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Eagle Rock Reports Third Quarter Financial Results

Stocks in this article: EROC

HOUSTON, Oct. 30, 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 September 30, 2013. Financial results with respect to third quarter 2013 included the following:

  • Reported Adjusted EBITDA of $62.8 million, an increase of approximately 12% as compared to the $55.9 million reported for the second quarter of 2013, driven by improved operating performance in both businesses.
  • Reported Distributable Cash Flow of $24.9 million, an increase of approximately 10% as compared to the $22.8 million reported for the second quarter of 2013.
  • Reported a Net Loss of $91.6 million, as compared to Net Income of $16.0 million for the second quarter of 2013, primarily due to impairments recorded in the Upstream Business in the third quarter of 2013.

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

  • Reached full operating capacity at its 60 MMcf/d cryogenic processing facility in Wheeler County, Texas, in the heart of the prolific Granite Wash play (the "Wheeler Plant"), which was initially placed into service on June 30, 2013.
  • Increased the upstream component of the borrowing base under its senior secured credit facility from $375 million to $380 million as part of the Partnership's regularly scheduled semi-annual redetermination by its commercial lenders.

Third Quarter Distribution

On October 28, 2013, the Partnership declared a cash distribution for the quarter ended September 30, 2013 of $0.15 per unit, equivalent to $0.60 per unit on an annualized basis. The distribution will be paid on a total of 158.9 million common units (including eligible restricted common units). The distribution represents a decrease from the distribution of $0.22 per common unit paid with respect to the second quarter.

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