DELAWARE | 001-33756 | 61-1521161 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
EXHIBIT NUMBER | DESCRIPTION | |
Exhibit 99.1 | Press Release dated August 4, 2014 |
VANGUARD NATURAL RESOURCES, LLC | ||||||
By: | /s/ Richard A. Robert | |||||
Name: | Richard A. Robert | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
August 4, 2014 | (Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT NUMBER | DESCRIPTION | |
Exhibit 99.1 | Press Release dated August 4, 2014 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
($ in thousands, except per unit data) (Unaudited) | ||||||||||||||||
Production (MMcfe/d) | 315 | 219 | 292 | 209 | ||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 161,519 | $ | 116,737 | $ | 314,259 | $ | 213,419 | ||||||||
Net gains (losses) on commodity derivative contracts | $ | (38,398 | ) | $ | 58,595 | $ | (94,436 | ) | $ | 29,320 | ||||||
Operating expenses | $ | 50,822 | $ | 36,473 | $ | 96,278 | $ | 69,989 | ||||||||
Selling, general and administrative expenses | $ | 7,864 | $ | 6,900 | $ | 15,902 | $ | 13,449 | ||||||||
Depreciation, depletion, amortization, and accretion | $ | 51,508 | $ | 42,911 | $ | 95,118 | $ | 81,604 | ||||||||
Net Income (Loss) Attributable to Common and Class B Unitholders | $ | (9,333 | ) | $ | 81,149 | $ | 3,825 | $ | 54,126 | |||||||
Adjusted Net Income Attributable to Common and Class B Unitholders (1) | $ | 21,965 | $ | 19,102 | $ | 46,568 | $ | 35,990 | ||||||||
Adjusted Net Income Attributable to Common and Class B Unitholders, per unit (1) | $ | 0.27 | $ | 0.27 | $ | 0.59 | $ | 0.53 | ||||||||
Adjusted EBITDA(1) | $ | 97,690 | $ | 80,282 | $ | 187,552 | $ | 152,714 | ||||||||
Interest expense, including settlements paid on interest rate derivative contracts | $ | 17,564 | $ | 16,925 | $ | 34,813 | $ | 33,310 | ||||||||
Estimated maintenance capital expenditures | $ | 31,337 | $ | 14,770 | $ | 60,151 | $ | 29,418 | ||||||||
Distributions to Preferred unitholders | $ | 4,596 | $ | 152 | $ | 6,558 | $ | 152 | ||||||||
Distributable Cash Flow Available to Common and Class B Unitholders (1) | $ | 46,143 | $ | 48,435 | $ | 87,980 | $ | 89,834 | ||||||||
Distributable Cash Flow per common and Class B unit (1) | $ | 0.57 | $ | 0.65 | $ | 1.09 | $ | 1.25 | ||||||||
Common and Class B unit distribution coverage (1) | 0.90x | 1.05x | 0.87x | 1.03x | ||||||||||||
Weighted average common and Class B units outstanding at record date attributable to distribution period | 81,344 | 74,821 | 80,608 | 71,652 |
(1) | Non-GAAP financial measures. Please see Adjusted Net Income Attributable to Common and Class B Unitholders, Adjusted EBITDA and Distributable Cash Flow Available to Common and Class B Unitholders tables at the end of this press release for a reconciliation of these measures to their nearest comparable GAAP measure. |
• | Adjusted EBITDA (a non-GAAP financial measure defined below) increased 22% to $97.7 million in the second quarter of 2014 from $80.3 million in the second quarter of 2013 and increased 9% from the $89.9 million recorded in the first quarter of 2014. |
• | Distributable Cash Flow Available to Common and Class B Unitholders (a non-GAAP financial measure defined below) decreased 5% to $46.1 million from the $48.4 million generated in the second quarter of 2013 and increased 10% from the $41.8 million generated in the first quarter of 2014. |
• | We reported a net loss attributable to common and Class B unitholders for the quarter of $9.3 million or $(0.12) per basic unit compared to a reported net income of $81.1 million or $1.14 per basic unit in the second quarter of 2013. |
• | Adjusted Net Income Attributable to Common and Class B Unitholders (a non-GAAP financial measure defined below) was $22.0 million in the second quarter of 2014, or $0.27 per basic unit, as compared to $19.1 million, or $0.27 per basic unit, in the second quarter of 2013. The second quarter of 2014 includes net non-cash losses of $31.3 million that are adjustments to arrive at Adjusted Net Income Attributable to Common and Class B Unitholders. The second quarter of 2013 results included net non-cash gains of $62.2 million. |
• | Reported average production of 315 MMcfe per day in the second quarter of 2014, up 44% over 219 MMcfe per day produced in the second quarter of 2013 and an 18% increase over 268 MMcfe per day produced in the first quarter of 2014. On an Mcfe basis, crude oil, natural gas and natural gas liquids (“NGLs”) accounted for 17%, 68%, and 15% of our second quarter 2014 production, respectively. |
• | Adjusted EBITDA (a non-GAAP financial measure defined below) increased 23% to $187.6 million in the first half of 2014 from $152.7 million in the first half of 2013. |
• | Distributable Cash Flow Available to Common and Class B Unitholders (a non-GAAP financial measure defined below) for the first six months of 2014 decreased 2% to $88.0 million from the $89.8 million generated in the first half of 2013. |
• | We reported net income attributable to common and Class B unitholders for the first six months of 2014 of $3.8 million or $0.05 per basic unit compared to a reported net income of $54.1 million or $0.80 per basic unit in the first half of 2013. |
• | Adjusted Net Income Attributable to Common and Class B Unitholders (a non-GAAP financial measure defined below) was $46.6 million for the first six months of 2014, or $0.59 per basic unit, as compared to $36.0 million, or $0.53 per basic unit, in the comparable period of 2013. The 2014 results include net non-cash charges of $42.7 million that are adjustments to arrive at Adjusted Net Income Attributable to Common and Class B Unitholders. Results for the first half of 2013 included net non-cash gains of $18.9 million. |
• | Reported average production of 292 MMcfe per day in the first six months of 2014, up 40% over 209 MMcfe per day produced in the first six months of 2013. On an Mcfe basis, crude oil, natural gas and NGLs accounted for 18%, 68%, and 14% of our production for the first six months of 2014, respectively. |
Year 2014 | Year 2015 | Year 2016 | Year 2017 | ||||||||||||
Gas Positions: | |||||||||||||||
Three-Way Collars | |||||||||||||||
Notional Volume (MMBtu) | 2,450,000 | — | — | — | |||||||||||
Floor Price ($/MMBtu) | $ | 4.21 | $ | — | $ | — | $ | — | |||||||
Ceiling Price ($/MMBtu) | $ | 5.00 | $ | — | $ | — | $ | — | |||||||
Put Sold ($/MMBtu) | $ | 3.50 | $ | — | $ | — | $ | — | |||||||
Basis Swaps | |||||||||||||||
Northwest Rocky Mountain Pipeline and NYMEX Henry Hub Basis Differential | |||||||||||||||
Notional Volume (MMBtu) | — | — | 14,640,000 | 10,950,000 | |||||||||||
Fixed Price ($/MMBtu) | $ | — | $ | — | $ | (0.21 | ) | $ | (0.22 | ) | |||||
Oil Positions: | |||||||||||||||
Three-Way Collars | |||||||||||||||
Notional Volume (Bbls) | — | 733,000 | 366,000 | — | |||||||||||
Floor Price ($/Bbl) | $ | — | $ | 92.35 | $ | 90.00 | $ | — | |||||||
Ceiling Price ($/Bbl) | $ | — | $ | 98.79 | $ | 98.11 | $ | — | |||||||
Put Sold ($/Bbl) | $ | — | $ | 76.63 | $ | 77.50 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Average realized prices, excluding hedges: | ||||||||||||||||
Oil (Price/Bbl) | $ | 91.74 | $ | 87.38 | $ | 89.90 | $ | 84.19 | ||||||||
Natural Gas (Price/Mcf) | $ | 3.55 | $ | 2.73 | $ | 3.74 | $ | 2.52 | ||||||||
NGLs (Price/Bbl) | $ | 25.49 | $ | 33.85 | $ | 30.55 | $ | 37.17 | ||||||||
Average realized prices, including hedges (b): | ||||||||||||||||
Oil (Price/Bbl) | $ | 84.40 | $ | 86.31 | $ | 84.36 | $ | 82.96 | ||||||||
Natural Gas (Price/Mcf) | $ | 3.48 | $ | 3.17 | $ | 3.45 | $ | 3.34 | ||||||||
NGLs (Price/Bbl) | $ | 25.37 | $ | 34.23 | $ | 30.10 | $ | 37.41 | ||||||||
Average NYMEX prices: | ||||||||||||||||
Oil Price (Price/Bbl) | $ | 103.01 | $ | 94.20 | $ | 100.89 | $ | 94.26 | ||||||||
Natural Gas Price (Price/Mcf) | $ | 4.67 | $ | 4.09 | $ | 4.86 | $ | 3.73 | ||||||||
Total production volumes: | ||||||||||||||||
Oil (MBbls) | 806 | 798 | 1,581 | 1,523 | ||||||||||||
Natural Gas (MMcf) | 19,649 | 13,176 | 35,689 | 25,167 | ||||||||||||
NGLs (MBbls) | 696 | 326 | 1,268 | 583 | ||||||||||||
Combined (MMcfe) | 28,664 | 19,916 | 52,786 | 37,802 | ||||||||||||
Average daily production volumes: | ||||||||||||||||
Oil (Bbls/day) | 8,860 | 8,765 | 8,737 | 8,414 | ||||||||||||
Natural Gas (MMcf/day) | 216 | 145 | 197 | 139 | ||||||||||||
NGLs (Bbls/day) | 7,652 | 3,579 | 7,007 | 3,220 | ||||||||||||
Combined (MMcfe/day) | 315 | 219 | 292 | 209 |
(a) | During 2014 and 2013, we acquired certain oil and natural gas properties and related assets. The operating results of these properties are included from the closing date of the acquisition forward. |
(b) | Excludes the premiums paid, whether at inception or deferred, for derivative contracts that settled during the period and the fair value of derivative contracts acquired as part of prior period business combinations that apply to contracts settled during the period. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Oil sales | $ | 73,963 | $ | 69,701 | $ | 142,163 | $ | 128,217 | ||||||||
Natural gas sales | 69,806 | 36,010 | 133,348 | 63,534 | ||||||||||||
NGLs sales | 17,750 | 11,026 | 38,748 | 21,668 | ||||||||||||
Net gains (losses) on commodity derivative contracts | (38,398 | ) | 58,595 | (94,436 | ) | 29,320 | ||||||||||
Total revenues | 123,121 | 175,332 | 219,823 | 242,739 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Production: | ||||||||||||||||
Lease operating expenses | 34,293 | 26,509 | 64,715 | 50,682 | ||||||||||||
Production and other taxes | 16,529 | 9,964 | 31,563 | 19,307 | ||||||||||||
Depreciation, depletion, amortization, and accretion | 51,508 | 42,911 | 95,118 | 81,604 | ||||||||||||
Selling, general and administrative expenses | 7,864 | 6,900 | 15,902 | 13,449 | ||||||||||||
Total costs and expenses | 110,194 | 86,284 | 207,298 | 165,042 | ||||||||||||
Income from operations | 12,927 | 89,048 | 12,525 | 77,697 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (16,549 | ) | (15,963 | ) | (32,808 | ) | (31,401 | ) | ||||||||
Net gains (losses) on interest rate derivative contracts | (1,121 | ) | 2,412 | (1,579 | ) | 2,127 | ||||||||||
Gains on acquisitions of oil and natural gas properties | — | 5,827 | 32,114 | 5,827 | ||||||||||||
Other | 6 | (23 | ) | 131 | 28 | |||||||||||
Total other income (expense) | (17,664 | ) | (7,747 | ) | (2,142 | ) | (23,419 | ) | ||||||||
Net income (loss) | $ | (4,737 | ) | $ | 81,301 | $ | 10,383 | $ | 54,278 | |||||||
Distributions to Preferred unitholders | (4,596 | ) | (152 | ) | (6,558 | ) | (152 | ) | ||||||||
Net income (loss) attributable to Common and Class B unitholders | $ | (9,333 | ) | $ | 81,149 | $ | 3,825 | $ | 54,126 | |||||||
Net income (loss) per Common and Class B unit – basic and diluted | $ | (0.12 | ) | $ | 1.14 | $ | 0.05 | $ | 0.80 | |||||||
Weighted average Common units outstanding | ||||||||||||||||
Common units – basic & diluted | 80,536 | 70,798 | 79,865 | 67,601 | ||||||||||||
Class B units – basic & diluted | 420 | 420 | 420 | 420 |
June 30, 2014 | December 31, 2013 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 22,113 | $ | 11,818 | ||||
Trade accounts receivable, net | 91,337 | 70,109 | ||||||
Derivative assets | 9,432 | 21,314 | ||||||
Other current assets | 3,597 | 2,916 | ||||||
Total current assets | 126,479 | 106,157 | ||||||
Oil and natural gas properties, at cost | 3,213,473 | 2,523,671 | ||||||
Accumulated depletion, amortization and impairment | (804,814 | ) | (713,154 | ) | ||||
Oil and natural gas properties evaluated, net – full cost method | 2,408,659 | 1,810,517 | ||||||
Other assets | ||||||||
Goodwill | 420,955 | 420,955 | ||||||
Derivative assets | 25,030 | 60,474 | ||||||
Other assets | 29,196 | 91,538 | ||||||
Total assets | $ | 3,010,319 | $ | 2,489,641 | ||||
Liabilities and members’ equity | ||||||||
Current liabilities | ||||||||
Accounts payable: | ||||||||
Trade | $ | 18,051 | $ | 9,824 | ||||
Affiliates | 401 | 249 | ||||||
Accrued liabilities: | ||||||||
Lease operating | 14,905 | 12,882 | ||||||
Development capital | 19,894 | 10,543 | ||||||
Interest | 11,646 | 11,989 | ||||||
Production and other taxes | 23,371 | 16,251 | ||||||
Derivative liabilities | 35,794 | 10,992 | ||||||
Oil and natural gas revenue payable | 21,627 | 23,245 | ||||||
Distribution payable | 17,996 | 16,499 | ||||||
Other | 13,882 | 12,929 | ||||||
Total current liabilities | 177,567 | 125,403 | ||||||
Long-term debt | 1,273,011 | 1,007,879 | ||||||
Derivative liabilities | 7,931 | 4,085 | ||||||
Asset retirement obligations, net of current portion | 106,775 | 82,208 | ||||||
Other long-term liabilities | — | 1,731 | ||||||
Total liabilities | 1,565,284 | 1,221,306 | ||||||
Commitments and contingencies | ||||||||
Members’ equity | ||||||||
Series A Preferred units, 2,561,661 units issued and outstanding at June 30, 2014 and 2,535,927 at December 31, 2013 | 61,682 | 61,021 | ||||||
Series B Preferred units, 7,000,000 units issued and outstanding at June 30, 2014 | 169,265 | — | ||||||
Common units, 82,017,879 units issued and outstanding at June 30, 2014 and 78,337,259 at December 31, 2013 | 1,206,473 | 1,199,699 | ||||||
Class B units, 420,000 issued and outstanding at June 30, 2014 and December 31, 2013 | 7,615 | 7,615 | ||||||
Total members’ equity | 1,445,035 | 1,268,335 | ||||||
Total liabilities and members’ equity | $ | 3,010,319 | $ | 2,489,641 |
• | Net interest expense; |
• | Depreciation, depletion, amortization, and accretion; |
• | Net gains or losses on commodity derivative contracts; |
• | Cash settlements on matured commodity derivative contracts; |
• | Net gains or losses on interest rate derivative contracts; |
• | Net gains and losses on acquisition of oil and natural gas properties; |
• | Texas margin taxes; |
• | Compensation related items, which include unit-based compensation expense and unrealized fair value of phantom units granted to officers; and |
• | Material transaction costs incurred on acquisitions. |
• | Net interest expense; |
• | Depreciation, depletion, amortization, and accretion; |
• | Net gains or losses on commodity derivative contracts; |
• | Cash settlements on matured commodity derivative contracts; |
• | Net gains or losses on interest rate derivative contracts; |
• | Texas margin taxes; |
• | Compensation related items, which include unit-based compensation expense and unrealized fair value on phantom units granted to officers; and |
• | Material transaction costs incurred on acquisitions; |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income (loss) | $ | (4,737 | ) | $ | 81,301 | $ | 10,383 | $ | 54,278 | |||||||
Plus: | ||||||||||||||||
Interest expense | 16,549 | 15,963 | 32,808 | 31,401 | ||||||||||||
Depreciation, depletion, amortization, and accretion | 51,508 | 42,911 | 95,118 | 81,604 | ||||||||||||
Net (gains) losses on commodity derivative contracts | 38,398 | (58,595 | ) | 94,436 | (29,320 | ) | ||||||||||
Cash settlements on matured commodity derivative contracts(b)(c) | (7,410 | ) | 4,971 | (19,380 | ) | 18,721 | ||||||||||
Net (gains) losses on interest rate derivative contracts(d) | 1,121 | (2,412 | ) | 1,579 | (2,127 | ) | ||||||||||
Gain on acquisition of oil and natural gas properties | — | (5,827 | ) | (32,114 | ) | (5,827 | ) | |||||||||
Texas margin taxes | 130 | 76 | (281 | ) | (241 | ) | ||||||||||
Compensation related items | 2,131 | 1,775 | 5,003 | 3,503 | ||||||||||||
Material transaction costs incurred on acquisitions | — | 119 | — | 722 | ||||||||||||
Adjusted EBITDA | $ | 97,690 | $ | 80,282 | $ | 187,552 | $ | 152,714 | ||||||||
Less: | ||||||||||||||||
Interest expense, including settlements paid on interest rate derivatives | (17,564 | ) | (16,925 | ) | (34,813 | ) | (33,310 | ) | ||||||||
Estimated maintenance capital expenditures (e) | (31,337 | ) | (14,770 | ) | (60,151 | ) | (29,418 | ) | ||||||||
Distributions to Preferred unitholders | (4,596 | ) | (152 | ) | (6,558 | ) | (152 | ) | ||||||||
Proceeds from sale of leasehold interests | 1,950 | — | 1,950 | — | ||||||||||||
Distributable Cash Flow Available to Common and Class B Unitholders | $ | 46,143 | $ | 48,435 | $ | 87,980 | $ | 89,834 | ||||||||
Distributions to Common and Class B unitholders | 51,247 | 46,015 | 101,365 | 87,595 | ||||||||||||
Excess (shortfall) of distributable cash flow after distributions to unitholders | $ | (5,104 | ) | $ | 2,420 | $ | (13,385 | ) | $ | 2,239 | ||||||
Distributable Cash Flow per Common and Class B unit | $ | 0.57 | $ | 0.65 | $ | 1.09 | $ | 1.25 | ||||||||
Common and Class B unit Distribution Coverage | 0.90x | 1.05x | 0.87x | 1.03x | ||||||||||||
(a) Our Adjusted EBITDA should not be considered as an alternative to net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Our Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and operating income (loss) and these measures may vary among other companies. Therefore, our Adjusted EBITDA may not be comparable to similarly titled measures of other companies. | ||||||||||||||||
(b) Excludes premiums paid, whether at inception or deferred, for derivative contracts that settled during the period. We consider the cost of premiums paid for derivatives as an investment related to our underlying oil and natural gas properties. | $ | — | $ | 55 | $ | — | $ | 109 | ||||||||
(c) Excludes the fair value of derivative contracts acquired as part of prior period business combinations that apply to contracts settled during the period. We consider the amounts paid to sellers for derivative contracts assumed with business combinations a part of the purchase price of the underlying oil and natural gas properties. | $ | 5,983 | $ | 7,504 | $ | 10,864 | $ | 15,428 | ||||||||
(d) Includes settlements paid on interest rate derivatives | $ | 1,015 | $ | 962 | $ | 2,005 | $ | 1,909 |
(e) Estimated maintenance capital expenditures are intended to represent the amount of capital required to offset the decrease in cash flow from the prior year due to the change in natural gas, oil and NGLs prices and the decline in proved developed producing production. These costs, which are incorporated in our annual capital budget as approved by the board of directors, include development drilling, recompletions, workovers and various other procedures to generate new or improve existing cash flow on both operated and non-operated properties. Actual production decline rates and capital efficiency may materially differ from our projections and such estimated maintenance capital expenditures may not maintain our cash flow. Further, because estimated maintenance capital expenditures are not intended to target specific levels of reserves, if we do not acquire new proved or unproved reserves, our total reserves will decrease over time and we would be unable to sustain cash flow at current levels, which could adversely affect our ability to pay a distribution at the current level or at all. |
• | Change in fair value of commodity derivative contracts; |
• | Change in fair value of interest rate derivative contracts; |
• | Unrealized fair value on phantom units granted to officers; |
• | Fair value of derivative contracts acquired as part of prior period business combinations that apply to contracts settled during the period; |
• | Gains on acquisition of oil and natural gas properties; and |
• | Material transaction costs incurred on acquisitions. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Income (Loss) Attributable to Common and Class B Unitholders | $ | (9,333 | ) | $ | 81,149 | $ | 3,825 | $ | 54,126 | ||||||
Plus (less): | |||||||||||||||
Change in fair value of commodity derivative contracts | 25,005 | (61,183 | ) | 64,192 | (26,136 | ) | |||||||||
Change in fair value of interest rate derivative contracts | 106 | (3,374 | ) | (426 | ) | (4,036 | ) | ||||||||
Unrealized fair value on phantom units granted to officers | 204 | 714 | 227 | 1,713 | |||||||||||
Fair value of derivative contracts acquired that apply to contracts settled during the period | 5,983 | 7,504 | 10,864 | 15,428 | |||||||||||
Gain on acquisition of oil and natural gas properties | — | (5,827 | ) | (32,114 | ) | (5,827 | ) | ||||||||
Material transaction costs incurred on acquisitions | — | 119 | — | 722 | |||||||||||
Adjusted Net Income Attributable to Common and Class B Unitholders | $ | 21,965 | $ | 19,102 | $ | 46,568 | $ | 35,990 |
Net Income (Loss) Attributable to Common and Class B Unitholders, per unit | $ | (0.12 | ) | $ | 1.14 | $ | 0.05 | $ | 0.80 | ||||||
Plus (less): | |||||||||||||||
Change in fair value of commodity derivative contracts | 0.31 | (0.86 | ) | 0.80 | (0.38 | ) | |||||||||
Change in fair value of interest rate derivative contracts | — | (0.05 | ) | (0.01 | ) | (0.06 | ) | ||||||||
Unrealized fair value on phantom units granted to officers | — | 0.01 | — | 0.02 | |||||||||||
Fair value of derivative contracts acquired that apply to contracts settled during the period | 0.08 | 0.11 | 0.15 | 0.23 | |||||||||||
Gain on acquisition of oil and natural gas properties | — | (0.08 | ) | (0.40 | ) | (0.09 | ) | ||||||||
Material transaction costs incurred on acquisitions | — | — | — | 0.01 | |||||||||||
Adjusted Net Income Attributable to Common and Class B Unitholders, per unit | $ | 0.27 | $ | 0.27 | $ | 0.59 | $ | 0.53 | |||||||
Weighted average common and Class B units outstanding | 80,956 | 71,218 | 80,285 | 68,021 |
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