Breitburn Energy Partners LP fka BBEPQ

[black_slk320]

At the end of 2014 (before they wrote down the value of their assets) they had about $3.8B net shareholder value, but this was when they still had the assets on the books at $100/barrel. They bought a lot of oil assets in 2012, 2013, and 2014 when oil was over $100/barrel. They thought that they could just sell the oil to pay off the debt with a little left over for the investors. They paid way too much for the oil assets ($60 to $70 times proved reserves). Oil had been around $100/barrel for several years and they thought that Saudi Arabia would adjust production to keep oil prices high. They were wrong. Some of the oil assets they bought are now worth 80% to 90% less, so an investor presentation written at the end of 2014 is no longer accurate.

The latest MOR has further written down the value of their assets. If they don't write down the value next month, there is $0.60/share in shareholder equity after paying off their debt and preferred shareholders. However, the price of oil has dropped about $5/barrel recently. If it doesn't recover, there will be no equity for the commons.

Breitburn hiding 7.6Billion in assets?

Investor Proposal posted on Y Board first, but this should be stickied.

p.32 Total Assets 7.638 BILLION

Where did they all go less than a year later? Gee I wonder who's telling the truth. Equity Committee with a copy of this as well.