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Memorial Production Partners LP Announces Second Quarter 2012 Results, Updated Commodity Hedge Positions And Updated 2012 Guidance

Stocks in this article: MEMP

HOUSTON, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (Nasdaq:MEMP) announced today its operating and financial results for the three and six months ended June 30, 2012. In addition, MEMP provided an update of its commodity hedge positions presented in the Hedge Summary Table below and announced updated 2012 guidance.

Key Second Quarter Highlights:

  • Average daily production increased 6% to 57.0 MMcfe in the second quarter of 2012 from 53.8 MMcfe in the first quarter of 2012 due to production from MEMP's third party acquisition that closed on May 1, 2012 and increased development drilling, primarily in the East Texas fields.  
  • Second quarter distribution coverage ratio of 1.37x.  
  • Completed three previously announced acquisitions totaling $82.8 million. These acquisitions added approximately 10 MMcfe/d of net production at the time of acquisition.  
  • Strengthened commodity hedge portfolio, with 87% of current expected natural gas production hedged through year-end 2013 (76% hedged through the first nine months of 2017) and 83% of crude oil production hedged through year-end 2013 (74% hedged through the first nine months of 2017).  
  • Announced quarterly cash distribution of $0.48 per unit, or $1.92 per unit on an annualized basis, representing a 1.1% increase over the annualized minimum quarterly distribution.  
  • Revised 2012 guidance maintains distributable cash flow coverage of approximately 1.2x – 1.3x for the full year 2012.

John Weinzierl, Chairman and Chief Executive Officer of Memorial Production Partners GP LLC, the general partner of MEMP, commented, "We've been very active on the acquisition front, closing three transactions within the first six months following our IPO. Our financial results for the quarter reflect our commitment to drive additional unitholder value. We are pleased to report distributable cash flow of $14.6 million for the quarter, which provided 1.37 times distribution coverage. We are excited about the remainder of the year as we continue to evaluate additional opportunities that will allow us to execute on our acquisition and growth strategy."

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