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LRR Energy, L.P. Announces First Quarter 2012 Results

Stocks in this article: LRE

LRR Energy, L.P. (NYSE: LRE) (“LRR Energy”) announced today its operating and financial results for the three months ended March 31, 2012.

Results for the three months ended March 31, 2012

  • Average daily production was 5,396 Boe per day
  • Total revenues were $24.0 million
  • Adjusted EBITDA was $14.7 million (see reconciliation of Non-GAAP financial measures on page 9)
  • Total cash capital expenditures were $5.0 million
  • Distributable Cash Flow was $8.7 million (see reconciliation of Non-GAAP financial measures on page 9)
  • First full quarter Distribution Coverage Ratio was 0.82x (see reconciliation of Non-GAAP financial measures on page 9)
  • Net income was $3.8 million, or $0.17 per basic and diluted weighted average limited partner unit outstanding
  • Gains on commodity derivative instruments totaled $5.3 million, including $5.2 million of realized gains and less than $0.1 million of unrealized gains
  • Lease operating expenses were $5.0 million, production and ad valorem taxes were $1.5 million, depletion and depreciation was $7.0 million and impairment charges were $3.1 million
  • General and administrative expense was $2.8 million

Commodity Derivative Contracts

As of March 31, 2012, LRR Energy had the following outstanding derivative contracts.

Index 2012 2013 2014 2015
Natural Gas Positions
Price swaps (MMBtus) NYMEX-HH 2,701,256 5,757,645 5,107,055 4,596,205
Weighted average price $ 6.07 $ 5.59 $ 5.76 $ 5.96
Basis swaps (MMBTUs) NYMEX-HH 4,940,244 5,757,660 5,107,044 4,596,204
Weighted average price $ (0.1130 ) $ (0.1447 ) $ (0.1575 ) $ (0.1715 )
Collars (MMBtus) NYMEX-HH 2,146,209 - - -
Floor-Ceiling price $ 4.75-7.31 $ - $ - $ -
Oil Positions
Price swaps (Bbls) NYMEX-WTI 274,230 289,323 248,149 219,657
Weighted average price $ 102.43 $ 101.30 $ 100.01 $ 98.90
NGL Positions
Price swaps (Bbls) Mont Belvieu 125,599 123,750 - -
Weighted average price $ 52.11 $ 51.31 $ - $ -

Recent Events

As previously disclosed, during the third week in February and through the second week in March, approximately 1,515 Bbls/d and 1.7 MMcf/d of our Red Lake field production was entirely shut-in due to a compression system upgrade at the gas plant that processes natural gas for our Red Lake field. The upgrade was initially expected to last 7 days, but experienced delays and took 21 days to complete. We are currently producing approximately 1,900 Boe/d from the Red Lake field, which is approximately 105% of pre-curtailment daily production volumes.

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