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We’d like to get started with our next presentation. I’m pleased to welcome BreitBurn Energy Partners to our conference. Our speaker today from Breitburn is Hal Washburn, who is one of the cofounders of BreitBurn and is the company’s CEO. I’ll turn it over to Hal.
Thank you. I hate to compete with lunch, so I hope you do enjoy yourself. I apologize in advance. I am recovering, I hope, from the flu, and I’ve got a cough that just doesn’t want to go away so if I have to step away from the mic and cough, I apologize now. Hopefully that won’t happen, though.
I am Hal Washburn. I’m the cofounder and CEO of BreitBurn Energy Partners. We’re an oil and gas partnership in upstream MLP. We’ve been in business since 1988. My partner Randy and I actually went to college together. We were engineers at Stanford. We started the business about four years after undergrad. And our strategy in 1988 is really unchanged from the strategy we pursue today, and we really had a belief, and the belief was that technology had driven the energy industry from the beginning. We believed it would continue to drive the industry and we believed that it would actually drive the industry harder and faster as time went by, and the technology would just allow us to get more and more oil and gas out of existing fields and new, unconventional sources around the United States. So we didn’t think the United States was a dead area for oil and gas like most thought in 1988. Rather, we thought it was an area where we’d continue to get more oil and gas out of the ground, and we built our business based on that. We built our business based on using new technologies, working oil in existing fields to get more reserves, more production, more cash flow and more value.