Delaware
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001-33055
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74-3169953
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(State or other jurisdiction of
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(Commission
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(I.R.S. Employer
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incorporation or organization)
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File Number)
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Identification No.)
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Exhibit No.
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Exhibit Description
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99.1
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BreitBurn Energy Partners L.P. fourth quarter 2010 earnings release dated March 9, 2011.
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BREITBURN ENERGY PARTNERS L.P.
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By:
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BREITBURN GP, LLC,
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its general partner
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Dated: March 9, 2011
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By:
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/s/ James G. Jackson
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James G. Jackson
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||
Chief Financial Officer
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-
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The Partnership had an excellent year both operationally and financially, with full-year 2010 results in-line with or exceeding guidance.
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o
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Full-year production was at the high-end of the guidance range and totaled 6.7MMBoe.
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o
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Full-year adjusted EBITDA, a non-GAAP measure, was well above the guidance range at $227 million.
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o
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Lease operating costs for 2010 were below the guidance range.
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o
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General and administrative costs for the year were also below the 2010 guidance range.
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-
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In October 2010, the Partnership completed a private offering of $305 million in aggregate principal amount of 8.625% Senior Notes due 2020. The Partnership received net proceeds of approximately $291 million, which were primarily used to reduce borrowings under its bank credit facility.
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-
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In February 2011, the Partnership completed a public offering of 4,945,000 common units at $21.25 per unit representing additional limited partner interests. The Partnership received net proceeds of approximately $100 million, which were used to further reduce borrowings under its bank credit facility. As of February 28, 2010, the Partnership had $122 million outstanding under the facility.
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-
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On February 11, 2011, the Partnership paid cash distributions for the fourth quarter of 2010 at an annualized rate of $1.65 per unit, up from an annualized rate $1.56 per unit for the third quarter of 2010.
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-
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The Partnership continues to opportunistically layer in new hedges and has extended its price protection portfolio in 2015 at attractive prices.
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-
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Total production decreased slightly from 1,741 MBoe in the third quarter of 2010 to 1,700 MBoe in the fourth quarter of 2010. Average daily production decreased from 18,927 Boe/day in the third quarter of 2010 to 18,480 Boe/day in the fourth quarter of 2010.
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o
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Oil and NGL production was 791 MBoe compared to 827 MBoe.
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o
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Natural gas production was 5,452 MMcf compared to 5,486 MMcf.
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-
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Lease operating expenses per Boe, which include district expenses and processing fees and exclude production/property taxes and transportation costs, increased to $17.37 per Boe in the fourth quarter of 2010 from $16.54 per Boe in the third quarter of 2010.
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-
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General and administrative expenses, excluding non-cash unit-based compensation, were $5.9 million, or $3.47 per Boe, in the fourth quarter of 2010 compared to $7.2 million, or $4.13 per Boe, in the third quarter of 2010.
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-
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Adjusted EBITDA, a non-GAAP measure, was $59.1 million in the fourth quarter, down from $60.0 million in the third quarter of 2010.
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-
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Oil and natural gas sales revenues, including realized gains and losses on commodity derivative instruments, were $99.8 million in the fourth quarter of 2010, up slightly from $99.6 million in the third quarter of 2010.
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-
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Realized gains from commodity derivative instruments were $21.7 million in the fourth quarter of 2010 compared to $22.6 million in the third quarter of 2010.
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-
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NYMEX WTI crude oil spot prices averaged $85.16 per barrel and NYMEX natural gas prices averaged $3.98 per Mcf in the fourth quarter of 2010 compared to $76.06 per barrel and $4.24 per Mcf, respectively, in the third quarter of 2010.
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-
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Realized crude oil and natural gas prices averaged $78.95 per Boe and $7.38 per Mcf, respectively, in the fourth quarter of 2010 compared to $76.14 per Boe and $7.55 per Mcf, respectively, in the third quarter of 2010.
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-
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Net loss, including the effect of unrealized gains on commodity derivative instruments, was $70.9 million, or $1.25 per diluted limited partner unit, in the fourth quarter of 2010 compared to a net loss of $5.7 million, or $0.11 per diluted limited partner unit, in the third quarter of 2010.
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-
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Capital expenditures totaled $16.8 million in the fourth quarter of 2010 compared to $25.6 million in the third quarter of 2010.
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-
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Total production was at the high end of our guidance range at 6,699 MBoe in 2010, an increase of 3% from 2009.
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-
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Oil and gas capital expenditures were $69.5 million, an increase of 142% from 2009.
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-
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Full year lease operating expenses per Boe were $17.68, which was below the low end of our guidance range of $18.32 - $20.82 per Boe and 1% below 2009 operating expenses per Boe.
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-
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Full year general and administrative expenses, excluding unit-based compensation, were $24.5 million, which was below the low end of the guidance range of $25.0 - $27.0 million.
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-
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Adjusted EBITDA, a non-GAAP measure, was above the high end of our guidance range at $226.9 million.
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-
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Average realized crude oil and natural gas prices for 2010 were $74.31 per Boe and $7.57 per Mcf, compared to NYMEX WTI crude oil and NYMEX natural gas average prices of $79.48 per barrel and $4.38 per Mcf.
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($ in 000s)
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2011 Guidance
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|||||||||||
Total Production (Mboe)
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6,500 | - | 6,900 | |||||||||
Production Mix:
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||||||||||||
Oil Production %
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48% | |||||||||||
Gas Production %
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52% | |||||||||||
Average Price Differential %:
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||||||||||||
Oil Price Differential %
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89 | % | - | 91 | % | |||||||
Gas Price Differential %
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100 | % | - | 102 | % | |||||||
Operating Costs / BOE(1)(2)
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$ | 18.50 | - | $ | 21.00 | |||||||
Production/Property Taxes (% of oil & gas revenue)
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7.5 | % | - | 8.0 | % | |||||||
G&A (Excl. Unit Based Compensation)
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$ | 26,000 | - | $ | 28,000 | |||||||
Cash Interest Expense(3)
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$ | 36,000 | - | $ | 38,000 | |||||||
Total Capital Expenditures(4)
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$ | 70,000 | - | $ | 74,000 | |||||||
Adjusted EBITDA(5)
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$ | 195,000 | - | $ | 205,000 |
1.
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Operating Costs include lease operating costs, processing fees and transportation expense. Expected transportation expense totals approximately $6.7 million in 2011, largely attributable to our Florida production. Excluding transportation expense, our estimated operating costs range per Boe is approximately $17.50 - $20.00.
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2.
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Operating Costs are based on flat $80 per barrel WTI crude oil and $4.25 per Mcfe natural gas price levels for 2011. Operating costs generally move with commodity prices but do not typically increase or decrease as rapidly as commodity prices.
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3.
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The Partnership typically borrows on a 1-month LIBOR basis, plus an applicable spread. Estimated cash interest expense assumes a 1-month LIBOR rate of 1% and includes the impact of interest rate swaps covering approximately $175 million of borrowings at a weighted average swap rate of 2.23%.
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4.
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Total Capital Expenditures for 2011 include Maintenance and Obligatory Capital Expenditures as well as Growth Capital Expenditures. Maintenance and Obligatory Capital Expenditures are defined as the estimated amount of investment in capital projects and obligatory spending on existing facilities and operations needed to hold production approximately constant for the period. Management estimates that we would need to spend between $40 and $50 million in 2011 to hold production flat.
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5.
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Assuming the high and low range of our guidance, Adjusted EBITDA is expected to range between $195 million and $205 million, and is comprised of estimated net income between $120 million and $132 million, less unrealized gain on commodity derivative instruments of $63 million, plus DD&A of $100 million, plus interest expense between $36 million (high end of Adjusted EBITDA) and $38 million (low end of Adjusted EBITDA). Estimated 2011 net income is based on oil prices of $80 per barrel for WTI crude oil and $4.25 per Mcfe for natural gas. Consequently, differences between actual and forecasted prices could result in changes to unrealized gains or losses on commodity derivative instruments, DD&A, including potential impairments of long-lived assets, and ultimately, net income.
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Three Months Ended
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Year Ended December 31,
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|||||||||||||||||||
December 31,
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September 30,
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December 31,
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||||||||||||||||||
Thousands of dollars, except as indicated
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2010
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2010
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2009
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2010
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2009
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|||||||||||||||
Oil, natural gas and NGL sales (a)
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$ | 78,135 | $ | 77,055 | $ | 74,728 | $ | 317,738 | $ | 254,917 | ||||||||||
Realized gain on commodity derivative instruments (b)
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21,677 | 22,567 | 17,771 | 74,825 | 167,683 | |||||||||||||||
Unrealized loss on commodity derivative instruments (b)
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(82,307 | ) | (30,540 | ) | (54,688 | ) | (39,713 | ) | (219,120 | ) | ||||||||||
Other revenues, net
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660 | 719 | 452 | 2,498 | 1,382 | |||||||||||||||
Total revenues
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$ | 18,165 | $ | 69,801 | $ | 38,263 | $ | 355,348 | $ | 204,862 | ||||||||||
Lease operating expenses and processing fees
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$ | 29,536 | $ | 28,800 | $ | 31,685 | $ | 118,454 | $ | 118,405 | ||||||||||
Production and property taxes
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5,626 | 5,081 | 6,118 | 20,510 | 19,433 | |||||||||||||||
Total lease operating expenses
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$ | 35,162 | $ | 33,881 | $ | 37,803 | $ | 138,964 | $ | 137,838 | ||||||||||
Transportation expenses
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943 | 1,037 | 926 | 4,058 | 3,825 | |||||||||||||||
Purchases
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112 | 90 | 14 | 328 | 72 | |||||||||||||||
Change in inventory
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(2,121 | ) | (1,801 | ) | (518 | ) | (825 | ) | (3,337 | ) | ||||||||||
Uninsured loss
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- | - | - | - | 100 | |||||||||||||||
Total operating costs
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$ | 34,096 | $ | 33,207 | $ | 38,225 | $ | 142,525 | $ | 138,498 | ||||||||||
Lease operating expenses pre taxes per Boe (c)
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$ | 17.37 | $ | 16.54 | $ | 19.31 | $ | 17.68 | $ | 17.90 | ||||||||||
Production and property taxes per Boe
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3.31 | 2.92 | 3.75 | 3.06 | 2.98 | |||||||||||||||
Total lease operating expenses per Boe
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20.68 | 19.46 | 23.06 | 20.74 | 20.88 | |||||||||||||||
General and administrative expenses excluding unit-based compensation
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$ | 5,907 | $ | 7,193 | $ | 6,184 | $ | 24,478 | $ | 23,704 | ||||||||||
Net income (loss)
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$ | (70,868 | ) | $ | (5,726 | ) | $ | (39,693 | ) | $ | 34,913 | $ | (107,257 | ) | ||||||
Net income (loss) per diluted limited partnership unit
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$ | (1.25 | ) | $ | (0.11 | ) | $ | (0.75 | ) | $ | 0.61 | $ | (2.03 | ) | ||||||
Total production (MBoe)
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1,700 | 1,741 | 1,632 | 6,699 | 6,517 | |||||||||||||||
Oil and NGL (MBoe)
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791 | 827 | 744 | 3,157 | 2,990 | |||||||||||||||
Natural gas (MMcf)
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5,452 | 5,486 | 5,335 | 21,251 | 21,161 | |||||||||||||||
Average daily production (Boe/d)
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18,480 | 18,927 | 17,740 | 18,354 | 17,856 | |||||||||||||||
Sales volumes (MBoe)
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1,664 | 1,680 | 1,642 | 6,663 | 6,465 | |||||||||||||||
Average realized sales price (per Boe) (d) (e) (f)
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$ | 59.99 | $ | 59.32 | $ | 56.48 | $ | 58.94 | $ | 54.60 | ||||||||||
Oil and NGL (per Boe) (d) (e) (f)
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78.95 | 76.14 | 69.72 | 74.31 | 66.27 | |||||||||||||||
Natural gas (per Mcf) (d) (e)
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7.38 | 7.55 | 7.55 | 7.57 | 7.48 |
Three Months Ended
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Year Ended December 31,
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|||||||||||||||||||
December 31,
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September 30,
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December 31,
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||||||||||||||||||
Thousands of dollars
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2010
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2010
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2009
|
2010
|
2009
|
|||||||||||||||
Reconciliation of net income (loss) to Adjusted EBITDA:
|
|
|||||||||||||||||||
Net income (loss) attributable to the partnership
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$ | (70,903 | ) | $ | (5,754 | ) | $ | (39,712 | ) | $ | 34,751 | $ | (107,290 | ) | ||||||
Unrealized loss on commodity derivative instruments
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82,307 | 30,540 | 54,688 | 39,713 | 219,120 | |||||||||||||||
Depletion, depreciation and amortization expense
|
33,159 | 23,636 | 25,450 | 102,758 | 106,843 | |||||||||||||||
Interest expense and other financing costs (a)
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13,116 | 8,090 | 7,590 | 35,639 | 31,942 | |||||||||||||||
Unrealized gain on interest rate derivatives
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(3,126 | ) | (1,314 | ) | (1,757 | ) | (6,597 | ) | (5,869 | ) | ||||||||||
Gain on sale of commodity derivatives (b)
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- | - | - | - | (70,587 | ) | ||||||||||||||
(Gain) loss on sale of assets (c)
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(123 | ) | (359 | ) | 495 | 14 | 5,965 | |||||||||||||
Income taxes
|
(439 | ) | (470 | ) | (1,174 | ) | (204 | ) | (1,528 | ) | ||||||||||
Amortization of intangibles
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124 | 124 | 437 | 495 | 2,771 | |||||||||||||||
Unit-based compensation expense (d)
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5,009 | 5,502 | 2,933 | 20,331 | 13,619 | |||||||||||||||
Adjusted EBITDA
|
$ | 59,124 | $ | 59,995 | $ | 48,950 | $ | 226,900 | $ | 194,986 |
Three Months Ended
|
Year Ended December 31,
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|||||||||||||||||||
December 31,
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September 30,
|
December 31,
|
||||||||||||||||||
Thousands of dollars
|
2010
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||
Reconciliation of net cash flows from operating activities to Adjusted EBITDA:
|
||||||||||||||||||||
Net cash from operating activities
|
$ | 38,722 | $ | 62,236 | $ | 40,387 | $ | 182,022 | $ | 224,358 | ||||||||||
Increase (decrease) in assets net of liabilities relating to operating activities
|
9,983 | (9,149 | ) | 2,584 | 15,131 | 12,466 | ||||||||||||||
Interest expense (a) (e)
|
10,488 | 6,997 | 6,766 | 30,161 | 28,647 | |||||||||||||||
Gain on sale of commodity derivatives (b)
|
- | - | - | - | (70,587 | ) | ||||||||||||||
Income from equity affiliates, net
|
(157 | ) | 9 | (536 | ) | (450 | ) | (1,302 | ) | |||||||||||
Incentive compensation expense (f)
|
(29 | ) | (45 | ) | 8 | (93 | ) | 958 | ||||||||||||
Incentive compensation paid
|
- | 11 | 41 | 91 | 217 | |||||||||||||||
Income taxes
|
152 | (36 | ) | (281 | ) | 199 | 262 | |||||||||||||
Non-controlling interest
|
(35 | ) | (28 | ) | (19 | ) | (162 | ) | (33 | ) | ||||||||||
Adjusted EBITDA
|
$ | 59,124 | $ | 59,995 | $ | 48,950 | $ | 226,900 | $ | 194,986 |
Year
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||||||||||||||||||||
2011
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2012
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2013
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2014
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2015
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||||||||||||||||
Oil Positions:
|
||||||||||||||||||||
Fixed Price Swaps:
|
||||||||||||||||||||
Hedged Volume (Bbls/d)
|
5,019 | 5,039 | 6,480 | 5,000 | 2,000 | |||||||||||||||
Average Price ($/Bbl)
|
$ | 76.14 | $ | 77.15 | $ | 81.37 | $ | 88.60 | $ | 99.00 | ||||||||||
Participating Swaps: (a)
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||||||||||||||||||||
Hedged Volume (Bbls/d)
|
1,439 | - | - | - | - | |||||||||||||||
Average Price ($/Bbl)
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$ | 61.29 | $ | - | $ | - | $ | - | $ | - | ||||||||||
Average Participation %
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53.2 | % | - | - | - | - | ||||||||||||||
Collars:
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||||||||||||||||||||
Hedged Volume (Bbls/d)
|
2,048 | 2,477 | 500 | 1,000 | 1,000 | |||||||||||||||
Average Floor Price ($/Bbl)
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$ | 103.42 | $ | 110.00 | $ | 77.00 | $ | 90.00 | $ | 90.00 | ||||||||||
Average Ceiling Price ($/Bbl)
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$ | 152.61 | $ | 145.39 | $ | 103.10 | $ | 112.00 | $ | 113.50 | ||||||||||
Floors:
|
||||||||||||||||||||
Hedged Volume (Bbls/d)
|
- | - | - | - | - | |||||||||||||||
Average Floor Price ($/Bbl)
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Total:
|
||||||||||||||||||||
Hedged Volume (Bbls/d)
|
8,506 | 7,516 | 6,980 | 6,000 | 3,000 | |||||||||||||||
Average Price ($/Bbl)
|
$ | 80.20 | $ | 87.97 | $ | 81.06 | $ | 88.83 | $ | 96.00 | ||||||||||
Gas Positions:
|
||||||||||||||||||||
Fixed Price Swaps:
|
||||||||||||||||||||
Hedged Volume (MMBtu/d)
|
25,955 | 19,128 | 37,000 | 7,500 | - | |||||||||||||||
Average Price ($/MMBtu)
|
$ | 7.26 | $ | 7.10 | $ | 6.50 | $ | 6.00 | $ | - | ||||||||||
Collars:
|
||||||||||||||||||||
Hedged Volume (MMBtu/d)
|
16,016 | 19,129 | - | - | - | |||||||||||||||
Average Floor Price ($/MMBtu)
|
$ | 9.00 | $ | 9.00 | $ | - | $ | - | $ | - | ||||||||||
Average Ceiling Price ($/MMBtu)
|
$ | 11.28 | $ | 11.89 | $ | - | $ | - | $ | - | ||||||||||
Total:
|
||||||||||||||||||||
Hedged Volume (MMBtu/d)
|
41,971 | 38,257 | 37,000 | 7,500 | - | |||||||||||||||
Average Price ($/MMBtu)
|
$ | 7.92 | $ | 8.05 | $ | 6.50 | $ | 6.00 | $ | - |
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(a)
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Participating swap combines a swap and a call option with the same strike price.
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
Thousands of dollars, except per unit amounts
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
Revenues and other income items
|
||||||||||||||||
Oil, natural gas and natural gas liquid sales
|
$ | 78,135 | $ | 74,728 | $ | 317,738 | $ | 254,917 | ||||||||
Gain (loss) on commodity derivative instruments, net
|
(60,630 | ) | (36,917 | ) | 35,112 | (51,437 | ) | |||||||||
Other revenue, net
|
660 | 452 | 2,498 | 1,382 | ||||||||||||
Total revenues and other income items
|
18,165 | 38,263 | 355,348 | 204,862 | ||||||||||||
Operating costs and expenses
|
||||||||||||||||
Operating costs
|
34,096 | 38,225 | 142,525 | 138,498 | ||||||||||||
Depletion, depreciation and amortization
|
33,159 | 25,450 | 102,758 | 106,843 | ||||||||||||
General and administrative expenses
|
10,950 | 9,102 | 44,907 | 36,367 | ||||||||||||
(Gain) loss on sale of assets
|
(123 | ) | 495 | 14 | 5,965 | |||||||||||
Unreimbursed litigation settlement costs
|
1,401 | - | 1,401 | - | ||||||||||||
Total operating costs and expenses
|
79,483 | 73,272 | 291,605 | 287,673 | ||||||||||||
Operating income (loss)
|
(61,318 | ) | (35,009 | ) | 63,743 | (82,811 | ) | |||||||||
Interest and other financing costs, net
|
10,790 | 4,145 | 24,552 | 18,827 | ||||||||||||
(Gain) loss on interest rate swaps
|
(800 | ) | 1,688 | 4,490 | 7,246 | |||||||||||
Other expense (income), net
|
(1 | ) | 25 | (8 | ) | (99 | ) | |||||||||
Income (loss) before taxes
|
(71,307 | ) | (40,867 | ) | 34,709 | (108,785 | ) | |||||||||
Income tax benefit
|
(439 | ) | (1,174 | ) | (204 | ) | (1,528 | ) | ||||||||
Net income (loss)
|
(70,868 | ) | (39,693 | ) | 34,913 | (107,257 | ) | |||||||||
Less: Net income attributable to noncontrolling interest
|
(35 | ) | (19 | ) | (162 | ) | (33 | ) | ||||||||
Net income (loss) attributable to the partnership
|
(70,903 | ) | (39,712 | ) | 34,751 | (107,290 | ) | |||||||||
Basic net income (loss) per unit
|
$ | (1.25 | ) | $ | (0.75 | ) | $ | 0.61 | $ | (2.03 | ) | |||||
Diluted net income (loss) per unit
|
$ | (1.25 | ) | $ | (0.75 | ) | $ | 0.61 | $ | (2.03 | ) |
December 31,
|
December 31,
|
|||||||
Thousands
|
2010
|
2009
|
||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$ | 3,630 | $ | 5,766 | ||||
Accounts and other receivables, net
|
53,520 | 65,209 | ||||||
Derivative instruments
|
54,752 | 57,133 | ||||||
Related party receivables
|
4,345 | 2,127 | ||||||
Inventory
|
7,321 | 5,823 | ||||||
Prepaid expenses
|
6,449 | 5,888 | ||||||
Intangibles
|
- | 495 | ||||||
Total current assets
|
130,017 | 142,441 | ||||||
Equity investments
|
7,700 | 8,150 | ||||||
Property, plant and equipment
|
||||||||
Oil and gas properties
|
2,133,099 | 2,058,968 | ||||||
Other assets
|
10,832 | 7,717 | ||||||
2,143,931 | 2,066,685 | |||||||
Accumulated depletion and depreciation
|
(421,636 | ) | (325,596 | ) | ||||
Net property, plant and equipment
|
1,722,295 | 1,741,089 | ||||||
Other long-term assets
|
||||||||
Derivative instruments
|
50,652 | 74,759 | ||||||
Other long-term assets
|
19,503 | 4,590 | ||||||
Total assets
|
$ | 1,930,167 | $ | 1,971,029 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$ | 26,808 | $ | 21,314 | ||||
Derivative instruments
|
37,071 | 20,057 | ||||||
Related party payables
|
- | 13,000 | ||||||
Revenue and royalties payable
|
16,427 | 18,224 | ||||||
Salaries and wages payable
|
12,594 | 10,244 | ||||||
Accrued liabilities
|
8,417 | 9,051 | ||||||
Total current liabilities
|
101,317 | 91,890 | ||||||
Credit facility
|
228,000 | 559,000 | ||||||
Senior notes, net
|
300,116 | - | ||||||
Deferred income taxes
|
2,089 | 2,492 | ||||||
Asset retirement obligation
|
47,429 | 36,635 | ||||||
Derivative instruments
|
39,722 | 50,109 | ||||||
Other long-term liabilities
|
2,237 | 2,102 | ||||||
Total liabilities
|
720,910 | 742,228 | ||||||
Equity
|
||||||||
Partners' equity
|
1,208,803 | 1,228,373 | ||||||
Noncontrolling interest
|
454 | 428 | ||||||
Total equity
|
1,209,257 | 1,228,801 | ||||||
Total liabilities and equity
|
$ | 1,930,167 | $ | 1,971,029 | ||||
Limited partner units issued and outstanding
|
53,957 | 52,784 |
Year Ended
|
||||||||
December 31,
|
||||||||
Thousands of dollars
|
2010
|
2009
|
||||||
Cash flows from operating activities
|
||||||||
Net income (loss)
|
$ | 34,913 | $ | (107,257 | ) | |||
Adjustments to reconcile to cash flows from operating activities:
|
||||||||
Depletion, depreciation and amortization
|
102,758 | 106,843 | ||||||
Unit based compensation expense
|
20,422 | 12,661 | ||||||
Unrealized loss on derivative instruments
|
33,116 | 213,251 | ||||||
Income from equity affiliates, net
|
450 | 1,302 | ||||||
Deferred income taxes
|
(403 | ) | (1,790 | ) | ||||
Amortization of intangibles
|
495 | 2,771 | ||||||
Loss on sale of assets
|
14 | 5,965 | ||||||
Other
|
3,528 | 3,294 | ||||||
Changes in net assets and liabilities
|
||||||||
Accounts receivable and other assets
|
11,552 | (6,313 | ) | |||||
Inventory
|
(1,498 | ) | (4,573 | ) | ||||
Net change in related party receivables and payables
|
(15,218 | ) | 2,957 | |||||
Accounts payable and other liabilities
|
(8,107 | ) | (4,753 | ) | ||||
Net cash provided by operating activities
|
182,022 | 224,358 | ||||||
Cash flows from investing activities
|
||||||||
Capital expenditures
|
(66,947 | ) | (29,513 | ) | ||||
Proceeds from sale of assets
|
337 | 23,284 | ||||||
Property acquisitions
|
(1,676 | ) | - | |||||
Net cash used in investing activities
|
(68,286 | ) | (6,229 | ) | ||||
Cash flows from financing activities
|
||||||||
Distributions
|
(65,197 | ) | (28,038 | ) | ||||
Proceeds from long-term debt
|
1,047,992 | 249,975 | ||||||
Repayments of long-term debt
|
(1,079,000 | ) | (426,975 | ) | ||||
Book overdraft
|
1,025 | (9,871 | ) | |||||
Long-term debt issuance costs
|
(20,692 | ) | - | |||||
Net cash used in financing activities
|
(115,872 | ) | (214,909 | ) | ||||
Increase (decrease) in cash
|
(2,136 | ) | 3,220 | |||||
Cash beginning of period
|
5,766 | 2,546 | ||||||
Cash end of period
|
$ | 3,630 | $ | 5,766 |