16 June 2016director interest notice● Neutral
Breitburn Energy Partners LP director John R Butler Jr. sold 2,189 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 June 2016director interest notice● Neutral
Breitburn Energy Partners LP director John R Butler Jr. sold 13,416 shares at $0.07.
10 June 2016listing compliance notice● NeutralMajor
Breitburn Energy Partners LP's exchange filed to remove a class of its securities from listing.
7 June 2016director interest notice● Neutral
Breitburn Energy Partners LP director Charles S Weiss sold 71,504 shares.
2 June 2016director interest notice● Neutral
Breitburn Energy Partners LP director John R Butler Jr. sold 20,000 shares at $0.08.
2 June 2016director interest notice● Neutral
Breitburn Energy Partners LP Executive VP and CFO James G Jackson sold 159,390 shares at $0.09.
2 June 2016director interest notice● Neutral
Breitburn Energy Partners LP director Randall Hart Breitenbach sold 610,840 shares at $0.08.
1 June 2016director interest notice● Neutral
Breitburn Energy Partners LP EVP, Gen. Counsel, CAO Gregory C Brown sold 432,374 shares at $0.12.
1 June 2016director interest notice● Neutral
Breitburn Energy Partners LP Chief Executive Officer Halbert S Washburn sold 839,106 shares.
27 May 2016director interest notice● Neutral
Breitburn Energy Partners LP director John R Butler Jr. disposed of 83,000 shares.
26 May 2016director interest notice● Neutral
Breitburn Energy Partners LP director David B Kilpatrick sold 96,256 shares at $0.07.
26 May 2016director interest notice● Neutral
Breitburn Energy Partners LP President and COO Mark L Pease sold 495,457 shares at $0.11.
26 May 2016director interest notice● Neutral
Breitburn Energy Partners LP Executive VP and CFO James G Jackson sold 260,677 shares at $0.17.
26 May 2016director interest notice● Neutral
Breitburn Energy Partners LP Chief Executive Officer Halbert S Washburn sold 42,225 shares.
26 May 2016debt financing● NeutralMajor
The $75 million debtor-in-possession facility was signed, with Wells Fargo as agent and the pre-bankruptcy revolver lenders as the lenders, maturing January 2017. The banks that financed the acquisition spree stepped straight into the senior, court-protected position ahead of everyone else.
24 May 2016director interest notice● Neutral
Breitburn Energy Partners LP Senior Vice President Willis Jackson Washburn sold 111,566 shares.
23 May 2016director interest notice● Neutral
Breitburn Energy Partners LP director Gregory J Moroney sold 51,852 shares at $0.07.
23 May 2016director interest notice● Neutral
Breitburn Energy Partners LP director Donald D Wolf sold 187,622 shares at $0.09.
19 May 2016director interest notice● Neutral
Breitburn Energy Partners LP VP, Controller & Chf Actg Ofcr Lawrence C Smith sold 88,677 shares at $0.06.
19 May 2016director interest notice● Neutral
Breitburn Energy Partners LP VP and Treasurer Bruce D Mcfarland sold 41,012 shares at $0.06.
18 May 2016listing compliance notice▼ BadMajor
Nasdaq moved to delist the units three days after the bankruptcy filing, citing the filing itself and doubt that unitholders had any residual value left. Breitburn did not appeal; the units moved to the over-the-counter pink sheets.
16 May 2016bankruptcy or receivership▼ BadMajor
Breitburn filed for Chapter 11 in New York on 15 May 2016 with a $75 million debtor-in-possession loan arranged by the same revolver banks it already owed. The cause was not a bad well but the arithmetic of the model itself: nine years of buying producing assets with bank debt and refinancing it with units and bonds left roughly $3 billion of borrowings against reserves the 2014-16 price collapse had revalued far below them.
10 May 2016quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $148.0 million for the period ended 2016-03-31.
9 May 2016quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $148.0 million for the period ended 2016-03-31.
1 Apr 2016material agreement▼ BadMajor
Lenders agreed to delay the spring borrowing base redetermination by a month and cut committed lending from $1.8 billion to $1.4 billion. The delay bought a few weeks; the cut confirmed the banks were shrinking their exposure ahead of a reserve revaluation nobody expected Breitburn to survive.
11 Feb 2016material agreement termination▼ Bad
PCEC, the affiliated California company created in the 2008 Provident split, gave notice to end the services agreement under which Breitburn ran its assets for $700,000 a month. A reliable fee stream disappearing at the worst possible moment, and the beginning of the unwinding of that relationship.
22 Jan 2016listing compliance notice▼ BadMajor
Nasdaq warned that Breitburn's units had traded below $1 for 30 straight days, giving it until July to recover. Units that were sold at $18-21 through the acquisition years were now worth less than a dollar.
5 Nov 2015quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $412.3 million for the period ended 2015-09-30.
5 Nov 2015quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $412.3 million for the period ended 2015-09-30.
11 Sept 2015securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.