Breitburn Energy Partners
515 South Flower Street , Suite 4800 , Los Angeles, California, United States

Breitburn Energy Partners is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in Houston, TX. Breitburn Energy Partners’s primary focus is on the scalable and repeatable condensate-rich Montney formation in the Wapiti area of the Texas Deep Basin. This play has the potential to create significant shareholder value due to the high-value condensate volumes associated with the natural gas production and the large scope of this resource play.

We have created an organization in which operational and technical excellence and idea generation are encouraged in a culture that emphasizes accountability and performance. By focusing on the Wapiti operating area, our teams have become experts in identifying opportunities and improving economics. Over time, this intimate knowledge enables us to extract maximum value from the asset. Our goal is to operate with a high working-interest ownership. This enables us to control the pace of development, minimize costs and cycle times between ideas and cash flow, and allows us to accurately forecast the timing and magnitude of our efforts. We continue to enforce stringent cost controls to maintain our financial flexibility throughout the commodity price cycles. We believe that stewardship of our capital spending over the long-term is the single biggest factor in our ability to grow profitably.

One of the keys to our success is retaining technically strong and engaged employees. Our employees are all rewarded with an ownership stake in Breitburn Energy Partners, closely aligning their interests with those of our shareholders.

Mission

Breitburn Energy Partners is a Canadian oil and gas resource company with a mission to deliver maximum shareholder value.

Our vision is to be known and respected for our: 

• Entrepreneurial spirit and disciplined delivery
• Focused investment on profitable, repeatable plays
• Production and share value growth of 10% to 20% per year over the next five years
• Multi-year inventory of projects across the maturity spectrum
• Strong safety, health and environmental commitment.

Values

• We act ethically and speak the truth, even if it is uncomfortable.
• Our actions are congruent with our words.

Excellence

• We have a clear sense of destination and what success looks like.
• We play to our strengths and manage weaknesses.
• We deliver through superior skills, hard work and dedication.
• We find the right balance between analysis, planning and execution

Respect

• We treat everyone with dignity, regard and are open to different opinions and out of the box thinking
• We have fun at work and value a work/life balance

Empowerment and Accountability

• We are all owners - we take initiative
• We demonstrate leadership at all levels
• We deliver on our promises 

Operations Overview

Our near term focus remains on delivering immediate results in a disciplined manner while advancing our Wapiti Montney condensate-rich natural gas resource play that has strong economics and significant upside potential even in a low commodity price environment. Our current business plan involves the focused development of our Montney condensate-rich natural gas projects to deliver near and long term operating and financial results. 

Substantially all of our capital expenditures are on the Wapiti Montney play. The Wapiti Montney play has natural gas production with significant condensate which is a key driver of the economics. Condensate is critical to the heavy oil business as heavy oil bitumen must be combined with condensate in order to create the viscosity required to permit transportation on pipelines. The growing impact of condensate production on our corporate production mix and revenue is evident in our quarterly production and financial results. Condensate sales comprise approximately 50 percent of NVA revenues.

Keeping our priorities straight

At Breitburn Energy Partners, we believe that natural gas has immense value both economically and environmentally. And we are committed to developing our valuable natural gas resource safely and responsibly.  Our Company policy states: “we believe that exemplary performance in the areas of environment, health and safety is essential to fulfilling our business goals and meeting the needs of our many stakeholders.”  That means we focus on earning the reputation of being a good neighbor in the communities where we operate. It also means we are also committed to meet or exceed environmental regulations and industry standards for protecting health, safety and the environment.

Switching to natural gas reduces GHG emissions

Clean-burning natural gas is a safe and abundant source of energy that has been used for power generation and home heating across North America for generations.  As the cleanest-burning hydrocarbon, natural gas reduces greenhouse gas (GHG) and other emissions when it replaces other fossil fuels as a necessary source of energy for electrical power generation, heating and transportation. For example, latest-generation natural gas power generation plants are highly efficient and produce 50 percent fewer GHG emissions than coal-generated plants. For more information see CAPP Upstream Dialogue, The Facts On Natural Gas, 2012.  Significant reductions in greenhouse gas emissions since the early 2000’s in Canada and the United States are widely attributed to using natural gas as a replacement for coal in electrical power generation plants in North America (Environment Canada, IEA).

Abundant natural gas is a viable, clean alternative to other sources of energy

Recent advances in drilling and completion technologies dramatically increased the size of the commercially viable natural gas resource in North America, positioning natural gas as the best available alternative to coal-fired electrical generation not only in North America but around the world.  Large liquefied natural gas (LNG) export facilities, some of which are close to final investment decisions, are designed to export abundant Western Canadian natural gas. Most of this exported gas would be used to displace coal as a fuel for power generation in other parts of the world. Natural gas accounted for around 23% of global electricity production in 2012, an increase of 5% of the total share since 2000 while the use of nuclear for power generation decreased by 6% over the same period. In 2012 at least 40% of global power generation used coal as a fuel and it is widely believed that rising access to natural gas will displace coal as a fuel for power generation.