Seeking Alpha is fraught with writers who are disingenuous or at least inept . For example , one writer (Jeremy Richards ) was pounding the table about a drug that AEZS was trying to bring to market . It failed terribly and the name Jeremy Richards was never seen again . I can't believe Yahoo allows these scammers to post .
Halbert S. Washburn, Breitburn’s Chief Executive Officer, said: “We were very proactive last year in adapting to a volatile commodity price environment. We had strong operating and financial results, with production coming in at the high end of our guidance and our capital, operating, and G&A costs performing in line with or better than our guidance. We were also one of the first oil and gas companies to raise significant capital last year, and through our financing and cost cutting efforts, we were able to reduce our bank borrowings by nearly $1 billion in 2015. In light of the ongoing weakness in commodity prices, we are cutting our 2016 capital program by 60% to approximately $80 million, but because of our quality, long-lived, low-decline assets we only expect a 9% reduction to our 2016 production. With the continued hard work of our experienced team, we believe we are well-positioned to execute our operating plan successfully again this year.”
Buy/Sell Transaction Date Acceptance DateTime Issuer Name Issuer Trading Symbol Reporting Owner Name Reporting Owner Relationship Transaction Shares Price per Share Total Value Shares Owned Following Transaction Form
Buy 2016-01-07 2016-01-11 14:52:14 BreitBurn Energy Partners L.P. BBEP Washburn Halbert S director 35,710 $0.6750 $24,104.2000 35,710 Form 4
Buy 2016-01-08 2016-01-11 14:51:56 BreitBurn Energy Partners L.P. BBEP Brown Gregory C officer 30,000 $0.6702 $20,106.0000 432,374 Form 4
Buy 2016-01-07 2016-01-07 18:22:46 BreitBurn Energy Partners L.P. BBEP KILPATRICK DAVID B director 20,000 $0.6439 $12,878.0000 96,256 Form 4
Insider Trading: SEC Form 4, Insider Buying & Selling Data
A few things . Removal of distribution is big . No clear visibility of of pricing . Debt restructuring . The debt restructuring may be the first leg up going forward .
. I see de-leverage of balance sheet-(debt pay-off or reduction)
. Also performance based incentives not to exceed $10,720 , 200 to all 110 participants in total .
Neil , I received an e-mail from IR today . " Breitburn is exploring strategic alternatives to strengthen our balance sheet and maximize the value of Breitburn, and we have initiated discussions with our secured debtholders related to alternatives to improve Breitburn’s long-term capital structure."