Talk about watching paint dry...this has got to be one of the most boring days on the tape. The dow is flat. The mlp index is flat. And the ranges today have been extremely tight. Something big is coming one way or the other very soon.
Breitburn Energy Partners (BBEP) is suffering from buy the rumor sell the news and its down about 75 cents ish after this mornings in line earnings. Magellan Midstream (MMP) and Martin Midstream (MMLP) lead the list of winners up around 40 cents ish.
OOOOOH...there goes an up tick. The dow is up ,67!
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1 comment:
This might explain why bbep is down
DOW JONES NEWSWIRES
BreitBurn Energy Partners LP (BBEP:$15.09,00$-0.63,00-4.01%) swung to an unexpected loss in the fourth quarter amid derivatives impacts and lower revenue.
Natural-gas firms raised production last year amid a surge of activity in unconventional plays such as shale gas fields that remain profitable despite weak prices. Oil prices strengthened from the late 2008 lows, but have been range-bound since the autumn, encouraging slight increases in exploration and production.
BreitBurn increased capital spending plans late last year as commodity prices stabilized. It also is resuming its quarterly dividend in the current quarter amid increased financial flexibility and after reaching a legal settlement in February with its largest holder, Quicksilver Resources Inc. (KWK:$15.32,00$-0.13,00-0.84%) , in a dispute over BreitBurn's direction.
BreitBurn reported a loss of $39.7 million, or 75 cents a unit, compared with prior-year earnings of $251.2 million, or $4.65 a unit. The latest period included $36.9 million in commodity derivative losses, while the prior year included $361.3 million of gains.
Revenue skidded 91% to $38.3 million amid the derivatives impacts, as product sales fell 8.1%.
Analysts polled by Thomson Reuters most recently forecast earnings of 27 cents on revenue of $90 million.
Total production fell 3.4% from a year earlier. The company projected 2010 production of 6.3 million to 6.7 million barrels of oil equivalent, compared with 6.5 million last year. BreitBurn expects natural gas to account for 53% of production this year.
BreitBurn's total estimated proved oil and gas reserves rose 7.4% to 111.3 million barrels of oil equivalent in 2009.
The company forecast 2010 capital spending of $72 million to $78 million, up from $27.8 million last year. The 2009 figure was a 78% decline from 2008.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=2Hm%2FENiKyGygGwyuFGQQdw%3D%3D. You can use this link on the day this article is published and the following day.
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