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LRR Energy, L.P. Announces 2012 Year End Results

Stocks in this article: LRE

LRR Energy, L.P. (NYSE:LRE) (“LRR Energy”) announced today its operating and financial results for the three months and year ended December 31, 2012.

Selected Financial and Operating Information

Our financial statements for the year ended December 31, 2012, have been recast as if we had owned the assets acquired on June 1, 2012, from Lime Rock Resources since our initial public offering, as the transaction was between entities under common control. A summary of selected financial and operating information follows. For consolidated financial statements, please see the accompanying tables on pages 7-9.

   
Three Months Ended Year Ended
December 31, 2012 December 31, 2012
(in thousands)
 
Oil, natural gas and natural gas liquids sales $ 22,068 $ 93,363
Realized gain on commodity derivative instruments $ 5,474 $ 23,350
Unrealized loss on commodity derivative instruments $ (809 ) $ (11,264 )
Lease operating expense $ 5,490 $ 25,617
Production and ad valorem taxes $ 1,661 $ 7,009
General and administrative expense $ 4,037 $ 12,632
Interest expense $ 2,055 $ 6,596
Net income (loss) $ (499 ) $ 2,262
Net income (loss) available to unitholders $ (499 ) $ (3 )
Net loss per limited partner unit $ (0.02 ) $ (0.00 )
 
Capital expenditures $ 4,740 $ 31,416
Adjusted EBITDA (1) $ 16,448 $ 71,813
Distributable cash flow (1) $ 9,219 $ 44,094
Distribution coverage ratio (1) 0.85x 1.03x

(1) Non-GAAP financial measure. See reconciliation of non-GAAP financial measures on page 10.

 
                     
Three Months Ended Year Ended
December 31, 2012 December 31, 2012
 
Average net production (Boe/d) 5,935 6,303
Average unit costs per Boe:
Lease operating expense $ 10.05 $ 11.11
Production and ad valorem taxes $ 3.04 $ 3.04
General and administrative expense $ 7.39 $ 5.48
 

Full year 2012 production of 6,303 Boe/d was in line with our public guidance. Fourth quarter 2012 production of 5,935 Boe/d was generally consistent with our internal forecast, albeit slightly lower. An unexpected compressor failure at our Pecos Slope field in late November 2012 negatively impacted fourth quarter production by approximately 35 Boe/d. The compressor was back in service in mid February 2013.

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