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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Eagle Rock Reports Fourth Quarter And Year End 2013 Financial Results

Stocks in this article: EROC

HOUSTON, Feb. 26, 2014 (GLOBE NEWSWIRE) -- Eagle Rock Energy Partners, L.P. ("Eagle Rock" or the "Partnership") (Nasdaq:EROC) today announced its unaudited financial results for the full year 2013 and three months ended December 31, 2013. Financial results with respect to fourth quarter 2013 included the following:

  • Reported Adjusted EBITDA of $57.4 million, a decrease of approximately 10% as compared to the $63.5 million reported for the third quarter of 2013, driven by the impact of severe winter weather in both its Midstream and Upstream Businesses (approximately $4.6 million) and lower crude oil and condensate prices as compared to Q3 2013.
  • Reported Distributable Cash Flow of $18.5 million as compared to the $25.6 million reported for the third quarter of 2013, with the decrease primarily driven by the same factors impacting Adjusted EBITDA and slightly higher maintenance capital expenditures.
  • Reported a Net Loss of $168.9 million, which in addition to the factors mentioned above was driven by impairment charges in its Upstream Business, primarily related to the Partnership's positions in the Cana Shale.

Adjusted EBITDA and Distributable Cash Flow exclude the impact of general and administrative expenses incurred in connection with the Partnership's strategic review and Midstream Business Contribution (as defined below), which is consistent with the calculation of Consolidated EBITDA under its senior secured credit facility.

Other notable financial and operational activities of the Partnership for the fourth quarter of 2013 included the following:

  • Announced the execution of a definitive agreement on December 23, 2013, to contribute its Midstream Business to Regency Energy Partners, L.P. ("Regency") for total consideration of up to $1.325 billion.
  • Announced a quarterly distribution with respect to the fourth quarter of 2013 of $0.15 per common unit, equal to the third quarter 2013 distribution.
  • Amended its senior secured credit facility to provide covenant relief and additional liquidity through the closing of the transaction with Regency.

For the full year 2013, Eagle Rock generated $230.3 million of Adjusted EBITDA, a decrease of 6% from the $245.8 million reported for the full year 2012. The decrease in 2013 was primarily due to lower realized NGL and sulfur prices, lower Upstream natural gas production, and higher general and administrative and operating expenses.

1 of 12

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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