NASDAQ: BBEP BREITBURN ENERGY PARTNERS L.P. INVESTOR PRESENTATION JAMES G. JACKSON EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER MAY 2014
BREITBURN: KEY INVESTMENT CONSIDERATIONS E&P MLP Predecessor founded in 1988, 2006 IPO OVER 25 YEARS OF Focus on acquisition, exploitation, development, and production of oil and gas properties SUCCESSFUL OPERATORSHIP Enterprise…
GEOGRAPHICALLY DIVERSIFIED ASSET BASE GEOGRAPHIC PRESENCE IN NINE STATES BreitBurn Totals(1) LEGEND Wyoming Current Operations - Est. Proved Reserves: 214.3 MMBoe - 2013 Avg. Daily Prod.: 7,014 Boepd - Est. Proved Reserves: 36.6…
SUCCESSFUL OPERATING PLAN THAT PAYS SEQUENTIAL DISTRIBUTION GROWTH Consistent distribution growth for the past 3 years 2013 distribution growth of 4.8%(1) DISTRIBUTION GROWTH ACCRETIVE ACQUISITIONS Acquire assets that complement…
HIGH MARGIN, HIGH GROWTH RESERVE BASE LIQUIDS % OF ESTIMATED PROVED RESERVES INCREASED FOCUS ON OIL Focus on expanding oil / liquids opportunities Acquisitions were key drivers of increased oil exposure 60% of estimated proved…
NASDAQ: BBEP SELECTED OPERATING AREAS
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…
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…
2014 CAPITAL PROGRAM SUMMARY 2014 expected capital program between 325 million and 345 million 92% of total capital planned for oil projects in Texas, California, Oklahoma and CO 2 supply / infrastructure 85% of total capital planned…
NASDAQ: BBEP ACQUISITIONS OVERVIEW
DISCIPLINED ACQUISITION STRATEGY BreitBurn acquisition strategy unchanged for 25 years since the founding of its original company 2013 TRANSACTION ACTIVITY 15 person business development and acquisition evaluation team Screened…
PERMIAN BASIN ACQUISITION RECENT BOLT ON ACQUISITION Closed on December 30 for 282 million in addition Gaither to the acquisition of other interests in certain of the acquired assets for an additional 20 million North Knott Third…
PERMIAN BASIN ACQUISITION STRATIGRAPHIC COLUMN AND TYPE LOG Gross Target Interval 4000 Thick pg. 14
NASDAQ: BBEP FINANCIAL OVERVIEW
OPERATING AND FINANCIAL PERFORMANCE 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)…
DISCIPLINED FINANCIAL STRATEGY - LIQUIDITY: MAINTAIN SOLID LIQUIDITY PROFILE - Revolving credit facility with 1.6 billion borrowing base, with 1.4 billion in elected commitments from existing lenders - 573 million of undrawn capacity…
SIGNIFICANT FINANCIAL FLEXIBILITY 2013 YTD 2014 Financing Activities Borrowing Base Redeterminations - SENIOR NOTES April 2014 borrowing base redetermination increased borrowing base from 1.5 billion to 1.6 billion, with Issued 400…
CONSISTENT DISTRIBUTION GROWTH FOR THE LAST THREE YEARS DISTRIBUTIONS Tax advantaged income (estimated 75% shield)(1) Converted to monthly distribution payment policy in January 2014 Partnership has made cumulative distributions…
COMMODITY PRICE PROTECTION PORTFOLIO: FY 2014 FY 2018 AVERAGE OIL AND GAS HEDGE PRICES (1) 93.69/bbl 93.54/bbl 89.48/bbl 84.71/bbl 82.20/bbl 4.95/mmbtu 4.94/mmbtu 4.32/mmbtu 4.44/mmbtu 4.15/mmbtu LEGEND Total Liquids Natural…
COMMODITY PRICE PROTECTION GAS AVERAGE NATURAL GAS HEDGE PRICES (PER MMBTU) (1) 4.95 4.94 4.32 4.44 4.15 LEGEND Swaps Puts VOLUMES HEDGED (MMBTU/D) (1) Chart includes all current hedges other than 2013 and 2014 call…
MITIGATING COMMODITY PRICE VOLATILITY Our 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) QUARTERLY…
BREITBURN VALUE PROPOSITION BreitBurn has attractive yield compared to peer group With current consensus target price of 22, BreitBurn has an implied yield of 9.0% BreitBurn offers an opportunity for price appreciation DISTRIBUTION…
BREITBURN: KEY INVESTMENT CONSIDERATIONS E&P MLP Predecessor founded in 1988, 2006 IPO OVER 25 YEARS OF Focus on acquisition, exploitation, development, and production of oil and gas properties SUCCESSFUL OPERATORSHIP Enterprise…
NASDAQ: BBEP APPENDIX 1 (1)Financial statements included in the Appendix are from the Q1 2014 10-Q.
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…
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…
NON-GAAP FINANCIAL MEASURES Financial tables and other supplemental information in this presentation, including the reconciliations of certain non-generally accepted accounting principles (non-GAAP) measures to their nearest comparable…
HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA Three Months Ended March 31, December 31, March 31, Thousands of dollars 2014 2013 2013 Reconciliation of net loss to Adjusted EBITDA: Net loss attributable to the Partnership (9,758)…
HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA (CONTINUED) Three Months Ended March 31, December 31, March 31, Thousands of dollars 2014 2013 2013 Reconciliation of net cash flows from operating activities to Adjusted EBITDA: Net…
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…
HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF OPERATIONS BreitBurn Energy Partners L.P. and Subsidiaries Unaudited Consolidated Statements of Operations Three Months Ended March 31, Thousands of dollars, except per…
HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CASH FLOWS BreitBurn Energy Partners L.P. and Subsidiaries BreitBurn Energy Partners L.P. and Subsidiaries Unaudited Consolidated Statements of Cash Flows Unaudited…
OTHER OPERATING AREAS CALIFORNIA 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…
OTHER OPERATING AREAS WYOMING 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…
OTHER OPERATING AREAS FLORIDA ASSET OVERVIEW ASSET MAP West Felda Lehigh Acres Key fields: Raccoon Point, Bear Island, West Felda, Lehigh Acres Martin Production is from the Cretaceous Sunniland Trend of South Florida Charlotte…
OTHER OPERATING AREAS MICHIGAN 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…
NASDAQ: BBEP BREITBURN ENERGY PARTNERS L.P. INVESTOR PRESENTATION
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