BreitBurn Energy Partners L.P. (the “Partnership”) (NASDAQ:BBEP) today announced financial and operating results for its third quarter of 2012.
- The Partnership had strong financial performance in the third quarter with record quarterly high Adjusted EBITDA of $90.1 million, which represented a 36% increase from the second quarter of 2012 and a 70% increase from the third quarter of 2011.
- Net production in the third quarter increased 11% from the second quarter of 2012 and 29% from the third quarter or 2011.
- The Partnership is announcing today a $14.6 million increase to its 2012 capital program, which increases the Partnership’s expected total 2012 capital program to approximately $152 million.
- On October 31, 2012, the Partnership announced an increased cash distribution for the third quarter of 2012 of $0.4650 per common unit, or an annualized rate of $1.86 per common unit, to be paid on November 14, 2012 to the record holders of common units at the close of business on November 9, 2012. This represents the Partnership’s tenth consecutive quarterly distribution increase and a 7% increase over the cash distribution for the third quarter of 2011.
- In October 2012, the Partnership completed its semi-annual borrowing base redetermination under its bank credit facility and increased its total commitments from existing lenders to $900 million, with the ability to increase total commitments to $1 billion with lender approval.
- In September 2012 the Partnership completed the public offering of 11.5 million common units priced at $18.51 per unit and a private offering of an additional $200 million aggregate principal amount of its 7.875% senior notes due 2022. Net proceeds from the offerings were used to reduce borrowings under the Partnership’s bank credit facility.
Hal Washburn, CEO, said: “The Partnership delivered another quarter of consistent operating performance. We continue to work on the integration of our recently acquired properties in Texas and Wyoming while we opportunistically pursue organic growth opportunities in our legacy assets. We are pleased to announce the third increase to our 2012 capital program, which is driven by continued success identifying attractive oil drilling opportunities in our California assets. In addition, we also completed two successful financings during the quarter which position us to capitalize on acquisition opportunities as we approach year end.”
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