This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Legacy Reserves LP Announces Third Quarter 2013 Results

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. 

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs