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Memorial Production Partners LP Announces Second Quarter 2013 Results, Updated Commodity Hedge Positions And Full-Year 2013 Guidance

Stocks in this article: MEMP

HOUSTON, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (Nasdaq:MEMP) announced today its operating and financial results for the three and six months ended June 30, 2013. In addition, MEMP provided an update of its commodity hedge positions presented in the Hedge Summary Table below along with previously announced full-year 2013 guidance.

Key Second Quarter 2013 Highlights:

  • Average daily production increased 32% to 115.1 MMcfe for the second quarter 2013, compared to 87.4 MMcfe for the second quarter 2012 (1).
  • Adjusted EBITDA (2) increased 18% to $41.1 million for the second quarter 2013, compared to $34.8 million for the second quarter 2012.
  • Second quarter cash distribution of $0.5125 per unit, or $2.05 per unit on an annualized basis, representing a 7.9% increase over the annualized minimum quarterly distribution of $1.90 per unit and providing a distribution coverage ratio of 1.07x.
  • Raised aggregate net proceeds of $390.1 million, after financing costs, through senior unsecured notes offerings in April and May 2013; proceeds were used to repay borrowings outstanding under MEMP's revolving credit facility.
  • Strengthened commodity hedge portfolio, with 87% of current expected natural gas production hedged through year-end 2013 and approximately 79% hedged in 2014 and 2015 (69% hedged through 2019) and 83% of crude oil production hedged through year-end 2013 and approximately 73% hedged in 2014 and 2015 (67% hedged through 2018).
  • Selected to the Alerian MLP Index (NYSE:AMZ) and the Alerian MLP Equal Weight Index (CME:AMZE). The Alerian MLP and Alerian MLP Equal Weight Indexes are composites of the 50 most prominent energy master limited partnerships.

"MEMP continues to execute on its strategy of acquiring and developing mature, long-lived oil and gas properties. Since January of this year, we have announced two acquisitions for a total of $806 million and we continue to deliver strong operational results," said John Weinzierl, Chairman, President and Chief Executive Officer of Memorial Production Partners GP LLC, the general partner of MEMP. "These acquisitions add to a great asset base of conventional, low risk oil and gas production as well as enhance our scale in our core area of East Texas and add geographic diversity through the Permian Basin and the Rockies. Operationally, we had a very good second quarter as we grew our production, lowered operating costs and increased our distribution coverage ratio."

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