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BreitBurn Energy Partners L.P. Reports Fourth Quarter And Record Full Year Production And EBITDA Results; Provides Full Year 2013 Guidance

Stocks in this article: BBEP

BreitBurn Energy Partners L.P. (the “Partnership”) (NASDAQ:BBEP) today announced financial and operating results for its fourth quarter and full year 2012 as well as public guidance for its expected performance in 2013, excluding any future acquisitions.

Key Highlights

  • For the full year 2012, the Partnership reported record net production and Adjusted EBITDA which increased 18% and 31%, respectively, from 2011. For the fourth quarter of 2012, net production increased 7% and Adjusted EBITDA increased 21% from the fourth quarter of 2011.
  • On February 14, 2013, the Partnership increased its cash distributions for the fourth quarter of 2012 to $0.47 per unit, or $1.88 per unit on an annualized basis.
  • For the full year 2012, the Partnership paid cash distributions of $1.85 per unit, representing an increase of 7.2% over 2011 cash distributions of $1.73 per unit.
  • On December 3, 2012, the Partnership completed the acquisition of oil and gas properties in Kern County, California for approximately $38 million in cash and approximately 3 million common units.
  • On December 28, 2012, the Partnership completed acquisitions of oil and gas properties in the Permian Basin in Texas for approximately $202 million.
  • On February 7, 2013, the Partnership completed a public offering of 14.95 million common units. Net proceeds from the offering were used to reduce borrowings under the Partnership’s bank credit facility.
  • As of February 27, 2013, the Partnership had $77 million in outstanding borrowings under its credit facility, which has total lender commitments of $900 million and the ability to increase commitments to $1 billion with lender approval.

Management Commentary

Hal Washburn, CEO, said: “The Partnership had an exceptional year with record production, record Adjusted EBITDA, sequential distribution growth, and the completion of seven acquisitions in Texas, California, and Wyoming. We are very pleased to have exceeded our acquisition target of $300 million to $500 million for the year by completing over $600 million in acquisitions which were primarily oil. We also established a significant presence in the Permian Basin and greatly expanded the organic growth opportunities in our portfolio. The Partnership is very well positioned to execute on its 2013 capital program and its growth through acquisitions strategy.”

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