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  • BreitBurn Energy Partners LP Creates Largest E&P MLP With QR Energy LP Acquisition 0 comments
    Jul 25, 2014 7:42 PM | about stocks: BBEPQ, QRE

    On July 24, 2014 Breitburn announced that it will acquire QR Energy in a unit-for-unit exchange implying a transaction value of approximately $3.0 billion, including QR Energy's existing net debt and outstanding Class C Convertible Preferred Units.

    Breitburn will become the largest, oil-weighted upstream oil and gas master limited partnership with a pro forma enterprise value of approximately $7.8 billion and current average daily production of approximately 57,300 boe/d, 67% liquids, based on second quarter results.

    Deal metrics look a bit high $/boes terms but management expects this acquisition to be accretive.

    (click to enlarge)

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: BBEPQ, QRE
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