09/29/06: PVX's BreitBurn Energy Partners Sets IPO
( BBEP's current owners are Provident Energy Trust and BreitBurn Energy Corp )
biz.yahoo.com
BreitBurn Energy Partners Plans Initial Public Offering to Raise $108.1M
New York (AP) -- Oil and gas partnership BreitBurn Energy Partners LP plans to sell 6 million units in an initial public offering, with estimated net proceeds of $108.1 million.
The partnership is focused on acquiring and developing oil and gas properties. Its assets are currently focused in southern California and Wyoming, with total estimated net proved reserves of 29.7 million barrels of oil equivalent. The partnership said it targets large, complex and mature fields.
BreitBurn expects the IPO price to be between $19 and $21 per unit. It plans to use the offering's proceeds to repay $36.5 million of debt and to pay a $71.6 million distribution to current owners Provident Energy Trust and BreitBurn Energy Corp.
The partnership will trade on the Nasdaq under the symbol "BBEP." It reported $2 million in net income for the first half of 2006 on $23.2 million in revenue.
RBC Capital Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities LLC, A.G. Edwards & Sons, Inc. Wachovia Capital Markets LLC, Deutsche Bank Securities Inc. and Canaccord Adams Inc. are underwriting the offer.
--------------------------------------------------------------------------------
Provident Energy Trust :
finance.yahoo.com
Provident Energy Trust : dual traded O&G CanRoy Income Trust : PVE-UN.TO, PVX
finance.yahoo.com
BreitBurn Energy: In June 2004, PVX had 92% interest
providentenergy.com
..."June, 2004 Provident Energy acquired a 92 percent interest in BreitBurn Energy. BreitBurn is a private exploitation and production company based in Los Angeles, California.... Breitburn's operations are in southern California and Wyoming."...
Provident CEO Tom Buchanan said:
..."Consistent with our balanced portfolio strategy, the acquisition of BreitBurn adds high quality, long-life oil and gas production assets; at attractive valuation metrics, that will provide a stable source of cash flow over the long-term,"...
Breitburn's business model:
..."is premised upon the acquisition of under developed producing properties with large amounts of original oil remaining and optimization of these mature producing assets through the use of sophisiticated, state-of-the-art computerized reservoir engineering tools."...
PVX in 2005 :
providentenergy.com
February 2005 :
PVX, BreitBurn Energy, and Nautilus Resources, LLC
..."Consistent with Provident's strategy to expand the U.S. production base with quality, mature, long-life assets that provide stable, long-life cash flows and low risk optimization potential, Provident's subsidiary BreitBurn Energy acquired Nautilus Resources, LLC. The acquired properties are located in Big Horn and Wind River, Wyoming and are currently producing approximately 2,300 boe/d consisting of 99 percent crude oil and one percent natural gas."...
October 2005 :
PVX, natural gas liquids business of EnCana, and Kinetic Resources
..."Provident expands on its Midstream footprint by acquiring the natural gas liquids (NGL) business of EnCana Corporation. The acquired business includes interests in an interconnected set of NGL extraction, transportation, storage, fractionation and distribution facilities. Also included is NGL marketing company Kinetic Resources. The acquisition complements Provident's existing midstream operations, creating a fully integrated and geographically diverse NGL midstream business."... |
