Memorial Production Partners LP Announces First Quarter 2016 Cash Distribution And First Quarter 2016 Earnings Conference Call And Webcast

HOUSTON, April 26, 2016 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (NASDAQ:MEMP) ("MEMP" or the "Partnership") announced a cash distribution attributable to the first quarter of 2016.  MEMP also announced that it has scheduled a conference call to discuss its first quarter 2016 earnings. 

Distribution Update

The board of directors of MEMP's general partner declared a cash distribution of $0.03 per unit for the first quarter of 2016, or $0.12 per unit on an annualized basis. This distribution represents a $0.07 per unit reduction from MEMP's fourth quarter 2015 distribution and will be paid on May 13, 2016 to unitholders of record as of the close of business on May 6, 2016.    

"Following the Spring borrowing base redetermination, and based on certain amended terms of the Partnership's credit agreement, along with continued weakness across the industry, the Board made the decision to reduce cash distributions to $0.03 per unit on a quarterly basis," said John A. Weinzierl, Chairman and Chief Executive Officer of the general partner of MEMP.  "Generating positive free cash flow and managing the balance sheet remain primary focuses for the Partnership in 2016.  We believe these goals can be achieved and will help to strengthen the Partnership in anticipation of an eventual rebound in the Energy sector." 

First Quarter 2016 Earnings Conference Call and Webcast

MEMP also announced today that it will report first quarter 2016 financial and operating results before the market opens for trading on May 4, 2016.  Following the announcement, management will host a first quarter 2016 earnings conference call at 10 a.m. CT.  Interested parties are invited to participate on the call by dialing (844) 735-9435 (Conference ID: 97479536) at least 15 minutes prior to the start of the call or via the internet at www.memorialpp.com.  A replay of the call will be available on MEMP's website or by phone at (855) 859-2056 (Conference ID: 97479536) for a seven-day period following the call.

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b) (4) and (d).  Please note that 100% of MEMP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business.  Accordingly, all of MEMP's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not MEMP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

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