July 30, 2016 7:05 PM ET

Oil, Gas and Consumable Fuels

Company Overview of BreitBurn Operating LP

Company Overview

BreitBurn Operating LP acquires, explores, and develops oil and gas properties in the United States. The company was incorporated in 2006 and is based in Los Angeles, California. BreitBurn Operating LP operates as a subsidiary of Breitburn Energy Partners LP. On May 15, 2016, BreitBurn Operating LP filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York. It is in joint administration with Breitburn Energy Partners LP.

515 South Flower Street

Suite 4800

Los Angeles, CA 90071-2241

United States

Founded in 2006





Key Executives for BreitBurn Operating LP

Chief Financial Officer
Age: 52
Compensation as of Fiscal Year 2016.

BreitBurn Operating LP Key Developments

Interim DIP Financing Approved for Breitburn Energy Partners LP

The US Bankruptcy Court gave an order to Breitburn Energy Partners LP to obtain DIP financing on an interim on May 23, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $75 million out of a total of $150 million from Citibank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, with Wells Fargo Bank, National Association acting as the administrative agent. $75 million includes up to $50 million for letters of credit. The DIP loan would either carry an interest rate of LIBOR plus 5.75% p.a., or an alternate base rate plus 4.75% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a. The DIP facility would mature either on January 15, 2017, or date upon which the Interim Order expires if the Final Order has not been entered, or 60 days after the entry of the Interim Order, if the Final Order has not been entered, or effective date of chapter 11 plan, or closing of a sale of substantially all of the equity or assets of the Debtors, or date of indefeasible prepayment in cash in full by the Debtors of all DIP Obligations, or date of termination of the commitments, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $5 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The debtor may use proceeds of the DIP Facility to fund working capital, general corporate purposes, and the administration of chapter 11 cases. The final hearing is scheduled for July 14, 2016. Eric E. Sagerman, David Neier, Carey D. Schreiber and Justin E. Rawlins of Winston & Strawn LLP acted as legal advisors for DIP Agent. The US Bankruptcy Court granted amended interim DIP order on July 19, 2016. As per the order, final hearing is scheduled for August 18, 2016.

BreitBurn Operating LP Enters into Consent to Third Amended and Restated Credit Agreement

Breitburn Energy Partners LP, as Parent Guarantor, has entered into a Consent to Third Amended and Restated Credit Agreement, dated effective as of March 28, 2016, by and among Breitburn Operating LP, the Partnership, Breitburn GP LLC, Breitburn Operating GP LLC, the Subsidiaries of the Partnership and/or the Company, as guarantors, the lenders signatory thereto and Wells Fargo Bank, National Association, as administrative agent for the Lenders (the Consent"). The Consent, among other things, delays the Scheduled Borrowing Base Redetermination from April 1, 2016 to May 1, 2016 and reduces the Elected Commitment Amount under the Credit Agreement from $1.8 billion to $1.4 billion.

Similar Private Companies By Industry

Company Name Region
102 Oil Wells in East Texas Field United States
11 Good Energy, Inc. United States
1280 Horizons, LLC United States
15 Fields in Williston Basin United States
153 Woodbine Wells in The East Texas Oil Field in Rusk County United States

Recent Private Companies Transactions

No transactions available in the past 12 months.

The information and data displayed in this profile are created and managed by Capital IQ, a Standard & Poor's company. Bloomberg.com does not create or control the content. For inquiries, please contact Capital IQ directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Bloomberg L.P. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact BreitBurn Operating LP, please visit --. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.