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Breitburn Energy Partners LP Message Board

  • nsupper1 nsupper1 Mar 13, 2012 10:56 AM Flag

    % of oil and NatGas

    Does anyone know what % of Oil and NatGas BBEP produces

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    • I thought it was around 70% NG and 30% oil but they are starting to skewer that more towards oil. I read this this morning from a trader and it kinda makes me feel tingly:

      10:34 AM "That trade is coming," remarks Dominick Chirichella of going long natural gas and short crude oil. "Just have to wait for it to turn," he says of the ratio of the crude to gas price hitting a whopping 47.5 this morning. WTI crude (USO) is off a hair, but natural gas (UNG -1.5%) is seeing significant declines again

    • Reserves - 65% gas & 35% oil
      Revenues - 60% gas & 40% oil

      That's what I remember, as of late.
      Hopefully, the crew will convert the California 'oil in place' to 'reserves' the next few years...and perhaps the Michigan assets will prove plentiful and oily, as well. As crwmith said in a previous post...don't harsh my mellow.

      • 1 Reply to anton_chigurr
      • “.. Our capital budget for 2012 is $68 million. As you know, we’re fortunate to have a balance portfolio of all our gas-producing assets. We’ll be focusing our spending on oil-producing assets with approximately 95% of our capital spending allocated to oil-producing projects.
        We plan to drill (in 2012) approximately 30 well, which represent about 65% of our total capital spending. For the 30 wells we plan to drill, 15 are expected to be in Wyoming, nine in Michigan, three in California and three in
        We’re forecasting production levels between 7.8 million barrels and 8.3 million barrels of oil equivalent. We anticipate spending approximately 60% of our 2012 capital in the Southern Division principally on oil projects in California and Florida and we will spend approximately 40% in the Northern Division, principally on oil projects in Michigan and Wyoming.
        As Mark mentioned, 2012 production guidance reflects reduced drilling activities on our gas properties due to the recent decline in natural gas prices.
        We project our production mix for the year to be 57% gas, and 43% oil.
        In addition, our California oil production representing approximately 30% of the total oil production is expected to be sold based on Brent pricing.
        The year-end 2011 reserves consist of about 65% natural gas and 35% crude oil, and 87% of our crude reserves was classified as crude developed….”

    • The other MAJOR key is whether the gas wells are wet or dry. ; )))

    • Well, a couple of things first. The post was by a commodities trader that was trying to get investors fired up over natural gas. I should have made that clearer. Our oil production and gas production are almost record highs so if we didn't export anything maybe we could make 81% AFTER converting a lot of vehicles over to natural gas. Our real problem is refineries. We have not built a new one in 30 years and to older refineries cannot process WTI or the heavier oil sands crude. They have to have the light sweet stuff. Houston has the most capacity for the heavier crudes which is why Keystone needs to pipe there. Obama is stupid but so is the Governor of Nebraska. The oil sands oil needs to be heated just to flow through a pipe. The pipe is heavily insulated and if it breaks the oil hitting the ground becomes tar. It will NEVER hit the aquifer or soak in the ground at all. The environmental arguments are bogus. We cannot run America on solar and wind power. These people need to wise up!

 
BBEP
5.81+0.10(+1.75%)May 21 4:00 PMEDT