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TheStreet Open House

Vanguard Natural Resources Reports Record Adjusted EBITDA, Production And Proved Reserves For 2013 And 2014 Outlook

Stocks in this article: VNR

Vanguard Natural Resources, LLC (NASDAQ: VNR) ("Vanguard" or "the Company") today reported financial and operational results for the full year and fourth quarter ended December 31, 2013.

Mr. Scott W. Smith, President and CEO, commented, "This year the Company continued to execute on our conservative strategy to acquire quality assets which serve as the foundation of our Master Limited Partnership model. With the recent closing of our previously announced Pinedale acquisition, we have established a position in a world class natural gas property with a substantial inventory of high return drilling projects that will deliver long-term benefits to our unitholders. We are looking forward to building upon this successful acquisition in 2014 as the market for high quality assets looks bright for the balance of the year."

Selected Financial Information

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

             
Three Months Ended
December 31, Year Ended December 31,
2013       2012 2013       2012
($ in thousands, except per unit data)
Production (BOE/d)

 

36,903

 

22,803

 

35,448

 

18,298

Oil, natural gas and natural gas liquids sales $ 108,319 $ 82,327 $ 443,248 $ 310,356
Net gains (losses) on commodity derivative contracts $ (350 ) $ 28,359 $ 11,256 $ 36,846
Operating expenses $ 39,507 $ 27,817 $ 145,932 $ 103,735
Selling, general and administrative expenses $ 6,763 $ 7,168 $ 25,942 $ 22,466
Depreciation, depletion, amortization, and accretion $ 44,181 $ 30,645 $ 167,535 $ 104,542
Impairment of oil and natural gas properties $

-

$ 229,693 $

-

$ 247,722
Net income (loss) available to Common and Class B
Unitholders $ 870 $ (201,511 ) $ 56,877 $ (168,815 )
Adjusted Net Income Available to Common and Class B

Unitholders (1)

$ 10,922 $ 15,978 $ 69,513 $ 64,131
Adjusted Net Income Available to Common and Class B

Unitholders, per unit (1)

$ 0.14 $ 0.27 $ 0.95 $ 1.18

Adjusted EBITDA (1)

$ 74,344 $ 66,547 $ 309,745 $ 230,512
Interest expense, including settlements paid on interest
rate derivatives $ 15,907 $ 15,248 $ 65,036 $ 44,406
Drilling, capital workover and recompletion expenditures $ 14,469 $ 10,120 $ 56,661 $ 50,405
Distributions to Preferred unitholders $ 1,242 $

-

$ 2,634 $

-

Distributable Cash Flow Available to Common and Class B

Unitholders (1)

$ 42,726 $ 41,179 $ 185,414 $ 141,223

Distributable Cash Flow per Common and Class B unit (1)

$ 0.55 $ 0.70 $ 2.48 $ 2.60

Common and Class B units distribution coverage (1)

 

0.88x

 

1.15x

 

1.00x

 

1.08x

Weighted average Common and Class B units outstanding

 

78,147

 

59,088

 

73,064

 

54,197

 

(1) Non-GAAP financial measures. Please see Adjusted Net Income Available to Common and Class B Unitholders, Adjusted EBITDA and Distributable Cash Flow Available to Common and Class B Unitholders tables at the end of this press release for a reconciliation of these measures to their nearest comparable GAAP measure.

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