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Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Nov 12, 2015 · 31 slides

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Slides

  1. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 1
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION NOVEMBER 2015
  2. Jefferies 2015 Energy 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. Jefferies 2015 Energy 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. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 4
    SIGNIFICANT SCALE SOLIDIFIES BREITBURNS POSITION IN A SECTOR WHERE SCALE MATTERS Enterprise Value(1) 10.6 (Billions) 6 5 4.0 4 3.5 3 2.3 2.0 2.0 2 1 0.7 0.3 0 LINE BBEP VNR MEMP ARP LGCY EVEP MCEP Estimated Proved…
  5. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 5
    NASDAQ: BBEP FINANCIAL OVERVIEW
  6. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 6
    SUCCESSFUL OPERATING PLAN FOR OVER 27 YEARS SOLID DISTRIBUTIONS Cumulative distributions of 13.35 per common unit since IPO DISTRIBUTIONS ACCRETIVE ACQUISITIONS Acquire assets that complement existing portfolio and are accretive to…
  7. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 7
    STRONG HISTORY OF OPERATING AND FINANCIAL PERFORMANCE ESTIMATED PROVED RESERVES (MMBOE) 23% CAGR (2009 2014) PRODUCTION (MMBOE) ADJUSTED EBITDA(1) (MM) 21% CAGR (2009 2015E) 22% CAGR (2009-2015E) (2) (2) (1) 2011 and…
  8. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 8
    1 BILLION STRATEGIC FINANCING TRANSACTION LED BY EIG GLOBAL ENERGY PARTNERS 1 Billion Investment Led by EIG Bank Credit Facility Preeminent global-energy focused investment firm with Amended bank credit facility in conjunction with…
  9. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 9
    SUMMARY OF COMMODITY PRICE PROTECTION PORTFOLIO: 4Q15 2019 Summary of Commodity Price Protection Portfolio(1) Weighted Average Oil and Gas Hedge Prices (1) Excludes basis swaps and assumes that production remains constant at…
  10. Jefferies 2015 Energy 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. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 11
    DISTRIBUTION HISTORY Cumulative Distributions Since IPO(1) Cumulative distributions of 13.35 per common unit since IPO Current annual distribution of 0.50 per common unit Tax advantaged income Paid monthly Distributions…
  12. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 12
    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…
  13. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 13
    NASDAQ: BBEP SELECTED OPERATING AREAS
  14. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 14
    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…
  15. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 15
    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…
  16. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 16
    PERMIAN BASIN GROWING OUR MIDLAND BASIN POSITION Element / CrownQuest 1 Acquisition, July 2012 4,600 net acres, 2,100 boepd, 40 vertical producing wells CrownQuest 2 Acquisition, December 2012 5,200 net acres, 1,850 boepd, 48…
  17. Jefferies 2015 Energy 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. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 18
    PERMIAN BASIN STRONG SUCCESS IN AND NEAR PRIMARY DEVELOPMENT AREA Lower Spraberry Wolfcamp A Wolfcamp B Element - Wright 44-41 3AH Element - Elrod Antell Unit B 6H Lateral Length: 6,750 Lateral Length: 9,298 Peak 24hr/30 day IP…
  19. Jefferies 2015 Energy 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. Jefferies 2015 Energy 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. Jefferies 2015 Energy 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. Jefferies 2015 Energy 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. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 23
    NASDAQ: BBEP SUPPLEMENTAL INFORMATION
  24. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 24
    NASDAQ: BBEP ADDITIONAL PRODUCING AREAS
  25. Jefferies 2015 Energy 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. Jefferies 2015 Energy 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. Jefferies 2015 Energy 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. Jefferies 2015 Energy 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. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 29
    NASDAQ: BBEP 2H 2015 GUIDANCE
  30. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 30
    2H 2015 GUIDANCE (ANNOUNCED AUGUST 6, 2015) ( in 000s) Second Half 2015 Guidance (1) Total Production (MBoe): 9,620 10,220 Oil Production (MBbls) 5,400 5,800 NGL Production (MBbls) 850 950 Natural Gas Production (MMcfe) 20,220…
  31. Jefferies 2015 Energy Conference – Breitburn Energy Partners L.P. – slide 31
    2H 2015 GUIDANCE (ANNOUNCED AUGUST 6, 2015) Accompanying Notes for Breitburns 2H 2015 Guidance (1) Breitburns second half 2015 guidance is based on flat 50 per barrel WTI crude oil, 55 per barrel Brent crude oil, and 3.00 per Mcf…

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