Eagle Rock Energy Partners, L.P. Presents at UBS MLP One-on-One Conference, Jan-12-2015
Dec 10 14
Eagle Rock Energy Partners, L.P. Presents at UBS MLP One-on-One Conference, Jan-12-2015 . Venue: St. Regis Deer Valley, Park City, Utah, United States. Speakers: Chad A. Knips, Director, Corporate Finance & Investor Relations, Robert M. Haines, Interim Chief Financial Officer of Eagle Rock Energy G&P LLC and Treasurer of Eagle Rock Energy G&P LLC.
Eagle Rock Energy Partners, L.P. Presents at RBC Capital Markets MLP Conference, Nov-19-2014 08:00 AM
Nov 17 14
Eagle Rock Energy Partners, L.P. Presents at RBC Capital Markets MLP Conference, Nov-19-2014 08:00 AM. Venue: The Ritz-Carlton, Dallas, Texas, United States. Speakers: Joseph A. Mills, Chairman and Chief Executive Officer and Chairman of Eagle Rock Energy G&P LLC, Chief Executive Officer of Eagle Rock Energy G&P LLC and Member of Enterprise Risk Committee.
Eagle Rock Energy Partners, L.P. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Production Results for the Third Quarter and Nine Months of 2014; Provides Capital Expenditure Guidance Fourth Quarter of 2014; Provides Impairment Charges for the Third Quarter of 2014; Provides Earnings and Production Guidance for the Year 2015
Oct 29 14
Eagle Rock Energy Partners, L.P. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenue of $81,224,000 compared to $42,485,000 a year ago. Operating income was $15,534,000 compared to operating loss of $67,394,000 a year ago. Income before income taxes was $16,345,000 compared to loss before income taxes of $72,497,000 a year ago. Net income was $266,288,000 compared to net loss of $91,565,000 a year ago. Adjusted EBITDA was $35,389,000 compared to $33,215,000 a year ago. Distributable cash flow was $15,956,000 compared to $13,266,000 a year ago. Maintenance capital expenditures of $14.5 million, an increase of $0.2 million as compared to second quarter 2014. The $10.5 million increase in adjusted EBITDA is made up of the following items: Higher daily production of 3.0 million Mcfe per day for the quarter more than offset, declining quarterly production prices, and resulted in a positive $1.2 million increase in revenues.
For the nine months period, the company reported total revenue of $160,471,000 compared to $149,617,000 a year ago. Operating loss was $1,011,000 compared to $59,386,000 a year ago. Loss before income taxes was $10,760,000 compared to $74,395,000 a year ago. Net income was $204,684,000 compared to net loss of $109,047,000 a year ago. Adjusted EBITDA was $86,384,000 compared to $89,852,000 a year ago. Distributable cash flow was $24,867,000 compared to $38,928,000 a year ago. Maintenance related capital expenditures were $43,507,000 compared to $31,652,000 for the same period a year ago.
Total production in the third quarter of 2014 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. The higher production volumes offset lower commodity prices, with the spot price of WTI crude oil averaging $97.87 during the third quarter which was down almost 5% compared to the second quarter.
For the nine months, the company reported total production of 19,885,374 Mcfe compared to 20,128,914 Mcfe for the same period a year ago.
During the fourth quarter of 2014, the company plans to spend approximately $28 million on capital expenditures and expects $14 million to be categorized as maintenance capital expenditures and $14 million to be categorized as growth capital expenditures.
For the third quarter of 2014, the company reported impairment of $17,305,000 compared to $61,389,000 a year ago.
For calendar year 2015, the company's crude production is 78% hedged at an average strike price of $89.88 per barrel. And 85% of gas production is hedged at an average strike price of over $4.07 per Mcf. Based on the current strip price for oil and natural gas for 2015, hedge portfolio will generate approximately $14 million of EBITDA next year. This provides a stability in cash flows and will be an important in the sustainability of distribution.
For 2015, and prior to cost spending in any acquisitions, the company expected maintenance CapEx to average $56 million and growth capital to average $55 million.