BreitBurn Energy Partners L.P. reports fourth quarter and full year results

Wednesday, February 29, 2012
  • The Partnership had strong fourth quarter operating and financial results.

BreitBurn Energy Partners L.P. (NASDAQ:BBEP) announced financial and operating results for its fourth quarter and full year 2011 as well as public guidance for its expected performance in 2012, excluding any future acquisitions.

Key Highlights

  • The Partnership had strong fourth quarter operating and financial results, with net production increasing 23% and EBITDA increasing 22% from the third quarter of 2011.
  • During 2011, the Partnership increased proved reserves by 32.2 MMBoe to 151.1 MMBoe, representing a 27% increase from 118.9 MMBoe at year-end 2010. Reserve replacement from all sources was 558% of 2011 production.
  • On February 14, 2012, the Partnership paid cash distributions for the fourth quarter of 2011 of $0.45 per unit, or an annualized rate of $1.80 per unit, representing an increase from an annualized rate of $1.74 per unit for the third quarter of 2011.
  • On October 6, 2011, the Partnership completed the acquisition of gas and oil properties in the Evanston and Green River Basins in southwestern Wyoming for approximately $281 million.
  • On January 13, 2012, the Partnership completed a private offering of $250 million in aggregate principal amount of 7.875% Senior Notes due 2022. Net proceeds from the offering were used to reduce borrowings under the Partnership's bank credit facility.
  • On February 8, 2012, the Partnership completed a public offering of 9.2 million common units. Net proceeds from the offering were used to further reduce borrowings under the Partnership's bank credit facility.
  • As of February 27, 2012, the Partnership had $88 million in outstanding borrowings under its bank credit facility, which had a borrowing base of approximately $788 million.
  • During the fourth quarter of 2011, Quicksilver Resources completed the sale of all of its remaining common units of the Partnership.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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