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BBEP - BreitBurn Energy Partners, L.P.
BreitBurn Energy Partners, L.P. (BBEP) was a publicly traded master limited partnership (MLP) focused on the acquisition, exploitation, and development of oil and gas properties in the United States. The company was founded in 2006 and was headquartered in Houston, Texas.
BreitBurn Energy Partners primarily operated in oil and gas fields in California, Wyoming, Texas, and Oklahoma. The company's portfolio of assets included more than 11,000 producing oil and gas wells, with estimated reserves of over 150 million barrels of oil equivalent (BOE).
As an MLP, BreitBurn Energy Partners distributed a significant portion of its cash flow to its unitholders, who received regular cash distributions. However, the company faced significant financial challenges due to the downturn in the energy market, including lower oil and gas prices and higher debt levels.
In 2016, BreitBurn Energy Partners filed for Chapter 11 bankruptcy protection, citing its inability to service its debt obligations. The company's assets were eventually sold to Lime Rock Resources, a private equity firm, and its unitholders received a small payout as part of the bankruptcy process.
As of February 2023, BreitBurn Energy Partners is no longer an active company, and its shares are no longer traded on any stock exchange. The company's bankruptcy serves as a reminder of the risks associated with investing in energy companies, especially those with high debt levels and exposure to volatile commodity prices.
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