Breitburn Energy Partners LP
Feb 28, 2013

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

 

LOS ANGELES--(BUSINESS WIRE)-- 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

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."

Fourth Quarter 2012 Operating and Financial Results Compared to Third Quarter 2012

Full Year 2012 Results

2012 Estimated Proved Reserves

BreitBurn's total estimated proved oil and gas reserves as of December 31, 2012 were 149.4 MMBoe. The standardized measure of discounted future net cash flows related to our estimated proved reserves was approximately $1.99 billion, using 12-month average first-day-of-the month prices that are held constant throughout the life of the properties. Estimated proved reserves were determined using $2.76 per MMBtu for gas and $94.71 per Bbl of oil. Of the total estimated proved reserves, 53% were oil and 47% were natural gas; 80% were classified as proved developed; and 35% were located in Michigan, 26% in Wyoming, 17% in California, 15% in Texas and 7% in Florida, with less than 1% in Indiana and Kentucky.

2013 Guidance

The following guidance is subject to all of the cautionary statements and limitations described below and under the caption "Cautionary Statement Regarding Forward-Looking Information." In addition, estimates for the Partnership's future production volumes are based on, among other things, assumptions of capital expenditure levels and the assumption that market demand and prices for oil and gas will continue at levels that allow for economic production of these products. The production, transportation and marketing of oil and gas are extremely complex and are subject to disruption due to transportation and processing availability, mechanical failure, human error, weather, and numerous other factors. The Partnership's estimates are based on certain other assumptions, such as well performance, which may actually prove to vary significantly from those assumed. Operating costs, which include major maintenance costs, vary in response to changes in prices of services and materials used in the operation of our properties and the amount of maintenance activity required. Operating costs, including taxes, utilities and service company costs, move directionally with increases and decreases in commodity prices, and we cannot fully predict such future commodity or operating costs. Similarly, interest rates and price differentials are set by the market and are not within our control. They can vary dramatically from time to time. Capital expenditures are based on our current expectations as to the level of capital expenditures that will be justified based upon the other assumptions set forth below as well as expectations about other operating and economic factors not set forth below. The guidance below does not constitute any form of guarantee, assurance or promise that the matters indicated will actually be achieved. Rather, the table simply sets forth our best estimate today for these matters based upon our current expectations about the future based upon both stated and unstated assumptions. Actual conditions and those assumptions may, and probably will, change over the course of the year.

                     
  ($ in 000s) Assuming no acquisitions     FY 2013 Guidance
  Total Production (Mboe):       9,500     -   10,100  
  Oil Production (Mbbls)       5,050     -   5,350  
  Gas Production (MMcfe)       26,700     -   28,500  
  December 2013 Exit Rate (boe/d)     27,700     -   28,850  
  Average Price Differential %:              
  WTI Oil Price Differential %     90 %   -   91 %
  Brent Oil Price Differential %(1)   95 %   -   96 %
  Gas Price Differential %     102 %   -   103 %
  Operating Costs / BOE(2)(3)     $18.25     -   $20.25  
  Production / Property Taxes (% of oil & gas revenue)   7.5 %   -   8.0 %
  G&A (Excl. Unit Based Compensation)   $33,000     -   $35,000  
  Cash Interest Expense(4)     $69,000     -   $71,000  
  Adjusted EBITDA(5)       $330,000     -   $340,000  
  Capital Expenditures(6):              
  Maintenance Capital       $75,000          
  Growth Capital       $178,000     -   $188,000  
                       
(1)   Approximately 30% of oil production is expected to be sold based on Brent pricing.
(2)   Operating Costs include lease operating costs, processing fees, district expense, and transportation expense. Expected transportation expense totals approximately $6.7 million in 2013, largely attributable to our Florida production. Excluding transportation expense, our estimated operating costs range per Boe is approximately $17.58 - $19.58.
(3)   Operating Costs are based on flat price levels for 2013 of $95 per barrel for WTI crude oil, $105 per barrel for Brent crude oil and $3.50 per Mcfe for natural gas. Operating costs generally move with commodity prices but do not typically increase or decrease as rapidly as commodity prices.
(4)   The Partnership typically borrows on a 1-month LIBOR basis, plus an applicable spread. Estimated cash interest expense assumes a 1-month LIBOR rate of 0.3%.
(5)   Assuming the high and low range of our guidance, Adjusted EBITDA, a non-GAAP financial measure, is expected to range between $330 million and $340 million, and is comprised of estimated net income (before non-cash compensation) between $77 million and $65 million, plus unrealized loss on commodity derivative instruments of $27 million, plus DD&A of $167 million, plus interest expense between $69 million (high end of Adjusted EBITDA) and $71 million (low end of Adjusted EBITDA). Estimated 2013 net income is based on oil prices of $95 per barrel for WTI crude oil, $105 per barrel for Brent crude oil and $3.50 per Mcfe for natural gas. Consequently, differences between actual and forecast prices could result in changes to unrealized gains or losses on commodity derivative instruments, DD&A, including potential impairments of long-lived assets, and ultimately, net income.
(6)   Total oil and gas capital expenditures for 2013 excludes acquisitions, capitalized engineering costs and information technology spending. 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 constant for the period.
     

Impact of Derivative Instruments

The Partnership uses commodity and interest rate derivative instruments to mitigate the risks associated with commodity price volatility and changing interest rates and to help maintain cash flows for operating activities, acquisitions, capital expenditures, and distributions. The Partnership does not enter into derivative instruments for speculative trading purposes. Non-cash gains or losses do not affect Adjusted EBITDA, cash flow from operations or the Partnership's ability to pay cash distributions.

Realized gains from commodity derivative instruments were $87.6 million for the year ended December 31, 2012. Realized losses from interest rate derivative instruments were $5.5 million for the year ended December 31, 2012, which included $2.5 million in realized loss from the termination of an interest rate swap. Non-cash unrealized losses from commodity derivative instruments were $82.0 million and non-cash unrealized gains from interest rate derivative instruments were $4.4 million for the year ended December 31, 2012.

Production, Statement of Operations, and Realized Price Information

The following table presents production, selected income statement and realized price information for the three months ended December 31, 2012 and 2011, the three months ended September 30, 2012 and the years ended December 31, 2012 and 2011:

        Three Months Ended     Year Ended December 31,
        December 31,   September 30,   December 31,          
  Thousands of dollars, except as indicated       2012         2012         2011         2012         2011  
  Oil, natural gas and NGLs sales     $ 113,179       $ 111,700       $ 109,720       $ 413,867       $ 394,393  
  Realized gain (loss) on commodity derivative instruments       22,455         22,496         (28,851 )       87,605         (16,067 )
  Unrealized gain (loss) on commodity derivative instruments       (18,740 )       (91,914 )       (8,614 )       (82,025 )       97,734  
  Other revenues, net       700         796         894         3,548         4,310  
  Total revenues     $ 117,594       $ 43,078       $ 73,149       $ 422,995       $ 480,370  
  Lease operating expenses and processing fees     $ 41,769       $ 40,325       $ 38,093       $ 159,289       $ 136,441  
  Production and property taxes       10,962         8,574         7,946         33,634         26,599  
  Total lease operating expenses     $ 52,731       $ 48,899       $ 46,039       $ 192,923       $ 163,040  
  Purchases and other operating costs       267         293         210         1,577         961  
  Change in inventory       578         856         255         1,279         1,968  
  Total operating costs     $ 53,576       $ 50,048       $ 46,504       $ 195,779       $ 165,969  
  Lease operating expenses pre taxes per Boe (a)     $ 18.88       $ 18.62       $ 18.45       $ 19.15       $ 19.39  
  Production and property taxes per Boe       4.96         3.96         3.85         4.04         3.78  
  Total lease operating expenses per Boe       23.84         22.58         22.30         23.19         23.17  
  General and administrative expenses (excluding unit-based compensation)     $ 9,815       $ 8,069       $ 9,480       $ 33,281       $ 31,311  
  Net income (loss) attributable to the partnership     $ (10,334 )     $ (73,003 )     $ (30,392 )     $ (40,801 )     $ 110,497  
  Net income (loss) per diluted limited partner unit     $ (0.13 )     $ (1.00 )     $ (0.51 )     $ (0.56 )     $ 1.79  
                                 
  Total production (MBoe)       2,212         2,166         2,065         8,318         7,037  
  Oil and NGLs (MBoe) (b)       1,005         973         871         3,652         3,255  
  Natural gas (MMcf)       7,243         7,161         7,168         27,997         22,697  
  Average daily production (Boe/d)       24,044         23,545         22,450         22,726         19,281  
  Sales volumes (MBoe)       2,203         2,219         2,080         8,334         7,106  
  Average realized sales price (per Boe) © (d)     $ 61.49       $ 60.40       $ 56.48       $ 60.09       $ 58.33  
  Oil and NGLs (per Boe) © (d)       91.38         89.55         84.00         90.82         79.80  
  Natural gas (per Mcf) ©       6.14         5.89         6.02         5.99         6.58  
                                 
                                 
  (a) Includes lease operating expenses, district expenses, transportation expenses and processing fees.
  (b) NGLs account for less than 3% of total production.
  © Includes realized gain on commodity derivative instruments.
  (d) Includes crude oil purchases.
   

Non-GAAP Financial Measures

This press release, the financial tables and other supplemental information, including the reconciliations of certain non-generally accepted accounting principles ("non-GAAP") measures to their nearest comparable generally accepted accounting principles ("GAAP") measures, may be used periodically by management when discussing the Partnership's financial results with investors and analysts, and they are also available on the Partnership's website under the Investor Relations tab.

Among the non-GAAP financial measures used is "Adjusted EBITDA." This non-GAAP financial measure should not be considered as an alternative to GAAP measures, such as net income, operating income, cash flow from operating activities or any other GAAP measure of liquidity or financial performance. In addition, this press release presents certain non-GAAP financial measures, which exclude the effect of a $36.8 million loss relating to the early termination of crude oil derivative contracts in the fourth quarter of 2011. Management believes that these non-GAAP financial measures enhance comparability to prior periods.

Adjusted EBITDA is presented as management believes it provides additional information relative to the performance of the Partnership's business, such as our ability to meet our debt covenant compliance tests. This non-GAAP financial measure may not be comparable to similarly titled measures of other publicly traded partnerships or limited liability companies because all companies may not calculate Adjusted EBITDA in the same manner.

Adjusted EBITDA

The following table presents a reconciliation of net income (loss) and net cash flows from operating activities, our most directly comparable GAAP financial performance and liquidity measures, to Adjusted EBITDA for each of the periods indicated.

                       
      Three Months Ended   Year Ended December 31,
      December 31,   September 30,   December 31,        
  Thousands of dollars     2012       2012       2011       2012       2011  
                   

 

     

 

 
  Reconciliation of net income (loss) to Adjusted EBITDA:                    
                       
  Net income (loss) attributable to the Partnership   $ (10,334 )   $ (73,003 )   $ (30,392 )     ($40,801 )     110,497  
                       
  Unrealized (gain) loss on commodity derivative instruments     18,740       91,914       8,614       82,025       (97,734 )
  Depletion, depreciation and amortization expense     40,497       37,270       31,149       149,565       107,503  
  Interest expense and other financing costs (a)     21,171       16,174       11,492       66,675       42,422  
  Unrealized (gain) on interest rate derivatives     (3,021 )     (570 )     (340 )     (4,368 )     (480 )
  Loss on early termination of commodity derivatives (b)     -       -       36,779       -       36,779  
  Loss (gain) on sale of assets     264       68       (71 )     486       (111 )
  Income taxes     285       (647 )     (321 )     84       1,188  
  Unit-based compensation expense ©     5,329       5,652       5,707       22,184       22,002  
  Net operating cash flow from acquisitions, effective date through closing date     5,092       13,227       1,808       19,914       2,886  
  Adjusted EBITDA   $ 78,023     $ 90,085     $ 64,425     $ 295,764     $ 224,952  
                       
                       
      Three Months Ended   Year Ended December 31,
      December 31,   September 30,   December 31,        
  Thousands of dollars     2012       2012       2011       2012       2011  
                       
  Reconciliation of net cash flows from operating activities to Adjusted EBITDA:                    
                       
  Net cash provided by (used in) operating activities   $ 25,506     $ 65,725     $ (241 )   $ 191,782       128,543  
                       
  Increase (decrease) in assets net of liabilities relating to operating activities    

27,655

      (3,935 )     15,503      

22,492

      18,942  
  Interest expense (a) (d)     19,885       15,133       10,394       61,807       37,702  
  Loss on early termination of commodity derivatives (b)     -       -       36,779           36,779  
  Income from equity affiliates, net     (131 )     (47 )     (41 )     (487 )     (210 )
  Incentive compensation expense (e)     (82 )     -       (2 )     (82 )     (41 )
  Incentive compensation paid     -       -       -       -       78  
  Income taxes     98       (18 )     278       400       474  
  Non-controlling interest     -       -       (53 )     (62 )     (201 )
  Net operating cash flow from acquisitions, effective date through closing date     5,092       13,227       1,808       19,914       2,886  
                       
  Adjusted EBITDA   $

78,023

    $ 90,085     $ 64,425     $

295,764

    $ 224,952  
                       
  (a) Includes realized loss on interest rate derivatives.
  (b) Represents loss on termination of hedge contracts during the fourth quarter of 2011.
  © Represents non-cash long-term unit-based incentive compensation expense.
  (d) Excludes amortization of debt issuance costs and amortization of senior note discount/premium.
  (e) Represents cash-based incentive compensation plan expense.
                       

Hedge Portfolio Summary

The table below summarizes the Partnership's commodity derivative hedge portfolio as of February 27, 2013. Please refer to the updated Commodity Price Protection Portfolio via our website for additional details related to our hedge portfolio.

         

Year

       
      2013   2014   2015   2016   2017
  Oil Positions:                    
  Fixed Price Swaps - NYMEX WTI                    
  Hedged Volume (Bbls/d)     5,338     4,814     4,189     1,611     222
  Average Price ($/Bbl)   $ 91.32   $ 93.07   $ 96.61   $ 91.50   $ 88.12
  Fixed Price Swaps - ICE Brent                    
  Hedged Volume (Bbls/d)     4,200     4,800     3,300     2,800     1,548
  Average Price ($/Bbl)   $ 97.57   $ 98.88   $ 97.73   $ 95.79   $ 88.21
  Collars - NYMEX WTI                    
  Hedged Volume (Bbls/d)     500     1,000     1,000     -     -
  Average Floor Price ($/Bbl)   $ 77.00   $ 90.00   $ 90.00   $ -   $ -
  Average Ceiling Price ($/Bbl)   $ 103.10   $ 112.00   $ 113.50   $ -   $ -
  Collars - ICE Brent                    
  Hedged Volume (Bbls/d)     -     -     500     500     -
  Average Floor Price ($/Bbl)   $ -   $ -   $ 90.00   $ 90.00   $ -
  Average Ceiling Price ($/Bbl)   $ -   $ -   $ 109.50   $ 101.25   $ -
  Puts - NYMEX WTI                    
  Hedged Volume (Bbls/d)     1,000     500     500     1,000     -
  Average Price ($/Bbl)   $ 90.00   $ 90.00   $ 90.00   $ 90.00   $ -
  Total:                    
  Hedged Volume (Bbls/d)     11,038     11,114     9,489     5,911     1,769
  Average Price ($/Bbl)   $ 92.93   $ 95.17   $ 95.61   $ 93.15   $ 88.20
                       
  Gas Positions:                    
  Fixed Price Swaps - MichCon City-Gate                    
  Hedged Volume (MMBtu/d)     37,000     7,500     7,500     7,000     -
  Average Price ($/MMBtu)   $ 6.50   $ 6.00   $ 6.00   $ 4.51   $ -
  Fixed Price Swaps - Henry Hub                    
  Hedged Volume (MMBtu/d)     21,100     38,600     43,200     18,200     5,571
  Average Price ($/MMBtu)   $ 4.76   $ 4.80   $ 4.83   $ 4.22   $ 4.51
  Puts - Henry Hub                    
  Hedged Volume (MMBtu/d)     -     6,000     1,500     -     -
  Average Price ($/MMBtu)   $ -   $ 5.00   $ 5.00   $ -   $ -
  Total:                    
  Hedged Volume (MMBtu/d)     58,100     52,100     52,200     25,200     5,571
  Average Price ($/MMBtu)   $ 5.87   $ 4.99   $ 5.00   $ 4.30   $ 4.51
                       
  Calls - Henry Hub                    
  Hedged Volume (MMBtu/d)     30,000     15,000     -     -     -
  Average Price ($/MMBtu)   $ 8.00   $ 9.00   $ -   $ -   $ -
  Deferred Premium ($/MMBtu)   $ 0.08   $ 0.12   $ -   $ -   $ -
                       

Other Information

The Partnership will host an investor conference call to discuss its results today at 10:00 a.m. (Pacific Time). Investors may access the conference call over the Internet via the Investor Relations tab of the Partnership's website (www.breitburn.com), or via telephone by dialing 888-572-7025 (international callers dial +1-719-325-2215) a few minutes prior to register. Those listening via the Internet should go to the site 15 minutes early to register, download and install any necessary audio software. In addition, a replay of the call will be available through March 14, 2013 by dialing 877-870-5176 (international callers dial +1-858-384-5517) and entering replay PIN 8245339, or by going to the Investor Relations tab of the Partnership's website (www.breitburn.com). The Partnership will take live questions from securities analysts and institutional portfolio managers; the complete call is open to all other interested parties on a listen-only basis.

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 relating to the Partnership's operations that are based on management's current expectations, estimates and projections about its operations. Words and phrases such as "believes," "expected," "future," "impact," "guidance," "assuming," "forecast," "will be" and variations of such words and similar expressions are intended to identify such forward-looking statements. These 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. These include risks relating to the Partnership's financial performance and results, availability of sufficient cash flow and other sources of liquidity to execute our business plan, prices and demand for natural gas and oil, increases in operating costs, uncertainties inherent in estimating our reserves and production, our ability to replace reserves and efficiently develop our current reserves, political and regulatory developments relating to taxes, derivatives and our oil and gas operations, risks relating to our acquisitions, and the factors set forth under the heading "Risk Factors" incorporated by reference from our Annual Report on Form 10-K filed with the Securities and Exchange Commission, and if applicable, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. 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, the Partnership 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.

  BreitBurn Energy Partners L.P. and Subsidiaries
  Unaudited Consolidated Balance Sheets
           
           
      December 31,   December 31,
  Thousands     2012       2011  
  ASSETS        
  Current assets        
  Cash   $ 4,507     $ 5,328  
  Accounts and other receivables, net     67,862       73,018  
  Derivative instruments     34,018       83,452  
  Related party receivables     1,413       4,245  
  Inventory     3,086       4,724  
  Prepaid expenses     2,779       2,053  
  Total current assets     113,665       172,820  
  Equity investments     7,004       7,491  
  Property, plant and equipment        
  Oil and gas properties     3,363,946       2,583,993  
  Other assets     14,367       13,431  
        3,378,313       2,597,424  
  Accumulated depletion and depreciation     (666,420 )     (524,665 )
 

Net property, plant and equipment

    2,711,893       2,072,759  
  Other long-term assets        
  Derivative instruments     55,210       55,337  
  Other long-term assets     27,722       22,442  
           
  Total assets   $ 2,915,494     $ 2,330,849  
  LIABILITIES AND EQUITY        
  Current liabilities        
  Accounts payable   $ 42,497     $ 27,203  
  Derivative instruments     5,625       8,881  
  Revenue and royalties payable     22,262       19,641  
  Salaries and wages payable     10,857       13,655  
  Accrued interest payable     13,002       6,291  
  Accrued liabilities     20,997       14,218  
 

Total current liabilities

    115,240       89,889  
           
  Credit facility     345,000       520,000  
  Senior notes, net     755,696       300,613  
  Deferred income taxes     2,487       2,803  
  Asset retirement obligation     98,480       82,397  
  Derivative instruments     4,393       3,084  
  Other long-term liabilities     4,662       4,849  
  Total liabilities     1,325,958       1,003,635  
  Equity        
  Partners' equity     1,589,536       1,326,764  
  Noncontrolling interest     -       450  
 

Total equity

    1,589,536       1,327,214  
           
  Total liabilities and equity   $ 2,915,494     $ 2,330,849  
           
  Common units outstanding     84,668       59,864  
           
  BreitBurn Energy Partners L.P. and Subsidiaries
  Unaudited Consolidated Statements of Operations
                   
      Three Months Ended   Year Ended
      December 31,   December 31,
  Thousands of dollars, except per unit amounts     2012       2011       2012       2011  
                   
  Revenues and other income items                
  Oil, natural gas and natural gas liquid sales   $ 113,179     $ 109,720     $ 413,867     $ 394,393  
  Gain (loss) on commodity derivative instruments, net     3,715       (37,465 )     5,580       81,667  
  Other revenue, net     700       894       3,548       4,310  
  Total revenues and other income items     117,594       73,149       422,995       480,370  
  Operating costs and expenses                
  Operating costs     53,576       46,504       195,779       165,969  
  Depletion, depreciation and amortization     40,497       31,149       149,565       107,503  
  General and administrative expenses     15,144       15,187       55,465       53,313  
  Loss (gain) on sale of assets     264       (71 )     486       (111 )
  Unreimbursed litigation settlement costs     -       (113 )     -       (113 )
                   
  Operating income (loss)     8,113       (19,507 )     21,700       153,809  
                   
  Interest expense, net of capitalized interest     17,975       11,395       61,206       39,165  
  Loss on interest rate swaps     175       (243 )     1,101       2,777  
  Other expense (income), net     12       1       48       (19 )
  Total other expense     18,162       11,153       62,355       41,923  
                   
  Income (loss) before taxes     (10,049 )     (30,660 )     (40,655 )     111,886  
                   
  Income tax expense (benefit)     285       (321 )     84       1,188  
                   
  Net income (loss)     (10,334 )     (30,339 )     (40,739 )     110,698  
                   
  Less: Net income attributable to noncontrolling interest     -       (53 )     (62 )     (201 )
                   
  Net income (loss) attributable to the partnership     (10,334 )     (30,392 )     (40,801 )     110,497  
                   
  Basic net income (loss) per unit   $ (0.13 )   $ (0.51 )   $ (0.56 )   $ 1.80  
  Diluted net income (loss) per unit   $ (0.13 )   $ (0.51 )   $ (0.56 )   $ 1.79  
                   
  BreitBurn Energy Partners L.P. and Subsidiaries
  Unaudited Consolidated Statements of Cash Flows
           
           
      Year Ended
      December 31,
  Thousands of dollars     2012       2011  
           
  Cash flows from operating activities        
  Net income (loss)   $ (40,739 )   $ 110,698  
  Adjustments to reconcile net income to cash flow from operating activities:        
  Depletion, depreciation and amortization     149,565       107,503  
  Unit-based compensation expense     22,266       22,043  
  Unrealized loss (gain) on derivative instruments     77,657       (98,214 )
  Income from equity affiliates, net     487       210  
  Deferred income taxes     (316 )     714  
  Loss (gain) on sale of assets     486       (111 )
  Other     4,472       (312 )
  Changes in assets and liabilities:        
  Accounts receivable and other assets     (23,284 )     (17,833 )
  Inventory     1,638       2,597  
  Net change in related party receivables and payables     2,832       100  
  Accounts payable and other liabilities     (3,282 )     1,148  
  Net cash provided by operating activities     191,782       128,543  
  Cash flows from investing activities        
  Capital expenditures     (135,932 )     (78,107 )
  Proceeds from sale of assets     1,129       2,339  
  Property acquisitions     (562,356 )     (338,805 )
  Net cash used in investing activities     (697,159 )     (414,573 )
  Cash flows from financing activities        
  Issuance of common units     370,234       99,443  
  Distributions     (132,420 )     (102,686 )
  Proceeds from issuance of long-term debt, net     1,502,885       661,500  
  Repayments of long-term debt     (1,223,000 )     (369,500 )
  Change in book overdraft     (3,176 )     2,636  
  Debt issuance costs     (9,967 )     (3,665 )
  Net cash provided by financing activities     504,556       287,728  
  Increase (decrease) in cash     (821 )     1,698  
  Cash beginning of period     5,328       3,630  
  Cash end of period   $ 4,507     $ 5,328  

BBEP-IR

 

BreitBurn Energy Partners L.P.
Investor Relations Contacts:
James G. Jackson
Executive Vice President and Chief Financial Officer
213-225-5900 x273
or
Jessica Tang, Investor Relations
213-225-5900 x210

Source: BreitBurn Energy Partners L.P.

 

 

News Provided by Acquire Media