Breitburn completed its IPO as a master limited partnership on October 10, 2006, and was listed on the Nasdaq Global Select Markets under the symbol “BBEP”. The IPO was for 6,000,000 common units representing limited partner interests in Breitburn at a price of $18.50 per common unit. After being delisted from NASDAQ due, in part, to its filing a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, Breitburn began trading on the OTC Markets under the symbol “BBEPQ” on May 25, 2016.
A master limited partnership, or MLP, is a limited partnership that is publicly traded on a securities exchange. It combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. Units that are traded on public stock exchanges represent an investor’s limited partner ownership interest in the MLP, and investors are called unitholders. In addition to limited partners that provide capital to the MLP through the purchase of units but have no role in its management, an MLP has one or more general partners that manage the partnership. Breitburn’s general partner is its wholly owned subsidiary Breitburn GP, LLC.
A limited partner in an MLP such as Breitburn owns common units of the partnership instead of shares of stock in a corporation and receives cash distributions rather than dividends. Unlike a corporation, partnerships are generally not subject to federal and state income tax. Instead, all income, gains, losses and deductions of partnerships pass through to their unitholders who are, in turn, required to report their share of those items on their individual tax returns, as though the unitholders had incurred these items directly.
A distribution is paid by a partnership to its partners; distributions are generally tax-deferred. A dividend is paid by a corporation to its stockholders and is generally taxable in the year it is received.
On November 30, 2015, Breitburn suspended payment of distributions on its common units. On April 14, 2016, Breitburn suspended payment of distributions on its preferred units.
If your common units of Breitburn are owned through a financial intermediary such as a bank or broker, please contact your financial representative at the institution where your account is held.
No. Breitburn does not offer a direct purchase plan.
No, Breitburn does not offer a distribution reinvestment plan.
Please call Breitburn’s K-1 Processing Center at (800) 559-4966. The Center is open Monday through Friday, 8am to 5pm CT. Please have your social security number or federal tax I.D. ready.