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Eagle Rock Reports Fourth Quarter And Year End 2013 Financial Results

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.

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