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Memorial Production Partners Lp (MEMP) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Memorial Production Partners Lp

CIK: 1521847 Ticker: MEMP

Exhibit 99.1

 

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For Immediate Release

 
     

Memorial Production Partners LP Announces Fourth Quarter and Full Year 2012

Results, Updated Commodity Hedge Positions and 2013 Guidance

HOUSTON, TEXAS, March 5, 2013—

Memorial Production Partners LP (NASDAQ: MEMP) announced today its operating and financial results for the three and twelve months ended December 31, 2012. In addition, MEMP provided an update of its commodity hedge positions presented in the Hedge Summary Table below along with previously announced 2013 guidance.

Key Fourth Quarter and Full Year 2012 Highlights:

 

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Average daily production increased 13% to 72.9 MMcfe for the fourth quarter 2012, compared to 64.5 MMcfe for the fourth quarter 2011; and 16% to 67.2 MMcfe for the full year 2012, compared to 58.0 MMcfe in 2011.

 

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Adjusted EBITDA(1) increased 11% to $27.9 million for the fourth quarter 2012, compared to $25.1 million for the fourth quarter 2011; and 23% to $110.1 million for the full year 2012, compared to $89.4 million in 2011.

 

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Fourth quarter distribution coverage ratio of 1.10x and full year 2012 distribution coverage ratio of 1.27x.

 

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Fourth quarter cash distribution of $0.5075 per unit, or $2.03 per unit on an annualized basis, represents a 6.8% increase over the annualized minimum quarterly distribution of $1.90 per unit.

 

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Completed fifth acquisition for $271 million, which added approximately 1,574 Bbls per day of net production at the time of acquisition.

 

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Closed a public offering of 11,975,000 common units at $17.00 per unit. MEMP received net proceeds of approximately $194 million, which were primarily used to fund a portion of the purchase price for MEMP’s fifth acquisition and for general partnership purposes.


The following information was filed by Memorial Production Partners Lp (MEMP) on Tuesday, March 5, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated And Combined Balance Sheets
Consolidated And Combined Balance Sheets (parenthetical)
Statements Of Consolidated And Combined Cash Flows
Statements Of Consolidated And Combined Equity
Statements Of Consolidated And Combined Operations
Acquisitions And Divestitures
Acquisitions And Divestitures (details 1)
Acquisitions And Divestitures (details Textual)
Acquisitions And Divestitures (details)
Acquisitions And Divestitures (tables)
Asset Retirement Obligations
Asset Retirement Obligations (details)
Asset Retirement Obligations (tables)
Commitments And Contingencies
Commitments And Contingencies (details 1)
Commitments And Contingencies (details 2)
Commitments And Contingencies (details 3)
Commitments And Contingencies (details Textual)
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Defined Contribution Plans
Defined Contribution Plans (details Textual)
Earnings Per Unit
Earnings Per Unit (details Textual)
Earnings Per Unit (details)
Earnings Per Unit (tables)
Equity And Distributions
Equity And Distributions (details 1)
Equity And Distributions (details 2)
Equity And Distributions (details 3)
Equity And Distributions (details Textual)
Equity And Distributions (details)
Equity And Distributions (tables)
Equity-based Awards
Equity-based Awards (details Textual)
Equity-based Awards (details)
Equity-based Awards (tables)
Fair Value Measurements Of Financial Instruments
Fair Value Measurements Of Financial Instruments (details)
Fair Value Measurements Of Financial Instruments (tables)
Income Tax
Income Tax (details 1)
Income Tax (details 2)
Income Tax (details 3)
Income Tax (details)
Income Tax (tables)
Long Term Debt
Long Term Debt (details 1)
Long Term Debt (details Textual)
Long Term Debt (details)
Long Term Debt (tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (details)
Organization And Basis Of Presentation (policies)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (details)
Quarterly Financial Information (unaudited) (tables)
Related Party Transactions
Related Party Transactions (details 1)
Related Party Transactions (details 2)
Related Party Transactions (details 3)
Related Party Transactions (details Textual)
Related Party Transactions (details)
Related Party Transactions (tables)
Restricted Investments
Restricted Investments (details)
Restricted Investments (tables)
Risk Management And Derivative Instruments
Risk Management And Derivative Instruments (details 1)
Risk Management And Derivative Instruments (details 2)
Risk Management And Derivative Instruments (details 3)
Risk Management And Derivative Instruments (details Textual)
Risk Management And Derivative Instruments (details)
Risk Management And Derivative Instruments (tables)
Subsidiary Guarantors
Subsidiary Guarantors (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details 1)
Summary Of Significant Accounting Policies (details 2)
Summary Of Significant Accounting Policies (details Textual)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Oil And Gas Information (unaudited)
Supplemental Oil And Gas Information (unaudited) (details 1)
Supplemental Oil And Gas Information (unaudited) (details 2)
Supplemental Oil And Gas Information (unaudited) (details 3)
Supplemental Oil And Gas Information (unaudited) (details 4)
Supplemental Oil And Gas Information (unaudited) (details 5)
Supplemental Oil And Gas Information (unaudited) (details Textual)
Supplemental Oil And Gas Information (unaudited) (details)
Supplemental Oil And Gas Information (unaudited) (tables)
Ticker: MEMP
CIK: 1521847
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-091519
Submitted to the SEC: Tue Mar 05 2013 3:06:20 PM EST
Accepted by the SEC: Tue Mar 05 2013
Period: Monday, December 31, 2012
Industry: Crude Petroleum And Natural Gas

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