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TheStreet Open House

BreitBurn Energy Partners L.P. Reports Record Second Quarter Results

Stocks in this article: BBEP

BreitBurn Energy Partners L.P. (the “Partnership”) (NASDAQ:BBEP) today announced financial and operating results for its second quarter of 2013.

Selected Results for the Quarter Included the Following:

  • Increased total net production to a quarterly record high of 2.45 MMBoe, which represented a 26% increase from the second quarter of 2012.
  • Increased liquids production to a quarterly record high of 1.29 MMBoe, which represented a 58% increase from the second quarter of 2012.
  • Increased Adjusted EBITDA, a non-GAAP financial measure, to $84.8 million, which represented a 31% increase from the second quarter of 2012.
  • Drilled 38 wells and completed 21 workovers, which in total added incremental net initial production of approximately 1,925 Boe/day.
  • Declared a cash distribution for the second quarter of 2013 of $0.48 per unit, or $1.92 per unit on an annualized basis, on July 31, 2013, which represented a 4.3% increase from the second quarter of 2012.
  • Announced the acquisition of oil and gas properties and associated midstream assets in the Oklahoma Panhandle and New Mexico, which was completed on July 15, 2013 for a total cash price of $876 million, subject to customary purchase price adjustments.

Management Commentary

Hal Washburn, CEO, said: “The Partnership delivered excellent financial and operating results including record quarterly production and Adjusted EBITDA above our guidance range. The active development programs for our legacy and newly acquired assets continued to yield strong results this quarter. We are also very pleased to have announced and closed the acquisition of oil properties and associated midstream assets in the Mid-Continent for approximately $876 million. The acquisition immediately adds significant production to our portfolio and an increased focus on liquids. We expect these assets to provide substantial accretion to distributable cash flow per unit to support distribution growth.”

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