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Eagle Rock Reports Second Quarter Financial Results

Stocks in this article: EROC

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."

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