- The Partnership had strong operating and financial results with net production increasing 18%, and Adjusted EBITDA increasing 28%, from the second quarter of 2011.
- On July 31, 2012, the Partnership announced an increased cash distribution for the second quarter of 2012 of $0.4600 per common unit, equal to an annualized rate of $1.84 per common unit, to be paid on August 14, 2012 to the record holders of common units at the close of business on August 10, 2012. This represents the Partnership’s ninth consecutive quarterly distribution increase and a 9% increase over the cash distribution for the second quarter of 2011.
- On July 2, 2012, the Partnership completed two separate acquisitions of principally oil properties located in the Permian Basin in Texas from Element Petroleum LP and CrownRock LP for approximately $150 million and $70 million, respectively, subject to customary post-closing adjustments.
- On June 28, 2012, the Partnership completed the acquisition of oil properties located in Park County in the Big Horn Basin of Wyoming from NiMin Energy Corp. for approximately $93 million, subject to customary post-closing adjustments.
- The Partnership is substantially increasing its 2012 capital program for the second time this year. In April, the Partnership announced a $19 million increase to its original 2012 capital program of approximately $68 million. Today the Partnership is announcing an additional increase of $50 million. This latest increase expands the Partnership’s total 2012 capital program to approximately $137 million and will be allocated principally to attractive oil development opportunities on newly acquired assets as well as the Partnership’s legacy assets.
- The Partnership updated its guidance for the second half of 2012, reflecting year-to-date acquisitions and the positive impacts of its increased capital program.
BreitBurn Energy Partners L.P. Reports Second Quarter Results, Announces Substantial Increase In 2012 Capital Program And Updates Second Half 2012 Guidance
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