Breitburn Energy Partners Reports First Quarter 2015 Results

LOS ANGELES--(BUSINESS WIRE)--

Breitburn Energy Partners LP BBEP today announced financial and operating results for the first quarter 2015.

Key Highlights

• Increased total production to 5.1 MMBoe, a 57% increase from the first quarter of 2014 and a 21% increase from the fourth quarter of 2014.
• Increased Adjusted EBITDA, a non-GAAP financial measure, to $148.6 million (including costs of $4.1 million for restructuring), a 26% increase from the first quarter of 2014 and a 17% increase from the fourth quarter of 2014.
• Reduced lease operating expenses by 9% to $19.81 per Boe in the first quarter of 2015 from $21.77 per Boe in the fourth quarter of 2014.
• Announced a $1 billion strategic investment led by EIG Global Energy Partners, which was completed on April 8, 2015. Net proceeds were used to reduce borrowings under Breitburn's bank credit facility.
• Amended bank credit facility to reset the borrowing base to $1.8 billion through April 2016, subject to limited exceptions.
• Reported distributable cash flow of $60.7 million, or $0.282 per common unit, and distribution coverage ratio of 2.26x based on current monthly distribution of $0.04166 per common unit, or $0.50 per common unit on an annualized basis.

Management Commentary

Halbert S. Washburn, Breitburn's Chief Executive Officer, said: "We had a very solid first quarter, with Adjusted EBITDA, total production, and costs in line with our targets. The integration of QR Energy is going smoothly and our teams are doing a great job continuing to drive down both lease operating expenses and general and administrative costs. Our successful acquisitions strategy has given us an expanded and more diversified portfolio of development projects that deliver attractive returns even in the current commodity price environment. As a result, we expect to spend approximately half of our significantly reduced $200 million capital program on former QR Energy assets, and more than 90% of capital spending will be on assets we have acquired in the last three years. We also raised a substantial amount of capital during the quarter and used the proceeds to significantly reduce borrowings under our credit facility and greatly enhanced our liquidity position. Finally, we are on track to generate approximately $100 million of excess cash this year, which we plan to use to further reduce borrowings, and we currently have one of the strongest distribution coverage ratios in our peer group."

First Quarter 2015 Operating and Financial Results Compared to Fourth Quarter 2014

• Total production was 5,051 MBoe in the first quarter of 2015 compared to 4,170 MBoe in the fourth quarter of 2014. Average daily production was 56.1 MBoe/day in the first quarter of 2015 compared to 45.3 MBoe/day in the fourth quarter of 2014.
  • Oil production increased to 2,890 MBbl compared to 2,327 MBbl in the fourth quarter of 2014.
  • NGL production increased to 459 MBbl compared to 368 MBbl in the fourth quarter of 2014.
  • Natural gas production increased to 10,211 MMcf compared to 8,847 MMcf in the fourth quarter of 2014.

• Adjusted EBITDA was $148.6 million (including $4.1 million of restructuring costs) in the first quarter of 2015 compared to $127.4 million in the fourth quarter of 2014, a 17% increase. The increase was primarily due to higher commodity derivative instrument settlements and higher production, partially offset by lower sales revenue driven by lower commodity prices.
• Net loss attributable to common unitholders was $63.0 million, or $0.29 per diluted common unit, in the first quarter of 2015, which includes non-cash impairment charges of approximately $59.1 million, or $0.28 per unit, compared to net income of $401.0 million, or $2.27 per diluted common unit, in the fourth quarter of 2014, which includes non-cash impairment charges of approximately $119.6 million, or $0.68 per unit.
• Oil, NGL and natural gas sales revenues were $162.6 million in the first quarter of 2015 compared to $197.1 million in the fourth quarter of 2014, primarily due to lower realized oil, natural gas and NGL prices.
• Lease operating expenses, which include district expenses, processing fees and transportation costs but exclude taxes, were $19.81 per Boe in the first quarter of 2015 compared to $21.77 per Boe in the fourth quarter of 2014.
• General and administrative expenses, excluding non-cash unit-based compensation costs, were $25.3 million in the first quarter of 2015 compared to $28.1 million in the fourth quarter of 2014.
• Gains on commodity derivative instruments were $137.2 million in the first quarter of 2015 compared to gains of $587.6 million in the fourth quarter of 2014, primarily due to a smaller decrease in oil and natural gas futures prices during the first quarter of 2015 compared to the fourth quarter of 2014. Derivative instrument settlement receipts were $126.4 million in the first quarter of 2015 compared to receipts of $62.1 million in the fourth quarter of 2014, primarily due to lower oil and natural gas prices.
• NYMEX WTI oil spot prices averaged $48.49 per Bbl and Brent oil spot prices averaged $53.98 per Bbl in the first quarter of 2015 compared to $73.21 per Bbl and $76.43 per Bbl, respectively, in the fourth quarter of 2014. Henry Hub natural gas spot prices averaged $2.90 per Mcf in the first quarter of 2014 compared to $3.78 per Mcf in the fourth quarter of 2014.
• Average realized crude oil, NGL and natural gas prices, excluding the effects of commodity derivative settlements, averaged $43.62 per Bbl, $16.54 per Bbl and $3.05 per Mcf, respectively, in the first quarter of 2015 compared to $69.36 per Bbl, $26.38 per Bbl and $4.07 per Mcf, respectively, in the fourth quarter of 2014.
• Oil, NGL and natural gas capital expenditures were $73 million in the first quarter of 2015 compared to $113 million in the fourth quarter of 2014.
• Distributable cash flow, a non-GAAP financial measure, was $60.7 million in the first quarter of 2015 compared to $43.9 million in the fourth quarter of 2014.

Impact of Derivative Instruments

Breitburn uses commodity derivative instruments to mitigate risks associated with commodity price volatility and to help maintain cash flows for operating activities, acquisitions, capital expenditures and distributions. Breitburn does not enter into derivative instruments for speculative trading purposes. Since Breitburn does not use hedge accounting to account for its derivative instruments, changes in the fair value of derivative instruments are recorded in Breitburn's earnings during each reporting period. These non-cash changes in the fair value of derivatives do not affect Adjusted EBITDA, cash flow from operations, distributable cash flow or Breitburn's ability to pay cash distributions for the reporting periods presented.

Production, Statement of Operations, and Realized Price Information

The following table presents production, selected income statement and realized price information for the three months ended March 31, 2015 and 2014, and the three months ended December 31, 2014:

				Three Months Ended
				March 31,						December 31,						March 31,
Thousands of dollars, except as indicated				2015						2014						2014
Oil sales				$	123,843					$	151,335					$	167,086
NGL sales				7,591						9,709						11,065
Natural gas sales				31,189						36,023						45,405
Gain (loss) on commodity derivative instruments				137,192						587,590						(40,228		)
Other revenues, net				6,469						3,376						1,584
Total revenues				$	306,284					$	788,033					$	184,912
Lease operating expenses before taxes (a)				$	100,079					$	90,768					$	66,990
Production and property taxes (b)				13,544						14,084						15,659
Total lease operating expenses				113,623						104,852						82,649
Purchases and other operating costs				158						299						214
Salt water disposal costs				4,021						2,168						—
Change in inventory				176						201						(666		)
Total operating costs				$	117,978					$	107,520					$	82,197
Lease operating expenses before taxes per Boe (a)				$	19.81					$	21.77					$	20.81
Production and property taxes per Boe (b)				2.68						3.38						4.86
Total lease operating expenses per Boe				$	22.49					$	25.15					$	25.67
General and administrative expenses (excluding non-cash unit-based compensation)				$	25,335					$	28,116					$	12,180
Net income (loss) attributable to the partnership				$	(58,825	)				$	405,173					$	(9,758	)
Less: distributions to preferred unitholders				4,125						4,125						—
Net income (loss) attributable to common unitholders				$	(62,950	)				$	401,048					$	(9,758	)
Total production (MBoe) (c)				5,051						4,170						3,219
Oil (MBbl)				2,890						2,327						1,799
NGLs (MBbl)				459						368						258
Natural gas (MMcf)				10,211						8,847						6,971
Average daily production (Boe/d)				56,122						45,313						35,768
Sales volumes (MBoe) (d)				4,999						4,022						3,233
Average realized sales price (per Boe) (e) (f)				$	32.52					$	48.96					$	69.12
Oil (per Bbl) (e) (f)				43.62						69.36						92.12
NGLs (per Bbl) (e)				16.54						26.38						42.89
Natural gas (per Mcf) (e)				$	3.05					$	4.07					$	6.51

(a)			Includes district expenses, processing fees and transportation costs.
(b)			Includes ad valorem and severance taxes.
(c)			Natural gas is converted on the basis of six Mcf of gas per one Bbl of oil equivalent. This ratio reflects an energy content equivalency and not a price or revenue equivalency. Given commodity price disparities, the price for a Bbl of oil equivalent for natural gas is significantly less than the price for a Bbl of oil.
(d)			Oil sales were 2,835 MBbl, 2,320 MBbl and 1,813 MBbl for the three months ended March 31, 2015, December 31, 2014 and March 31, 2014, respectively.
(e)			Excludes the effect of commodity derivative settlements.
(f)			Includes the per Boe effect of crude oil purchases.

Non-GAAP Financial Measures

This press release, including the financial tables and other supplemental information, including the reconciliations of certain non-generally accepted accounting principles ("non-GAAP") measures to their nearest comparable generally accepted accounting principles ("GAAP") measures, may be used periodically by management when discussing Breitburn's financial results with investors and analysts, and they are also available at www.breitburn.com.

"Adjusted EBITDA" and "distributable cash flow" are among the non-GAAP financial measures used in this press release. These non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, cash flow from operating activities or any other GAAP measure of liquidity or financial performance. Management believes that these non-GAAP financial measures enhance comparability to prior periods.

Adjusted EBITDA is presented because management believes it provides additional information relative to the performance of Breitburn's assets, without regard to financing methods or capital structure. Distributable cash flow is used by management as a tool to measure the cash distributions we could pay to our unitholders, and this financial measure indicates to investors whether or not we are generating cash flow at a level that can support our distribution rate to our unitholders. These non-GAAP financial measures may not be comparable to similarly titled measures of other publicly traded partnerships or limited liability companies because all companies may not calculate Adjusted EBITDA or distributable cash flow in the same manner.

Adjusted EBITDA

The following table presents a reconciliation of net income (loss) and net cash flows from operating activities, our most directly comparable GAAP financial performance and liquidity measures, to Adjusted EBITDA for each of the periods indicated.

							Three Months Ended
							March 31,						December 31,						March 31,
Thousands of dollars, except as indicated							2015						2014						2014
Reconciliation of net income (loss) to Adjusted EBITDA:
Net income (loss) attributable to the partnership							$	(58,825	)				$	405,173					$	(9,758	)
Loss (gain) on commodity derivative instruments							(137,192		)				(587,590		)				40,228
Commodity derivative instrument settlements (a) (b)							126,357						62,053						(13,500		)
Depletion, depreciation and amortization expense							109,824						87,292						63,501
Impairments							59,113						119,566						—
Interest expense and other financing costs							41,477						36,110						30,658
Loss on sale of assets							15						306						86
Income tax expense (benefit)							92						(457		)				11
Unit-based compensation expense (c)							6,927						4,947						6,549
Restructuring costs - unit-based compensation							814						—						—
Adjusted EBITDA							$	148,602					$	127,400					$	117,775
Less:
Maintenance capital (d)							$	45,000					$	43,714					$	28,932
Cash interest expense							38,729						35,651						28,571
Distributions to preferred unitholders							4,125						4,125						—
Distributable cash flow available to common unitholders							$	60,748					$	43,910					$	60,272
Distributable cash flow available per common unit (e) (f)							0.282						0.207						0.496
Common unit distribution coverage (f)							2.26x						0.83x						1.00x
Reconciliation of net cash flows from operating activities to Adjusted EBITDA:
Net cash provided by operating activities							$	142,047					$	62,839					$	116,311
Increase (decrease) in assets net of liabilities relating to operating activities							(31,866		)				29,199						(27,361		)
Interest expense (g)							38,729						35,563						28,674
Income from equity affiliates, net							(325		)				(88		)				107
Noncontrolling interest							93						17						—
Income taxes							(76		)				(130		)				44
Adjusted EBITDA							$	148,602					$	127,400					$	117,775
(a)			Excludes premiums paid at contract inception related to those derivative contracts that settled during the applicable periods of:				1,645						2,141						2,095
(b)			Includes net cash settlements on derivative instruments for:
			- Oil settlements received (paid):				111,879						55,975						(11,680		)
			- Natural gas settlements received (paid):				14,478						6,078						(1,820		)
(c)			Represents non-cash long-term unit-based incentive compensation expense.
(d)			Maintenance capital is management's estimate of the investment in capital projects and obligatory spending on existing facilities and operations needed to hold production approximately flat over a multi-year period.
(e)			Based on common units outstanding (including outstanding LTIP grants) at each distribution record date within the periods.
(f)			The three months ended December 31, 2014 includes only 41 days of QR Energy operating results, $11.7 million of acquisition and integration costs, and the effect of 71.5 million common units issued in connection with the QR Energy merger in November 2014.
(g)			Excludes amortization of debt issuance costs and amortization of senior note discount/premium.

Summary of Commodity Derivative Instruments

The table below summarizes Breitburn's commodity derivative hedge portfolio as of May 4, 2015. For an overview of Breitburn's commodity hedge portfolio, please refer to the Summary of Commodity Price Protection Portfolio at www.breitburn.com.

				Year
				2015							2016							2017							2018
Oil Positions:
Fixed Price Swaps - NYMEX WTI
Volume (Bbl/d)				20,044							15,504							13,519							493
Average Price ($/Bbl)				$	93.28						$	88.07						$	85.05						$	82.20
Fixed Price Swaps - ICE Brent
Volume (Bbl/d)				3,300							4,300							298							—
Average Price ($/Bbl)				$	97.73						$	95.17						$	97.50						$	—
Collars - NYMEX WTI
Volume (Bbl/d)				2,025							1,500							—							—
Average Floor Price ($/Bbl)				$	67.81						$	80.00						$	—						$	—
Average Ceiling Price ($/Bbl)				$	111.73						$	102.00						$	—						$	—
Collars - ICE Brent
Volume (Bbl/d)				500							500							—							—
Average Floor Price ($/Bbl)				$	67.81						$	90.00						$	—						$	—
Average Ceiling Price ($/Bbl)				$	109.50						$	101.25						$	—						$	—
Puts - NYMEX WTI
Volume (Bbl/d)				500							1,000							—							—
Average Price ($/Bbl)				$	90.00						$	90.00						$	—						$	—
Total:
Volume (Bbl/d)				26,369							22,804							13,817							493
Average Price ($/Bbl)				$	93.46						$	89.01						$	85.32						$	82.20
Gas Positions:
Fixed Price Swaps - MichCon City-Gate
Volume (MMBtu/d)				7,500							17,000							10,000							—
Average Price ($/MMBtu)				$	6.00						$	4.46						$	4.48						$	—
Fixed Price Swaps - Henry Hub
Volume (MMBtu/d)				54,891							36,050							19,016							1,870
Average Price ($/MMBtu)				$	4.84						$	4.24						$	4.43						$	4.15
Collars - Henry Hub
Volume (MMBtu/d)				18,000							630							595							—
Average Floor Price ($/MMBtu)				$	5.00						$	4.00						$	4.00						$	—
Average Ceiling Price ($/MMBtu)				$	7.48						$	5.55						$	6.15						$	—
Puts - Henry Hub
Volume (MMBtu/d)				1,920							11,350							10,445							—
Average Price ($/MMBtu)				$	4.78						$	4.00						$	4.00						$	—
Deferred Premium ($/MMBtu)				$	0.64		(a)				$	0.66						$	0.69						$	—
Total:
Volume (MMBtu/d)				82,311							65,030							40,056							1,870
Average Price ($/MMBtu)				$	4.98						$	4.25						$	4.33						$	4.15
Basis Swaps - Henry Hub
Volume (MMBtu/d)				14,400							—							—							—
Average Price ($/MMBtu)				$	(0.19	)					$	—						$	—						$	—

(a)			Deferred premiums of $0.64 apply to 420 MMBtu/d of the 2015 volume.

Premiums paid in 2012 related to oil and natural gas derivatives to be settled after March 31, 2015, are as follows:

				Year
Thousands of dollars				2015								2016								2017								2018
Oil				$	3,528							$	7,438							$	734							$	—
Natural gas				$	1,499							$	952							$	—							$	—

Other Information

Breitburn will host a conference call Tuesday, May 5, 2015, at 12:00 pm (EDT) to discuss Breitburn's first quarter 2015 results. The conference call may be accessed by calling 888-539-3678 (international callers dial 719-325-2354) or via webcast at http://ir.breitburn.com/. An archived edition of the conference call will also be available through May 12^th by calling 877-870-5176 (international callers dial 858-384-5517) and entering replay PIN 1121312 or by visiting http://ir.breitburn.com/. Breitburn will take questions from securities analysts and institutional portfolio managers; the call is open to all other interested parties on a listen-only basis.

About Breitburn Energy Partners LP

Breitburn Energy Partners LP is a publicly traded independent oil and gas master limited partnership focused on the acquisition, development, and production of oil and gas properties throughout the United States. Breitburn's producing and non-producing crude oil and natural gas reserves are located in the following seven producing areas: Ark-La-Tex, Michigan/Indiana/Kentucky, the Permian Basin, the Mid-Continent, the Rockies, Florida, and California. See www.breitburn.com for more information.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements relating to Breitburn's operations that are based on management's current expectations, estimates and projections about its operations. Words and phrases such as "believes," "expect," "future," "impact," "guidance," "will be," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. These include risks relating to Breitburn's financial performance and results, availability of sufficient cash flow and other sources of liquidity to execute our business plan, prices and demand for natural gas and oil, increases in operating costs, uncertainties inherent in estimating our reserves and production, our ability to replace reserves and efficiently develop our current reserves, political and regulatory developments relating to taxes, derivatives and our oil and gas operations, risks relating to our acquisitions and the factors set forth under the heading "Risk Factors" incorporated by reference from our Annual Report on Form 10-K filed with the Securities and Exchange Commission, and if applicable, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Breitburn undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.

BBEP-IR

Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Balance Sheets
				March 31,											December 31,
Thousands of dollars				2015											2014
ASSETS
Current assets
Cash				$	8,690										$	12,628
Accounts and other receivables, net				136,360											166,436
Derivative instruments				411,391											408,151
Related party receivables				—											2,462
Inventory				3,912											3,727
Prepaid expenses				3,532											7,304
Total current assets				563,885											600,708
Equity investments				6,138											6,463
Property, plant and equipment
Oil and natural gas properties				7,804,213											7,736,409
Other property, plant and equipment				133,429											60,533
				7,937,642											7,796,942
Accumulated depletion and depreciation				(1,505,141		)									(1,342,741		)
Net property, plant and equipment				6,432,501											6,454,201
Other long-term assets
Intangibles				7,616											8,336
Goodwill				95,947											92,024
Derivative instruments				326,788											319,560
Other long-term assets				108,194											157,042
Total assets				$	7,541,069										$	7,638,334
LIABILITIES AND EQUITY
Current liabilities
Accounts payable				$	102,448										$	129,270
Current portion of long-term debt				—											105,000
Derivative instruments				5,339											5,457
Distributions payable				734											733
Current portion of asset retirement obligation				4,388											4,948
Revenue and royalties payable				36,065											40,452
Wages and salaries payable				14,178											22,322
Accrued interest payable				42,882											20,672
Production and property taxes payable				25,980											25,207
Other current liabilities				6,422											7,495
Total current liabilities				238,436											361,556
Credit facility				2,218,000											2,089,500
Senior notes, net				1,156,532											1,156,560
Other long-term debt				2,700											1,100
Total long-term debt				3,377,232											3,247,160
Deferred income taxes				2,743											2,575
Asset retirement obligation				239,039											233,463
Derivative instruments				2,378											2,269
Other long-term liabilities				25,122											25,135
Total liabilities				3,884,950											3,872,158
Equity
Series A preferred units, 8.0 million units issued and outstanding at each of March 31, 2015 and December 31, 2014				193,215											193,215
Common units, 210.9 million units issued and outstanding at each of March 31, 2015 and December 31, 2014				3,456,330											3,566,468
Accumulated other comprehensive loss				(289		)									(392		)
Total partners' equity				3,649,256											3,759,291
Noncontrolling interest				6,863											6,885
Total equity				3,656,119											3,766,176
Total liabilities and equity				$	7,541,069										$	7,638,334

Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Operations
				Three Months Ended
				March 31,
Thousands of dollars, except per unit amounts				2015											2014
Revenues and other income items
Oil, natural gas and natural gas liquid sales				$	162,623										$	223,556
Gain (loss) on commodity derivative instruments, net				137,192											(40,228		)
Other revenue, net				6,469											1,584
Total revenues and other income items				306,284											184,912
Operating costs and expenses
Operating costs				117,978											82,197
Depletion, depreciation and amortization				109,824											63,501
Impairments				59,113											—
General and administrative expenses				32,262											18,729
Restructuring costs				4,918											—
Loss on sale of assets				15											86
Total operating costs and expenses				324,110											164,513
Operating income (loss)				(17,826		)									20,399
Interest expense, net of capitalized interest				39,665											30,658
Loss on interest rate swaps				1,812											—
Other income, net				(477		)									(512		)
Total other expense				41,000											30,146
Loss before taxes				(58,826		)									(9,747		)
Income tax expense				92											11
Net loss				(58,918		)									(9,758		)
Less: Net loss attributable to noncontrolling interest				(93		)									—
Net loss attributable to the partnership				(58,825		)									(9,758		)
Less: distributions to preferred unitholders				4,125											—
Net loss attributable to common unitholders				$	(62,950	)									$	(9,758	)
Basic net loss per common unit				$	(0.29	)									$	(0.08	)
Diluted net loss per common unit				$	(0.29	)									$	(0.08	)

Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Comprehensive Income
				Three Months Ended March 31,
Thousands of dollars, except per unit amounts				2015											2014
Net loss				$	(58,918	)									$	(9,758	)
Other comprehensive income, net of tax:
Change in fair value of available-for-sale securities (a)				173											—
Pension and post-retirement benefits actuarial loss				—											—
Total other comprehensive income				173											—
Total comprehensive loss				(58,745		)									(9,758		)
Less: Comprehensive income attributable to noncontrolling interest				(23		)									—
Comprehensive loss attributable to the partnership				$	(58,722	)									$	(9,758	)

(a)			Net of income taxes of $0.1 million for the three months ended March 31, 2015.

Breitburn Energy Partners LP and Subsidiaries Unaudited Consolidated Statements of Cash Flows
				Three Month Ended March 31,
Thousands of dollars				2015											2014
Cash flows from operating activities
Net loss				$	(58,918	)									$	(9,758	)
Adjustments to reconcile to cash flow from operating activities:
Depletion, depreciation and amortization				109,824											63,501
Impairments				59,113											—
Unit-based compensation expense				7,741											6,549
(Gain) loss on derivative instruments				(135,380		)									40,228
Derivative instrument settlement receipts (payments)				124,904											(13,500		)
Income from equity affiliates, net				325											(107		)
Deferred income taxes				168											(33		)
Loss on sale of assets				15											86
Other				(41		)									1,800
Changes in net assets and liabilities
Accounts receivable and other assets				30,043											(20,752		)
Inventory				(185		)									5
Net change in related party receivables and payables				2,462											1,669
Accounts payable and other liabilities				1,078											46,623
Net cash provided by operating activities				141,149											116,311
Cash flows from investing activities
Property acquisitions				(13,993		)									(2,464		)
Capital expenditures				(97,230		)									(93,075		)
Other				(853		)									(2,037		)
Proceeds from sale of assets				—											1
Net cash used in investing activities				(112,076		)									(97,575		)
Cash flows from financing activities
Proceeds from issuance of common units, net				(63		)									180
Distributions to preferred unitholders				(4,125		)									—
Distributions to common unitholders				(54,122		)									(59,638		)
Proceeds from issuance of long-term debt, net				193,600											199,000
Repayments of long-term debt				(168,500		)									(157,000		)
Change in bank overdraft				199											(1,683		)
Debt issuance costs				—											(232		)
Net cash used in financing activities				(33,011		)									(19,373		)
Decrease in cash				(3,938		)									(637		)
Cash beginning of period				12,628											2,458
Cash end of period				$	8,690										$	1,821