BreitBurn Energy Partners L.P. Declares Increased Cash Distribution and Announces Substantial Increase in Borrowing Base to $850 Million
Published on Thursday, 19 April 2012 13:58 Written by TradersHuddle StaffLOS ANGELES-( Business Wire )-
BreitBurn Energy Partners L.P. (NASDAQ:BBEP) announced today a cash distribution of $0.4550 per unit for the first quarter 2012, or $1.82 per unit on an annualized basis, for all of its outstanding units. This distribution represents an increase from the fourth quarter 2011 distribution, which was $0.450 per unit, or $1.80 per unit on an annualized basis. The distribution will be payable on May 14, 2012 to the record holders of common units at the close of business on May 7, 2012.
Hal Washburn, CEO, said: “We are very pleased to announce our eighth consecutive quarterly distribution increase which represents distribution growth of 9% since our distribution for the first quarter of 2011. We are also pleased to announce that we recently completed our regularly scheduled semi-annual borrowing base redetermination. On the strength of our growing, high quality asset base and our extensive hedge portfolio, our borrowing base was increased from $788 million to $850 million. We remain well positioned to execute on our 2012 operating plan and growth-through-acquisitions strategy.”
About BreitBurn Energy Partners L.P.
BreitBurn Energy Partners L.P. is a publicly traded independent oil and gas limited partnership focused on the acquisition, exploitation, development and production of oil and gas properties. The Partnership’s producing and non-producing crude oil and natural gas reserves are located in Michigan, Wyoming, California, Florida, Indiana, and Kentucky. See www.BreitBurn.com for more information.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, BreitBurn undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements. See "Risk Factors" in the Partnership's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2012 and other public filings and press releases.
As set forth in more detail in our Annual Report on Form 10-K, non U.S. investors are not Eligible Holders of BreitBurn units. In addition to the other consequences of not qualifying as Eligible Holders, this press release is intended to provide a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of BreitBurn's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, BreitBurn’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Investor Relations Contacts:BreitBurn Energy Partners L.P.James G. JacksonExecutive Vice President and Chief Financial Officer(213) 225-5900 x273orJessica TangInvestor Relations(213) 225-5900 x210