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BreitBurn Energy CEO Discusses Q4 2011 Results - Earnings Call Transcript

After their formal remarks, the call will be opened up for questions from securities analysts and institutional investors.

Let me just remind you that today’s conference call contains projects, guidance and other forward-looking statements within the meaning of the Federal Securities law. All statements, other than statements of historical fact, that address future activities and outcomes, are forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in such statements.

These forward-looking statements are our best estimates today and are based upon our current expectations and assumptions about future developments, many of which are beyond our control. Actual conditions and those assumptions may and probably will change from those we project over the course of the year. A detailed discussion of many of these uncertainties set forth from the cautionary statement relative to forward-looking information section of today’s release and under the heading Risk Factors Incorporated by Reference from our annual report on Form 10-K currently on file for the year ended December 31, 2010 and for the year ended December 31, 2011 which will be filed tomorrow. And our quarterly reports on Form 10-Q, our current reports on Form 8-K and our other filings with the Securities and Exchange Commission.

Except where legally required, the Partnership undertakes no obligation to update publically any forward-looking statements to reflect new information for changing events.

Additionally, during the course of today’s discussion, management will refer to adjusted EBITDA, which is a non-GAAP financial measure when discussing the Partnership’s financial results. Adjusted EBITDA is reconciled to it’s most directly comparable GAAP measure in the earnings press release made earlier this morning and posted on the Partnership’s website.

This non-GAAP financial measure should not be considered an alternate to GAAP measures such as net income, operating income, cash flow from operating activities or any other GAAP measure of liquidity or financial performance. Adjusted EBITDA is presented as management believes it provides additional information relative to the performance of the Partnership’s business. This non-GAAP financial measure may not be comparable to similarly titled measures of other publically traded partnerships or limited liability companies because all companies may not calculate adjusted EBITDA in the same manner.

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