BreitBurn Energy Partners L.P. (NASDAQ:BBEP) today announced that Randall H. Breitenbach, co-founder of the predecessor to BreitBurn Energy Partners L.P. (the “Partnership”), is retiring from his position as President and will serve as a non-executive director and Vice Chairman of the Board of the Partnership. Mark L. Pease, the Partnership’s Executive Vice President and Chief Operating Officer has been elected to the office of President and Chief Operating Officer. These changes will be effective December 31, 2012.
“Randy’s leadership has been integral to the Partnership’s significant achievements since we founded its predecessor in 1988 and completed the Partnership’s initial public offering in 2006. One of the first publicly traded E&P MLPs, BreitBurn Energy Partners has grown to an enterprise value of approximately $2.5 billion with operations spanning seven states,” said CEO Hal Washburn.
Randy Breitenbach said: “It has been a tremendous journey working alongside Hal in building this business and seeing the growth trajectory it has achieved over the past 25 years. We started with two wells in California and after more than two decades of making strategic acquisitions and successfully developing our assets, we now have thousands of wells across the nation, over 400 employees, significant financial flexibility, and an exceptional team leading the business. Today, we are better positioned to capitalize on future growth opportunities than ever before. Although I am stepping down as President, I look forward to serving as Vice Chairman of the Board and remain committed to the Partnership’s future success.”
Upon Mr. Breitenbach’s retirement, Mr. Pease will be named President and will continue in his role as COO. Mark Pease has been Executive Vice President and COO of the Partnership since December 2007. Prior to joining the Partnership, Mr. Pease served in a variety of senior positions for Anadarko Petroleum including Senior Vice President, North America where he had responsibility for exploration and production in North America.