8-6-13 8:30 AM EDT | Email Article

BreitBurn Energy Partners L.P. (the “Partnership”) (NASDAQ:BBEP) today announced financial and operating results for its second quarter of 2013.

Selected Results for the Quarter Included the Following:

  • Increased total net production to a quarterly record high of 2.45 MMBoe, which represented a 26% increase from the second quarter of 2012.
  • Increased liquids production to a quarterly record high of 1.29 MMBoe, which represented a 58% increase from the second quarter of 2012.
  • Increased Adjusted EBITDA, a non-GAAP financial measure, to $84.8 million, which represented a 31% increase from the second quarter of 2012.
  • Drilled 38 wells and completed 21 workovers, which in total added incremental net initial production of approximately 1,925 Boe/day.
  • Declared a cash distribution for the second quarter of 2013 of $0.48 per unit, or $1.92 per unit on an annualized basis, on July 31, 2013, which represented a 4.3% increase from the second quarter of 2012.
  • Announced the acquisition of oil and gas properties and associated midstream assets in the Oklahoma Panhandle and New Mexico, which was completed on July 15, 2013 for a total cash price of $876 million, subject to customary purchase price adjustments.

Management Commentary

Hal Washburn, CEO, said: “The Partnership delivered excellent financial and operating results including record quarterly production and Adjusted EBITDA above our guidance range. The active development programs for our legacy and newly acquired assets continued to yield strong results this quarter. We are also very pleased to have announced and closed the acquisition of oil properties and associated midstream assets in the Mid-Continent for approximately $876 million. The acquisition immediately adds significant production to our portfolio and an increased focus on liquids. We expect these assets to provide substantial accretion to distributable cash flow per unit to support distribution growth.”

Second Quarter 2013 Operating and Financial Results Compared to First Quarter 2013

  • Total production increased to a record quarterly high of 2,453 MBoe in the second quarter of 2013, up from 2,346 MBoe in the first quarter of 2013. Average daily production was 26,956 Boe/day in the second quarter of 2013 compared to 26,070 Boe/day in the first quarter of 2013.
    • Oil and NGL production was 1,287 MBoe compared to 1,206 MBoe in the first quarter of 2013
    • Natural gas production was 6,994 MMcf compared to 6,844 MMcf in the first quarter of 2013.
  • Adjusted EBITDA, a non-GAAP financial measure, was $84.8 million in the second quarter of 2013 compared to $64.1 million in the first quarter of 2013. The increase was primarily due to higher crude oil and natural gas sales volumes and higher average realized prices, better oil differentials in Wyoming and Texas, better natural gas differentials in Michigan and lower general and administrative expenses.
  • Pre-tax lease operating expenses, which include district expenses, processing fees and transportation costs, were $19.79 per Boe in the second quarter of 2013 compared to $19.42 per Boe in the first quarter of 2013.
  • General and administrative expenses, excluding non-cash unit-based compensation, were $3.56 per Boe in the second quarter of 2013 compared to $4.29 per Boe in the first quarter of 2013.
  • Oil, NGL, and natural gas sales revenues were $149.3 million for the second quarter of 2013, up from $120.4 million in the first quarter of 2013, primarily reflecting higher crude oil sales volumes, and higher natural gas prices.
  • Gains on commodity derivative instruments were $67.0 million in the second quarter of 2013 compared to losses of $24.2 million in the first quarter of 2013, which primarily reflects a decrease in crude oil and natural gas future prices during the second quarter of 2013. Derivative instrument settlements received were $4.8 million in the second quarter of 2013 compared to $5.2 million in the first quarter of 2013.
  • NYMEX WTI crude oil spot prices averaged $94.05 per barrel and Brent crude oil spot prices averaged $102.57 per barrel in the second quarter of 2013 compared to $94.33 per barrel and $112.47 per barrel, respectively, in the first quarter of 2013. Henry Hub natural gas spot prices averaged $4.02 per Mcf in the second quarter of 2013 compared to $3.49 per Mcf in the first quarter of 2013.
  • Realized crude oil and NGL prices, excluding the effects of commodity derivative settlements, averaged $87.82 per Boe and realized natural gas prices, excluding the effects of commodity instruments, averaged $4.22 per Mcf in the second quarter of 2013, compared to $84.61 per Boe and $3.61 per Mcf, respectively, in the first quarter of 2013.
  • Net income attributable to the Partnership, including the effect of derivative instruments, was $76.4 million, or $0.75 per diluted common unit, in the second quarter of 2013, compared to a net loss of $36.3 million, or $0.38 per diluted common unit, in the first quarter of 2013.
  • Oil and gas capital expenditures totaled $65 million in the second quarter of 2013 compared to $45 million in the first quarter of 2013.

Impact of Derivative Instruments

The Partnership uses commodity derivative instruments to mitigate the risks associated with commodity price volatility and to help maintain cash flows for operating activities, acquisitions, capital expenditures and distributions. The Partnership does not enter into derivative instruments for speculative trading purposes. Because the Partnership does not use hedge accounting to account for its derivative instruments, changes in the fair value of derivative instruments are recorded in earnings each reporting period. These non-cash changes in the fair value of derivatives do not affect Adjusted EBITDA, cash flow from operations or the Partnership’s ability to pay cash distributions for the reporting periods presented.

Total gains from commodity derivative instruments were approximately $67.0 million for the quarter ended June 30, 2013, which include $4.8 million for contracts that settled during the period.

Production, Statement of Operations, and Realized Price Information

The following table presents production, selected income statement and realized price information for the three months ended June 30, 2013 and 2012, and the three months ended March 31, 2013:

      Three Months Ended
June 30,       March 31,       June 30,
Thousands of dollars, except as indicated201320132012
Oil, natural gas and NGL sales (a) $ 149,286 $ 120,362 $ 94,981
Gain (loss) on commodity derivatives instruments 66,993 (24,176 ) 107,288
Other revenues, net   702   758     907
Total revenues $ 216,981 $ 96,944   $ 203,176
Lease operating expenses and processing fees $ 48,544 $ 45,561 $ 39,122
Production and property taxes   11,066   9,383     6,525
Total lease operating expenses $ 59,610 $ 54,944   $ 45,647
Purchases and other operating costs 337 318 647
Change in inventory   1,287   (3,109 )   2,600
Total operating costs $ 61,234 $ 52,153   $ 48,894
Lease operating expenses, pre taxes, per Boe (b) $ 19.79 $ 19.42 $ 20.03
Production and property taxes per Boe 4.51 4.00 3.34
Total lease operating expenses per Boe   24.30   23.42     23.37
General and administrative expenses (excluding unit-based compensation) $ 8,727 $ 10,055   $ 7,314
Net income (loss) attributable to the partnership $ 76,432 $ (36,300 ) $ 92,506
Net income (loss) per diluted limited partner unit $ 0.75 $ (0.38 ) $ 1.29
 
Total production (MBoe) 2,453 2,346 1,953
Oil and NGL (MBoe) 1,287 1,206 815
Natural gas (MMcf) 6,994 6,844 6,824
Average daily production (Boe/d)   26,956   26,070     21,457
Sales volumes (MBoe)   2,528   2,270     2,013
Average realized sales price (per Boe) (c) (d) $ 58.98 $ 52.96 $ 47.08
Oil and NGL (per Boe) (c) (d) 87.82 84.61 90.05
Natural gas (per Mcf) (c)   4.22   3.61     2.33
 
(a) NGLs account for 5% or less of total production.
(b) Includes lease operating expenses, district expenses, transportation expenses and processing fees.
(c) Excludes the effect of commodity derivative settlements.
(d) Includes crude oil purchases.
 

Non-GAAP Financial Measures

This press release, the financial tables and other supplemental information, including the reconciliations of certain non-generally accepted accounting principles (“non-GAAP”) measure to their nearest comparable generally accepted accounting principles (“GAAP”) measures, may be used periodically by management when discussing the Partnership's financial results with investors and analysts, and they are also available on the Partnership's website under the Investor Relations tab.

Among the non-GAAP financial measures used is “Adjusted EBITDA.” This non-GAAP financial measure should not be considered as an alternative to GAAP measures, such as net income, operating income, cash flow from operating activities or any other GAAP measure of liquidity or financial performance. Management believes that these non-GAAP financial measures enhance comparability to prior periods.

Adjusted EBITDA is presented as management believes it provides additional information relative to the performance of the Partnership's business, such as our ability to meet our debt covenant compliance tests. This non-GAAP financial measure may not be comparable to similarly titled measures of other publicly traded partnerships or limited liability companies because all companies may not calculate Adjusted EBITDA in the same manner.

Adjusted EBITDA

The following table presents a reconciliation of net income and net cash flows from operating activities, our most directly comparable GAAP financial performance and liquidity measures, to Adjusted EBITDA for each of the periods indicated.

      Three Months Ended
June 30,     March 31,     June 30,
Thousands of dollars 2013 2013 2012 (a)
Reconciliation of net income (loss) to Adjusted EBITDA:
 
Net income (loss) attributable to the Partnership $ 76,432 $ (36,300 ) $ 92,506
 
(Gain) loss on commodity derivative instruments (66,993 ) 24,176 (107,288 )
Commodity derivative instrument settlements (b) (c) 4,798 5,158 25,063
Depletion, depreciation and amortization expense 46,541 47,790 33,517
Interest expense and other financing costs 18,420 18,419 14,069
Loss on interest rate swaps (d) - - 190
(Gain) loss on sale of assets 71 (9 ) 29
Income tax expense (benefit) 574 30 1,005
Unit-based compensation expense (e)   4,989     4,808     5,612  
Adjusted EBITDA $ 84,832   $ 64,072   $ 64,703  
 
 
Three Months Ended
June 30, March 31, June 30,
Thousands of dollars 2013 2013 2012 (a)
 
Reconciliation of net cash flows from operating activities to Adjusted EBITDA:
 
Net cash provided by operating activities $ 38,570 $ 58,852 $ 29,252
 
Increase (decrease) in assets net of liabilities relating to operating activities 29,074 (12,140 ) 21,940
Interest expense (d) (f) 17,062 17,180 13,583
Income from equity affiliates, net (130 ) 129 (155 )
Income taxes 256 51 100
Non-controlling interest   -     -     (17 )
Adjusted EBITDA $ 84,832   $ 64,072   $ 64,703  
 
(a) Adjusted EBITDA for the three months ended June 30, 2012 was conformed to exclude $1.6 million related to "Net operating cash flow from acquisitions, effective date through closing date."
(b) Excludes pre-paid premiums, paid in 2012, related to crude oil derivatives that settled during the three months ended June 30, 2013 and March 31, 2013 of $1.2 million and $1.2 million, respectively. There were no pre-paid premiums associated with contract settlements in the three months ended June 30, 2012.
(c) For the three months ended June 30, 2013, March 31, 2013 and June 30, 2012, includes settlements received (paid) on crude oil derivatives of $(3.6) million, $(7.3) million and $1.8 million, respectively, and settlements received on natural gas derivatives of $8.4 million, $12.5 million and $23.3 million, respectively.
(d) Includes settlements paid on interest rate derivatives.
(e) Represents non-cash long-term unit-based incentive compensation expense.
(f) Excludes amortization of debt issuance costs and amortization of senior note discount/premium.
 

Hedge Portfolio Summary

The table below summarizes the Partnership’s commodity derivative hedge portfolio as of August 5, 2013. Please refer to the updated Commodity Price Protection Portfolio via our website for additional details related to our hedge portfolio.

     

Year

2013       2014       2015       2016       2017       2018
Oil Positions:
Fixed Price Swaps - NYMEX WTI

Hedged Volume (Bbls/d)

13,231 11,314 10,189 6,711 5,471 493
Average Price ($/Bbl) $ 95.24 $ 93.67 $ 94.71 $ 86.97 $ 83.38 $ 82.20
Fixed Price Swaps - ICE Brent
Hedged Volume (Bbls/d) 4,200 4,800 3,300 4,300 298 -
Average Price ($/Bbl) $ 97.57 $ 98.88 $ 97.73 $ 95.17 $ 97.50 $ -
Collars - NYMEX WTI
Hedged Volume (Bbls/d) 500 1,000 1,000 - - -
Average Floor Price ($/Bbl) $ 77.00 $ 90.00 $ 90.00 $ - $ - $ -
Average Ceiling Price ($/Bbl) $ 103.10 $ 112.00 $ 113.50 $ - $ - $ -
Collars - ICE Brent
Hedged Volume (Bbls/d) - - 500 500 - -
Average Floor Price ($/Bbl) $ - $ - $ 90.00 $ 90.00 $ - $ -
Average Ceiling Price ($/Bbl) $ - $ - $ 109.50 $ 101.25 $ - $ -
Puts - NYMEX WTI
Hedged Volume (Bbls/d) 1,000 500 500 1,000 - -
Average Price ($/Bbl) $ 90.00 $ 90.00 $ 90.00 $ 90.00 $ - $ -
Total:
Hedged Volume (Bbls/d) 18,931 17,614 15,489 12,511 5,769 493
Average Price ($/Bbl) $ 95.00 $ 94.78 $ 94.75 $ 90.15 $ 84.11 $ 82.20
 
Gas Positions:
Fixed Price Swaps - MichCon City-Gate
Hedged Volume (MMBtu/d) 37,000 7,500 7,500 17,000 10,000 -
Average Price ($/MMBtu) $ 6.50 $ 6.00 $ 6.00 $ 4.46 $ 4.48 $ -
Fixed Price Swaps - Henry Hub
Hedged Volume (MMBtu/d) 26,100 38,600 43,200 20,700 5,571 -
Average Price ($/MMBtu) $ 4.68 $ 4.80 $ 4.83 $ 4.24 $ 4.51 $ -
Puts - Henry Hub
Hedged Volume (MMBtu/d) - 6,000 1,500 - - -
Average Price ($/MMBtu) $ - $ 5.00 $ 5.00 $ - $ - $ -
Total:
Hedged Volume (MMBtu/d) 63,100 52,100 52,200 37,700 15,571 -
Average Price ($/MMBtu) $ 5.75 $ 4.99 $ 5.00 $ 4.34 $ 4.49 $ -
 
Calls - Henry Hub
Hedged Volume (MMBtu/d) 30,000 15,000 - - - -
Average Price ($/MMBtu) $ 8.00 $ 9.00 $ - $ - $ - $ -
Deferred Premium ($/MMBtu) $ 0.05 $ 0.12 $ - $ - $ - $ -
 

Other Information

The Partnership will host an investor conference call to discuss its results today at 10:00 a.m. (Pacific Time). Investors may access the conference call over the Internet via the Investor Relations tab of the Partnership's website (www.breitburn.com), or via telephone by dialing 888-401-4669 (international callers dial +1-719-785-1753) a few minutes prior to register. Those listening via the Internet should go to the site 15 minutes early to register, download and install any necessary audio software. In addition, a replay of the call will be available through August 13, 2013 by dialing 877-870-5176 (international callers dial +1-858-384-5517) and entering replay PIN 5936311, or by going to the Investor Relations tab of the Partnership's website (www.breitburn.com). The Partnership will take live questions from securities analysts and institutional portfolio managers; the complete call is open to all other interested parties on a listen-only basis.

About BreitBurn Energy Partners L.P.

BreitBurn Energy Partners L.P. is a publicly traded independent oil and gas master 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, Oklahoma, California, Texas, Florida, Indiana and Kentucky. See www.BreitBurn.com for more information.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements relating to the Partnership’s operations that are based on management's current expectations, estimates and projections about its operations. Words and phrases such as “believes,” “expect,” “future,” “impact,” “guidance,” “will be,” “immediately add,” “increased focus,” “substantial accretion,” “support distribution growth,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These 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. These include risks relating to the Partnership’s financial performance and results, availability of sufficient cash flow and other sources of liquidity to execute our business plan, prices and demand for natural gas and oil, increases in operating costs, uncertainties inherent in estimating our reserves and production, our ability to replace reserves and efficiently develop our current reserves, political and regulatory developments relating to taxes, derivatives and our oil and gas operations, risks relating to our acquisitions, and the factors set forth under the heading “Risk Factors” incorporated by reference from our Annual Report on Form 10-K filed with the Securities and Exchange Commission, and if applicable, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. 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, the Partnership 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.

BBEP-IR

BreitBurn Energy Partners L.P. and Subsidiaries
Unaudited Consolidated Balance Sheets
 
 
        June 30,         December 31,
Thousands20132012
ASSETS
Current assets
Cash $ 2,136 $ 4,507
Accounts and other receivables, net 82,604 67,862
Derivative instruments 33,056 34,018
Related party receivables 764 1,413
Inventory 4,887 3,086
Prepaid expenses   728     2,779  
Total current assets 124,175 113,665
Equity investments 7,003 7,004
Property, plant and equipment
Oil and gas properties 3,474,922 3,363,946
Other assets   15,384     14,367  
3,490,306 3,378,313
Accumulated depletion and depreciation   (757,241 )   (666,420 )
Net property, plant and equipment 2,733,065 2,711,893
Other long-term assets
Derivative instruments 82,707 55,210
Deposit for oil and gas properties 85,980 -
Other long-term assets 25,817 27,722
   
Total assets $ 3,058,747   $ 2,915,494  
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 44,941 $ 42,497
Derivative instruments 2,900 5,625
Revenue and royalties payable 26,063 22,262
Wages and salaries payable 8,926 10,857
Accrued interest payable 13,014 13,002
Accrued liabilities   27,549     20,997  
Total current liabilities 123,393 115,240
 
Credit facility 235,000 345,000
Senior notes, net 755,698 755,696
Deferred income taxes 2,784 2,487
Asset retirement obligation 101,487 98,480
Derivative instruments 792 4,393
Other long-term liabilities   4,503     4,662  
Total liabilities 1,223,657 1,325,958
Equity
Partners' equity 1,835,090 1,589,536
 
Total liabilities and equity $ 3,058,747   $ 2,915,494  
 
Common units outstanding 99,680 84,668
 
 
BreitBurn Energy Partners L.P. and Subsidiaries
Unaudited Consolidated Statements of Operations
 
      Three Months Ended       Six Months Ended
June 30,June 30,
Thousands of dollars, except per unit amounts2013       20122013       2012
 
Revenues and other income items
Oil, natural gas and natural gas liquid sales $ 149,286 $ 94,981 $ 269,648 $ 188,988
Gain on commodity derivative instruments, net 66,993 107,288 42,817 71,283
Other revenue, net   702     907     1,460     2,052  
Total revenues and other income items 216,981 203,176 313,925 262,323
Operating costs and expenses
Operating costs 61,234 48,894 113,387 92,155
Depletion, depreciation and amortization 46,541 33,517 94,331 71,798
General and administrative expenses 13,716 12,926 28,579 26,600
Loss on sale of assets   71     29     62     154  
 
Operating income 95,419 107,810 77,566 71,616
 
Interest expense, net of capitalized interest 18,420 14,069 36,839 27,869
Loss on interest rate swaps - 190 - 684
Other (income) expense, net   (7 )   23     (9 )   19  
Total other expense   18,413     14,282     36,830     28,572  
 
Income before taxes 77,006 93,528 40,736 43,044
 
Income tax expense   574     1,005     604     446  
 
Net income 76,432 92,523 40,132 42,598
 
Less: Net income attributable to noncontrolling interest - (17 ) - (62 )
       
Net income attributable to the partnership   76,432     92,506     40,132     42,536  
 
Basic net income per unit $ 0.75   $ 1.29   $ 0.41   $ 0.61  
Diluted net income per unit $ 0.75   $ 1.29   $ 0.41   $ 0.61  
 
 
BreitBurn Energy Partners L.P. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
 
 
      Six Months Ended
June 30,
Thousands of dollars2013       2012
 
Cash flows from operating activities
Net income $ 40,132 $ 42,598
Adjustments to reconcile net loss to cash flow from operating activities:
Depletion, depreciation and amortization 94,331 71,798
Unit-based compensation expense 9,797 11,203
Gain on derivative instruments (42,817 ) (70,599 )
Derivative instrument settlements 9,956 41,193
Prepaid premiums paid on derivative instruments - (6,956 )
Income from equity affiliates, net (1 ) 309
Deferred income taxes 297 126
Loss on sale of assets 62 154
Other 2,239 2,367
Changes in assets and liabilities:
Accounts receivable and other assets (13,050 ) 16,926
Inventory (1,801 ) (543 )
Net change in related party receivables and payables 649 2,170
Accounts payable and other liabilities   (2,372 )   (10,195 )
Net cash provided by operating activities   97,422     100,551  
Cash flows from investing activities
Capital expenditures (100,211 ) (37,382 )
Proceeds from sale of assets 160 674
Deposit for oil and gas properties (85,980 ) (21,954 )
Property acquisitions   598     (92,837 )
Net cash used in investing activities   (185,433 )   (151,499 )
Cash flows from financing activities
Issuance of common units 285,016 166,044
Distributions (88,757 ) (60,750 )
Proceeds from issuance of long-term debt, net 397,000 538,885
Repayments of long-term debt (507,000 ) (586,000 )
Change in book overdraft (291 ) (2,785 )
Long-term debt issuance costs   (328 )   (5,708 )
Net cash provided by financing activities   85,640     49,686  
Decrease in cash (2,371 ) (1,262 )
Cash beginning of period   4,507     5,328  
Cash end of period $ 2,136   $ 4,066  

BreitBurn Energy Partners L.P.
Investor Relations Contacts:
James G. Jackson
Executive Vice President and Chief Financial Officer
213-225-5900 x273
or
Jessica Tang
Investor Relations
213-225-5900 x210

Copyright Business Wire 2013
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