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Breitburn Energy Partners L.P. Message Board

moneyonomics 115 posts  |  Last Activity: Feb 26, 2015 3:35 PM Member since: Jan 16, 2010
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  • moneyonomics moneyonomics Feb 26, 2015 3:35 PM Flag

    awaiting 10ks for epd, etp and sxl then will respond

  • Caveat: it was at SEC price formulas which was high average Oil prices for 2014, but what it means is the reserves are there in Utica, so yes there will be a reserves write-down in 2015, but those reserves will be produced at some point.

    OKLAHOMA CITY, Feb. 25, 2015 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (GPOR) ("Gulfport" or the "Company") today reported year-end 2014 proved reserves of 933.6 Bcfe, an increase of 305% over year-end 2013. Key highlights include:

    Year-end 2014 total proved reserves of 933.6 Bcfe, as compared to 230.6 Bcfe in 2013, an increase of 305% year-over-year.
    Year-end 2014 total proved developed reserves of 453.8 Bcfe, as compared to 149.4 Bcfe in 2013, an increase of 204% year-over-year.
    Proved reserves by volume were 77% natural gas and 23% oil and natural gas liquids.
    Increased proved PV-10 value to $1.8 billion at December 31, 2014.

  • indicates they have some flexibility in timing of debt and equity offerings as operations can fund their growth for a short period of time

  • and with the debt offering. One reason in my view behind strong price movement today along withrest of 2015 guidance

    if one pays close attention to daily price moves of an ATM offerer vs mlp segment, I believe one can see "heavy" ATM action with counter movement of the ATM seller vs the segment movement. I know some disagree but just monitor the counter movements

    chrxind • Jan 5, 2015 7:29 PM

    How low do we go

    moneyonomics • Jan 8, 2015 3:26 PM Remove

    chrx I suggest they may have been in the market with a lot of ATM selling since start of year

    moneyonomics • Nov 28, 2014 11:20 PM Remove

    Intuitive or lucky timing on the notes-Does not matter

    will be valuable through this rocky period

  • Reply to


    by melodius27 Feb 18, 2015 2:41 PM
    moneyonomics moneyonomics Feb 19, 2015 5:14 PM Flag

    mel an expensive proposition gathering if even doable. initial gathering is well site specific into a manifold into a more central separator into a more central compressor to a meter to a central line then; so to change to other well sites to gather means laying lines to other producers wells which are probably already using some other gatherer or their own assets.

  • Reply to


    by melodius27 Feb 18, 2015 2:41 PM
    moneyonomics moneyonomics Feb 19, 2015 3:15 PM Flag

    correct, quicksilver was around 15% of their 2013 revenues and Barnett is where 40% of their volumes are gathered and 90% of their volumes are processed so exposure to QS has been reduced but still there.



    For the fiscal year ended December 31, 2013, Quicksilver Resources Inc. (“Quicksilver”) and Antero accounted for approximately 15% and 10% of our total consolidated revenues. For the fiscal year ended December 31, 2012, Quicksilver and Antero accounted for approximately 47% and 11% of our total consolidated revenues. For the fiscal year ended December 31, 2011, Quicksilver accounted for approximately 64% of our total consolidated revenues

  • Reply to

    Latest CC from a mid stream company NGLS

    by nymarv10956 Feb 13, 2015 8:33 AM
    moneyonomics moneyonomics Feb 17, 2015 6:51 PM Flag

    my observations

    1- those mlps and energy stocks you hold now you are not holding for 2015 returns, but for 2016 and beyond: the most wealth made in energy investing occurred following chaotic periods like this (follow the postings I have made on the iv mlp board on ^XOI trend over the last 29 years after SA similar defense of production in 1985)

    2- in chaos like now better to consolidate to fewer holdings that will survive and thrive later, whether direct holdings or calls and puts or whatever combination. could take 2-3 years to recover paper losses in stock/units held/retained in/from late 2014

    3- I would recommend to any and all mlp managements to "not" increase distributions in 2015 nor to pay down cheap debt, unless covenants being breached, and conserve all cash for opportunistic redirection from the balance sheet into timely acquisitions of firesale assets at 5.5x or less, or believe it or not to increase plowback into organic growth as costs comedown, both later in 2015-early 2016

    Investors will not like these ideas in 2015 but they will love it later

  • Reply to
    Last week's presentation
    by jrad52 •Dec 18, 2014 10:09 AM
    moneyonomics • Dec 19, 2014 6:02 PM Remove

    0 users liked this posts users disliked this posts 0

    jrad you captured the essence. one key point is the owners (operator and non operators) as a whole do not generally need to approve a well ballot unless that is specifically inserted/checked in their JV agreement; so what that means is the operator can ballot each non operator and if none consent to the ballot the operator can drill the well on their own and force everyone non consent. operator does not generally like to do that but it can be done

    1-these wells have step declines so you capture the majority of the NPV in the first 2 year,s but have a non consent penalty that will last for years so by default they plan to never get any significant value/npv for the acreage under these wells but you are still managing the paperwork, etc

    2- the operator would not be balloting to drill a new well (particularity earlier in the year) if it was not economical or was a mandatory well to hold a lease. These wells would definitely be within nrps business size scope as that is why they bought these leases in the first place and more importantly when they ran their acquisition economics these wells would have been partially in their base case economics which is what they paid for the proprieties and partially in their upside case ie the added value to the unit holder to pay increased distributions, etc they would earn over and above the acquisition price; so the message it conveys to me is they are not going to meet the economic base case they paid and definitely are/did forgo the upside value.. One could conclude they either overpaid or are just plain willing to loose on the deal Less

  • the commentators comments are accessible on the investorvillage bry or mlp boards

  • go to investor village mlp or bry boards to access web site

  • moneyonomics moneyonomics Feb 1, 2015 2:12 PM Flag

    chris assets still held at the GP (DCP LLC) level that can be sold (dropped down) to DPM (partnership). The partnership (DPM) pays cash or cash and its units for the assets. These assets generate cash flow to DPM/partnership level which does not pay income taxes on its cash flow (earnings/ebitda) but passes it to the limited partners (public investors) who pay the income taxes in many cases 80% deferred/20% not deferred until the limited partner bases becomes $0; then the limited partner is fully taxed but some at capital gains. DPM (partnership) generates the cash to pay for these assets either though public debt and or equity offerings, but usually in the end a combination of both. Search the web for National Association of Publicly Traded Partnerships or Wells Fargo
    MLP Primer Fifth Edition for a much better discussion of MLPs

  • iv bry Msg 164315 of 164320 at 1/30/2015 9:05:07 AM by

    Consol energy cuts Capex to 1 billion from 1.5 billion, and reveals something interesting....

    The really interesting thing about the MArcellus is look at the cost below of the gas and they specifically state that its the liquids thats been saving them......Wonder if liquids are allowing the gas to be sold for free anymore.

    The average sales price per Mcfe within the E&P Division was impaired in the just-ended quarter, when compared to the year-earlier quarter due in part to the decline in commodity prices and regional basis differentials. Helping to offset decreases to gas prices is a greater proportion of liquids production, which receives higher unit pricing.

    The average sales price of $3.90 per Mcfe, when combined with unit costs of $3.19 per Mcfe, resulted in a margin of $0.71 per Mcfe. This was flat when compared to the year-earlier quarter, as unit cost improvements helped to offset the decreases in price realizations from weaker regional basis.

    Unit costs were improved in the just-ended quarter, as fixed costs, such as direct administration, were spread over higher production volumes. Unit costs were also improved, as low-cost Marcellus and Utica Shale production represented a much higher proportion of total production.

    All-in unit costs in the Marcellus Shale category were $2.83 per Mcfe in the just-ended quarter, or a decrease of $0.18 per Mcfe from the $3.01 per Mcfe in the year-earlier quarter. Marcellus Shale unit costs were improved in part by volumes increasing 88%, when compared when compared to the year-earlier quarter. Partially offsetting Marcellus unit cost improvements were slight increases in gathering and transportation costs associated with fees related to liquids gas processing.

  • moneyonomics moneyonomics Jan 29, 2015 1:15 PM Flag

    ? not fixed in 2015

  • moneyonomics moneyonomics Jan 29, 2015 1:00 AM Flag

    chrx, do not think you can get ethane to majorsville from hopedale just ngls which obviously can be fractionated at MV but where would they go or are you thinking mariner west is not full or teppco product pipeline can take ethane out of houston?

  • Houston, 28 January (Argus) — Continental Resources chief executive Harold Hamm spoke with Argus on the sidelines of Argus' North American Crude Summit in Houston. This interview has been edited for length and clarity.

    Analysts expect US oil output growth to fall to 400,000 b/d by Q4 2015. Do you see it falling to that?

    Certainly from what was projected, I think you will see a half a million barrel lower or greater. I think we may see from about the 1 mn b/d numbers I saw projected for this year I think it will be almost half of it.

    By when?

    We ran our numbers on these three plays [Bakken, Permian, Eagle Ford] and we see them starting to peak out here by March, flatten out and the decline starts in about June. So it is not going to be felt until the second half of the year. We saw rigs fall last week by 43. You are going to see a lot more than that this week. So they are fast coming down, but the thing that you don't see occurring is people dropping those completion rigs. Why complete that well? Sixty percent of the drilling cost is in well completions. Why complete that now? You are going to complete that when costs are much lower.

  • moneyonomics moneyonomics Jan 29, 2015 12:19 AM Flag

    chrx, ngl line from Sherwood and Mobley to Majorsville are operating. It is the purity ethane line still under construction as of Nov .

  • moneyonomics moneyonomics Jan 28, 2015 11:18 PM Flag

    chrx thanks

    Not much of a consolation but most look like office staff and a few land, engineers along with a few supervisors as CVX indicated they decided to postpone building a larger regional office and will probably try to run some of their office functions elsewhere (just my guess but I have been though this and this is generally what it means a)

    "The San Ramon, California-based company once planned to build a regional headquarters in Moon Township, but delayed that project indefinitely in July.

    Oliver says Chevron still "will continue to make significant investments in the development of natural gas from shale in this area."

  • 9. MLP Sub-Sector Returns

    My Pick: Gathering & Processing

    In 2014, the best performing subsector within the Alerian MLP Index was the natural gas pipeline segment, which would have been a tough call early in 2014 after BWP’s distribution cut and EPB’s reduced distribution growth plans. But with EPB being bought out at a premium, and with strong returns from SEP, EQM, TEP and TCP, natural gas pipelines shined brightest in 2014. Oil and refined products pipeline MLPs came in second, based on our calculations. Worst performers that could potentially bounce back in 2015 include upstream MLPs and oilfield services MLPs.

    There is quite a bit of uncertainty surrounding several subsectors that underperformed last year, including E&P, oilfield services, marine transportation, and gathering & processing. One of those subsectors will likely outperform the rest in 2015.

    I believe gathering & processing MLPs are poised for a bounce back. As a group, they have shifted to a more fee-based model than they had in the last commodity collapse in 2008, and yet they have sold off rather dramatically the last few months. If they can show cash flow resilience throughout the year, it will help performance. Also, there may be significant M&A activity that drives returns for G&Ps.

    go to iv board for web address

  • moneyonomics moneyonomics Jan 28, 2015 5:04 PM Flag

    iv mlp Msg 46457 of 46458 at 1/28/2015 4:53:15 PM by


    Sasol: One Down, One Up
    CS E&C Note

    Sasol GTL Delayed, Although Expected: Sasol announced today it was delaying FID on its GTL facility in the US as part of a cost savings effort as a result of lower oil prices. The GTL facility was valued at upwards of $14 billion and was to be located in Westlake, Louisiana. Recall, Technip had been selected as the FEED contractor in November 2013 with FID expected in 2016 or later. While the news is disappointing, we believe it was largely expected as recent large scale GTL projects have been a disappointment to-date with various cancellations and delays (Shell recently cancelled plans for a GTL facility in December 2013).

    Sasol's Ethane Cracker to Proceed: On a positive note, Sasol said it was proceeding with plans to construct an ethane cracker and derivatives facility in Westlake valued at ~$8 billion which the company determined still remains a viable project. We view this as a positive for FLR who has already won the EPC on this project (along with Technip). News that the cracker will proceed is also encouraging for the group given concerns over cancellations for projects already booked.

  • Reply to


    by rlbeard6734 Jan 26, 2015 2:12 PM
    moneyonomics moneyonomics Jan 27, 2015 11:49 PM Flag

    rl please consider going to investorvillage to post it is free to join

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