Breitburn Energy raises output forecast

Upping estimates: Breitburn Energy Partners predict higher production for 2012

Breitburn Energy Partners has added half a million barrels to its 2012 production guidance after a quarter that saw increased output on the back of recent acquisitions.

The Los Angeles-based, New York-listed partnership said it now expected to produce between 8.3 million and 8.6 million barrels of oil equivalent (boe) this year, and was hiking capital investment for the year to $137 million.

The company had originally forecast in February a production range for 2012 of between 7.8 million and 8.3 million boe, with full-year capital spending of around $68 million.

Chief executive Hal Washburn said the explorer would be splashing out the increased capital budget on “develop our newly-acquired assets and to pursue a series of attractive oil projects identified in our legacy assets as…

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