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.
- 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.