Past year: ▼ 95%(0.25c – 7.40c USD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2014debt financing▲ GoodMajor
Banks lifted the borrowing base to $1.6 billion, kept commitments at $1.4 billion and pushed the revolver out a year to May 2017. This was the high-water mark of lender confidence; every redetermination after the oil price broke went the other way.
20 Mar 2014securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.
20 Mar 2014material agreement● Neutral
Set up a $200 million at-the-market programme to dribble units into the market as needed. A cheaper, quieter version of the underwritten raises, and a sign that regular equity issuance was now permanent plumbing rather than an occasional event.
27 Feb 2014quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $177.3 million for the period ended 2013-12-31.
6 Jan 2014securities registration● Neutral
Breitburn Energy Partners LP registered a securities offering with the SEC using its shelf eligibility.
31 Dec 2013asset acquisition disposition● NeutralMajor
Closed the third CrownRock deal plus $20 million of extra interests. The disclosure that matters is the last line: $727 million drawn against $1.4 billion of lender commitments, after roughly $1.15 billion of acquisitions in 2013 alone.
13 Dec 2013material agreement● NeutralMajor
A third CrownRock purchase, $282 million for more Permian acreage, with Breitburn saying it would hedge five years of the acquired production immediately. The hedges were the whole thesis: buy long-life production on debt and lock in the price.
22 Nov 2013debt financing● NeutralMajor
Issued a further $400 million of the 7.875% 2022 notes, taking that single issue to $850 million. Combined with the 2020 notes, unsecured bond debt was now well over $1.1 billion - the same notes whose holders would later be wiped down to a rights offering in bankruptcy.
20 Nov 2013securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
20 Nov 2013securities registration● Neutral
Breitburn Energy Partners LP filed a free-writing prospectus - marketing material for an offering in progress.
19 Nov 2013securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.
18 Nov 2013material agreement● Neutral
Sold 19 million units at $18.22 for about $333 million to repay the borrowings used for Whiting. Each raise is bigger and each price lower than the last.
14 Nov 2013securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
12 Nov 2013securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.
6 Nov 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $143.4 million for the period ended 2013-09-30.
6 Nov 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $143.4 million for the period ended 2013-09-30.
27 Sept 2013securities registration● Neutral
Breitburn Energy Partners LP amended its automatic shelf registration statement.
23 Aug 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $217.0 million for the period ended 2013-06-30.
6 Aug 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $217.0 million for the period ended 2013-06-30.
6 Aug 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $217.0 million for the period ended 2013-06-30.
18 July 2013asset acquisition disposition● NeutralMajor
Closed the Whiting purchase at about $846 million, with Whiting continuing to run the fields until the end of October. Breitburn had roughly doubled its debt to buy a mature enhanced-oil-recovery project whose economics depend on a high oil price.
25 June 2013material agreement● NeutralMajor
Agreed to pay Whiting Oil and Gas $860 million for the Postle and North East Hardesty carbon-dioxide flood fields in the Oklahoma Panhandle plus the pipelines, gas plant and CO2 supply contracts that feed them. Three times the size of anything Breitburn had bought before, and it brought midstream assets and a decade of CO2 purchase commitments with it.
3 May 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $96.9 million for the period ended 2013-03-31.
3 May 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $96.9 million for the period ended 2013-03-31.
3 May 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $96.9 million for the period ended 2013-03-31.
28 Feb 2013quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $117.6 million for the period ended 2012-12-31.
12 Feb 2013material agreement● Neutral
Sold 15 million units at $19.86 for about $285 million, the largest equity raise so far, once more to repay the revolver emptied by the Permian buying.
8 Feb 2013securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
6 Feb 2013securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.
28 Dec 2012material agreement● Neutral
Closed the second round of Permian purchases from CrownRock and Lynden for about $189 million.
