This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Memorial Production Partners LP Announces Fourth Quarter And Full Year 2012 Results, Updated Commodity Hedge Positions And 2013 Guidance

HOUSTON, March 5, 2013 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (Nasdaq:MEMP) announced today its operating and financial results for the three and twelve months ended December 31, 2012. In addition, MEMP provided an update of its commodity hedge positions presented in the Hedge Summary Table below along with previously announced 2013 guidance.

Key Fourth Quarter and Full Year 2012 Highlights:
  • Average daily production increased 13% to 72.9 MMcfe for the fourth quarter 2012, compared to 64.5 MMcfe for the fourth quarter 2011; and 16% to 67.2 MMcfe for the full year 2012, compared to 58.0 MMcfe in 2011.  
  • Adjusted EBITDA (1) increased 11% to $27.9 million for the fourth quarter 2012, compared to $25.1 million for the fourth quarter 2011; and 23% to $110.1 million for the full year 2012, compared to $89.4 million in 2011.  
  • Fourth quarter distribution coverage ratio of 1.10x and full year 2012 distribution coverage ratio of 1.27x.  
  • Fourth quarter cash distribution of $0.5075 per unit, or $2.03 per unit on an annualized basis, represents a 6.8% increase over the annualized minimum quarterly distribution of $1.90 per unit.  
  • Completed fifth acquisition for $271 million, which added approximately 1,574 Bbls per day of net production at the time of acquisition.  
  • Closed a public offering of 11,975,000 common units at $17.00 per unit. MEMP received net proceeds of approximately $194 million, which were primarily used to fund a portion of the purchase price for MEMP's fifth acquisition and for general partnership purposes.  
  • Increased borrowing base to $460.0 million from $380.0 million under its $1.0 billion revolving credit facility.  
  • Strengthened commodity hedge portfolio, with 91% of current expected natural gas production hedged through year-end 2013 and approximately 80% hedged in 2014 and 2015 (73% hedged through 2018) and 81% of crude oil production hedged through year-end 2013 and approximately 86% hedged in 2014 and 2015 (79% hedged through 2018).  
  • Increased proved reserves by 284.7 Bcfe to 608.8 Bcfe as of year-end 2012, up 88% compared to 324.1 Bcfe in 2011.

John Weinzierl, Chairman, President and Chief Executive Officer of Memorial Production Partners GP LLC, the general partner of MEMP, commented, "We are pleased with our fourth quarter operating and financial performance, which capped off an extraordinary year of growth for MEMP. We increased our production and reserves through five acquisitions totaling approximately $446 million. These acquisitions were transformative by diversifying our commodity mix and enabling MEMP to increase its cash distributions to unitholders."

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs