9 Sept 2015securities registration● Neutral
Breitburn Energy Partners LP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2015quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $102.7 million for the period ended 2015-06-30.
6 Aug 2015quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $102.7 million for the period ended 2015-06-30.
12 June 2015securities registration● Neutral
Breitburn Energy Partners LP registered a securities offering with the SEC using its shelf eligibility.
19 May 2015securities registration● Neutral
Breitburn Energy Partners LP filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
5 May 2015quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $306.3 million for the period ended 2015-03-31.
5 May 2015quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $306.3 million for the period ended 2015-03-31.
16 Jan 2015securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
8 Jan 2015securities registration● Neutral
Breitburn Energy Partners LP registered a securities offering with the SEC using its shelf eligibility.
24 Nov 2014asset acquisition disposition▼ BadMajor
The QR Energy merger closed on 19 November 2014 after 97% approval, roughly doubling Breitburn's size and adding QR's debt to its own. It closed with oil already 25% below its June peak, and the enlarged, heavily indebted partnership had eighteen months left.
24 Nov 2014securities registration● Neutral
Breitburn Energy Partners LP amended its automatic shelf registration statement.
10 Nov 2014business combination● Neutral
QR Energy unitholders had sued claiming the merger price and process were unfair; the parties agreed in principle to settle, with no change to the timetable or the consideration.
5 Nov 2014quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $363.9 million for the period ended 2014-09-30.
5 Nov 2014quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $363.9 million for the period ended 2014-09-30.
28 Oct 2014capital raising announcement● Neutral
Bought Midland Basin acreage adjoining its own from Australia's Antares Energy for $50 million cash plus 4.3 million units. Management said openly it was in discussions to make the Permian position more "MLP friendly" - an acknowledgement that shale development did not fit a partnership built to pay out its cash flow.
17 Oct 2014securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
16 Oct 2014business combination● Neutral
Breitburn filed Amendment No. 3 to the QR Energy merger S-4, with an updated preliminary proxy statement/prospectus dated 15 October 2014. The visible text repeats the same terms (0.9856 units per QRE unit, 72,001,686-unit cap, $350 million cash for Class C units, about 37% ownership for QRE holders), and the meeting date is still blank. The truncated text shows no changes to the terms; the merger is still awaiting effectiveness and the QRE vote.
10 Oct 2014business combination● Neutral
Breitburn filed Amendment No. 2 to the QR Energy merger S-4 only to add exhibits (5.1, 8.1, 8.2 and 99.3). The filing states that no changes are made to the proxy statement/prospectus, so there is nothing new on deal terms.
10 Oct 2014material agreement● Neutral
Sold 14 million units at $18.64 for about $252 million to reduce bank borrowings, weeks before the QR Energy merger closed.
8 Oct 2014securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.
7 Oct 2014securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
6 Oct 2014securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.
25 Sept 2014business combination● Neutral
Breitburn filed Amendment No. 1 to its S-4 for the QR Energy merger, now with the QRE unitholder letter and meeting notice. Terms match the original: 0.9856 Breitburn units per QRE common/Class B unit (capped at 72,001,686 units, valued at $22.48 per QRE unit on 23 July 2014), $350 million in total cash for QRE Class C units, and QRE holders owning about 37% of Breitburn afterwards. The merger still needs a majority QRE unitholder vote; the meeting date is blank, and holders of about 37% of QRE votes have agreed to vote in favor. This continues the pending merger and does not change its terms.
21 Aug 2014business combination● NeutralMajor
Breitburn registered up to 72,001,686 new common units to pay for its merger with QR Energy, LP, agreed on 23 July 2014. QRE unitholders get 0.9856 Breitburn units per QRE unit (valued at $22.48 per QRE unit on 23 July 2014, a 19% premium), and QRE's Class C preferred units get $350 million in cash in total. QRE holders would own about 37% of Breitburn's common units afterwards, so existing Breitburn unitholders would be diluted to roughly 63%. The deal needs a QRE unitholder vote.
5 Aug 2014quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $93.1 million for the period ended 2014-06-30.
29 July 2014business combination● NeutralMajor
Agreed to buy QR Energy LP in an all-unit merger valuing it at about $3.0 billion including debt, at 0.9856 Breitburn units per QR unit. Announced in July 2014, weeks before the oil price began its two-year collapse - Breitburn was doubling its size at the top of the cycle and paying in its own units.
24 July 2014quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $93.1 million for the period ended 2014-06-30.
21 May 2014listing compliance notice▲ GoodMajor
Nasdaq certified Breitburn Energy Partners LP's securities for listing, clearing them to begin trading.
20 May 2014material agreement● NeutralMajor
Sold 8 million 8.25% Series A preferred units at $25 for about $193 million. Preferred units cost more than the common distribution but did not dilute unitholders - the first sign that ordinary equity was becoming harder to sell.
15 May 2014securities registration● Neutral
Breitburn Energy Partners LP filed a prospectus supplement for an offering off its existing shelf.