FLORIDA OPERATING AREA ASSET OVERVIEW ASSET MAP West Felda Lehigh Park Key fields: Raccoon Point, Bear Island, West Felda, Lehigh Park Martin Production is from the Cretaceous Sunniland Trend of South Florida Charlotte Glades Operate 5…
  31. Investor Presentation – Breitburn Energy Partners L.P. – slide 31
    MICHIGAN OPERATING AREA ASSET OVERVIEW ASSET MAP Key fields: Antrim Shale; Prairie du Chien, Richfield, Detroit River Zone III, and Niagaran Pinnacle Reefs BBEP is the largest gas producer in MI; one of the top producers in Antrim…
  32. Investor Presentation – Breitburn Energy Partners L.P. – slide 32
    HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA Three Months Ended September 30, June 30, September 30, Thousands of dollars 2014 2014 2013 Reconciliation of net income (loss) to Adjusted EBITDA: Net income (loss) 130,643 (104,725)…
  33. Investor Presentation – Breitburn Energy Partners L.P. – slide 33
    HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA (CONTINUED) Three Months Ended September 30, June 30, September 30, Thousands of dollars 2014 2014 2013 Reconciliation of net cash flows from operating activities to Adjusted EBITDA: Net…
  34. Investor Presentation – Breitburn Energy Partners L.P. – slide 34
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS Breitburn Energy Partners LP and Subsidiaries Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Balance Sheets Unaudited Consolidated Balance Sheets…
  35. Investor Presentation – Breitburn Energy Partners L.P. – slide 35
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF OPERATIONS Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Operations Three Months Ended September 30, Thousands of dollars, except per unit…
  36. Investor Presentation – Breitburn Energy Partners L.P. – slide 36
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CASH FLOWS Breitburn Energy Partners LP and Subsidiaries Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Cash Flows Unaudited Consolidated…
  37. Investor Presentation – Breitburn Energy Partners L.P. – slide 37
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION HALBERT S. WASHBURN CHIEF EXECUTIVE OFFICER NOVEMBER 2014

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