BREITBURN ENERGY PARTNERS, L.P. - COMMON UNITS REP (BBEP, Financial) filed Annual Report for the period ended 2010-12-31.
Breitburn Energy Partners L.p. has a market cap of $1.27 billion; its shares were traded at around $21.8 with a P/E ratio of 16 and P/S ratio of 6.2. The dividend yield of Breitburn Energy Partners L.p. stocks is 7.6%.
On February 11, 2011, we sold approximately 4.9 million Common Units at a price to the public of $21.25, resulting in proceeds net of underwriting discount of $100.5 million, which we used to repay outstanding debt under our credit facility.
In 2011, our crude oil and natural gas capital spending program is expected to be in the range of $70 million to $74 million, compared with approximately $70 million in 2010. We anticipate spending approximately 70% in California, Florida and Wyoming and approximately 30% in Michigan, Indiana and Kentucky. We expect to drill or re-drill approximately 40 wells, with 75% of our total capital spending focused on drilling and rate generating projects that are designed to increase or add to production or revenues. Without considering potential acquisitions, we expect production to be in the range of 6.5 MMBoe to 6.9 MMBoe in 2011.
Commodity hedging remains an important part of our strategy to reduce cash flow volatility. We use swaps, collars and options for managing risk relating to commodity prices. As of February 28, 2011, we had hedged approximately 84% of our 2011 expected production. In 2011, we had 8,506 Bbl/d of oil and 41,971 MMBtu/d of natural gas hedged at average prices of approximately $80.20 and $7.92, respectively. In 2012, we had 7,516 Bbl/d of oil and 38,257 MMBtu/d of natural gas hedged at average prices of approximately $87.97 and $8.05, respectively. In 2013, we had 6,980 Bbl/d of oil and 37,000 MMBtu/d of natural gas hedged at average prices of approximately $81.06 and $6.50, respectively. In 2014, we had 5,000 Bbl/d of oil and 7,500 MMBtu/d of natural gas hedged at average prices of approximately $88.60 and $6.00, respectively. In 2015, we ha d 2,000 Bbl/d of oil hedged at an average price of $99.00.
In connection with our initial public offering, BEC contributed to our wholly owned subsidiaries certain fields in the Los Angeles Basin in California, including its interests in the Santa Fe Springs, Rosecrans and Brea Olinda Fields, substantially all of its oil and gas assets, liabilities and operations located in the Wind River and Big Horn Basins in central Wyoming and certain other assets and liabilities. In 2007, we completed seven acquisitions totaling approximately $1.7 billion, the largest of which was the acquisition of assets in Michigan, Indiana and Kentucky from Quicksilver Resources Inc. (“Quicksilver”) for approximately $1.46 billion. In 2008, we acquired Provident s interest in BreitBurn Management, BreitBurn Corporation contributed its interest in BreitBurn Management to us, and BreitBurn Management con tributed its interest in the General Partner to us, resulting in BreitBurn Management and the General Partner becoming our wholly owned subsidiaries. In 2009, we completed the sale of the Lazy JL field for $23 million in cash.
As of December 31, 2010, our total estimated proved reserves were 118.9 MMBoe, of which approximately 65% was natural gas and 35% was crude oil. As of December 31, 2009, our total estimated proved reserves were 111.3 MMBoe, of which approximately 65% was natural gas and 35% was crude oil. The total estimated reserve additions in 2010 of 14.3 MMBoe were partially offset by the 6.7 MMBoe of production resulting in a net gain of 7.6 MMBoe over 2009. The increase in 2010 was the result of drilling, recompletions, workovers, reserve acquisitions, addition of new drilling locations, economic factors, and revised estimates of existing reserves. The primary economic factor was an increase in commodity prices. Un-weighted average first-day-of-the-month crude oil and natural gas prices used to determine our total estimated proved reserves as of De cember 31, 2010 were $79.40 per Bbl for crude oil (except Wyoming properties for which $65.36 per Bbl was used) and $4.38 per MMBtu for natural gas compared to $61.18 per Bbl for crude oil (except Wyoming properties for which $51.29 per Bbl was used) and $3.87 per MMBtu for natural gas in 2009.
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Breitburn Energy Partners L.p. has a market cap of $1.27 billion; its shares were traded at around $21.8 with a P/E ratio of 16 and P/S ratio of 6.2. The dividend yield of Breitburn Energy Partners L.p. stocks is 7.6%.
Highlight of Business Operations:
The aggregate market value of the Common Units held by non-affiliates was approximately $520,687,000 on June 30, 2010, the last business day of the registrant s most recently completed second fiscal quarter, based on $14.93 per unit, the last reported sales price on such date. For purposes of this calculation, Quicksilver Resources Inc., which owned 17,728,071 Common Units on such date, is considered an affiliate of the registrant.On February 11, 2011, we sold approximately 4.9 million Common Units at a price to the public of $21.25, resulting in proceeds net of underwriting discount of $100.5 million, which we used to repay outstanding debt under our credit facility.
In 2011, our crude oil and natural gas capital spending program is expected to be in the range of $70 million to $74 million, compared with approximately $70 million in 2010. We anticipate spending approximately 70% in California, Florida and Wyoming and approximately 30% in Michigan, Indiana and Kentucky. We expect to drill or re-drill approximately 40 wells, with 75% of our total capital spending focused on drilling and rate generating projects that are designed to increase or add to production or revenues. Without considering potential acquisitions, we expect production to be in the range of 6.5 MMBoe to 6.9 MMBoe in 2011.
Commodity hedging remains an important part of our strategy to reduce cash flow volatility. We use swaps, collars and options for managing risk relating to commodity prices. As of February 28, 2011, we had hedged approximately 84% of our 2011 expected production. In 2011, we had 8,506 Bbl/d of oil and 41,971 MMBtu/d of natural gas hedged at average prices of approximately $80.20 and $7.92, respectively. In 2012, we had 7,516 Bbl/d of oil and 38,257 MMBtu/d of natural gas hedged at average prices of approximately $87.97 and $8.05, respectively. In 2013, we had 6,980 Bbl/d of oil and 37,000 MMBtu/d of natural gas hedged at average prices of approximately $81.06 and $6.50, respectively. In 2014, we had 5,000 Bbl/d of oil and 7,500 MMBtu/d of natural gas hedged at average prices of approximately $88.60 and $6.00, respectively. In 2015, we ha d 2,000 Bbl/d of oil hedged at an average price of $99.00.
In connection with our initial public offering, BEC contributed to our wholly owned subsidiaries certain fields in the Los Angeles Basin in California, including its interests in the Santa Fe Springs, Rosecrans and Brea Olinda Fields, substantially all of its oil and gas assets, liabilities and operations located in the Wind River and Big Horn Basins in central Wyoming and certain other assets and liabilities. In 2007, we completed seven acquisitions totaling approximately $1.7 billion, the largest of which was the acquisition of assets in Michigan, Indiana and Kentucky from Quicksilver Resources Inc. (“Quicksilver”) for approximately $1.46 billion. In 2008, we acquired Provident s interest in BreitBurn Management, BreitBurn Corporation contributed its interest in BreitBurn Management to us, and BreitBurn Management con tributed its interest in the General Partner to us, resulting in BreitBurn Management and the General Partner becoming our wholly owned subsidiaries. In 2009, we completed the sale of the Lazy JL field for $23 million in cash.
As of December 31, 2010, our total estimated proved reserves were 118.9 MMBoe, of which approximately 65% was natural gas and 35% was crude oil. As of December 31, 2009, our total estimated proved reserves were 111.3 MMBoe, of which approximately 65% was natural gas and 35% was crude oil. The total estimated reserve additions in 2010 of 14.3 MMBoe were partially offset by the 6.7 MMBoe of production resulting in a net gain of 7.6 MMBoe over 2009. The increase in 2010 was the result of drilling, recompletions, workovers, reserve acquisitions, addition of new drilling locations, economic factors, and revised estimates of existing reserves. The primary economic factor was an increase in commodity prices. Un-weighted average first-day-of-the-month crude oil and natural gas prices used to determine our total estimated proved reserves as of De cember 31, 2010 were $79.40 per Bbl for crude oil (except Wyoming properties for which $65.36 per Bbl was used) and $4.38 per MMBtu for natural gas compared to $61.18 per Bbl for crude oil (except Wyoming properties for which $51.29 per Bbl was used) and $3.87 per MMBtu for natural gas in 2009.
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