BreitBurn Energy Partners L.P. - Master Limited Partnership
BreitBurn Energy Partners L.P. is an independent oil and gas master partnership focused on the acquisition, exploitation and development of oil and gas properties in the United States. Our objective is to manage our oil and gas producing properties for the purpose of generating cash flow and making distributions to our unitholders.
Our assets consist primarily of producing and non-producing crude oil and natural gas reserves located in the Los Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Powder River Basin in eastern Wyoming, the Evanston and Green River Basins in southwestern Wyoming, the Sunniland Trend in Florida, the Permian Basin in Texas, the Antrim Shale in Michigan, and the New Albany Shale in Indiana and Kentucky. Our assets are characterized by stable, long-lived production and reserve life indexes averaging approximately 17 years. Our fields generally have long production histories, with some fields producing for over 100 years. We have high net revenue interests in our properties.
As of December 31, 2012, our total estimated proved reserves were 149.4 MMBoe, of which approximately 53 percent were crude oil and 47 percent were natural gas. Of our total estimated proved reserves as of December 31, 2012, 35 percent were located in Michigan, 26 percent in Wyoming, 17 percent in California, 14 percent in Texas, seven percent in Florida, with the remaining one percent in Indiana and Kentucky.
2012 Growth Through Acquisitions
In 2012, we completed 7 major acquisitions totaling over $600 million.
- In June 2012, we completed the acquisition of oil properties located in Park County in the Big Horn Basin of Wyoming from NiMin for approximately $95 million in cash.
- In July 2012, we completed the acquisition of oil and natural gas properties in the Permian Basin in Texas from Element and CrownRock for approximately $148 million and $70 million in cash, respectively. In December 2012, we completed the acquisition of additional oil and natural gas properties in the Permian Basin from CrownRock, Lynden and Piedra for approximately $167 million , $25 million and $10 million, respectively, subject to customary post-closing adjustments. The properties acquired in the Permian Basin during 2012 were approximately 79% oil as of December 31, 2012.
- In November 2012, we completed the acquisition of oil and natural gas properties from American Energy Operations, Inc. ("AEO") located in the Belridge Field in the San Joaquin Basin in Kern County, California for approximately $38 million in cash and approximately 3 million Common Units valued at $56 million, subject to customary post-closing adjustments. The properties acquired in the AEO Acquisition were approximately 85% oil as of December 31, 2012.
- Delivering record Adjusted EBITDA and total production
- Achieving 7% annual distribution growth and 11 consecutive quarters of distribution growth
- Completing over $600 million in acquisitions and expanding our geographic presence to seven states
- Increasing oil production and reserves through acquisitions and expanded developing drilling programs
- Strengthening hedge portfolio by increasing total volumes at attractive prices