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

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

Pleased with the level of production we saw in the first quarter, considering that much of the capital spending was focused on projects where production gains will come in the third -- will come in the second or third quarter. Furthermore as we stated before, our capital program is not designed to maintain production but to maintain cash flow. Simply because of the nature of our capital program, which is liquids focused, our cash flow may actually while our production on unit base may decrease. This is a function of reporting production on a conventional six to 1 GAAP overall ratio when it's back to oil prices as you all know we are trading at more than 45 times that of GAAP. Over the course of the year, absent any acquisition, we would expect our GAAP production to decrease or we would expect our liquids production to increase.

Respect to the CapEx program, during the first quarter we spent $8.2 million, which compares to $3.5 million that we spent in the first quarter of 2011. Approximately $3.7 million was spent on operated properties primarily focused on workovers; download pumps, facilities, and returning wells to production. The remaining $4.5 million or 55% of the total capital spent was related to our non-operated properties. $2.5 million of those funds were spent on drilling in the Bakken, Cleveland, and Rock Springs wells, and $1.3 million on projects related to our Gold Coast acquisition, which we completed in 2011. The balance of the spending was on water floods in the Permian basin and other miscellaneous work.

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
SYM TRADE IT LAST %CHG
AAPL $95.01 1.05%
FB $99.75 -4.15%
GOOG $683.10 -0.07%
TSLA $147.99 -8.99%
YHOO $27.05 -3.30%

Markets

Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs