This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Legacy Reserves LP's CEO Discusses Q4 2011 Results - Earnings Call Transcript

For the year, after deducting all of our $71.6 million of development capital expenditures, we generated approximately $108 million or $2.46 per unit of distributable cash flow, covering our 216 distribution by 1.14 times. We continue to be encouraged by the results of our Wolfberry drilling program, which are meeting or exceeding our expectations. While our Wolfberry program will remain the focus of our operated drilling activity in 2012, our $62 million capital budget also includes two operated horizontal Bone Spring wells and two operated Yeso wells. With the multi-year oil-weighted drilling inventory that's largely within the Permian and our strong acquisition efforts, we believe we are well-positioned for the future and look forward to another highly productive year in 2012.

I'll now turn it back over to Steve to cover the fourth quarter and annual 2011 results in detail. Thanks Steve.

Steve Pruett – President and Chief Financial Officer

Thank you, Cary. We are very pleased with our fourth quarter and record annual results in 2011. With our successful November 2011 equity offering, where we raised $106.7 million of proceeds net of expenses, combined with our amended $1 billion credit facility, we are well-positioned to execute our acquisition development plans in 2012.

As of February 21, 2012, we had $200 million of borrowing capacity under our revolving credit facility, which has a current $550 million borrowing base. This will be re-determined effective April 1 of this year. With favorable conditions in the public capital markets and ample availability under our credit facility, we look forward to another year of strong organic growth and acquisitions. We thank our employees and our directors and all of our unit holders for another solid performance. We thank our investors and our banks for supporting our growth this year.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs