67 WALL STREET, New York - July 3, 2014 - The Wall Street Transcript has just published its Oil & Gas Review 2014 Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Oil & Gas Review 2014
Companies include: Breitburn Energy Partners LP (BBEP) and many more.
In the following excerpt from the Oil & Gas Review 2014 Report, the CEO and Director of BreitBurn Energy Partners L.P. (BBEP) discusses company strategy and the outlook for this vital industry:
TWST: Could you begin with a brief overview of BreitBurn, its structure and key assets?
Mr. Washburn: BreitBurn has been in business for over 25 years. We started the company with a strategy that we continue to follow, and that strategy was to acquire interests in large oil and gas fields and rely upon superior engineering and operations and new technologies to increase the production, the cash flow, the reserves and therefore the value of those properties. We've seen technological innovations in our industry that had been almost breathtaking in what they've opened up as far as resources.
When we started the business, you could drill a horizontal probably 10 feet long. Today you drill them, they're measured to miles, so technology has really advanced in the industry, and with that we really increased the production in reserves and that's been what we've exploited for 25 years.
When we started the business, we were focused on large oil fields in Southern California. Today we operate in nine states across the United States from both coasts and from the south down in Texas to the north up in Michigan and Wyoming. We are over $4 billion enterprise value today, about $4.3 billion. We've grown the business significantly. We've got about 205 million barrels of proved reserves at the end of last year; we made some meaningful acquisitions that were included in that. So we're a large enterprise, and we continue to grow. We see a lot of opportunities for continued growth through both the drill bit and acquisitions in 2014 and years to come.
TWST: I was wondering if you can share a view of what 2013 was like with any highlights or key accomplishments since we spoke to you last year.
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.