BreitBurn Energy Partners L.P. (NASDAQ: BBEP) Investor Presentation James Jackson Chief Financial Officer November 2012
Overview of BreitBurn Energy Partners L.P. Acquisition oriented upstream MLP with long-lived assets and extensive hedge portfolio Focused on acquisition, exploitation and development of oil and gas properties Completed five…
Nationwide Footprint Significant Operations Diversified Among Seven States BREITBURN TOTALS (1) 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…
Core Strategies & YTD Highlights Increase Production and Grow Organically Recently increased 2012 capital spending to approximately 152 million, focused on oil projects in legacy assets in California and developing newly acquired…
Acquisition Driven Growth Targeting opportunities that have large amounts of original oil in place and low terminal decline rates, production upside / exploitation potential, and bolt-on opportunities Strong historical acquisition…
Capital Program Increases Drive Organic Growth Significant increases to 2012 capital program capitalize on organic growth opportunities in legacy assets as well as newly acquired assets in Texas and Wyoming Consecutive increases to…
Acquisitions Support Distribution Growth YTD 2012 acquisitions totaled 313 million Increased total estimated proved reserves by 15.4 MMBoe Consisted of principally oil assets with organic growth opportunities Announced / Purchase…
Recent Acquisitions - Texas Permian Basin, Texas Texas Area of Operations Two separate acquisitions of oil and gas properties, 218 million combined purchase price (1) Closed July 2 Acquisitions give Partnership entry to Permian…
Recent Acquisitions - Wyoming Big Horn Basin, Wyoming Wyoming Area of Operations 95 million purchase price Closed June 28 100% oil Immediately accretive to distributable cash flow Park County 500 Boe/day average net production…
Utica Collingwood Overview Utica Collingwood Shale Highlights BreitBurns prospective lease position is over 130,000 net acres (85% is held by production) Acreage is primarily in the wet gas window Primary operators in the Utica…
A-1 Carbonate Overview A-1 Carbonate Highlights The A-1 Carbonate is an extensive, thin bedded, fine grained, organic rich carbonate deposited in a restricted basinal marine setting and is the likely source rock for the Niagaran Reef…
Disciplined Financial Policies Liquidity: Maintain solid liquidity profile Fund operations, maintenance capex, interest payments and distributions with cash flow from operations Leverage: Seek to maintain low leverage ratios…
Commodity Price Protection Portfolio: 2012 2017 Chart assumes (i) 2012 2017 base business production remains constant at the annualized midpoint of the Partnerships updated full year 2012 production guidance (approximately 8.45 million…
Commodity Price Protection Natural Gas Average Natural Gas Hedge Prices 7.16/mmbtu 5.96/mmbtu 5.05/mmbtu 5.05/mmbtu 4.30/mmbtu 60,000 56,000 53,358 Hedging Volumes (mmbtu/d) 49,500 49,500 50,000 40,000 34,678 30,000…
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 90.1 16 140 14 120 12 NYMEX Natural Gas /…
Quarterly Distributions Distributions Sequential Distribution Growth Tax advantaged income Ten quarters of consecutive distribution increases since Q1 2010 Targeting 5% annual distribution growth .50 9% Growth Partnership has…
Attractive Distribution Yield BBEP has an attractive distribution yield versus its peer group 12.0% 11.3% 10.9% 10.5% 10.3% 10.0% 9.6% 9.2% 8.7% 8.7% (1) 8.0% 7.4% Distribution Yield 6.7% Alerian MLP ETF 6.0% yield…
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 James Jackson Chief Financial Officer November 2012
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