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Last $5.44 USD
Change Today 0.00 / 0.00%
Volume 159.3K
LRE On Other Exchanges
Symbol
Exchange
Berlin
As of 8:04 PM 07/27/15 All times are local (Market data is delayed by at least 15 minutes).

lrr energy lp (LRE) Key Developments

LRR Energy, L.P. Announces Cash Distribution for the Second Quarter of 2015, Payable on August 14, 2015

LRR Energy, L.P. announced that the Board of Directors of its general partner declared a cash distribution for the second quarter of 2015 of $0.1875 per outstanding unit, or $0.75 on an annualized basis. The distribution will be paid on August 14, 2015, to all unitholders of record as of the close of business on July 31, 2015.

Faruqi & Faruqi, LLP Files Class Action Lawsuit against LRR Energy, L.P

Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of Texas, case no. 4:15-cv-02017, on behalf of unitholders of LRR Energy, L.P. (LRR Energy or the Company) who held (and continue to hold) LRR Energy securities acquired on or before April 20, 2015. On April 20, 2015, the Company entered into a purchase agreement and plan of merger under which Vanguard Natural Resources, LLC (Vanguard) will acquire all of the outstanding units of LRR Energy through Vanguard's wholly owned subsidiary Lighthouse Merger Sub, LLC (Merger Sub). The unit-for-unit transaction is valued at approximately $251 million, with Vanguard assuming LRR Energy's net debt of $288 million. The vote on the proposed transaction is currently scheduled for September 10, 2015. The complaint charges LRR Energy, its Board of Directors, Vanguard, and Merger Sub with violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. Pursuant to the terms of the Merger Agreement, which was unanimously approved by the Company's Board of Directors LRR Energy unitholders will receive a fixed exchange ratio of 0.55 Vanguard units for each common unit of LRR Energy they own. LRR Energy and Vanguard claim that this exchange ratio amounts to a deal consideration of $8.93 per LRR Energy common unit, based on Vanguard's closing price of $16.23 on April 20, 2015. However, Vanguard units are currently trading at significantly lower prices, closing at $13.56 on July 14, 2015. The complaint alleges that the S-4 Registration Statement (the ‘S-4’) filed with the Securities and Exchange Commission on June 3, 2015 (amended on July 9, 2015) provided materially incomplete and misleading disclosures, thereby violating Sections 14(a) and 20(a) of the Exchange Act.

LRR Energy Receives Non-Compliance Notice From NYSE

On May 12, 2015, a family member of Robert T. O’Connell notified LRR Energy, L.P. (the “Partnership”) that Mr. O’Connell passed away on May 9, 2015. Mr. O’Connell was an independent member of the board of directors of LRE GP, LLC. He served as the chairman of the audit committee and was a member of the conflicts committee. Section 303A.07(a) of the New York Stock Exchange (the “NYSE”) corporate governance listing standards requires all publicly-traded companies to have at least three independent directors serving on its Audit Committee. As a result of Mr. O’Connell’s death, the Partnership is deficient in meeting this listing standard. The Partnership initially provided notice to the NYSE of this deficiency on May 13, 2015. Following this notification, on May 14, 2015, the NYSE sent its official notice to the Partnership that it was deficient in meeting the NYSE listing standards.

LRR Energy, L.P. Announces Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Announces Impairment of Oil and Natural Gas Properties for the First Quarter Ended March 31, 2015

LRR Energy, L.P. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $36,212,000 compared to $26,028,000 a year ago. Operating loss was $20,778,000 compared to operating income of $5,603,000 a year ago. Loss before taxes was $24,898,000 compared to income before taxes of $2,768,000 a year ago. Net loss available to unit holders was $24,936,000 or $0.82 per basic and diluted share compared to net income available to unit holders of $2,694,000 or $0.10 per basic and diluted share a year ago. Net cash provided by operating activities was $15,648,000 compared to $16,126,000 a year ago. Development of oil and natural gas properties was $12,280,000 compared to $6,803,000 a year ago. Adjusted EBITDA was $19,565,000 compared to $21,041,000 a year ago. Distributable cash flow was $11,834,000 compared to $13,353,000 a year ago. Despite higher production, adjusted EBITDA and distributable cash flow were negatively impacted by lower price realizations and higher G&A costs compared to the fourth quarter. Capital expenditures totaled $12.3 million for the quarter, which included approximately $9 million of accrued capital cost at year-end 2014. For the quarter, the company reported oil production of 275 MBbls, natural gas production of 1,518 MMcf, NGLs production of 90 MBbls and average net production of 6,867 Boe/d against oil production of 218 MBbls, natural gas production of 1,622 MMcf, NGLs production of 85 MBbls and average net production of 6,367 Boe/d a year ago. For the quarter, impairment of oil and natural gas properties was $35,706,000. The impairment was primarily due to lower estimated future net commodity prices.

LRR Energy, L.P., Vanguard Natural Resources, LLC, LRE GP, LLC - M&A Call

LRR Energy, L.P., Vanguard Natural Resources, LLC, LRE GP, LLC - M&A Call

 

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Industry Analysis

LRE

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Valuation LRE Industry Range
Price/Earnings 5.6x
Price/Sales 1.5x
Price/Book 0.8x
Price/Cash Flow 1.5x
TEV/Sales NM Not Meaningful
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