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 $2.8 million
Commodity Derivative Contracts
As of March 31, 2012, LRR Energy had the following outstanding derivative contracts.
|Natural Gas Positions|
|Price swaps (MMBtus)||NYMEX-HH||2,701,256||5,757,645||5,107,055||4,596,205|
|Weighted average price||$||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||)||$||(0.1715||)|
|Price swaps (Bbls)||NYMEX-WTI||274,230||289,323||248,149||219,657|
|Weighted average price||$||102.43||$||101.30||$||100.01||$||98.90|
|Price swaps (Bbls)||Mont Belvieu||125,599||123,750||-||-|
|Weighted average price||$||52.11||$||51.31||$||-||$||-|
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