Breitburn Energy Partners LP (NASDAQ: BBEP) announced that it completed on Nov. 19 the acquisition of Houston's QR Energy LP (NYSE: QRE) in an unit-for-unit exchange worth up to $3 billion.

The merger is expected to make Breitburn, headquartered in Los Angeles, the largest oil-weighted upstream oil and gas MLP with a combined enterprise value of about $7.8 billion.

In connection with the acquisition, Breitburn has elected Donald D. Wolf to its board of directors. Wolf is the former chairman and CEO of Westport Resources Corp. and former chairman of QR Energy. He has served as the chairman of Quantum Resources since its founding in 2006 and is also on the boards of Aspect Resources LLC, Enduring Resources LLC, MarkWest Energy Partners LP (NYSE: MWE) and Laredo Petroleum Inc. (NYSE: LPI).

In addition, Breitburn’s board approved distributions to record holders of its common units representing a 3.5% increase from the previously announced distribution on an annualized basis. The company also announced a cash distribution for its 8.25% series A cumulative redeemable perpetual preferred units.

Halbert S. Washburn, Breitburn’s CEO, said in a statement, “We are very excited to have concluded the largest transaction in Breitburn’s history by acquiring QR Energy. Size and scale matter in our industry, and with this strategic acquisition Breitburn becomes the second largest upstream MLP. With production in seven attractive areas, including the Permian Basin, Ark-La-Tex, the Midcontinent, the Rockies, Florida, California, and Michigan/Indiana/Kentucky, we will have the flexibility to high-grade our capital budget and develop only the best projects. In summary, our larger and more diverse company will provide better prospects for delivering long-term value to our unitholders as we continue to grow our business in the years ahead. I am also very pleased that Mr. Wolf is joining our bBoard. Mr. Wolf brings more than 45 years of industry experience to our board, and we welcome him and QR Energy’s employees to Breitburn.”