Vanguard Natural Resources Reports Fourth Quarter and Full Year 2015
Operating and Financial Results, 2016 Outlook and Suspension of Common and Preferred Distributions
HOUSTON-March 4, 2016--Vanguard Natural Resources, LLC (NASDAQ: VNR) ("Vanguard" or "the Company") today reported financial and operational results for the full year and fourth quarter ended December 31, 2015.
Mr. Scott W. Smith, President and CEO, commented, “2015 was a challenging yet exciting year for the Company. We negotiated and closed two impactful mergers, the results of which include a 30% increase in our production, additional hedges on oil, natural gas and natural gas liquids and a quality group of employees that will allow us to successfully manage our expanded asset base and position us for future growth. Notwithstanding these positive events, the challenges we face as a result of the continued collapse in commodity prices necessitate we take further actions to strengthen our balance sheet by retaining our cash flow. Our recently completed debt exchange, the decision to monetize our SCOOP/STACK assets in Oklahoma, the significant reduction in our 2016 capital budget, the cash flow to be generated from our commodity price hedges, and the suspension of distributions on both the common and preferred units will allow us to make meaningful progress in reducing our debt in 2016. We believe these proactive steps are prudent in this environment and will ultimately create long-term value for all of our stakeholders.”
The following information was filed by Vanguard Natural Resources, Llc (VNR) on Monday, March 7, 2016 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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Ticker: VNR CIK: 1384072 Form Type:10-K Annual Report Accession Number: 0001384072-16-000138 Submitted to the SEC: Mon Mar 07 2016 9:58:46 PM EST Accepted by the SEC: Tue Mar 08 2016 Period: Thursday, December 31, 2015 Industry: Crude Petroleum And Natural Gas