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Last10K.com | 10-K Annual Report Tue Mar 05 2013
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, 2013Memorial 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:
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.
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.
Fourth quarter distribution coverage ratio of 1.10x and full year 2012 distribution coverage ratio of 1.27x.
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.
Completed fifth acquisition for $271 million, which added approximately 1,574 Bbls per day of net production at the time of acquisition.
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 MEMPs 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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Memorial Production Partners Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:
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