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Breitburn Energy Partners First Quarter 2016 Results

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   |    Tuesday,May 10,2016

Breitburn Energy Partners LP announced financial and operating results for the first quarter 2016.

Q12016 Results Compared to 4Q2015:

  • Total production was 4,848 MBoe in the first quarter of 2016, compared to 5,106 MBoe in the fourth quarter of 2015. Average daily production was 53.3 MBoe/day in the first quarter of 2016 compared to 55.5 MBoe/day in the fourth quarter of 2015.
    • Oil production decreased to 2,589 MBbl, compared to 2,795 MBbl in the fourth quarter of 2015.
    • NGL production decreased to 498 MBbl, compared to 526 MBbl in the fourth quarter of 2015.
    • Natural gas production decreased to 10,567 MMcf, compared to 10,712 MMcf in the fourth quarter of 2015.
  • Adjusted EBITDA was $131.5 million (including $2.2 million of restructuring costs) in the first quarter of 2016 compared to $169.0 million in the fourth quarter of 2015, a 22% decrease. The decrease was primarily due to lower sales revenue due to lower average realized prices, lower sales volume, lower commodity derivative instrument settlement receipts, lower other revenue, higher cash restructuring costs and higher G&A expenses, partially offset by lower operating costs.
  • Net loss attributable to common unitholders was $115.3 million, or $0.54 per diluted common unit, in the first quarter of 2016, which included $97.4 million in unrealized losses on commodity derivative instruments and non-cash impairment charges of approximately $2.8 million, or $0.01 per diluted common unit, primarily related to the impact that further deterioration in future commodity prices had on our projected net revenues for certain of our oil and gas properties, compared to net loss of $902.3 million or $4.25 per diluted common unit, in the fourth quarter of 2015, which included non-cash impairment charges of approximately $878.3 million, or $4.14 per diluted common unit.
  • Oil, NGL and natural gas sales revenues were $105.5 million in the first quarter of 2016 compared to $139.7 million in the fourth quarter of 2015, primarily due to lower realized oil and natural gas prices.
  • Lease operating expenses, which include district expenses, processing fees, and transportation costs but exclude taxes and non-cash unit-based compensation expense, were $16.29 per Boe in the first quarter of 2016 compared to $17.74 per Boe in the fourth quarter of 2015. The decrease was primarily due to our continued focus on lowering costs and lower commodity prices.
  • General and administrative expenses, excluding non-cash unit-based compensation expenses, were $17.6 million in the first quarter of 2016, compared to $14.5 million in the fourth quarter of 2015. The increase was primarily due to higher employee related costs and professional fees.
  • Gains on commodity derivative instruments were $37.9 million in the first quarter of 2016 compared to gains of $141.8 million in the fourth quarter of 2015, primarily due to unrealized losses of $97.4 million during the first quarter of 2016 compared to unrealized losses of $2.2 million during the fourth quarter of 2015. Derivative instrument settlement receipts were $135.4 million in the first quarter of 2016 compared to receipts of $144.1 million in the fourth quarter of 2015, primarily due to lower hedged volumes.
  • NYMEX WTI oil spot prices averaged $33.35 per Bbl and Brent oil spot prices averaged $33.84 per Bbl in the first quarter of 2016 compared to $41.94 per Bbl and $43.56 per Bbl, respectively, in the fourth quarter of 2015. Henry Hub natural gas spot prices averaged $1.99 per Mcf in the first quarter of 2016 compared to $2.12 per Mcf in the fourth quarter of 2015.
  • Average realized crude oil, NGL, and natural gas prices, excluding the effects of commodity derivative settlements, were $29.37 per Bbl, $10.81 per Bbl and $2.05 per Mcf, respectively, in the first quarter of 2016 compared to $37.31 per Bbl, $13.03 per Bbl and $2.32 per Mcf, respectively, in the fourth quarter of 2015.
  • Oil, NGL and natural gas capital expenditures were approximately $16 million in the first quarter of 2016 compared to $36 million in the fourth quarter of 2015.

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