This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Let me start by discussing a few key quarterly highlights. During the second quarter we produced 1.953 million Boe of oil and natural gas, which is up 18% from the second quarter of 2011, and generated $66.3 million of adjusted EBITDA, which represents a 28% increase from the second quarter of 2011 and a quarterly record for the Partnership. These results reflect the quality of our underlying assets, our ongoing focus on efficient operations and the success of our growth through acquisition strategy.

Turning to our distributions, we're pleased to have announced the second quarter distribution of $0.46 per unit or $1.84 on an annualized basis. This represents a 9% increase from second quarter 2011 distributions. Further, this marks our ninth consecutive quarterly distribution increase.

I'd like to talk briefly about our three most recent acquisitions that we announced during the second quarter. On June 28, 2012, we completed the bolt-on acquisition of oil properties located in Park County in the Big Horn Basin of Wyoming from NiMin for approximately $93 million, subject to customary post-closing adjustments.

On July 2, 2012, we completed two separate acquisitions of oil and natural gas properties located in Permian Basin in Texas from Element and CrownRock for approximately $150 million and $70 million, respectively, also subject to customary post-closing adjustments.

The acquired assets, characterized by long-live reserves with significant original oil in place and a large number of potential drilling locations are excellent additions to our portfolio. The representative of the type of assets we are actively targeting for the balance of 2012 and beyond.

In conjunction with the acquisitions and consistent with our hedging strategy, we entered into very attractive hedge positions, which we will discuss in more detail later. As part of acquisition integration and given the continued positive drilling results from our legacy assets, I am very pleased to announce that we are substantially increasing the size and scope of our 2012 capital program for the second time this year.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs