HOUSTON, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (Nasdaq:MEMP) announced today its operating and financial results for the three and six months ended June 30, 2012. In addition, MEMP provided an update of its commodity hedge positions presented in the Hedge Summary Table below and announced updated 2012 guidance. Key Second Quarter Highlights:
- Average daily production increased 6% to 57.0 MMcfe in the second quarter of 2012 from 53.8 MMcfe in the first quarter of 2012 due to production from MEMP's third party acquisition that closed on May 1, 2012 and increased development drilling, primarily in the East Texas fields.
- Second quarter distribution coverage ratio of 1.37x.
- Completed three previously announced acquisitions totaling $82.8 million. These acquisitions added approximately 10 MMcfe/d of net production at the time of acquisition.
- Strengthened commodity hedge portfolio, with 87% of current expected natural gas production hedged through year-end 2013 (76% hedged through the first nine months of 2017) and 83% of crude oil production hedged through year-end 2013 (74% hedged through the first nine months of 2017).
- Announced quarterly cash distribution of $0.48 per unit, or $1.92 per unit on an annualized basis, representing a 1.1% increase over the annualized minimum quarterly distribution.
- Revised 2012 guidance maintains distributable cash flow coverage of approximately 1.2x – 1.3x for the full year 2012.