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breitburn energy partners lp (BBEP) Key Developments

Breitburn Energy Partners L.P. Announces Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Non-Cash Impairments for the Fourth Quarter Ended December 31, 2014

Breitburn Energy Partners L.P. announced consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues and other income items of $788,033,000 against $177,348,000 a year ago. Net income attributable to common unitholders was $401,048,000 or $2.27 per diluted share against loss of $58,792,000 or $0.52 per diluted share a year ago. Adjusted EBITDA was $127,400,000 against $109,377,000 a year ago. The increase in EBITDA was primarily due to the mid-quarter closing of the QR Energy transaction and higher commodity derivative instrument settlements, partially offset by lower sales revenue driven by lower crude oil prices and the acquisition and integration costs. Operating income was $440,286,000 against loss of $31,855,000 a year ago. Income before taxes was $404,699,000 against loss of $58,515,000 a year ago. For the full year, the company reported total revenues and other income items of $1,429,969,000 against $634,658,000 a year ago. Net income attributable to common unitholders was $411,250,000 or $3.02 per diluted share against loss of $43,671,000 or $0.43 per diluted share a year ago. Adjusted EBITDA was $473,781,000 against $370,374,000 a year ago. Net cash provided by operating activities was $357,755,000 against $257,166,000 a year ago. Capital expenditures were $417,755,000 against $266,308,000 a year ago. Property acquisitions, net of cash acquired were $401,465,000 against $1,175,817,000 a year ago. Operating income was $545,967,000 against $44,276,000 a year ago. Income before taxes was $421,243,000 against loss of $42,766,000 a year ago. For the quarter, the company reported average daily production of 49,665 Boe/d against 33,542 Boe/d a year ago. Sales volume was 4,022 million Boe against 3,163 million Boe a year ago. For the full year, the company reported average daily production of 38,670 Boe/d against 30,091 Boe/d a year ago. Sales volume was 13,956 million Boe against 10,988 million Boe a year ago. For the quarter, the company reported impairment charges of $119.566 million or $0.68 per unit against 54.012 million a year ago. The increase in non-cash impairment charges was due to the effect of decreased commodity prices on some of our higher cost oil properties.

Breitburn Energy Partners L.P. to Report Q4, 2014 Results on Mar 03, 2015

Breitburn Energy Partners L.P. announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Mar 03, 2015

Breitburn Energy Partners L.P., Q4 2014 Earnings Call, Mar 03, 2015

Breitburn Energy Partners L.P., Q4 2014 Earnings Call, Mar 03, 2015

Breitburn Energy Partners L.P. Declares Common and Preferred Unit Distributions, Payable on February 13, 2015 and March 16, 2015 Respectively

Breitburn Energy Partners LP announced a cash distribution of $0.0833 per common unit for the second month attributable to the fourth quarter of 2014, payable on February 13, 2015, to record holders of its common units at the close of business on February 9, 2015. This monthly distribution is equal to a distribution of $1.00 per common unit on an annualized basis. The company also announced a cash distribution for its 8.25% Series A Cumulative Redeemable Perpetual Preferred Units of $0.171875 per Series A Unit, payable on March 16, 2015, to record holders of its Series A Units at the close of business on February 27, 2015. This monthly distribution is equal to an annual distribution of $2.0625 per Series A Unit.

Breitburn Energy Partners Declares Common and Preferred Unit Distributions Payable on January 16, 2015 and February 16, 2015; Provides Production and Earnings Guidance for the Year 2015

Breitburn Energy Partners LP announced cash distribution per common unit of $0.0833 for the first month attributable to the fourth quarter of 2014, or $1.00 per unit on an annualized basis. This amount will be payable on January 16, 2015, to unit holders of record at the close of business on January 13, 2015, and represents a reduction from Breitburn’s last monthly payment which was $0.1733 per Common Unit or $2.08 per unit on an annualized basis. A cash distribution for its 8.25% Series A Cumulative Redeemable Perpetual Preferred Units of $0.171875 per Series A Unit. This amount is unchanged from prior levels and is equal to an annual distribution of $2.0625 per Series A Unit. The Series A distribution is payable on February 16, 2015, to record holders of the Series A Units at the close of business on January 30, 2015. The company provided production and earnings guidance for the year 2015. For the period, the company expected total production in the range 19,500 MBoe to 20,700 MBoe. Adjusted EBITDA is expected to range between $650.0 million and $700.0 million. Maintenance capital expenditures are expected to $200 million. Maintenance Capital Expenditures excludes capital expense for acquisitions as well as information technology spending of approximately $15.0 million. Maintenance capital is defined as the estimated amount of investment in capital projects and obligatory spending on existing facilities and operations needed to hold production approximately flat over a multi-year period.

 

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