This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,708.60 +247.28 1.50%
S&P 500 1,956.11 +29.00 1.50%
NASDAQ 4,460.2290 +77.3820 1.77%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs