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Investor Presentation – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Sep 23, 2014 · 33 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 JAMES G. JACKSON EXECUTIVE VICE PRESIDENT CHIEF FINANCIAL OFFICER SEPTEMBER 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: 4.7…
  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…
  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…
  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 recently announced revised guidance(1) and QREs recently announced revised…
  9. Investor Presentation – Breitburn Energy Partners L.P. – slide 9
    NASDAQ: BBEP ACQUISITIONS OVERVIEW
  10. Investor Presentation – Breitburn Energy Partners L.P. – slide 10
    DISCIPLINED ACQUISITION STRATEGY Breitburn acquisition strategy unchanged for 25 years since the 2013 TRANSACTION ACTIVITY founding of its original company Screened Screened400 opportunities 15 person business development and…
  11. Investor Presentation – Breitburn Energy Partners L.P. – slide 11
    ACQUISITION STRATEGY PROMOTES HIGH MARGIN, HIGH GROWTH RESERVE BASE LIQUIDS % OF ESTIMATED PROVED RESERVES(1) INCREASED FOCUS ON OIL 88% Growth Focus on expanding oil / liquids opportunities 66% 60% Acquisitions were key drivers…
  12. Investor Presentation – Breitburn Energy Partners L.P. – slide 12
    NASDAQ: BBEP FINANCIAL OVERVIEW
  13. Investor Presentation – Breitburn Energy Partners L.P. – slide 13
    SUCCESSFUL OPERATING PLAN THAT PAYS SEQUENTIAL DISTRIBUTION GROWTH Consistent distribution growth for the past 4 years 2013 distribution growth of 4.8%(1) DISTRIBUTION GROWTH ACCRETIVE ACQUISITIONS Acquire assets that complement…
  14. Investor Presentation – Breitburn Energy Partners L.P. – slide 14
    OPERATING AND FINANCIAL PERFORMANCE BBEP: 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)…
  15. Investor Presentation – Breitburn Energy Partners L.P. – slide 15
    2014 CAPITAL PROGRAM SUMMARY 2014 capital program between 325 million and 345 million Significant amount of total capital planned for oil projects in Texas, California, Oklahoma and CO 2 supply / infrastructure Significant amount of…
  16. Investor Presentation – Breitburn Energy Partners L.P. – slide 16
    SIGNIFICANT FINANCIAL FLEXIBILITY Recent Financing Activities Credit Facility ATM PROGRAM Amended credit facility in April 2014, eliminating the Launched ATM program offering common units maximum total leverage ratio and maximum…
  17. Investor Presentation – Breitburn Energy Partners L.P. – slide 17
    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 12.26 per unit since IPO…
  18. Investor Presentation – Breitburn Energy Partners L.P. – slide 18
    MITIGATING COMMODITY PRICE VOLATILITY Breitburns hedge portfolio has mitigated crude oil and natural gas price fluctuations as evidenced by our quarterly Adjusted EBITDA(1) NYMEX Natural Gas (Mcf) NYMEX Crude Oil (Bbl)…
  19. Investor Presentation – Breitburn Energy Partners L.P. – slide 19
    PEER YIELD COMPARISON Breitburn has delivered steady yield and price improvement during the past year Since August 2013, Breitburns current yield has declined from 10.7% to 9.2%(1) CURRENT DISTRIBUTION YIELD(2) 14.0% 12.1%…
  20. Investor Presentation – Breitburn Energy Partners L.P. – slide 20
    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: 4.7…
  21. Investor Presentation – Breitburn Energy Partners L.P. – slide 21
    NASDAQ: BBEP 1 APPENDIX OPERATIONS & FINANCIAL INFORMATION (1)Financial statements included in the Appendix are from the 2Q14 10-Q.
  22. Investor Presentation – Breitburn Energy Partners L.P. – slide 22
    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…
  23. Investor Presentation – Breitburn Energy Partners L.P. – slide 23
    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…
  24. Investor Presentation – Breitburn Energy Partners L.P. – slide 24
    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…
  25. Investor Presentation – Breitburn Energy Partners L.P. – slide 25
    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…
  26. Investor Presentation – Breitburn Energy Partners L.P. – slide 26
    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…
  27. Investor Presentation – Breitburn Energy Partners L.P. – slide 27
    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…
  28. Investor Presentation – Breitburn Energy Partners L.P. – slide 28
    HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA Three Months Ended June 30, March 31, June 30, Thousands of dollars 2014 2014 2013 Reconciliation of net loss to Adjusted EBITDA: Net income (loss) (104,725) (9,758) 76,432 Loss…
  29. Investor Presentation – Breitburn Energy Partners L.P. – slide 29
    HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA (CONTINUED) Three Months Ended June 30, March 31, June 30, Thousands of dollars 2014 2014 2013 Reconciliation of net loss to Adjusted EBITDA: Reconciliation of net cash flows from…
  30. Investor Presentation – Breitburn Energy Partners L.P. – slide 30
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS June 30, December 31, June 30, December 31, Thousands 2014 2013 Thousands 2014 2013 ASSETS LIABILITIES AND EQUITY Current assets Current liabilities Cash 9,015 2,458…
  31. Investor Presentation – Breitburn Energy Partners L.P. – slide 31
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, Thousands of dollars, except per unit amounts 2014 2013 Revenues and other income items Oil, natural gas and natural gas liquid sales…
  32. Investor Presentation – Breitburn Energy Partners L.P. – slide 32
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended Six Months Ended June 30, June 30, Thousands of dollars 2014 2013 Thousands of dollars 2014 2013 Cash flows from operating activities Cash…
  33. Investor Presentation – Breitburn Energy Partners L.P. – slide 33
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION

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