Monday, BreitBurn Energy Partners L.P. (BBEP), announced financial results for the second quarter, posting a loss that narrowed from the same quarter a year ago, helped by a decline in expenses.
Net loss for the second quarter narrowed to $108.53 million or $2.06 per unit from a net loss of $286.17 million or $4.39 per unit in the same quarter last year.
On average, three analysts polled by Thomson Reuters expected earnings of $0.10 per share for the second quarter. Analysts' estimates typically exclude special items such as one-time charges or gains.
Total production for the second quarter improved 3% to 1.654 MBoe from 1.603 MBoe in the same quarter a year ago, with an improvement in the production of natural gas to 5.349 MMcf from 5.169MMcf in the same quarter last year.
Lease operating expenses and processing fees for the second quarter declined to $28.442 million from $31.628 million in the same quarter last year.
General and administrative expenses for the second quarter also were down 18% at $5.3 million or $3.18 per Boe compared to $6.4 million or $4.01 per Boe in the sequential first quarter, reflecting a continued sequential decline. General and administrative expenses for the quarter excluded unit-based compensation expenses.
Oil, natural gas and NGL sales for the quarter, however, declined to $59.87 million from $139.96 million in the corresponding quarter a year ago.
The company also recorded negative total revenues of $36.994 million that narrowed from negative total revenues of $212.677 million in the same quarter last year, reflecting unrealized losses on commodity derivative instruments that also narrowed from the same quarter last year. Street expected revenues of $83.37 million for the second quarter.
For the period of six months, net loss narrowed to $62.168 million or $1.18 per unit from $327.256 million or $4.94 per unit in the same period last year.
Total revenues and other income items for the period were $90.945 million, compared to a negative $179.340 million in the same period a year ago.
Oil, natural gas and natural gas liquid sales for the period, declined to $117.515 million from $255.811 million in the same period last year.
BBEP is currently trading at $8.81, up $0.08 or 0.92%, on a volume of 0.145 million shares on the Nasdaq.
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