BreitBurn Energy Partners L.P. Announces the Retirement of Randall H.
Breitenbach as President and Appointment of Mark L. Pease as President and
LOS ANGELES -- November 06, 2012
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
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.
Hal Washburn, CEO, said: “Mark has more than 30 years of industry experience
and spent 15 years in senior leadership roles at Anadarko before joining
BreitBurn. Mark’s leadership has played a key role in BreitBurn’s growth and
operational excellence and I’m confident that he will continue to excel as
President and COO.”
About BreitBurn Energy Partners L.P.
BreitBurn Energy Partners L.P. is a publicly traded independent oil and gas
limited partnership focused on the acquisition, exploitation, development and
production of oil and gas properties. The Partnership’s producing and
non-producing crude oil and natural gas reserves are located in Michigan,
Wyoming, California, Texas, Florida, Indiana and Kentucky. See
www.BreitBurn.com for more information.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements. All statements, other
than statements of historical facts, included in this press release that
address activities, events or developments that the Partnership expects,
believes or anticipates will or may occur in the future are forward-looking
statements. These statements are based on certain assumptions made by the
Partnership based on management's experience and perception of historical
trends, current conditions, anticipated future developments and other factors
believed to be appropriate. Such statements are not guarantees of future
performance and are subject to certain risks, uncertainties and other factors,
some of which are beyond our control and are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak only as of the
date of this press release. Unless legally required, BreitBurn undertakes no
obligation to update publicly any forward-looking statements, whether as a
result of new information, future events or otherwise. Unpredictable or
unknown factors not discussed herein also could have material adverse effects
on forward-looking statements. See "Risk Factors" in the Partnership's Annual
Report filed on Form 10-K and other public filings and press releases.
Investor Relations Contacts:
BreitBurn Energy Partners L.P.
James G. Jackson
Executive Vice President and Chief Financial Officer
Press spacebar to pause and continue. Press esc to stop.