27 Dec 2012securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2012material agreement● NeutralMajor
Went back to CrownRock five months after the first Permian deal, agreeing to pay it $165 million and Lynden USA $25 million for more Wolfberry acreage - another $190 million on the bank line.
6 Dec 2012asset acquisition disposition● Neutral
Closed the Belridge purchase, issuing the 3.0 million units privately to the seller.
27 Nov 2012capital raising announcement● Neutral
Agreed to buy Belridge field oil properties in Kern County, California, from American Energy Operations for $40 million cash plus 3.0 million units - about 825 barrels a day. Paying partly in units rather than cash was new, and a sign the revolver was already working hard.
6 Nov 2012quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $43.1 million for the period ended 2012-09-30.
28 Sept 2012debt financing● NeutralMajor
Added $200 million to the 7.875% 2022 notes, taking that issue to $450 million, again to repay bank borrowings. Bond debt was growing faster than the asset base it funded.
11 Sept 2012material agreement● Neutral
Sold 11.5 million units at $18.51 for about $204 million to clear the revolver drawn for the Permian deals.
6 Sept 2012securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
5 Sept 2012securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.
8 Aug 2012quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $203.2 million for the period ended 2012-06-30.
7 Aug 2012quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $203.2 million for the period ended 2012-06-30.
2 July 2012material agreement● NeutralMajor
Closed both Permian deals - $150 million to Element and $70 million to CrownRock - with CrownRock's affiliate operating most of the roughly 160 future drilling locations. Breitburn was now a Permian owner but not, on the growth acreage, the operator.
29 June 2012material agreement● Neutral
Closed the NiMin Big Horn purchase at about $93 million after knocking $2.3 million off the price over two disputed leases.
18 May 2012securities registration● Neutral
Breitburn Energy Partners LP filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
11 May 2012material agreement● NeutralMajor
Two agreements on the same day - $146 million to Element Petroleum and the balance to CrownRock, about $220 million together - took Breitburn into the Permian Basin for the first time, funded on the bank line. Its seventh state and a deliberate tilt towards oil.
9 May 2012material agreement termination● Neutral
The affiliated California company PCEC (the old BreitBurn Energy Company) floated a royalty trust, and in the reshuffle Breitburn dissolved the joint partnership that held the East Coyote and Sawtelle fields, took over as operator with a 62.4% working interest, and stopped paying PCEC an operating fee. The related-party tangle from the 2008 Provident split was being simplified, though not severed.
8 May 2012quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $59.1 million for the period ended 2012-03-31.
7 May 2012quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $59.1 million for the period ended 2012-03-31.
27 Apr 2012material agreement● Neutral
Agreed to buy Big Horn Basin oil properties in Wyoming from NiMin Energy's Legacy Energy for $98 million. Only about 600 barrels a day, and next to fields Breitburn already ran - a bolt-on, not a new area.
28 Feb 2012quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $73.1 million for the period ended 2011-12-31.
22 Feb 2012securities registration● Neutral
Breitburn Energy Partners LP amended an already-effective registration statement.
8 Feb 2012material agreement● Neutral
Sold 9.2 million units at $18.80 for about $166 million, again to pay down the revolver. Note the price is falling with each raise: $21.25 a year earlier, $18.80 now.
3 Feb 2012securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
2 Feb 2012securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.
13 Jan 2012debt financing● NeutralMajor
Raised $250 million of 7.875% notes due 2022 to repay the revolver. Same manoeuvre as the 2020 notes: bank borrowings used for acquisitions were termed out into long-dated bonds, leaving the revolver free to be drawn again.
2 Dec 2011material agreement● Neutral
Quicksilver sold its remaining 8 million units at $16.52 - well below the $19.78 it got six months earlier - and left the register entirely. Breitburn again received none of the money; the last piece of the old ownership dispute was gone.
1 Dec 2011substantial holder notice● Neutral
Quicksilver Resources Inc reported no remaining Breitburn Energy Partners LP shareholding in its periodic institutional filing.
30 Nov 2011securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
29 Nov 2011securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
8 Nov 2011quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $277.6 million for the period ended 2011-09-30.