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.
- 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.