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Legacy Reserves LP Announces Third Quarter 2013 Results

Stocks in this article: LGCY

MIDLAND, Texas, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced third quarter 2013 results. 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 November 6, 2013.

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

  Three Months Ended Nine Months Ended
  September 30, June 30, September 30,
  2013 2013 2013 2012
  (dollars in millions)
Production (Boe/d)  20,043  19,516  19,755  14,504
Revenue $136.2 $118.4 $363.4 $256.0
Net Income (Loss) ($3.4) $21.8 $11.6 $66.8
Adjusted EBITDA (*) $76.2 $67.9 $208.5 $146.0
Distributable Cash Flow (*) $44.1 $38.8 $118.0 $79.7
* 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.

Q3 2013 highlights include:

  • Record production of 20,043 Boe/d, a 3% quarterly increase, as production from our acquisitions and development projects were partially offset by the impacts of third-party plant downtime and natural gas line pressure issues in the Permian Basin.         
  • Record revenue of $136.2 million and record Adjusted EBITDA of $76.2 million, representing increases of approximately 15% and 12%, respectively, over results in the prior quarter. Key drivers of these improvements were increased production, improved WTI crude oil prices and a positive one-month hedge lag effect that were partially offset by higher cash settlements paid on our commodity hedges.
  • Distributable Cash Flow of $44.1 million (or $0.77 per unit), representing a 14% increase over Q2.
  • A declared $0.585 per unit quarterly distribution, marking our 12 th consecutive quarterly increase and resulting in 3.5% year-over-year growth. Our quarterly distribution is covered by our Distributable Cash Flow by 1.31 times.

Cary D. Brown, Chairman, President and Chief Executive Officer of Legacy Reserves GP, LLC, the general partner of Legacy, commented: "Legacy posted record production, revenue and Adjusted EBITDA this quarter. I am proud of the tremendous job done by our employees, whose efforts to grow production, together with favorable oil prices, helped generate these outstanding results. Although we faced infrastructure issues in the Permian Basin that will likely persist in the fourth quarter, we are hopeful that these issues will be addressed by midstream providers in due time. 

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