This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Vanguard Natural Resources' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: VNR

This information was also provided in this morning's earnings release. Please note the information reported on this call speaks only as of today May 2nd, 2012, and therefore you are advised that time sensitive information may no longer be accurate as of the time of any replay.

Before we get started, please note that some of the comments today could be considered forward-looking statements and are based on certain assumptions and expectations of management. For a detailed list of all the Risk Factors associated with our business, please refer to our 10-Q that will be filed later this week and will be available on our website under the Investor Relations tab and on EDGAR.

Also on the Investor Relations tab of our website under "Presentation" you can find the Q1 earnings result supplemental presentation. As a remainder to you, our next record date for our quarterly cash distribution is May 8th, 2012, with a May 15th, 2012, payable date. Unitholders will receive $0.5925 for each unit held or $2.37 per unit on an annualized basis.

Now, I would like to turn the call over to Scott Smith, President and CEO of Vanguard Natural Resources, LLC.

Scott Smith

Thank you, Lisa, and thanks to everyone for joining us this morning on the call to review our results for the first quarter of 2012. Joining me are Richard Robert, our Executive Vice President and Chief Financial Officer; and Britt Pence our Senior Vice President, Operations.

This morning I'll start with a summary of our results for the quarter, briefly discuss what we have accomplished in the field, and then review capital spending and acquisition activity. Richard will then takeover the call for financial review and will open the line up for Q&A.

Before we get started, I want to remind everyone that because of the Appalachian Exchange closed on March the 30 th, in accordance with GAAP Accounting Rules our reported results are consolidated with the full contribution of the Appalachian.

Now I'll provide a summary of the production and capital spending, which took place in the quarter. On a production basis our average daily production for the first quarter was 13,569 BOE per day, which is up 2% over the 13,273 barrels per day produced in the first quarter of 2011, and down slightly over the fourth quarter of 2011 production of 13,686 barrels per day. On a product basis, average daily production was just over 7600 barrels of oil, just over 1500 barrels of NGLs per day, and 26,684 MMcf per day.

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs