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Eagle Rock Reports Fourth Quarter And Year End 2012 Financial Results

Stocks in this article: EROC

HOUSTON, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Eagle Rock Energy Partners, L.P. ("Eagle Rock" or the "Partnership") (Nasdaq:EROC) today announced its unaudited financial results for the full year 2012 and three months ended December 31, 2012. Financial highlights with respect to fourth quarter 2012 included the following:

  • Reported Adjusted EBITDA of $66.2 million, an increase of approximately 12% as compared to the $59.1 million reported for the third quarter of 2012.
  • Reported Distributable Cash Flow of $29.5 million, an increase of approximately 9% as compared to the $27.0 million reported for the third quarter of 2012.
  • Announced a quarterly distribution with respect to the fourth quarter of 2012 of $0.22 per common unit, equal to the third quarter 2012 distribution and a 5% increase from the distribution paid for the fourth quarter of 2011.
  • Reported a Net Loss of $55.2 million, driven almost entirely by impairments and unrealized mark-to-market losses on commodity hedges, both of which are non-cash charges to earnings.

Other notable financial and operational activities of the Partnership during the fourth quarter of 2012 included the following:

  • Closed on the acquisition of BP's Texas Panhandle midstream assets (the "Panhandle Acquisition") on October 1, 2012, and, following the negotiated transition services period, assumed control of operations, marketing and commercial activities on January 1, 2013.
  • Completed the first phase of the emissions reduction project at the Big Escambia Creek (BEC) processing facility in Southern Alabama on December 17, 2012, resulting in increased sulfur recovery and reductions in SO 2 emissions to levels well below the current permitted levels.
  • Increased commitments from the lending group under its existing senior secured credit facility from $675 million to $820 million.

For the full year 2012, Eagle Rock generated $245.8 million of Adjusted EBITDA, an increase of 18% from the $208.2 million reported for the full year 2011, despite lower year-over-year natural gas and natural gas liquids (NGL) prices. The increase in 2012 was primarily due to a full year contribution from its Mid-Continent Upstream assets, which were acquired on May 3, 2011, and a quarter of a year contribution from the Panhandle Acquisition.

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