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QR Energy's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: QRE

John will review the production details with you here in a moment.

Our lease operating expenses for the quarter were also within our guidance range and a bit higher than the first quarter due to a 20% increase in oil production. We spent approximately $26.2 million of CapEx in the second quarter and our capital was a bit higher than our guidance due to project timing as we have some additional projects with strong returns planned for this year. So, we have increased our annual guidance to $75 million to $85 million.

Adjusted EBITDA came in at $50 million and distributable cash flow was $27.7 million for the quarter. As I mentioned at the beginning, these results gave us additional coverage ratio 1.3 times.

Let’s take a look at our hedging program. Our oil and gas production was 88% hedged in the quarter and commodity hedges secured more than $68 million of revenue. In addition to the six years of oil hedges that we added this quarter in conjunction with the Prize acquisition, we also added natural gas hedges in 2016 and 2017 which resulted majority of our oil and gas production now hedged through 2017. Cedric will give you more details on our hedge portfolio and financial position here in a moment.

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

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