Not everyone was dumping shares this week…
Seth Klarman’s Baupost Group has acquired 6.1 million or 11.7% of Breitburn Energy Partners LP (BBEP).
BreitBurn Energy Partners L.P. is an independent oil and gas partnership focused on the acquisition, exploitation and development of oil and gas properties in the United States. The Company’s assets consist of producing and non-producing crude oil and natural gas reserves located in the Los Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Permian Basin in West Texas, the Sunniland Trend in Florida, the Antrim Shale in Northern Michigan and the New Albany Shale in Indiana and Kentucky. The Company conducts its operations through a wholly owned subsidiary, BreitBurn Operating L.P. (OLP) and OLP’s general partner BreitBurn Operating GP, LLC. On June 17, 2008, the Partnership announced the acquisition of all of the limited and general partnership interests of the Partnership previously owned by Provident Energy Trust. As part of the transaction, the Partnership acquired a 100% interest in BreitBurn GP, LLC, the general partner of the Partnership.
A theme at the Value Investing Congress this week was oil and gas parnership both for valuation and yield…. Breitburn’s current yield? 17%.
Disclosure (“none” means no position):None
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