HOUSTON, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (Nasdaq:MEMP) announced today its operating and financial results for the three and nine months ended September 30, 2013. In addition, MEMP provided an update of its commodity hedge positions presented in the Hedge Summary Table below. Key Third Quarter 2013 Highlights:
- Average daily production increased 32% to 118.8 MMcfe for the third quarter 2013, compared to 90.0 MMcfe for the third quarter 2012 (1).
- Adjusted EBITDA (2) increased 23% to $40.5 million for the third quarter 2013, compared to $32.9 million for the third quarter 2012.
- Increased the third quarter cash distribution to $0.55 per unit, or $2.20 per unit on an annualized basis, representing a 7% increase over the prior period distribution of $0.5125 per unit and a 16% increase over the minimum quarterly distribution of $0.475 per unit. Distribution coverage for the third quarter of 0.67x does not include cash flows associated with MEMP's $603 million acquisition that closed on October 1, 2013, but does include the impact of the distribution increase and the equity offering of 16.7 million common units issued in October 2013. Distribution coverage excluding the distribution increase and the impact of the recent equity offering was 0.99x.
- Strengthened commodity hedge portfolio, with 83% of current expected natural gas production hedged through year-end 2013 and approximately 84% hedged in 2014 and 2015 (75% hedged through 2019) and 74% of crude oil production hedged through year-end 2013 and approximately 81% hedged in 2014 and 2015 (74% hedged through 2018).