Thursday, BreitBurn Energy Partners L.P. (BBEP) reported a swing to first-quarter profit, despite a drop in product revenue, benefiting from a $70 million gain from commodity derivative instruments.
The Los Angeles-based company reported a net income attributable to limited partners of $46.35 million or $0.84 per share for the first quarter, compared to a net loss attributable to limited partners of $40.87 million or $0.61 per share a year ago.
Net income for the quarter was $46.36 million or $0.84 per share, compared to a net loss of $41.09 million or $0.61 per share in the year-earlier period.
On average, four analysts polled by Thomson Reuters estimated earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter increased to $127.94 million from $33.34 million in the prior-year quarter.
Analysts, on average, expected revenue of $84.14 million for the quarter.
Revenue from oil, natural gas, and liquid gas sales declined to $57.64 million from $115.85 million in the first quarter of 2008. The company had a gain of $70.02 million on commodity derivative instruments in the first quarter, compared to a loss of $83.39 million a year ago.
Operating income for the quarter was $53.7 million, compared to an operating loss of $34.46 million in the same quarter last year.
Extensive hedging portfolio mitigated the impact of the significant year-over-year decline in oil and gas prices. Realized crude oil and liquids prices averaged $62.38 per barrel of oil equivalent, or Boe, and realized natural gas prices averaged $7.99 per Mcf, compared to $69.81 per Boe and $7.94 per Mcf, respectively.
Average daily production decreased to 17,811 Boe per day in the first quarter of 2009 compared to 18,901 Boe per day in the comparable year-ago period.
BBEP closed Thursday's regular trading at $7.66, up $0.37 or 5.08%, on a volume of 655K shares on the Nasdaq.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.