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 November 8, 2016 |
VANGUARD NATURAL RESOURCES, LLC | ||||||
By: | /s/ Richard A. Robert | |||||
Name: | Richard A. Robert | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
November 8, 2016 | (Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT NUMBER | DESCRIPTION | |
Exhibit 99.1 | Press Release dated November 8, 2016 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
($ in thousands, except per unit data) (Unaudited) | ||||||||||||||||
Production (Mcfe/d) | 423,787 | 386,679 | 447,347 | 383,067 | ||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 105,186 | $ | 90,827 | $ | 280,102 | $ | 285,562 | ||||||||
Net gains (losses) on commodity derivative contracts | $ | 21,099 | $ | 64,328 | $ | (15,752 | ) | $ | 102,561 | |||||||
Operating expenses | $ | 51,209 | $ | 43,251 | $ | 150,195 | $ | 132,509 | ||||||||
Selling, general and administrative expenses | $ | 11,454 | $ | 8,046 | $ | 35,884 | $ | 26,239 | ||||||||
Depreciation, depletion, amortization, and accretion | $ | 32,096 | $ | 52,428 | $ | 118,935 | $ | 182,443 | ||||||||
Impairment of oil and natural gas properties | $ | — | $ | 491,487 | $ | 365,658 | $ | 1,357,462 | ||||||||
Impairment of goodwill | $ | 252,676 | $ | — | $ | 252,676 | $ | — | ||||||||
Gain on extinguishment of debt | — | — | $ | 89,714 | $ | — | ||||||||||
Net Loss Attributable to Common and Class B Unitholders | $ | (252,085 | ) | $ | (468,967 | ) | $ | (671,536 | ) | $ | (1,394,822 | ) | ||||
Net Loss Attributable to Common and Class B Unitholders, per unit | $ | (1.92 | ) | $ | (5.39 | ) | $ | (5.12 | ) | $ | (16.25 | ) | ||||
Adjusted Net Income Attributable to Common and Class B Unitholders (1) | $ | 33,672 | $ | 1,606 | $ | 74,679 | $ | 12,995 | ||||||||
Adjusted Net Income Attributable to Common and Class B Unitholders, per unit (1) | $ | 0.26 | $ | 0.02 | $ | 0.56 | $ | 0.15 | ||||||||
Adjusted EBITDA attributable to Vanguard unitholders (1) | $ | 100,397 | $ | 88,204 | $ | 299,857 | $ | 264,122 | ||||||||
Interest expense, including settlements paid on interest rate derivative contracts | $ | 25,019 | $ | 22,118 | $ | 79,382 | $ | 64,661 | ||||||||
Capital expenditures | $ | 13,648 | $ | 28,113 | $ | 49,117 | $ | 80,213 | ||||||||
Distributions to Preferred Unitholders, paid and in arrears (2)(3) | $ | 6,690 | $ | 6,690 | $ | 20,069 | $ | 20,070 | ||||||||
Distributable Cash Flow Available to Common and Class B Unitholders (1) | $ | 55,040 | $ | 31,283 | $ | 151,289 | $ | 99,178 | ||||||||
Common and Class B unit distribution coverage (1)(2) | — | 1.02x | — | 1.09x | ||||||||||||
Weighted average common and Class B units outstanding at record date attributable to distribution period (2) | 131,460 | 87,018 | 131,460 | 86,009 |
(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. |
(2) | 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. |
(3) | Include actual distributions paid of $2.2 million attributable to the nine months ended September 30, 2016 and cumulative Preferred distributions in arrears of $6.7 million and $17.8 million attributable to the three and nine months ended September 30, 2016, respectively. Distributions to Preferred Unitholders for the three and nine months ended September 30, 2015 reflect actual distributions paid attributable to those periods. |
• | Reported average production of 423,787 Mcfe per day in the third quarter of 2016 was up 10% compared to 386,679 Mcfe per day produced in the third quarter of 2015 and a 4% decrease compared to reported average production of 445,314 Mcfe per day for the second quarter of 2016. On a Mcfe basis, crude oil, natural gas, and NGLs accounted for 16%, 70% and 14%, respectively, of our production. |
• | We reported a net loss attributable to Common and Class B Unitholders for the quarter of $252.1 million or $(1.92) per basic unit after deducting distributions to Preferred Unitholders compared to a net loss of $469.0 million or $(5.39) per basic unit in the third quarter of 2015. |
• | Adjusted EBITDA (a non-GAAP financial measure defined below) increased 14% to $100.4 million in the third quarter of 2016 from $88.2 million in the third quarter of 2015 and decreased 6% from the $106.7 million generated in the second quarter of 2016. |
• | Distributable Cash Flow Available to Common and Class B Unitholders (a non-GAAP financial measure defined below) increased 76% to $55.0 million from the $31.3 million generated in the third quarter of 2015 and decreased 6% from the $58.7 million generated in the second quarter of 2016. |
• | Adjusted Net Income Available to Common and Class B Unitholders (a non-GAAP financial measure defined below) was $33.7 million in the third quarter of 2016, or $0.26 per basic unit, as compared to Adjusted Net Income of $1.6 million, or $0.02 per basic unit, in the third quarter of 2015 and Adjusted Net Income of $32.5 million, or $0.24 per basic unit, in the second quarter of 2016. The third quarter of 2016 includes net non-cash losses of $285.7 million that are adjustments to arrive at Adjusted Net Income Attributable to Common and Class B Unitholders. The third quarter 2016 adjustments include a $252.7 million loss on impairment of goodwill and a $30.1 million loss from the change in fair value of commodity derivative contracts. The third quarter of 2015 results included net non-cash losses of $470.6 million primarily attributable to a $491.5 million impairment charge on our oil and natural gas properties. |
Three Months Ended September 30, | Percentage Increase / (Decrease) | Three Months Ended June 30, | Percentage Increase / (Decrease) | |||||||||||||||
2016 (a) | 2015 (b) | 2016 (a) | ||||||||||||||||
Average realized prices, excluding hedges: | ||||||||||||||||||
Oil (Price/Bbl) | $ | 39.94 | $ | 40.10 | — | % | $ | 39.44 | 1 | % | ||||||||
Natural Gas (Price/Mcf) | $ | 1.92 | $ | 1.94 | (1 | )% | $ | 1.17 | 64 | % | ||||||||
NGLs (Price/Bbl) | $ | 12.15 | $ | 8.86 | 37 | % | $ | 13.05 | (7 | )% | ||||||||
Average realized prices, including hedges (c): | ||||||||||||||||||
Oil (Price/Bbl) | $ | 60.25 | $ | 53.66 | 12 | % | $ | 55.90 | 8 | % | ||||||||
Natural Gas (Price/Mcf) | $ | 3.13 | $ | 3.17 | (1 | )% | $ | 2.89 | 8 | % | ||||||||
NGLs (Price/Bbl) | $ | 13.32 | $ | 11.23 | 19 | % | $ | 14.22 | (6 | )% | ||||||||
Average NYMEX prices: | ||||||||||||||||||
Oil (Price/Bbl) | $ | 44.95 | $ | 46.39 | (3 | )% | $ | 45.54 | (1 | )% | ||||||||
Natural Gas (Price/Mcf) | $ | 2.82 | $ | 2.77 | 2 | % | $ | 1.95 | 45 | % | ||||||||
Total production volumes: | ||||||||||||||||||
Oil (MBbls) | 1,051 | 839 | 25 | % | 1,266 | (17 | )% | |||||||||||
Natural Gas (MMcf) | 27,381 | 26,242 | 4 | % | 27,820 | (2 | )% | |||||||||||
NGLs (MBbls) | 883 | 717 | 23 | % | 851 | 4 | % | |||||||||||
Combined (MMcfe) | 38,988 | 35,574 | 10 | % | 40,524 | (4 | )% | |||||||||||
Average daily production volumes: | ||||||||||||||||||
Oil (Bbls/day) | 11,428 | 9,115 | 25 | % | 13,913 | (17 | )% | |||||||||||
Natural Gas (Mcf/day) | 297,619 | 285,236 | 4 | % | 305,716 | (2 | )% | |||||||||||
NGLs (Bbls/day) | 9,599 | 7,792 | 23 | % | 9,353 | 4 | % | |||||||||||
Combined (Mcfe/day) | 423,787 | 386,679 | 10 | % | 445,314 | (4 | )% |
(a) | During 2016, we divested certain oil and natural gas properties and related assets. As such, there are no operating results from these properties included in our operating results from the closing date of the divestitures forward. |
(b) | 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. |
(c) | 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. |
• | Reported average production of 447,347 Mcfe per day in the first nine months of 2016 was up 17% compared to 383,067 Mcfe per day produced in the first nine months of 2015. On a Mcfe basis, crude oil, natural gas and NGLs accounted for 18%, 68% and 14% of our production, respectively. |
• | We reported a net loss attributable to Common and Class B Unitholders for first nine months of 2016 of $671.5 million or $(5.12) per basic unit after deducting distributions to Preferred Unitholders. |
• | Adjusted EBITDA (a non-GAAP financial measure defined below) increased 14% to $299.9 million in the first nine months of 2016 from $264.1 million in the first nine months of 2015. |
• | Distributable Cash Flow Available to Common and Class B Unitholders (a non-GAAP financial measure defined below) for the first nine months of 2016 increased 53% to $151.3 million from the $99.2 million generated in the first nine months of 2015. |
• | Adjusted Net Income Attributable to Common and Class B Unitholders (a non-GAAP financial measure defined below) was $74.7 million for the first nine months of 2016, or $0.56 per basic unit, as compared to $13.0 |
Nine Months Ended September 30, | Percentage Increase / (Decrease) | ||||||||||
2016 (a) | 2015 (b) | ||||||||||
Average realized prices, excluding hedges: | |||||||||||
Oil (Price/Bbl) | $ | 34.87 | $ | 44.41 | (21 | )% | |||||
Natural Gas (Price/Mcf) | $ | 1.46 | $ | 1.91 | (24 | )% | |||||
NGLs (Price/Bbl) | $ | 10.84 | $ | 12.20 | (11 | )% | |||||
Average realized prices, including hedges (c): | |||||||||||
Oil (Price/Bbl) | $ | 53.69 | $ | 55.49 | (3 | )% | |||||
Natural Gas (Price/Mcf) | $ | 2.95 | $ | 3.13 | (6 | )% | |||||
NGLs (Price/Bbl) | $ | 12.31 | $ | 14.38 | (14 | )% | |||||
Average NYMEX prices: | |||||||||||
Oil (Price/Bbl) | $ | 40.85 | $ | 51.04 | (20 | )% | |||||
Natural Gas (Price/Mcf) | $ | 2.28 | $ | 2.80 | (19 | )% | |||||
Total production volumes: | |||||||||||
Oil (MBbls) | 3,660 | 2,554 | 43 | % | |||||||
Natural Gas (MMcf) | 83,592 | 76,645 | 9 | % | |||||||
NGLs (MBbls) | 2,837 | 2,102 | 35 | % | |||||||
Combined (MMcfe) | 122,573 | 104,577 | 17 | % | |||||||
Average daily production volumes: | |||||||||||
Oil (Bbls/day) | 13,356 | 9,355 | 43 | % | |||||||
Natural Gas (Mcf/day) | 305,081 | 280,751 | 9 | % | |||||||
NGLs (Bbls/day) | 10,355 | 7,698 | 35 | % | |||||||
Combined (Mcfe/day) | 447,347 | 383,067 | 17 | % |
(a) | During 2016, we divested certain oil and natural gas properties and related assets. As such, there are no operating results from these properties included in our operating results from the closing date of the divestitures forward. |
(b) | 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. |
(c) | 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. |
October 1, - December 31, 2016 | Year 2017 | |||||||
Gas Production Hedged: | ||||||||
Excluding Monetization | ||||||||
% Anticipated Production Hedged | 82 | % | 64 | % | ||||
Weighted Average Price ($/MMBtu) | $ | 4.28 | $ | 3.67 | ||||
Including Monetization | ||||||||
% Anticipated Production Hedged | 58 | % | 50 | % | ||||
Weighted Average Price ($/MMBtu) | 4.13 | 3.46 | ||||||
Oil Production Hedged: | ||||||||
Excluding Monetization | ||||||||
% Anticipated Production Hedged | 85 | % | 20 | % | ||||
Weighted Average Price ($/Bbl) | $ | 67.91 | $ | 84.58 | ||||
Including Monetization | ||||||||
% Anticipated Production Hedged | 54 | % | 14 | % | ||||
Weighted Average Price ($/Bbl) | $ | 62.83 | $ | 83.98 | ||||
NGLs Production Hedged: | ||||||||
Excluding Monetization | ||||||||
% Anticipated Production Hedged | 27 | % | — | % | ||||
Weighted Average Price ($/Bbl) | $ | 30.31 | $ | — | ||||
Including Monetization | ||||||||
% Anticipated Production Hedged | 24 | % | — | % | ||||
Weighted Average Price ($/Bbl) | $ | 30.99 | $ | — |
• | Net income (loss) attributable to non-controlling interest. |
• | Net interest expense; |
• | Depreciation, depletion, amortization, and accretion; |
• | Impairment of oil and natural gas properties; |
• | Impairment of goodwill; |
• | Change in fair value of commodity derivative contracts; |
• | Premiums paid, whether at inception or deferred, for derivative contracts that settled during the period; |
• | Fair value of derivative contracts acquired that apply to contracts settled during the period; |
• | Fair value of restructured derivative contracts; |
• | Net gains or losses on interest rate derivative contracts; |
• | Gain on extinguishment of debt; |
• | Net gains or losses on acquisitions of oil and natural gas properties; |
• | 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, mergers and divestitures; 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. |
• | Depreciation, depletion, amortization, and accretion; |
• | Impairment of oil and natural gas properties; |
• | Impairment of goodwill; |
• | Change in fair value of commodity derivative contracts; |
• | Premiums paid, whether at inception or deferred, for derivative contracts that settled during the period; |
• | Fair value of derivative contracts acquired that apply to contracts settled during the period; |
• | Fair value of restructured derivative contracts; |
• | Net gains or losses on interest rate derivative contracts; |
• | Gain on extinguishment of debt; |
• | Net gains or losses on acquisitions of oil and natural gas properties; |
• | 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, mergers and divestitures; 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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net loss attributable to Vanguard unitholders | $ | (245,395 | ) | $ | (462,277 | ) | $ | (651,467 | ) | $ | (1,374,752 | ) | ||||
Add: Net income attributable to non-controlling interests | 27 | — | 91 | — | ||||||||||||
Net loss | (245,368 | ) | (462,277 | ) | (651,376 | ) | (1,374,752 | ) | ||||||||
Plus: | ||||||||||||||||
Interest expense | 22,976 | 21,130 | 72,612 | 61,693 | ||||||||||||
Depreciation, depletion, amortization, and accretion | 32,096 | 52,428 | 118,935 | 182,443 | ||||||||||||
Impairment of oil and natural gas properties | — | 491,487 | 365,658 | 1,357,462 | ||||||||||||
Impairment of goodwill | 252,676 | — | 252,676 | — | ||||||||||||
Change in fair value of commodity derivative contracts (b) | 30,135 | (33,470 | ) | 201,388 | 18,014 | |||||||||||
Premiums paid, whether at inception or deferred, for derivative contracts that settled during the period (b) | 833 | 2,057 | 2,532 | 4,624 | ||||||||||||
Fair value of derivative contracts acquired that apply to contracts settled during the period (b) | 3,561 | 12,453 | 9,936 | 32,734 | ||||||||||||
Fair value of restructured derivative contracts (b) | — | — | — | (31,945 | ) | |||||||||||
Net (gains) losses on interest rate derivative contracts (c) | (764 | ) | 807 | 6,061 | 2,291 | |||||||||||
Gain on extinguishment of debt | — | — | (89,714 | ) | — | |||||||||||
Net loss on acquisition of oil and natural gas properties | 2,117 | 284 | 3,782 | 284 | ||||||||||||
Texas margin taxes | (571 | ) | (522 | ) | (3,205 | ) | (380 | ) | ||||||||
Compensation related items | 2,746 | 3,827 | 7,721 | 11,654 | ||||||||||||
Transaction costs incurred on acquisitions, mergers and divestitures | 75 | — | 3,198 | — | ||||||||||||
Adjusted EBITDA before non-controlling interest | 100,512 | 88,204 | 300,204 | 264,122 | ||||||||||||
Adjusted EBITDA attributable to non-controlling interest | (115 | ) | — | (347 | ) | — | ||||||||||
Adjusted EBITDA attributable to Vanguard unitholders | 100,397 | 88,204 | 299,857 | 264,122 | ||||||||||||
Less: | ||||||||||||||||
Interest expense, including settlements paid on interest rate derivatives | (25,019 | ) | (22,118 | ) | (79,382 | ) | (64,661 | ) | ||||||||
Capital expenditures | (13,648 | ) | (28,113 | ) | (49,117 | ) | (80,213 | ) | ||||||||
Distributions to Preferred unitholders, paid and in arrears (d) | (6,690 | ) | (6,690 | ) | (20,069 | ) | (20,070 | ) | ||||||||
Distributable Cash Flow Available to Common and Class B Unitholders | $ | 55,040 | $ | 31,283 | $ | 151,289 | $ | 99,178 | ||||||||
Distributions to Common and Class B unitholders (e) | — | 30,674 | — | 90,955 | ||||||||||||
Excess of distributable cash flow after distributions to unitholders | $ | 55,040 | $ | 609 | $ | 151,289 | $ | 8,223 |
(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) | These items are included in the net gains (losses) on commodity derivative contracts line item in the consolidated statements of operations as follows: |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net cash settlements received on matured commodity derivative contracts | $ | 55,628 | $ | 45,368 | $ | 198,104 | $ | 125,988 | |||||||
Change in fair value of commodity derivative contracts | (30,135 | ) | 33,470 | (201,388 | ) | (18,014 | ) | ||||||||
Premiums paid, whether at inception or deferred, for derivative contracts that settled during the period | (833 | ) | (2,057 | ) | (2,532 | ) | (4,624 | ) | |||||||
Fair value of derivative contracts acquired that apply to contracts settled during the period | (3,561 | ) | (12,453 | ) | (9,936 | ) | (32,734 | ) | |||||||
Fair value of restructured derivative contracts | — | — | — | 31,945 | |||||||||||
Net gains (losses) on commodity derivative contracts | $ | 21,099 | $ | 64,328 | $ | (15,752 | ) | $ | 102,561 |
(c) | Net gains (losses) on interest rate derivative contracts as shown on the consolidated statements of operations is comprised of the following: |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Cash settlements paid on interest rate derivative contracts | $ | (2,043 | ) | $ | (988 | ) | $ | (6,770 | ) | $ | (2,968 | ) | |||
Change in fair value of interest rate derivative contracts | 2,807 | 181 | 709 | 677 | |||||||||||
Net gains (losses) on interest rate derivative contracts | $ | 764 | $ | (807 | ) | $ | (6,061 | ) | $ | (2,291 | ) |
(d) | Include actual distributions paid of $2.2 million attributable to the nine months ended September 30, 2016 and cumulative Preferred distributions in arrears of $6.7 million and $17.8 million attributable to the three and nine months ended September 30, 2016, respectively. Distributions to Preferred Unitholders for the three and nine months ended September 30, 2015 reflect actual distributions paid attributable to those periods. |
(e) | 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. |
• | Change in fair value of commodity derivative contracts; |
• | Change in fair value of interest rate derivative contracts; |
• | Fair value of derivative contracts acquired as part of prior period business combinations that apply to contracts settled during the period. Also excludes the fair value of derivative contracts acquired and settled during the period; |
• | Net gains or losses on acquisitions of oil and natural gas properties; |
• | Impairment of oil and natural gas properties; |
• | Impairment of goodwill; |
• | Gain on extinguishment of debt; and |
• | Transaction costs incurred on acquisitions, mergers and divestitures. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net Loss Attributable to Common and Class B Unitholders | $ | (252,085 | ) | $ | (468,967 | ) | $ | (671,536 | ) | $ | (1,394,822 | ) | |||
Plus (less): | |||||||||||||||
Change in fair value of commodity derivative contracts(a)(b) | 30,135 | (33,470 | ) | 201,388 | 18,014 | ||||||||||
Change in fair value of interest rate derivative contracts(c)(d) | (2,807 | ) | (181 | ) | (709 | ) | (677 | ) | |||||||
Fair value of derivative contracts acquired that apply to contracts settled during the period | 3,561 | 12,453 | 9,936 | 32,734 | |||||||||||
Net loss on acquisition of oil and natural gas properties | 2,117 | 284 | 3,782 | 284 | |||||||||||
Impairment of oil and natural gas properties | — | 491,487 | 365,658 | 1,357,462 | |||||||||||
Impairment of goodwill | 252,676 | — | 252,676 | — | |||||||||||
Gain on extinguishment of debt | — | — | (89,714 | ) | — | ||||||||||
Transaction costs incurred on acquisitions, mergers and divestitures | 75 | — | 3,198 | — | |||||||||||
Adjusted Net Income Attributable to Common and Class B Unitholders | $ | 33,672 | $ | 1,606 | $ | 74,679 | $ | 12,995 |
Net Loss Attributable to Common and Class B Unitholders, per unit | $ | (1.92 | ) | $ | (5.39 | ) | $ | (5.12 | ) | $ | (16.25 | ) | |||
Plus (less): | |||||||||||||||
Change in fair value of commodity derivative contracts | 0.23 | (0.38 | ) | 1.53 | 0.21 | ||||||||||
Change in fair value of interest rate derivative contracts | (0.02 | ) | — | (0.01 | ) | (0.01 | ) | ||||||||
Fair value of derivative contracts acquired that apply to contracts settled during the period | 0.03 | 0.14 | 0.08 | 0.38 | |||||||||||
Net loss on acquisition of oil and natural gas properties | 0.02 | — | 0.03 | — | |||||||||||
Impairment of oil and natural gas properties | — | 5.65 | 2.79 | 15.82 | |||||||||||
Impairment of goodwill | 1.92 | — | 1.92 | — | |||||||||||
Gain on extinguishment of debt | — | — | (0.68 | ) | — | ||||||||||
Transaction costs incurred on acquisitions, mergers and divestitures | — | — | 0.02 | — | |||||||||||
Adjusted Net Income Attributable to Common and Class B Unitholders, per unit | $ | 0.26 | $ | 0.02 | $ | 0.56 | $ | 0.15 | |||||||
Weighted average common and Class B units outstanding | 131,460 | 87,012 | 131,282 | 85,834 |
(a) | Change in fair value of commodity derivative contracts reflects the increase or decrease in the mark-to-market value of the commodity derivative contracts. Any increase in value is reduced from Net Loss Attributable to Common and Class B Unitholders, while any decrease is added back into Net Loss Attributable to Common and Class B Unitholders. |
(b) | Does not include adjustments for premiums paid on derivatives during the period presented, the fair value of acquired derivatives that settled during the period presented or the fair value of restructured derivatives contracts. |
(c) | Change in fair value of interest rate derivative contracts reflects the increase or decrease in the mark-to-market value of the interest rate derivative contracts. Any increase in the fair value of interest rate derivative contracts is reduced from Net Loss Attributable to Common and Class B Unitholders, while any decrease in the fair value of interest rate derivative contracts is added back into Net Loss Attributable to Common and Class B Unitholders. |
(d) | Does not include cash settlements paid on interest rate derivatives. |
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