Vanguard Natural Resources Reports Fourth Quarter and Full Year 2014
Operating and Financial Results
HOUSTON-March 2, 2015--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, 2014.
Mr. Scott W. Smith, President and CEO, commented, “We are pleased to have finished the year outperforming expectations and making good on our assertion that we would have over 1.0x distribution coverage for 2014 in spite of the collapse in the commodity markets in the fourth quarter. Our performance was bolstered by the acquisitions in 2014 which included over $1.4 billion invested in principally natural gas assets which should deliver sustainable cash flow for many years to come. With these transactions, the company achieved substantial growth in production, reserves and cash flow during the year. It’s a testament to the hard work of our talented employees that we successfully integrated these acquisitions with minimal disruptions to our base operations.
As we head into 2015, we have taken some difficult but necessary steps to position ourselves to live within our cash flow and provide us the opportunity to be active in the acquisition market during this low commodity price cycle. We believe Vanguard can compete effectively for quality assets which will drive our growth and provide substantial long-term benefits to our unitholders.”
The following information was filed by Vanguard Natural Resources, Llc (VNR) on Monday, March 2, 2015 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: 0001384072-15-000010 Submitted to the SEC: Mon Mar 02 2015 5:09:12 PM EST Accepted by the SEC: Mon Mar 02 2015 Period: Wednesday, December 31, 2014 Industry: Crude Petroleum And Natural Gas