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,|
|(dollars in millions)|
|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.