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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Dec 2012securities registration● Neutral
Breitburn Energy Partners LP filed the final prospectus for a registered offering.
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.
10 Dec 2012business combination● Neutral
Amendment No. 1 to the October 2012 registration for the $450 million 7.875% senior notes due 2022 exchange offer. The terms are unchanged; the main visible change is an updated list of earlier filings incorporated by reference, now including the September 2012 quarterly report.
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.
18 Oct 2012business combination● Neutral
Breitburn filed a registration statement to swap up to $450 million of privately issued 7.875% senior notes due 2022 (issued earlier in 2012) for identical SEC-registered notes. No new money is raised; it adds the second tranche of senior notes to the bond debt that began with the 2020 notes.
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.