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Legacy Reserves LP Announces Second Quarter 2013 Results

Stocks in this article: LGCY

MIDLAND, Texas, Aug. 5, 2013 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced second quarter results for 2013. Financial results contained herein are preliminary and subject to the final, unaudited financial statements included in Legacy's Form 10-Q to be filed on or about August 7, 2013.

A summary of selected financial information follows. For consolidated financial statements, please see accompanying tables.

  Three Months Ended Six Months Ended
  June 30, March 31, June 30,
  2013 2013 2013 2012
  (dollars in millions)
Production (Boe/d)  19,516  19,711  19,613  14,368
Revenue $118.4 $108.9 $227.3 $171.8
Net Income (Loss) $21.8 ($6.7) $15.0 $90.3
Adjusted EBITDA (*) $67.9 $64.4 $132.3 $96.4
Distributable Cash Flow (*) $38.8 $34.9 $73.7 $56.0
* Non-GAAP financial measure. Please see Adjusted EBITDA and Distributable Cash Flow table at the end of this press release for a reconciliation of these measures to their nearest comparable GAAP measure.

Q2 2013 highlights include:

  • Production decreased 1% to 19,516 Boe/d, as the impact of extensive third-party plant downtime and natural gas line pressure issues in the Permian Basin was partially offset by production from new development projects in other parts of the Permian Basin and improved production in the Texas Panhandle due to relieved Q1 infrastructure issues.           
  • We generated $118.4 million of revenue and a record $67.9 million of Adjusted EBITDA representing increases of approximately 9% and 6%, respectively, over results in the prior quarter. A key driver of these improvements was improved oil differentials in the Permian Basin and Rocky Mountain regions.  
  • After deducting $17.0 million of maintenance capital expenditures, we generated $38.8 million of Distributable Cash Flow or $0.68 per unit, representing an 11% increase over Q1.  
  • We announced a $0.58 per unit quarterly distribution, marking our 11 th consecutive quarterly increase and resulting in 3.6% year-over-year growth. Our quarterly distribution is covered by our Distributable Cash Flow by 1.17 times.

Cary D. Brown, Chairman, President and Chief Executive Officer of Legacy Reserves GP, LLC, the general partner of Legacy, commented: "Legacy produced outstanding results during the second quarter generating record Adjusted EBITDA of $67.9 million and Distributable Cash Flow of $38.8 million. Despite third-party plant downtime in the Permian Basin that curtailed production from several of our oil-weighted properties, we produced over 19,500 Boe/d. Every quarter presents new challenges, and once again our team at Legacy handled these challenges well and produced strong results for our unitholders.  Our integration of the Concho acquisition has gone well. We continue to be very pleased with the results from these assets, which produced approximately 5,000 Boe/d during the second quarter despite plant downtime issues in the Permian.     

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