The Oil & Gas Financial Journal Transaction of the Year, Midcontinent 2014
Awarded to: Breitburn Energy Partners L.P.
Oil & Gas Awards Judges Comments
“Allows Breitburn to capture revenue growth by accessing proved developed and undeveloped reserves; increasing shareholder value-creation. Expands geographic footprint that provides greater access with which to conduct E&P operations.”
“These are all impressive – I like the Breitburn one best for oil content and price.”
Breitburn Energy Partners L.P. – Corporate Overview
Breitburn’s oil and gas producing assets are located in the Los Angeles and San Joaquin Basins in California, the Wind River and Big Horn Basins in central Wyoming, the Powder River Basin in eastern Wyoming, the Evanston and Green River Basins in southwestern Wyoming, the Sunniland Trend in Florida, the Permian Basin in Texas, the Oklahoma Panhandle, the Antrim Shale in Michigan, and the New Albany Shale in Indiana and Kentucky. The company’s assets are characterized by stable, long-lived production and long reserve life indexes.
As of December 31, 2013, Breitburn’s total estimated proved reserves were 214.3 MMBoe, of which approximately 53% were crude oil, 7% were NGLs, and 40% were natural gas. In 2013, Breitburn completed 11 strategic acquisitions totaling approximately $1.2 billion, delivered record Adjusted EBITDA and total production, delivered 4.8% annual distribution growth and 15th consecutive quarter of distribution increases. In July 2014, Breitburn announced the signing of a definitive merger agreement to acquire QR Energy in a unit-for-unit exchange implying a transaction value of approximately $3.0 billion, including QR Energy’s existing net debt and outstanding Class C Convertible Preferred Units. As a result of the merger, Breitburn will become the largest, oil-weighted upstream oil and gas master limited partnership. The combination enhances Breitburn’s ability to generate greater cash flow and creates significant incremental near-term and long-term value for unitholders. This transaction is expected to close in late 2014.
Midcontinent 2014 Winners
- Award for Drilling Excellence - Scientific Drilling
- Award for Excellence in Corporate Social Responsibility - Access Midstream
- Award for Excellence in Health & Safety - Operational - FTS International
- Award for Excellence in Health & Safety - Products - Katch Kan Ltd.
- Award for Excellence in Well Completion - Packers Plus
- Company of the Year - Chaparral Energy
- Construction Company of the Year - Willbros
- Consultancy Company of the Year - Cinco Energy Management Group
- Engineering Company of the Year - Spartan Engineering
- Future Industry Leader - Josh Kaylor - Waste Management, Inc.
- General Industry Service Award - Prometheus Energy
- Industry Leader - William F. (Bill) Ward - Superior Pipeline Company
- Industry Supplier of the Year - Well Checked Systems International
- Kenworth Trucks Trucking Company of the Year - Hearn Trucking, LLC
- Manufacturer of the Year - ABB
- Midstream Company of the Year - EnLink Midstream
- New Technology Development of the Year - General/Products - Energy Recovery, Inc.
- Oilfield Services Company of the Year - Halliburton
- The Oil & Gas Financial Journal Transaction of the Year - Breitburn Energy Partners L.P.
- VZ Environmental Award for Excellence in Environmental Stewardship - Scott Environmental Services, Inc.
- Water Management Company of the Year - Rockwater Energy Solutions