Breitburn Energy Partners reported a horrendous quarter. Earnings fell to negative $0.54 per share on a 51.7 percent year-over-year drop in revenue. The company was nowhere close to meeting consensus, missing revenue expectations by $104.4M. Notable from the filing: “A filing under Chapter 11 of the U.S. Bankruptcy Code may be unavoidable." BBEP will probably trade close to zero soon. Watch out for this stock, and avoid Linn Energy (LINE) too. Is there any hope at all? Only a dramatic rise in oil prices would help Breitburn and Linn energy. If Iran did not output the volume it did, oil prices would probably be north of $70. Supply is down in Canada (due to the fire in Alberta), USA, Nigeria, and Libya. If only Iran cut supply and abandon its goal for more market share.