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.
- 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.