BreitBurn Energy Partners Reports Higher Losses in Q1
Posted on: Tuesday, 13 May 2008, 06:00 CDT
BreitBurn Energy Partners, engaged in oil and gas exploration and production, has reported net loss of $41.1 million for the first quarter of 2008, compared to net loss of $4.76 million for the same period in 2007.
Adjusted EBITDA increased by 590% from the first quarter of 2007 to $58.2 million, $49.8 million higher than the same quarter of 2007. Aggregate production increased by 297% to 1,720 million barrels of oil equivalent (mboe) in the first quarter of 2008 as compared to 433mboe in the first quarter of 2007.
The partnership declared a record quarterly cash distribution of $0.50 per unit for the first quarter of 2008, or $2 per unit on an annualized basis, a 21% increase from the same quarter of 2007.
Hal Washburn, co-CEO of BreitBurn Energy Partners, said: "We are pleased with the strong results achieved during the quarter. We continued to see the benefits of our acquisition-driven growth strategy as we had record results across a number of key operating and financial metrics and the integration of our acquired assets is on track.
"Our first quarter 2008 results are in line with our guidance provided on March 17, 2008, and we are reaffirming that guidance today. We remain focused on the core elements of our strategy to add reserves, develop them economically and provide healthy growth in the cash distributions we pay to our unitholders."
Source: Datamonitor
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