BreitBurn Energy Partners L.P. (BBEP)
Barclays 2012 High Yield Bond and Syndicated Loan Conference Call
March 26, 2012 11:50 am ET
Hal Washburn - Director & CEO
Good morning. Our next presenter is Hal Washburn, he is the co-founder and Chief Executive Officer of BreitBurn Energy Partners. Hal?
Thank you. I am Hal Washburn, I am the CEO and co-founder of BreitBurn Energy Partners. We are a publicly traded master limited partnership focused on long-lived oil and gas producing properties across the United States. We have been in business since 1988, about 24 years, we have been public since 2006 as an upstream MLP. We have been following the same basic business strategy since 88, that is to acquire interest in large oil and gas fields and to focus on operations and technical innovation to increase reserves, production, cash flow and therefore value. As I said we have been in business for over 20 years successfully following the same strategy. We have assets now across the country, long-lived oil and gas fields. We actually have a Reserve Life Index of over 18 years. So our reserve production ratio is 18 plus years.
We are divided into two divisions. Our Northern division, the Antrim Shale in Michigan and several other zones, the New Albany Shale in Indiana Kentucky and oil and gas assets in Wyoming and Wind River, Big Horn, Evanston and Green River basins.
Our Southern division which is primarily crude oil, is Los Angeles basin in Southern California and the Sunniland Trend in South Florida. As of the end of last year, we were just under a Tcfe improved reserves of 151 million barrels of oil equivalent, about 35% crude oil and about 65% natural gas. Our prove development ratio which is very important for master and limited partnership, our prove development ratio is 87%. What that means is we produced almost 90% of the reserves on our books without drilling additional new wells.
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