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GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Jun 23, 2015 · 32 slides

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Slides

  1. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 1
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION JUNE 2015
  2. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 2
    KEY INVESTMENT CONSIDERATIONS Balanced portfolio of oil / gas reserves and production Long-lived oil and gas properties with proved reserve life of greater than 15 years(1) HIGH QUALITY MLP ASSETS 315.3 MMBoe est. proved reserves 77%…
  3. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 3
    ATTRACTIVE ASSETS IN 7 PRODUCING AREAS PERMIAN BASIN 2014 Avg. Daily Production 13,490 Boe/d Est. Proved Reserves 56.6 MMboe ROCKIES ARK-LA-TEX MI/IN/KY 2014 Avg. Daily Production 9,956 Boe/d CALIFORNIA Est. Proved Reserves 66.7…
  4. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 4
    SIGNIFICANT SCALE SOLIDIFIES BREITBURNS POSITION IN A SECTOR WHERE SCALE MATTERS Enterprise Value(1) 13.9 (Billions) 6 4.9 5 4 3.5 2.9 3 2.3 1.8 2 1.6 1.5 1 0.6 0.6 0.5 0 LINE BBEP VNR MEMP ARP LGCY EVEP VNOM EROC MCEP…
  5. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 5
    NASDAQ: BBEP FINANCIAL OVERVIEW
  6. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 6
    SUCCESSFUL OPERATING PLAN FOR OVER 25 YEARS SOLID DISTRIBUTIONS Cumulative distributions of 13.27 per common unit since IPO DISTRIBUTIONS ACCRETIVE ACQUISITIONS Acquire assets that complement existing portfolio and are accretive to…
  7. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 7
    STRONG HISTORY OF OPERATING AND FINANCIAL PERFORMANCE ESTIMATED PROVED RESERVES (MMBOE) 23% CAGR (2009 2014) 315 214 CAGR 23% 151 149 111 119 2009 2010 2011 2012 2013 2014 PRODUCTION (MMBOE) ADJUSTED EBITDA(1) (MM) 17%…
  8. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 8
    1 BILLION STRATEGIC FINANCING TRANSACTION LED BY EIG GLOBAL ENERGY PARTNERS SIGNIFICANT INVESTMENT SECURED TO PROVIDE BALANCE SHEET AND DISTRIBUTION VISIBILITY 1 Billion Investment Led by EIG Bank Credit Facility Preeminent…
  9. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 9
    SUMMARY OF COMMODITY PRICE PROTECTION PORTFOLIO: 9ME 12/31/15 2018 Summary of Commodity Price Protection Portfolio(1) Weighted Average Oil and Gas Hedge Prices 93.46/bbl 89.01/bbl 85.32/bbl 82.20/bbl 100% 4.98/mmbtu 4.25/mmbtu…
  10. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 10
    MITIGATING COMMODITY PRICE VOLATILITY BREITBURNS HEDGE PORTFOLIO HAS MITIGATED CRUDE OIL AND NATURAL GAS PRICE FLUCTUATIONS AS EVIDENCED BY OUR ADJUSTED EBITDA NYMEX Natural Gas (Mcf) NYMEX Crude Oil (Bbl) LEGEND QUARTERLY…
  11. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 11
    DISTRIBUTION HISTORY Cumulative Distributions Since IPO(1) Cumulative distributions of 13.27 per common unit since IPO Current annual distribution of 0.50 per common unit Tax advantaged income Paid monthly Distributions…
  12. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 12
    COMPETITIVE YIELD AND LEADING DISTRIBUTION COVERAGE RATIO Peer Yield & Distribution Coverage Ratio Comparison(1) 20.0% 18.0% 18.0% 16.0% 15.6% 15.3% 14.7% 14.0% 12.0% 12.0% 10.8% 10.0% 9.4% 9.3% 9.3% 9.1% 8.0% 6.0% 5.2%…
  13. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 13
    DISCIPLINED ACQUISITION STRATEGY Breitburn acquisition strategy unchanged since the founding of its 2014 TRANSACTION ACTIVITY predecessor Screened Acquire mature oil and gas properties with stable, Screened400 opportunities 350…
  14. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 14
    NASDAQ: BBEP SELECTED OPERATING AREAS
  15. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 15
    PERMIAN BASIN OVERVIEW OF OPERATION SUMMARY OF ASSET Breitburns largest producing area Acreage: 120,367 (gross) / 82,122 (net) Consolidated position in the Midland Basin Central Basin Platform and Delaware Basin Interests in…
  16. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 16
    PERMIAN BASIN MAXIMIZING VALUE OF MIDLAND BASIN ACREAGE Permian Basin Acreage Gross: 120,367 / Net: 82,122 % Increase from QRE & Antares Gross: 568% / Net: 452% Value Enhancing Options Include Organic Development Financial…
  17. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 17
    PERMIAN BASIN HORIZONTAL OPPORTUNITIES IN MIDLAND BASIN Primary Development Area and Tier 1 Development Net & Effective(1) Acreage Primary Development Area Tier 1 Development Area Gross/Net Acreage Gross/Net Acreage Surface…
  18. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 18
    PERMIAN BASIN STRONG SUCCESS IN AND NEAR PRIMARY DEVELOPMENT AREA Element - Wright 44-41 3H Element - Wright 41-32 2H Tall City - Middleton 47-38 1H Element - Elrod Antell Unit B 6H Element - Hamlin Unit 15-22 3H Lateral Length: 6,750…
  19. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 19
    ARK-LA-TEX OVERVIEW OF OPERATION SUMMARY OF ASSET Breitburns largest operating area by estimated proved reserves Key formations: Cotton Valley Sand, Haynesville Sand, Woodbine Sand, and Smackover Carbonate Acreage: 109,219 (gross)…
  20. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 20
    MID-CONTINENT OVERVIEW OF OPERATION SUMMARY OF ASSET Acreage: 141,603 (gross) / 85,744 (net) Interests in 728 productive wells 82% operated 13% of total estimated proved reserves Estimated proved reserves mix: 77% oil /12% NGLs…
  21. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 21
    2015 CAPITAL PROGRAM SUMMARY Region 2015E (MM) Commentary Expansion of Morrow A sand flood and exploitation of largely undeveloped A1 and A2 sands Oklahoma CO2 57 Expand existing infrastructure and CO2 supply to extend footprint Key…
  22. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 22
    KEY INVESTMENT CONSIDERATIONS Balanced portfolio of oil / gas reserves and production Long-lived oil and gas properties with proved reserve life of greater than 15 years(1) HIGH QUALITY MLP ASSETS 315.3 MMBoe est. proved reserves 77%…
  23. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 23
    NASDAQ: BBEP SUPPLEMENTAL INFORMATION
  24. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 24
    NASDAQ: BBEP ADDITIONAL PRODUCING AREAS
  25. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 25
    MICHIGAN/ INDIANA/ KENTUCKY OVERVIEW OF OPERATION SUMMARY OF ASSET Breitburn is the largest gas producer in Michigan and one of the top producers in the Antrim Shale Other MI Reservoirs include: Praire du Chien, Richfield, Detroit…
  26. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 26
    FLORIDA OVERVIEW OF OPERATION SUMMARY OF ASSET Largest producer in Florida Key Asset: Jay/Little Escambia Creek Unit (Jay Unit) in northwest Florida/Alabama Nitrogen miscible gas injection since 1980 Breitburn operates a 70 acre…
  27. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 27
    CALIFORNIA OVERVIEW OF OPERATION SUMMARY OF ASSET Large complex oil fields in the Los Angeles and San Joaquin Basins Certain mature fields have been producing for over 100 years Low risk development opportunities, significant…
  28. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 28
    ROCKIES OPERATIONS ASSET OVERVIEW Key Basins include Powder River Basin in eastern Wyoming (primarily oil) Evanston and Green River Basins in southwestern Wyoming (primarily natural gas) Wind River and Big Horn Basins in central…
  29. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 29
    NASDAQ: BBEP 2015 GUIDANCE
  30. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 30
    2015 GUIDANCE (AS OF JANUARY 2, 2015) ( in thousands, except as otherwise noted) FY 2015 Guidance (1) Total Production (MBoe): 19,500 - 20,700 Oil Production (MBbls) 10,950 - 11,750 NGL Production (MBbls) 1,600 - 1,800 Gas…
  31. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 31
    2015 GUIDANCE (AS OF JANUARY 2, 2015) Accompanying Notes for Breitburn 2015 Guidance (1) Breitburns Guidance is based on flat 60 per barrel WTI crude oil, 65 per barrel Brent crude oil, and 3.50 per Mcf natural gas price levels for…
  32. GLOBAL HUNTER 100 CONFERENCE – Breitburn Energy Partners L.P. – slide 32
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION JUNE 2015

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