BREITBURN ENERGY PARTNERS LP COM
SymbolBBEP

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BreitBurn Energy Partners L.P. Reports Third Quarter Results

2009-11-06 11:48 ET - News Release

Strong Operational Performance; Key Metrics Continue to Meet or Exceed Annualized 2009 Guidance


Company Website: http://www.breitburn.com
LOS ANGELES -- (Business Wire)

BreitBurn Energy Partners L.P. (the "Partnership") (NASDAQ:BBEP) today announced financial and operating results for its third quarter of 2009.

Key Highlights

  • Operationally, the Partnership had a very strong quarter with total production above the high end of the 2009 guidance range despite the sale of the Lazy JL Field in Texas, effective July 1, 2009, and significant decreases in year-over-year capital spending.
  • The Partnership’s successful debt reduction efforts continued during the third quarter through consistent operating cash flows and the sale of the Lazy JL Field for $23 million. As of September 30, 2009, outstanding debt totaled $585 million.
  • As of October 31, 2009, outstanding debt was approximately $576 million, representing $160 million in debt reduction in the first ten months of 2009.
  • The Partnership announced the successful completion of its semi-annual borrowing base redetermination in early October, which resulted in the reaffirmation of its borrowing base at $732 million and no modification to any other terms of the Credit Agreement.
  • Rising commodity prices allowed the Partnership to further strengthen its commodity price protection portfolio with the addition of new 2010, 2011, 2013, and 2014 hedges at attractive prices. The new hedges cover approximately 1,000,000 Bbls and 8,760,000 MMBtu of expected production during those years.

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