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Investors Presentation – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Mar 31, 2014 · 37 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. Investors 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 March 2014
  2. Investors Presentation – Breitburn Energy Partners L.P. – slide 2
    BBEP: Key Investment Considerations E&P MLP Predecessor founded in 1988, 2006 IPO 25 years of Successful Focus on acquisition, exploitation and development of oil and gas properties Operatorship Enterprise value: 4.3 billion (1)…
  3. Investors Presentation – Breitburn Energy Partners L.P. – slide 3
    Geographically Diversified Asset Base Geographic Presence In Nine States BreitBurn Totals(1) Est. Proved Reserves: 214.3 MMBoe Reserve Mix: 53% Oil / 7% NGLs / 40% Gas Production Mix: 51% Oil / 6% NGLs / 43% Gas % Proved Developed:…
  4. Investors 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. Investors Presentation – Breitburn Energy Partners L.P. – slide 5
    Successful Operating Plan that Pays Sequential Distribution Growth Consistent distribution growth for the past 3 years 2013 distribution growth of 4.8%(1) Accretive Acquisitions Acquire assets that complement existing portfolio…
  6. Investors Presentation – Breitburn Energy Partners L.P. – slide 6
    High Margin, High Growth Reserve Base Liquids % of Estimated Proved Reserves Increased Focus on Oil 60% Focus on expanding oil / liquids opportunities Acquisitions were key drivers of 35% increased oil exposure 60% of estimated proved…
  7. Investors Presentation – Breitburn Energy Partners L.P. – slide 7
    Operational Overview
  8. Investors Presentation – Breitburn Energy Partners L.P. – slide 8
    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…
  9. Investors 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 First wells drilled in 1884; long, active production history Park Big Horn Crook Total acreage: 198,122 gross,…
  10. Investors Presentation – Breitburn Energy Partners L.P. – slide 10
    Oklahoma Operating Area Asset Overview Asset Map Key Assets: Postle and Northeast Hardesty Fields in Postle Field Hough Oil Pipeline Oklahoma Panhandle and associated midstream assets in Transpecto CO2 Oklahoma, New Mexico and…
  11. Investors Presentation – Breitburn Energy Partners L.P. – slide 11
    Texas Operating Area Asset Overview Asset Map Key Basin: Permian CochranHockley Lubbock Crosby Dickens BreitBurn Total acreage: 18,013 gross, 14,865 net Knott Area Yoakum Terry Lynn Garza Kent Gross producing wells: 230 40 API oil…
  12. Investors Presentation – Breitburn Energy Partners L.P. – slide 12
    2014 Capital Program Summary 2014 expected capital program between 325 million and 345 million 92% of total capital spent on oil projects in Texas, California, Oklahoma 85% of total capital spent on drilling, rate generating, and…
  13. Investors Presentation – Breitburn Energy Partners L.P. – slide 13
    Acquisition Overview
  14. Investors Presentation – Breitburn Energy Partners L.P. – slide 14
    Disciplined Acquisition Strategy BreitBurn acquisition strategy unchanged for 25 years 2013 Transaction Activity 15 person business development and acquisition evaluation team Screened 400 opportunities Acquire mature oil and gas…
  15. Investors Presentation – Breitburn Energy Partners L.P. – slide 15
    Permian Basin Acquisition Recent Bolt On Acquisition Gaither Closed on December 30 for 282 million in addition to the acquisition of other interests in certain of the acquired assets for an additional 20 million North Third…
  16. Investors Presentation – Breitburn Energy Partners L.P. – slide 16
    Permian Basin Acquisition Stratigraphic Column and Type Log Gross Target Interval 4000 Thick 17
  17. Investors Presentation – Breitburn Energy Partners L.P. – slide 17
    Financial Overview
  18. Investors Presentation – Breitburn Energy Partners L.P. – slide 18
    Operating and Financial Performance Last Five Years Production (Mboe) Adjusted EBITDA(1) (MM) 14% CAGR 17% CAGR 400 370 12,000 10,983 350 10,000 300 276 8,318 250 227 222 8,000 6,699 7,037 195 6,517 200 6,000 150…
  19. Investors Presentation – Breitburn Energy Partners L.P. – slide 19
    Consistent Distribution Growth for the Last Three Years Distributions Tax advantaged income (estimated 75% .60 shield)1 .57 Partnership has made cumulative .54 1.935 (2) distributions of 11.09 per unit since IPO 1.850 .51…
  20. Investors Presentation – Breitburn Energy Partners L.P. – slide 20
    Commodity Price Protection Portfolio: FY 2014 FY 2018 The chart assumes FY 2014 FY 2018 expected production remains constant at 14 million Boe per year, which equates to the midpoint of the Partnership's FY 2014 production…
  21. Investors Presentation – Breitburn Energy Partners L.P. – slide 21
    Commodity Price Protection Oil Average Crude Oil Hedge Prices (per bbl) 93.70 93.54 89.48 84.71 82.20 20,000 20,114 Hedging Volumes (bbls/d) 17,989 15,011 15,000 18,614 10,000 15,989 8,269 13,511 5,000 8,269…
  22. Investors Presentation – Breitburn Energy Partners L.P. – slide 22
    Commodity Price Protection Gas Average Natural Gas Hedge Prices (per mmbtu) 4.95 4.94 4.32 4.44 4.15 70,000 Hedging Volumes (mmbtu/d) 60,000 55,100 56,700 50,000 41,700 40,000 30,000 49,100 55,200 18,571 20,000…
  23. Investors Presentation – Breitburn Energy Partners L.P. – slide 23
    Mitigating Commodity Price Volatility Our hedge portfolio has mitigated crude oil and natural gas price fluctuations as evidenced by our quarterly Adjusted EBITDA(1) 112 160 109 16 140 14 85 120 12 NYMEX Natural Gas /…
  24. Investors Presentation – Breitburn Energy Partners L.P. – slide 24
    BBEP Value Proposition BBEP has attractive yield compared to peer group With current consensus target price of 22, BBEP has an implied yield of 9.0% BBEP offers an opportunity for price appreciation BBEP Target Price Implied…
  25. Investors Presentation – Breitburn Energy Partners L.P. – slide 25
    Investment Highlights Responsible Management: Experienced management team has an average of over 25 years of industry experience Quality Assets: Quality asset base with predictable, long-lived production offering Critical mass…
  26. Investors Presentation – Breitburn Energy Partners L.P. – slide 26
    Appendix1 (1) Financial statements included in the Appendix are from the Q4 2013 10-Q.
  27. Investors Presentation – Breitburn Energy Partners L.P. – slide 27
    2014 Public Guidance ( in 000s) FY 2014 Guidance Total Production (MBoe): 13,600 - 14,400 Oil Production (MBbls) 7,900 - 8,400 NGL Production (MBbls) 1,125 - 1,225 Gas Production (MMcfe) 27,500 - 28,600 December 2014 Exit Rate…
  28. Investors Presentation – Breitburn Energy Partners L.P. – slide 28
    2014 Public Guidance Notes (1) Approximately 24% of oil production is expected to be sold based on Brent pricing. (2) Primarily comprised of pipeline revenues and equity earnings in affiliate. (3) Operating Costs include lease operating…
  29. Investors Presentation – Breitburn Energy Partners L.P. – slide 29
    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…
  30. Investors Presentation – Breitburn Energy Partners L.P. – slide 30
    Historical Financial Statements Adjusted EBITDA Three Months Ended Year Ended December 31, December 31, September 30, December 31, Thousands of dollars 2013 2013 2012 (a) 20132012 2012 2012 (a) Reconciliation of net loss to Adjusted…
  31. Investors Presentation – Breitburn Energy Partners L.P. – slide 31
    Historical Financial Statements Adjusted EBITDA (continued) Three Months Ended Year Ended December 31, December 31, September 30, December 31, Thousands of dollars 2013 2013 2012 (a) 20132012 2012 2012 (a) Reconciliation of net cash…
  32. Investors Presentation – Breitburn Energy Partners L.P. – slide 32
    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…
  33. Investors Presentation – Breitburn Energy Partners L.P. – slide 33
    Historical Financial Statements Consolidated Statement of Operations BreitBurn Energy Partners L.P. and Subsidiaries Unaudited Consolidated Statements of Operations Three Months Ended Twelve Months Ended December 31, December 31,…
  34. Investors Presentation – Breitburn Energy Partners L.P. – slide 34
    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…
  35. Investors Presentation – Breitburn Energy Partners L.P. – slide 35
    Florida Operating Area Asset Overview Asset Map Key fields: Raccoon Point, Bear Island, West Felda, Lehigh Acres Martin Lehigh Acres Charlotte Glades Sunoco Felda Production is from the Cretaceous Sunniland Trend of Lee Hendry…
  36. Investors Presentation – Breitburn Energy Partners L.P. – slide 36
    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…
  37. Investors Presentation – Breitburn Energy Partners L.P. – slide 37
    BreitBurn Energy Partners L.P. NASDAQ: BBEP Investor Presentation James G. Jackson Executive Vice President & Chief Financial Officer March 2014

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