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 May 2, 2016 |
VANGUARD NATURAL RESOURCES, LLC | ||||||
By: | /s/ Richard A. Robert | |||||
Name: | Richard A. Robert | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
May 2, 2016 | (Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT NUMBER | DESCRIPTION | |
Exhibit 99.1 | Press Release dated May 2, 2016 |
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
($ in thousands, except per unit data) (Unaudited) | ||||||||
Production (Mcfe/d) | 473,198 | 394,317 | ||||||
Oil, natural gas and natural gas liquids sales | $ | 81,440 | $ | 98,894 | ||||
Net gains on commodity derivative contracts | $ | 31,759 | $ | 59,033 | ||||
Operating expenses | $ | 50,996 | $ | 46,904 | ||||
Selling, general and administrative expenses | $ | 11,021 | $ | 9,051 | ||||
Depreciation, depletion, amortization, and accretion | $ | 48,053 | $ | 66,840 | ||||
Impairment of oil and natural gas properties | $ | 207,764 | $ | 132,610 | ||||
Gain on extinguishment of debt | $ | 89,714 | $ | — | ||||
Net loss attributable to Common and Class B unitholders | $ | (151,974 | ) | $ | (125,520 | ) | ||
Adjusted Net Income Attributable to Common and Class B Unitholders (1) | $ | 8,488 | $ | 17,986 | ||||
Adjusted Net Income Attributable to Common and Class B Unitholders, per unit (1) | $ | 0.07 | $ | 0.21 | ||||
Adjusted EBITDA attributable to Vanguard unitholders (1) | $ | 92,763 | $ | 85,339 | ||||
Interest expense, including settlements paid on interest rate derivative contracts | $ | 28,308 | $ | 21,179 | ||||
Capital expenditures | $ | 20,271 | $ | 25,069 | ||||
Distributions to Preferred unitholders | $ | 2,230 | $ | 6,690 | ||||
Distributable Cash Flow Available to Common and Class B Unitholders (1) | $ | 41,954 | $ | 32,401 | ||||
Distributable Cash Flow per common and Class B unit (1) (2) | $ | — | $ | 0.38 | ||||
Common and Class B unit distribution coverage (1) (2) | $ | — | 1.09x | |||||
Weighted average common and Class B units outstanding at record date attributable to distribution period (2) | 130,900 | 84,465 |
(1) | Non-GAAP financial measures. Please see 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. Supplemental information on Vanguard's financial and operations results, including Adjusted Net Income Available to Common and Class B Unitholders, can be found under "Presentations" on the Investor Relations section of Vanguard’s corporate website, http://www.vnrllc.com. |
(2) | On February 25, 2016, our board of directors elected to suspend our monthly cash distribution on our common, Class B and preferred units effective with the February 2016 distribution. |
• | Reported average production of 473,198 Mcfe per day in the first quarter of 2016 was up 21% compared to 394,317 Mcfe per day produced in the first quarter of 2015 and an 8% decrease compared to the fourth quarter of 2015. On a Mcfe basis, crude oil, natural gas, and NGLs accounted for 19%, 66% and 15%, respectively, of our production. |
• | Adjusted EBITDA (a non-GAAP financial measure defined below) increased 9% to $92.8 million in the first quarter of 2016 from $85.3 million in the first quarter of 2015 and decreased 30% from the $132.7 million recorded in the fourth quarter of 2015. |
• | Distributable Cash Flow Available to Common and Class B Unitholders (a non-GAAP financial measure defined below) increased 29% to $42.0 million from the $32.4 million generated in the first quarter of 2015 and decreased 36% from the $65.5 million generated in the fourth quarter of 2015. |
• | We reported a net loss attributable to Common and Class B Unitholders for the quarter of $152.0 million or $(1.16) per basic unit after deducting distributions to Preferred Unitholders compared to a net loss of $125.5 million or $(1.49) per basic unit in the first quarter of 2015. |
• | Adjusted Net Income Available to Common and Class B Unitholders (a non-GAAP financial measure defined in the supplemental presentation posted at www.vnrllc.com) was $8.5 million in the first quarter of 2016, or $0.07 per basic unit, as compared to Adjusted Net Income of $18.0 million, or $0.21 per basic unit, in the first quarter of 2015 and Adjusted Net Income of $63.0 million, or $0.49 per basic unit, in the fourth quarter of 2015. The first quarter of 2016 includes net non-cash losses of $160.1 million that are adjustments to arrive at Adjusted Net Income Attributable to Common and Class B Unitholders. The first quarter 2016 adjustments include a $207.8 million impairment charge on our oil and natural gas properties offset by an $89.7 million gain on extinguishment of debt. The first quarter of 2015 results included net non-cash losses of $143.5 million primarily attributable to a $132.6 million impairment charge on our oil and natural gas properties. |
Three Months Ended March 31, | Percentage Increase / (Decrease) | Three Months Ended December 31, | Percentage Increase / (Decrease) | |||||||||||||||
2016 | 2015 (a) | 2015 (a) | ||||||||||||||||
Average realized prices, excluding hedges: | ||||||||||||||||||
Oil (Price/Bbl) | $ | 26.57 | $ | 42.12 | (37 | )% | $ | 34.85 | (24 | )% | ||||||||
Natural Gas (Price/Mcf) | $ | 1.30 | $ | 2.08 | (38 | )% | $ | 1.57 | (17 | )% | ||||||||
NGLs (Price/Bbl) | $ | 8.08 | $ | 12.49 | (35 | )% | $ | 10.08 | (20 | )% | ||||||||
Average realized prices, including hedges (b): | ||||||||||||||||||
Oil (Price/Bbl) | $ | 46.48 | $ | 54.71 | (15 | )% | $ | 59.35 | (22 | )% | ||||||||
Natural Gas (Price/Mcf) | $ | 2.84 | $ | 3.05 | (7 | )% | $ | 3.12 | (9 | )% | ||||||||
NGLs (Price/Bbl) | $ | 10.02 | $ | 14.76 | (32 | )% | $ | 12.62 | (21 | )% | ||||||||
Average NYMEX prices: | ||||||||||||||||||
Oil (Price/Bbl) | $ | 33.23 | $ | 48.59 | (32 | )% | $ | 42.08 | (21 | )% | ||||||||
Natural Gas (Price/Mcf) | $ | 2.10 | $ | 2.98 | (30 | )% | $ | 2.23 | (6 | )% | ||||||||
Total production volumes: | ||||||||||||||||||
Oil (MBbls) | 1,342 | 850 | 58 | % | 1,454 | (8 | )% | |||||||||||
Natural Gas (MMcf) | 28,391 | 26,860 | 6 | % | 29,970 | (5 | )% | |||||||||||
NGLs (MBbls) | 1,103 | 588 | 88 | % | 1,387 | (20 | )% | |||||||||||
Combined (MMcfe) | 43,061 | 35,489 | 21 | % | 47,023 | (8 | )% | |||||||||||
Average daily production volumes: | ||||||||||||||||||
Oil (Bbls/day) | 14,748 | 9,442 | 58 | % | 15,810 | (8 | )% | |||||||||||
Natural Gas (Mcf/day) | 311,989 | 298,444 | 6 | % | 325,754 | (5 | )% | |||||||||||
NGLs (Bbls/day) | 12,120 | 6,537 | 88 | % | 15,084 | (20 | )% | |||||||||||
Combined (Mcfe/day) | 473,198 | 394,317 | 21 | % | 511,119 | (8 | )% |
(a) | During 2015, 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. |
April 1, - December 31, 2016 | Year 2017 | ||||||||
Gas Production Hedged: | |||||||||
% Anticipated Production Hedged | 80 | % | 63 | % | |||||
Weighted Average Price ($/MMBtu) | $ | 4.19 | $ | 3.75 | |||||
Oil Production Hedged: | |||||||||
% Anticipated Production Hedged | 82 | % | 21 | % | |||||
Weighted Average Price ($/Bbl) | $ | 59.59 | $ | 84.64 | |||||
NGLs Production Hedged: | |||||||||
% Anticipated Production Hedged | 22 | % | — | % | |||||
Weighted Average Price ($/Bbl) | $ | 30.31 | $ | — |
• | Net income (loss) attributable to non-controlling interest. |
• | Net interest expense; |
• | Depreciation, depletion, amortization, and accretion; |
• | Impairment of oil and natural gas properties; |
• | Net gains or losses on commodity derivative contracts; |
• | Cash settlements on matured commodity derivative contracts; |
• | Net gains or losses on interest rate derivative contracts; |
• | Gain on extinguishment of debt; |
• | Texas margin taxes; |
• | Compensation related items, which include unit-based compensation expense, unrealized fair value of phantom units granted to officers and cash settlement of phantom units granted to officers; |
• | Transaction costs incurred on acquisitions and mergers; and |
• | Non-controlling interest amounts attributable to each of the items above which revert the calculation back to an amount attributable to the Vanguard unitholders. |
• | Net income (loss) attributable to non-controlling interest. |
• | Net interest expense; |
• | Depreciation, depletion, amortization, and accretion; |
• | Impairment of oil and natural gas properties; |
• | Net gains or losses on commodity derivative contracts; |
• | Cash settlements on matured commodity derivative contracts; |
• | Net gains or losses on interest rate derivative contracts; |
• | Gain on extinguishment of debt; |
• | Texas margin taxes; |
• | Compensation related items, which include unit-based compensation expense, unrealized fair value of phantom units granted to officers and cash settlement of phantom units granted to officers; |
• | Transaction costs incurred on acquisitions and mergers; and |
• | Non-controlling interest amounts attributable to each of the items above which revert the calculation back to an amount attributable to the Vanguard unitholders. |
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
Net loss attributable to Vanguard unitholders | $ | (145,284 | ) | $ | (118,830 | ) | ||
Add: Net income attributable to non-controlling interests | $ | 24 | $ | — | ||||
Net loss | $ | (145,260 | ) | $ | (118,830 | ) | ||
Plus: | ||||||||
Interest expense | 25,704 | 20,189 | ||||||
Depreciation, depletion, amortization, and accretion | 48,053 | 66,840 | ||||||
Impairment of oil and natural gas properties | 207,764 | 132,610 | ||||||
Net gains on commodity derivative contracts | (31,759 | ) | (59,033 | ) | ||||
Net cash settlements received on matured commodity derivative contracts (b)(c)(d) | 72,617 | 38,291 | ||||||
Net losses on interest rate derivative contracts (e) | 4,691 | 1,203 | ||||||
Gain on extinguishment of debt | (89,714 | ) | — | |||||
Texas margin taxes | (1,934 | ) | 108 | |||||
Compensation related items | 2,397 | 3,961 | ||||||
Transaction costs incurred on acquisitions and mergers | 344 | — | ||||||
Adjusted EBITDA before non-controlling interest | $ | 92,903 | $ | 85,339 | ||||
Adjusted EBITDA attributable to non-controlling interest | $ | (140 | ) | $ | — | |||
Adjusted EBITDA attributable to Vanguard unitholders | $ | 92,763 | $ | 85,339 | ||||
Less: | ||||||||
Interest expense, including settlements paid on interest rate derivatives | (28,308 | ) | (21,179 | ) | ||||
Capital expenditures | (20,271 | ) | (25,069 | ) | ||||
Distributions to Preferred unitholders | (2,230 | ) | (6,690 | ) | ||||
Distributable Cash Flow Available to Common and Class B Unitholders | $ | 41,954 | $ | 32,401 | ||||
Distributions to Common and Class B unitholders (f) | — | 29,774 | ||||||
Excess of distributable cash flow after distributions to unitholders | $ | 41,954 | $ | 2,627 | ||||
Distributable Cash Flow per Common and Class B unit (f) | — | $ | 0.38 | |||||
Common and Class B unit Distribution Coverage (f) | — | 1.09x | ||||||
(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. | $ | 876 | $ | 520 | ||||
(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. Also excludes the fair value of derivative contracts acquired and settled during the period. | $ | 2,509 | $ | 8,549 | ||||
(d) Excludes fair value of restructured derivative contracts. | $ | — | $ | (31,945 | ) | |||
(e) Includes settlements paid on interest rate derivatives. | $ | 2,605 | $ | 990 | ||||
(f) On February 25, 2016, our board of directors elected to suspend cash distributions to the holders of our common and Class B units and Cumulative Preferred Units effective with the February 2016 distribution. Our ability to resume distributions is at the discretion of our board of directors and will depend on business conditions, earnings, our cash requirements and other relevant factors. |
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