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Investor Presentation – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Dec 11, 2013 · 41 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
    BreitBurn Energy Partners L.P. NASDAQ: BBEP Investor Presentation James G. Jackson Executive Vice President & Chief Financial Officer December 2013
  2. Investor Presentation – Breitburn Energy Partners L.P. – slide 2
    BBEP: Key Investment Considerations Predecessor founded in 1988, 2006 IPO E&P MLP 25 years of Successful Focus on acquisition, exploitation and development of oil and gas properties Operatorship Enterprise value: 3.8 billion (1)…
  3. Investor Presentation – Breitburn Energy Partners L.P. – slide 3
    Geographically Diversified Asset Base Geographic Presence In Nine States BreitBurn Totals(1) Est. Proved Reserves: 190.8 MMBoe Reserve Mix: 57% Oil / 5% NGLs / 38% Gas Production Mix: 56% Oil / 5% NGLs / 39% Gas (2) % Proved…
  4. Investor Presentation – Breitburn Energy Partners L.P. – slide 4
    Proven Business Strategy Since 1988 Operational Expertise Acquisition Criteria Excellent industry experience and responsible Mature properties with large amounts of OOIP management Consistent with current asset base Strong track…
  5. Investor Presentation – Breitburn Energy Partners L.P. – slide 5
    Successful Operating Plan that Pays Sequential Distribution Growth 14 consecutive quarters of distribution growth FY 2012 distribution growth of 7%(1) Accretive Acquisitions Acquire assets that complement existing portfolio and…
  6. Investor Presentation – 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 (15 years reserve life), low decline assets with…
  7. Investor Presentation – Breitburn Energy Partners L.P. – slide 7
    High Margin, High Growth Reserve Base Liquids % of Estimated Proved Reserves Increased Focus on Oil 62% Focus on expanding oil / liquids opportunities Acquisitions were key drivers of 35% increased oil exposure 62% of estimated proved…
  8. Investor Presentation – Breitburn Energy Partners L.P. – slide 8
    Operational Overview
  9. Investor Presentation – 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. Investor Presentation – 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. Investor Presentation – 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. Investor Presentation – 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. Investor Presentation – Breitburn Energy Partners L.P. – slide 13
    2013 Capital Program Summary 2013 expected capital program totals approximately 270 million Drill / re-drill 145 wells in 6 states Increase liquids production by over 100% from Q4 2012 to Q4 2013 Q3 2013 Completed 54 gross (51.1 net)…
  14. Investor Presentation – Breitburn Energy Partners L.P. – slide 14
    Acquisition Overview
  15. Investor Presentation – Breitburn Energy Partners L.P. – slide 15
    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…
  16. Investor Presentation – Breitburn Energy Partners L.P. – slide 16
    Oklahoma Panhandle Acquisition Summary Key Terms Asset Highlights Assets: Interests in oil properties in Postle and 41.4 MMBoe Estimated Proved Reserves (2) North East Hardesty Fields in Oklahoma Est. proved reserve life index of…
  17. Investor Presentation – Breitburn Energy Partners L.P. – slide 17
    Oklahoma Panhandle Acquisition Strategic Rationale High margin oil properties with 15 year est. proved reserve life as of July 2013 (1) High Quality Current expectations for 10+ years of little to no decline in production MLP Assets…
  18. Investor Presentation – Breitburn Energy Partners L.P. – slide 18
    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…
  19. Investor Presentation – Breitburn Energy Partners L.P. – slide 19
    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) 7,650 Boe/d average daily production for July 2013 244…
  20. Investor Presentation – Breitburn Energy Partners L.P. – slide 20
    Financial Overview
  21. Investor Presentation – Breitburn Energy Partners L.P. – slide 21
    Operating and Financial Performance Strong Operating and Financial Performance Since 2006 IPO Production (Mboe) Adjusted EBITDA(1) (MM) 31% CAGR 29% CAGR 300 276 9,000 8,318 8,000 250 233 227 6,809 7,037 222 6,517 6,699…
  22. Investor Presentation – 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 typically financed with 50% - 60% equity and…
  23. Investor Presentation – Breitburn Energy Partners L.P. – slide 23
    Consistent Distribution Growth for Fourteen Straight Quarters Distributions Sequential Quarterly Distribution Growth Tax advantaged income (estimated 75% 1.850 .50 shield)1 .488 .480 .48 .475 1.725 .470 Partnership has made…
  24. Investor Presentation – Breitburn Energy Partners L.P. – slide 24
    Commodity Price Protection Portfolio: 4Q 2013 1Q 2018 The chart assumes 4Q 2013 1Q 2018 pro forma expected production remains constant at the annualized sum of (i) the midpoint of the Partnership's 2H 2013 production guidance and (ii)…
  25. Investor Presentation – Breitburn Energy Partners L.P. – slide 25
    Commodity Price Protection Crude Oil Average Crude Oil Hedge Prices (per bbl) 95.01 94.78 94.75 90.15 84.11 82.20 20,000 18,716 Hedging Volumes (bbls/d) 17,614 15,489 15,000 12,511 10,000 17,216 16,114 13,489 11,011…
  26. Investor Presentation – Breitburn Energy Partners L.P. – slide 26
    Commodity Price Protection Natural Gas Average Natural Gas Hedge Prices (per mmbtu) 5.73 4.99 5.00 4.34 4.49 70,000 Hedging Volumes (mmbtu/d) 64,100 60,000 52,100 52,200 50,000 40,000 37,700 64,100 30,000 46,100…
  27. Investor Presentation – 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(1) 160 112 16 140 14 85 120 12 NYMEX Natural…
  28. Investor Presentation – 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 8.9% BBEP offers attractive opportunity for price appreciation BBEP Target 14.0%…
  29. Investor Presentation – 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. Investor Presentation – Breitburn Energy Partners L.P. – slide 30
    Appendix1 (1) Financial statements included in the Appendix are from the Q1 2013 10-Q.
  31. Investor Presentation – 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. Investor Presentation – 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. Investor Presentation – Breitburn Energy Partners L.P. – slide 33
    Non-GAAP Financial Measures Financial tables and other supplemental information provided herein, including the reconciliations of certain non-generally accepted accounting principles (non-GAAP) measures to their nearest comparable…
  34. Investor Presentation – Breitburn Energy Partners L.P. – slide 34
    Historical Financial Statements Adjusted EBITDA Three Months Ended September 30, June 30, September 30, Thousands of dollars 2013 2013 2012 (a) Reconciliation of net income (loss) to Adjusted EBITDA: Net income (loss) attributable…
  35. Investor Presentation – Breitburn Energy Partners L.P. – slide 35
    Historical Financial Statements Adjusted EBITDA (continued) Reconciliation of net cash flows from operating activities to Adjusted EBITDA: Net cash provided by operating activities 69,520 38,570 65,725 Increase (decrease) in assets…
  36. Investor Presentation – Breitburn Energy Partners L.P. – slide 36
    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…
  37. Investor Presentation – Breitburn Energy Partners L.P. – slide 37
    Historical Financial Statements Consolidated Statement of Operations BreitBurn Energy Partners L.P. and Subsidiaries Unaudited Consolidated Statements of Operations Three Months Ended September 30, Thousands of dollars, except per…
  38. Investor Presentation – Breitburn Energy Partners L.P. – slide 38
    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…
  39. Investor Presentation – Breitburn Energy Partners L.P. – slide 39
    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…
  40. Investor Presentation – Breitburn Energy Partners L.P. – slide 40
    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…
  41. Investor Presentation – Breitburn Energy Partners L.P. – slide 41
    BreitBurn Energy Partners L.P. NASDAQ: BBEP Investor Presentation James G. Jackson Executive Vice President & Chief Financial Officer December 2013

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