Delaware | 001-33016 | 68-0629883 |
(State or other jurisdiction of incorporation or organization) | Commission File Number | (I.R.S. Employer Identification No.) |
EAGLE ROCK ENERGY PARTNERS, L.P. |
By: | Eagle Rock Energy GP, L.P., | |
its general partner |
By: | Eagle Rock Energy G&P, LLC, | |
its general partner | ||
Date: October 29, 2014 | By: | /s/ Robert M. Haines |
Robert M. Haines | ||
Vice President and Chief Financial Officer |
• | Adjusted EBITDA increased 42% over second quarter 2014 |
• | Distributable cash flow of $16.0 million, equivalent to $0.10/unit |
• | Announced a distribution of $0.07/unit for the third quarter, or $0.28/unit annualized |
• | Distribution coverage of 1.4x distributable cash flow |
• | Total daily production increased 5.3% over second quarter 2014 |
• | Total liquidity of $374 million at quarter-end, including Regency (RGP) units |
• | Announced a common unit repurchase program of up to $100 million |
• | Adjusted EBITDA of $35.4 million, a 42% increase as compared to $24.9 million in second quarter 2014. |
• | Distributable Cash Flow of $16.0 million, compared to $3.9 million for second quarter 2014. |
• | Net Income of $266.3 million, driven largely by the $249.9 million gain recorded in the quarter related to the Midstream Business Contribution. |
• | Drilled and completed 3 gross (3 net) operated wells and participated in 4 gross (1.4 net) non-operated wells in the Mid-Continent region. Additionally, conducted 6 gross (3.8 net) workovers and 1 gross (1 net) recompletion. |
• | Total production was 6.90 Bcfe compared to 6.48 Bcfe in second quarter 2014. Average daily production was 75.1 MMcfe/d compared to 71.2 MMcfe/d in second quarter 2014. |
• | Oil production increased 13% quarter over quarter from 300 MBbl to 338 MBbl |
• | NGL production increased 2% quarter over quarter from 290 MBbl to 297 MBbl |
• | Natural gas production increased 5% quarter over quarter from 2.94 Bcf to 3.09 Bcf |
• | The increase in production volumes was primarily due to: |
▪ | Strong performance from three operated wells completed in the Golden Trend Field and four non-operated (Briar) wells completed in the prolific horizontal Woodford “SCOOP” play. |
▪ | 98% average run-time at the Big Escambia Creek processing facility |
• | Product revenue of $53.6 million, up 3% compared to $52.0 million for second quarter 2014, due to higher production volumes offset by lower commodity prices. |
• | Cash Distributions of $4.0 million received from Regency Energy Partners, LP (“Regency”) on the Regency units held by the Partnership. |
• | Operating expenses, including taxes, of $13.9 million, 4% lower than second quarter 2014, primarily due to lower estimated ad valorem taxes and other items. |
• | General and administrative expenses of $9.3 million (after excluding amortization of expenses pursuant to the Long-Term Incentive Plan), down 12% from second quarter 2014, primarily due to the elimination of shared services with the Partnership’s former midstream business. |
• | Operating income, excluding an impairment charge of $17.3 million, increased to $32.8 million as compared to the operating loss of $12.8 million for second quarter 2014, primarily due to unrealized gains on commodity derivatives and higher production. |
• | Maintenance capital expenditures of $14.5 million, an increase of $0.2 million as compared to second quarter 2014. |
• | Total Leverage Ratio of no greater than 4.0x LTM Adjusted EBITDA (increases to 4.5x LTM Adjusted EBITDA for the two periods following an acquisition above $50 million) |
• | Current Ratio of no less than 1.0x |
• | Removal of Senior Secured Leverage Ratio covenant |
• | Removal of Interest Coverage Ratio covenant |
• | Improved fee pricing by 25 basis points on all tranches except the Commitment Fee, which remains relatively the same |
REM 2014E | 2015E | 2016E | 2017E | 2018E | 2019E | |
Oil Production Hedged: | ||||||
% Oil Hedged | 77% | 78% | 66% | 35% | 34% | 34% |
Average WTI Strike Price ($/Bbl) | $96.82 | $89.88 | $84.66 | $88.02 | $87.50 | $87.07 |
Average LLS Strike Price ($/Bbl) | -- | -- | -- | $91.25 | $90.75 | $90.25 |
Natural Gas Production Hedged: | ||||||
% Natural Gas Hedged | 87% | 85% | 72% | -- | -- | -- |
Average Henry Hub Strike Price ($/MMbtu) | $4.51 | $4.07 | $4.25 | -- | -- | -- |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, 2014 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
REVENUE: | |||||||||||||||||||
Natural gas, natural gas liquids, oil, condensate and sulfur sales | $ | 53,626 | $ | 53,318 | $ | 160,677 | $ | 149,375 | $ | 51,967 | |||||||||
Unrealized commodity derivative losses | 26,700 | (13,702 | ) | 3,900 | (12,436 | ) | (15,905 | ) | |||||||||||
Realized commodity derivative (losses) gains | 1,267 | 2,824 | (4,047 | ) | 12,060 | (2,176 | ) | ||||||||||||
Other revenue | (369 | ) | 45 | (59 | ) | 618 | 158 | ||||||||||||
Total revenue | 81,224 | 42,485 | 160,471 | 149,617 | 34,044 | ||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||
Operations and maintenance | 10,707 | 8,773 | 33,112 | 30,052 | 10,907 | ||||||||||||||
Taxes other than income | 3,184 | 3,731 | 10,571 | 9,730 | 3,596 | ||||||||||||||
General and administrative | 12,235 | 13,515 | 37,530 | 40,166 | 12,005 | ||||||||||||||
Impairment | 17,305 | 61,389 | 17,305 | 63,228 | — | ||||||||||||||
Depreciation, depletion and amortization | 22,259 | 22,471 | 62,964 | 65,827 | 20,299 | ||||||||||||||
Total costs and expenses | 65,690 | 109,879 | 161,482 | 209,003 | 46,807 | ||||||||||||||
OPERATING LOSS | 15,534 | (67,394 | ) | (1,011 | ) | (59,386 | ) | (12,763 | ) | ||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Interest expense, net | (3,188 | ) | (4,647 | ) | (12,890 | ) | (14,211 | ) | (4,948 | ) | |||||||||
Realized interest rate derivative losses | (1,738 | ) | (1,693 | ) | (5,163 | ) | (5,029 | ) | (1,717 | ) | |||||||||
Unrealized interest rate derivative gains | 1,657 | 1,234 | 4,221 | 4,263 | 1,146 | ||||||||||||||
Other income (expense), net | 4,080 | 3 | 4,083 | (32 | ) | 2 | |||||||||||||
Total other income (expense) | 811 | (5,103 | ) | (9,749 | ) | (15,009 | ) | (5,517 | ) | ||||||||||
LOSS BEFORE INCOME TAXES | 16,345 | (72,497 | ) | (10,760 | ) | (74,395 | ) | (18,280 | ) | ||||||||||
INCOME TAX BENEFIT | (886 | ) | (2,155 | ) | (2,636 | ) | (4,260 | ) | (885 | ) | |||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | 17,231 | (70,342 | ) | (8,124 | ) | (70,135 | ) | (17,395 | ) | ||||||||||
DISCONTINUED OPERATIONS, NET OF TAX | 249,057 | (21,223 | ) | 212,808 | (38,912 | ) | (25,646 | ) | |||||||||||
NET LOSS | $ | 266,288 | $ | (91,565 | ) | $ | 204,684 | $ | (109,047 | ) | $ | (43,041 | ) |
September 30, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 593 | $ | 76 | |||
Short-term investments | 268,980 | — | |||||
Accounts receivable | 33,648 | 17,250 | |||||
Risk management assets | 5,180 | 5,559 | |||||
Prepayments and other current assets | 11,029 | 6,123 | |||||
Assets held for sale | — | 1,259,382 | |||||
Total current assets | 319,430 | 1,288,390 | |||||
PROPERTY, PLANT AND EQUIPMENT — Net | 852,127 | 824,451 | |||||
INTANGIBLE ASSETS — Net | 3,121 | 3,268 | |||||
DEFERRED TAX ASSET | 2,224 | 1,438 | |||||
RISK MANAGEMENT ASSETS | 2,067 | 3,871 | |||||
OTHER ASSETS | 4,793 | 6,132 | |||||
TOTAL | $ | 1,183,762 | $ | 2,127,550 | |||
LIABILITIES AND MEMBERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 44,086 | $ | 50,158 | |||
Accrued liabilities | 9,737 | 23,162 | |||||
Taxes payable | 2,019 | 149 | |||||
Risk management liabilities | 4,069 | 8,360 | |||||
Liabilities held for sale | — | 637,738 | |||||
Total current liabilities | 59,911 | 719,567 | |||||
LONG-TERM DEBT | 276,425 | 757,480 | |||||
ASSET RETIREMENT OBLIGATIONS | 46,784 | 37,306 | |||||
DEFERRED TAX LIABILITY | 32,721 | 34,097 | |||||
RISK MANAGEMENT LIABILITIES | (2,781 | ) | 2,826 | ||||
OTHER LONG TERM LIABILITIES | 4,943 | 2,395 | |||||
MEMBERS' EQUITY | 765,759 | 573,879 | |||||
TOTAL | $ | 1,183,762 | $ | 2,127,550 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, 2014 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Upstream | |||||||||||||||||||
Production: | |||||||||||||||||||
Oil and condensate (Bbl) | 338,462 | 321,170 | 955,918 | 894,591 | 300,330 | ||||||||||||||
Gas (Mcf) | 3,094,006 | 3,254,722 | 8,989,872 | 9,565,038 | 2,943,718 | ||||||||||||||
NGLs (Bbl) | 296,686 | 298,031 | 859,999 | 866,055 | 289,639 | ||||||||||||||
Total Mcfe | 6,904,894 | 6,969,928 | 19,885,374 | 20,128,914 | 6,483,532 | ||||||||||||||
Sulfur (long ton) | 22,534 | 26,788 | 72,549 | 80,028 | 25,554 | ||||||||||||||
Realized prices, excluding derivatives: | |||||||||||||||||||
Oil and condensate (per Bbl) | $ | 85.66 | $ | 93.74 | $ | 86.43 | $ | 87.95 | $ | 88.21 | |||||||||
Gas (Mcf) | $ | 3.92 | $ | 3.40 | $ | 4.41 | $ | 3.53 | $ | 4.38 | |||||||||
NGLs (Bbl) | $ | 34.70 | $ | 36.19 | $ | 37.22 | $ | 34.24 | $ | 35.38 | |||||||||
Sulfur (long ton) | $ | 97.55 | $ | 50.95 | $ | 88.36 | $ | 90.60 | $ | 91.09 | |||||||||
Operating statistics: | |||||||||||||||||||
Operating costs per Mcfe (incl production taxes) (1) | $ | 1.77 | $ | 1.64 | $ | 1.97 | $ | 1.80 | $ | 2.00 | |||||||||
Operating costs per Mcfe (excl production taxes) (1) | $ | 1.30 | $ | 1.11 | $ | 1.43 | $ | 1.32 | $ | 1.45 | |||||||||
Operating (loss) income per Mcfe | $ | 0.07 | $ | (6.11 | ) | $ | 1.96 | $ | (0.87 | ) | $ | 2.81 | |||||||
Drilling program (gross wells): | |||||||||||||||||||
Development wells | 7 | 16 | 17 | 38 | 6 | ||||||||||||||
Completions | 7 | 16 | 17 | 37 | 6 | ||||||||||||||
Workovers | 6 | 6 | 18 | 24 | 7 | ||||||||||||||
Recompletions | 1 | 1 | 5 | 8 | 3 |
(1) | Excludes post-production costs of $1,702, $4,585, $1,069 and $3,464 for the three and nine months ended September 30, 2014 and 2013, respectively, and $1,512 for the three months ended June 30, 2014. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, 2014 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net loss to Adjusted EBITDA | |||||||||||||||||||
Net loss, as reported | $ | 266,288 | $ | (91,565 | ) | $ | 204,684 | $ | (109,047 | ) | $ | (43,041 | ) | ||||||
Depreciation, depletion and amortization | 22,259 | 22,471 | 62,964 | 65,827 | 20,299 | ||||||||||||||
Impairment | 17,305 | 61,389 | 17,305 | 63,228 | — | ||||||||||||||
Loss from risk management activities, net | (27,886 | ) | 11,337 | 1,089 | 1,142 | 18,652 | |||||||||||||
Total commodity derivative settlements | (471 | ) | 1,131 | (9,210 | ) | 7,031 | (3,893 | ) | |||||||||||
Non-cash mark-to-market of Upstream product imbalances | 3 | 3 | (4 | ) | (2 | ) | (1 | ) | |||||||||||
Restricted units non-cash amortization expense | 2,948 | 3,044 | 6,990 | 7,749 | 1,459 | ||||||||||||||
Income tax benefit | (886 | ) | (2,155 | ) | (2,636 | ) | (4,260 | ) | (885 | ) | |||||||||
Interest - net including realized risk management instruments and other expense | 4,886 | 6,337 | 18,010 | 19,272 | 6,663 | ||||||||||||||
Discontinued operations | (249,057 | ) | 21,223 | (212,808 | ) | 38,912 | 25,646 | ||||||||||||
Adjusted EBITDA | $ | 35,389 | $ | 33,215 | $ | 86,384 | $ | 89,852 | $ | 24,899 | |||||||||
Net loss to Distributable Cash Flow | |||||||||||||||||||
Net loss, as reported | $ | 266,288 | $ | (91,565 | ) | $ | 204,684 | $ | (109,047 | ) | $ | (43,041 | ) | ||||||
Depreciation, depletion and amortization expense | 22,259 | 22,471 | 62,964 | 65,827 | 20,299 | ||||||||||||||
Impairment | 17,305 | 61,389 | 17,305 | 63,228 | — | ||||||||||||||
Loss from risk management activities, net | (27,886 | ) | 11,337 | 1,089 | 1,142 | 18,652 | |||||||||||||
Total derivative settlements | (471 | ) | 1,131 | (9,210 | ) | 7,031 | (3,893 | ) | |||||||||||
Capital expenditures-maintenance related | (14,547 | ) | (13,612 | ) | (43,507 | ) | (31,652 | ) | (14,319 | ) | |||||||||
Non-cash mark-to-market of Upstream product imbalances | 3 | 3 | (4 | ) | (2 | ) | (1 | ) | |||||||||||
Restricted units non-cash amortization expense | 2,948 | 3,044 | 6,990 | 7,749 | 1,459 | ||||||||||||||
Income tax benefit | (886 | ) | (2,155 | ) | (2,636 | ) | (4,260 | ) | (885 | ) | |||||||||
Discontinued operations | (249,057 | ) | 21,223 | (212,808 | ) | 38,912 | 25,646 | ||||||||||||
Distributable Cash Flow | $ | 15,956 | $ | 13,266 | $ | 24,867 | $ | 38,928 | $ | 3,917 |
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