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2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P.

Breitburn Energy Partners L.P. · Dec 1, 2014 · 28 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 1
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION 2014 WELLS FARGO ENERGY SYMPOSIUM DECEMBER 2014
  2. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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: 5.8…
  3. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 3
    ATTRACTIVE ASSETS IN 7 PRODUCING AREAS PERMIAN BASIN 2013 Avg. Daily Production 9,859 Boe/d Est. Proved Reserves 74.6 Mboe ROCKIES Proved Reserve Life 16 years MI/IN/KY MI/IN/KY 2013 Avg. Daily Production 9,474 Boe/d CALIFORNIA…
  4. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 4
    SIGNIFICANTLY ENHANCES SCALE VS. PEERS COMBINED SCALE SOLIDIFIES BREITBURNS POSITION IN A SECTOR WHERE SCALE MATTERS 18.0 Enterprise Value(1) (BN) 10.0 8.0 5.8 6.0 4.0 4.0 2.7 2.6 2.6 2.5 2.0 0.5 0.4 0.4 0.3 0.0 Peer 1…
  5. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 5
    COMMODITY PRICE PROTECTION PORTFOLIO: 4Q 2014 FY 2018(1) The chart assumes 4Q14 FY 2018 expected production remains constant at 3Q14 actual daily production rates for Breitburn Energy and QR Energy. Production and hedges attributable…
  6. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 6
    MITIGATING COMMODITY PRICE VOLATILITY Breitburns Hedge Portfolio Has Mitigated Commodity Price-Driven Fluctuations in Adjusted EBITDA(1) NYMEX Natural Gas (Mcf) NYMEX Crude Oil (Bbl) QUARTERLY ADJUSTED EBITDA (MM) LEGEND…
  7. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 7
    NASDAQ: BBEP PERMIAN BASIN HORIZONTAL WELL PROGRAM
  8. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 8
    PERMIAN BASIN ACREAGE Permian Basin Acreage Gross 124,066 Net 85,982 % Increase from QR Energy Gross 448% Net 364% pg. 9
  9. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 9
    RECENT MIDLAND BASIN ACQUISITION Antares Transaction Summary Antares Acreage Adjacent to Breitburns Acreage TX-PERMIAN BASIN - Texas Permian Basin Deal closed on October 24th (Effective October 1st) Purchase Price: 50 million,…
  10. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 10
    STRONG SUCCESS IN AND NEAR PRIMARY DEVELOPMENT AREA SUPPORTS BREITBURNS STRATEGY Wright 44-41 3H Gardner Unit 1510 2H Lateral Length: 6,750 Lateral Length: 7,020 Peak 24hr/30 day IP (Boe/d): 1,232/833 Peak 24hr/30 day IP (Boe/d):…
  11. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 11
    OUTSTANDING OFFSET WOLFCAMP PERFORMANCE 1 MMBOE 800 MBOE 650 MBOE Sources: Sept 2014 PXD Investor Presentation; Sept 2014 ATHL Barclays Presentation, Element production data from operator pg. 12
  12. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 12
    OUTSTANDING OFFSET LOWER SPRABERRY PERFORMANCE 1 MMBOE 800 MBOE 650 MBOE Sources: Sept 2014 PXD Investor Presentation; Sept 2014 ATHL Barclays Presentation, Element production data from operator pg. 13
  13. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 13
    MIDLAND BASIN ACREAGE & OPPORTUNITIES Primary Development Area and Tier 1 Development Net & Effective(1) Acreage Primary Development Area Gross/Net Acreage Tier 1 Gross/Net Acreage Surface Effective Surface Effective Total 11,503…
  14. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 14
    HORIZONTAL WELL PROGRAM TIMELINE RIG 1 (Breitburn Funded) Start Date Q1 2015 RIG 2 Start Date Q3 2015 Possible Third RIG 3 Start Date Q3 2015 Party Investment RIG 4 Start Date Q1 2016 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1…
  15. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 15
    MAXIMIZING VALUE OF PERMIAN BASIN ACREAGE Value Enhancing Options Include Financial Sponsor Investment JV / Farmout Acreage Trade / Swap Trade for Producing Assets Sale or Divestiture pg. 16
  16. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 16
    NASDAQ: BBEP FINANCIAL OVERVIEW
  17. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 17
    SUCCESSFUL OPERATING PLAN THAT PAYS SEQUENTIAL DISTRIBUTION GROWTH Consistent distribution growth for the past 4 years DISTRIBUTION ACCRETIVE ACQUISITIONS GROWTH Acquire assets that complement existing portfolio and are accretive to…
  18. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 18
    STRONG OPERATING AND FINANCIAL PERFORMANCE ESTIMATED PROVED RESERVES (MBOE)(1) 18% CAGR (2009 2013) 323 214 151 149 111 119 2009 2010 2011 2012 2013 2014E PRODUCTION (MBOE)(2) ADJUSTED EBITDA(3) (MM) 552 14% CAGR (2009…
  19. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 19
    CONSISTENT DISTRIBUTION GROWTH FOR THE LAST FOUR YEARS DISTRIBUTIONS Current annualized distribution per common unit is 2.08 Tax advantaged income Converted to monthly distribution payment policy in January 2014 Breitburn has made…
  20. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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: 5.8…
  21. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 21
    NASDAQ: BBEP 1 APPENDIX OPERATIONS & FINANCIAL INFORMATION (1)Financial statements included in the Appendix are from the 3Q14 10-Q.
  22. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 22
    NON-GAAP FINANCIAL MEASURES 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…
  23. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 23
    HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA Three Months Ended September 30, June 30, September 30, Thousands of dollars 2014 2014 2013 Reconciliation of net income (loss) to Adjusted EBITDA: Net income (loss) 130,643 (104,725)…
  24. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 24
    HISTORICAL FINANCIAL STATEMENTS ADJUSTED EBITDA (CONTINUED) Three Months Ended September 30, June 30, September 30, Thousands of dollars 2014 2014 2013 Reconciliation of net cash flows from operating activities to Adjusted EBITDA:…
  25. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 25
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS Breitburn Energy Partners LP and Subsidiaries Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Balance Sheets Unaudited Consolidated Balance Sheets…
  26. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 26
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF OPERATIONS Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Operations Three Months Ended September 30, Thousands of dollars, except per…
  27. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 27
    HISTORICAL FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CASH FLOWS Breitburn Energy Partners LP and Subsidiaries Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Cash Flows Unaudited Consolidated…
  28. 2014 WELLS FARGO ENERGY SYMPOSIUM – Breitburn Energy Partners L.P. – slide 28
    NASDAQ: BBEP BREITBURN ENERGY PARTNERS LP INVESTOR PRESENTATION 2014 WELLS FARGO ENERGY SYMPOSIUM DECEMBER 2014

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