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BreitBurn Energy Partners' CEO Discusses Q2 2012 Results - Earnings Call Transcript

A detailed discussion of many of these uncertainties are set forth in 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, 2011, and in our quarterly reports on From 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 publicly any forward-looking statements to reflect new information or 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 its 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 as an alternate to GAAP measures such as net income, operating income or cash flow from operating activities or any other GAAP measure of liquidity or financial performance.

Adjusted EBITDA is presented because 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 publicly traded partnership's or limited liability companies, because all companies may not calculate adjusted EBITDA in the same manner.

With that, let me turn the cal over to Hal.

Hal Washburn

Thank you, Greg. Welcome, everyone and thank you for joining us today to discuss our second quarter of 2012. We had a strong second quarter marked by consistent operating and financial performance, sequential distribution growth and the successful closing of three acquisitions.

Based on our ongoing review of our legacy and new acquired assets, we are announcing today a substantial increase in our capital program for the remainder of 2012, as well as updating our second half 2012 guidance.

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