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.
- 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.
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