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

Eagle Rock Reports Second Quarter Financial Results

HOUSTON, July 31, 2013 (GLOBE NEWSWIRE) -- Eagle Rock Energy Partners, L.P. ("Eagle Rock" or the "Partnership") (Nasdaq:EROC) today announced its unaudited financial results for the three months ended June 30, 2013. Financial results with respect to second quarter 2013 included the following:

  • Reported Adjusted EBITDA of $55.9 million, an increase of approximately 4% as compared to the $53.6 million reported for the first quarter of 2013.
  • Reported Distributable Cash Flow of $22.8 million, an increase of approximately 3% as compared to the $22.2 million reported for the first quarter of 2013.
  • Announced a quarterly distribution with respect to the second quarter of 2013 of $0.22 per common unit, equal to the first quarter 2013 distribution.
  • Reported Net Income of $16.0 million, as compared to a Net Loss of $33.5 million for the first quarter of 2013.

Other notable financial and operational activities that occurred during the second quarter of 2013 included the following:

  • Startup of its 60 MMcf/d cryogenic processing facility in Wheeler County, Texas, in the heart of the prolific Granite Wash play (the "Wheeler Plant").
  • Execution of a new, fee-based gas gathering and processing agreement with Monarch Natural Gas, LLC ("Monarch"), under which Monarch has dedicated to the Partnership all of its gathered natural gas volume from wells within an area encompassing more than 150,000 gross acres, located in Hemphill, Lipscomb and Ochiltree counties, Texas.
  • Amendment of its existing senior secured credit facility to allow for a temporary step-up in the Total Leverage Ratio and the Senior Secured Leverage Ratio through the third quarter of 2014.

"Second quarter results were below our expectations due primarily to the weak NGL price environment and lower than anticipated volume growth in both businesses," said Joseph A. Mills, Eagle Rock's Chairman and Chief Executive Officer. "However, we are seeing positive results from drilling activity on our new acreage dedications in the Midstream Business, synergies associated with our BP acquisition and recent drilling activity in the Upstream Business."

1 of 10

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 17,081.61 +50.47 0.30%
S&P 500 1,990.40 +6.27 0.32%
NASDAQ 4,521.2310 +2.3290 0.05%

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