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Before we get started, please note that some of the comments today could be considered forward-looking statements, and are based on certain assumptions and expectations of management.For a detailed list of all the risk factors associated with our business, please refer to our 10-Q that will be filed later this week and will be available on our website, under the Investor Relations tab and on EDGAR. Also on the Investor Relations tab on our website, under presentation, you can find the Q2 earnings results supplemental presentation. As a reminder, the next record date for our quarterly cash distribution is August 7th, with August 14th payable date. Unitholders of record will receive $0.60 for each unit held or $2.40 per unit on an annualized basis. In addition, I’d like to point out Vanguard also announced today that we will launch a direct common unit purchase plan and a direct reinvestment plan that will begin on August 27, 2012. The direct common unit purchase plan and DRIP will be administered by American Stock Transfer & Trust, LLC, also known as AST. AST will also become the appointed transfer agent and registrar for Vanguard effective August 27, 2012, replacing our existing transfer agent and registrar, Computershare Trust Company. We will provide complete information on the direct common unit purchase plan and DRIP on our website on the August 27, 2012 launch and I can answer further questions at that time. Please note that Computershare will complete our August 14th quarterly distribution and we will then transition to AST, who will be the transfer agent and registrar for our monthly distribution announced earlier today, with the first payable date of September 14th with a September 4th record date. Now, I would like to turn the call over to Scott Smith, President and CEO of Vanguard Natural Resources.
Scott SmithThanks, Lisa, and good morning, everyone. And thank you all for joining us on the conference call to review our results for the second quarter of 2012. With me are Richard Robert, our Executive Vice President and Chief Financial Officer; and Britt Pence, our Senior Vice President of Operations. This morning, I’ll start with a summary of our production of the quarter then review this quarter’s capital spending and wind up with a few comments about acquisition activity, with an emphasis on our recently closed Arkoma Basin acquisition from Antero Resources. Richard will then provide a financial review and then we’ll open the line up for Q&A. Before we get started, I wanted to remind everyone that although the Arkoma acquisition was effective April 1st, it did not close until June 29th. So in accordance with GAAP accounting rules, our balance sheet will show the impact of the acquisition while our income statement and cash flow will not. In addition, the second quarter was the first quarter where the production associated with the Appalachian properties we exchanged for 1.9 million Vanguard common units at the end of the first quarter of this year was not updated. The Appalachian divestiture have the effect of lowering our second quarter production by over 1,300 Boe per day. On to our production, average daily production for the second quarter averaged 12,338 Boe per day, down 7% over the 13,286 Boe per day produced in the second quarter of 2011 and down 9% over the first quarter production rate of 13,569 Boe per day. On an individual product basis, the daily average production was 7,549 barrels of oil, 1,422 barrels of NGLs and 28,203 Mcf. We were pleased with the level of production we saw in the quarter, considering that the bulk of our spending -- capital spending focused on projects where production gains will come in the second half of the year. Read the rest of this transcript for free on seekingalpha.com