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Vanguard Natural Resources, Inc. (VNRR) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Vanguard Natural Resources, Inc.

CIK: 1384072 Ticker: VNRR


Exhibit 99.1


NEWS RELEASE

Vanguard Natural Resources, Inc. Reports First Quarter 2018 Results, Asset Divestiture Updates, and Updated 2018 Guidance
 
HOUSTON - May 9, 2018 - (PR NEWSWIRE) - Vanguard Natural Resources, Inc. (OTCQX: VNRR) (“Vanguard,” “VNRR,” or the “Company”) today reported financial results for the quarter ended March 31, 2018, and other operational results.

Key Highlights

Executed four purchase and sales agreements for more than $60.0 million in aggregate gross proceeds
Reported production volumes of 368 million cubic feet equivalent (MMcfe) per day, at the high-end of first quarter guidance
Participated in drilling and completion of two new Pinedale horizontal wells with four more horizontal wells being drilled at quarter end
Lease operating expenses were $31.0 million, below first quarter guidance
Updated second quarter and full-year 2018 operational and financial guidance for the year, with an updated 2018 capital budget of approximately $140.0 million to $145.0 million
Lower end of full year production guidance increased despite incorporating the impact of the recently announced divestments and reduced capital budget
Remain significantly hedged for the balance of 2018 and through 2020 with the balance of 2018 production hedged 71%, 85% and 43% for natural gas, oil and NGLs, respectively, at the mid-point of announced guidance

Mr. R. Scott Sloan, President and CEO, commented, “We have taken several steps forward in achieving our long-term strategy to realign the portfolio, lower debt and maintain liquidity. We signed multiple purchase and sales agreements for proceeds of over $60.0 million, and we are continuing to evaluate non-core assets for accretive divestments. These assets are not core to our growth strategy, and we will be able to use these proceeds to decrease our leverage and improve our financial positioning. I’m pleased with the strategic changes we’re making to turn Vanguard into a competitive E&P company focused on organic growth and financial discipline. We continue to actively pursue ways to optimize the portfolio and achieving these recent milestones is an affirmation that we’re headed down the road for future success.”
  
“I’m also excited to see our volumes in the Pinedale field start to ramp up. An operator of our Pinedale position is turning what was once a conventional vertical play into an unconventional horizontal gas play with very attractive economics. I’m also extremely proud of the success our team achieved during the quarter on our operated assets. They continue to execute our business plan by operating efficiently and effectively,” concluded Mr. Sloan.








1

The following information was filed by Vanguard Natural Resources, Inc. (VNRR) on Thursday, May 10, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Vanguard Natural Resources, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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  • Executive Team
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity (successor) (unaudited)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Operations (unaudited)
Asset Retirement Obligations
Asset Retirement Obligations (details)
Asset Retirement Obligations (tables)
Commitments And Contingencies
Commitments And Contingencies (lease Commitments) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (tables)
Commitments And Contingencies (transportation Demand Charges) (details)
Debt
Debt (financing Arrangements) (details)
Debt (letters Of Credit And Lease Financing Obligations Narrative) (details)
Debt (maturities Of Debt) (details)
Debt (schedule Of Redemption Prices) (details)
Debt (senior Notes Due 2024 Narrative) (details)
Debt (successor Credit Facility Narrative) (details)
Debt (tables)
Description Of The Business
Description Of The Business (details)
Emergence From Voluntary Reorganization Under Chapter 11 Of The Bankruptcy Code
Emergence From Voluntary Reorganization Under Chapter 11 Of The Bankruptcy Code (details)
Fair Value Measurements
Fair Value Measurements (assets And Liabilities Measured At Fair Value On Recurring Basis) (details)
Fair Value Measurements (narrative) (details)
Fair Value Measurements (tables)
Impact Of Asc 606 Adoption
Impact Of Asc 606 Adoption (details)
Impact Of Asc 606 Adoption (tables)
Income Taxes
Price Risk Management Activities
Price Risk Management Activities (balance Sheet Presentation) (details)
Price Risk Management Activities (change In Fair Value Of Derivatives) (details)
Price Risk Management Activities (commodity Derivatives) (details)
Price Risk Management Activities (narrative) (details)
Price Risk Management Activities (tables)
Share-based Compensation
Share-based Compensation (mip Restricted Stock) (details)
Share-based Compensation (monte Carlo Simulation Assumptions) (details)
Share-based Compensation (narrative) (details)
Share-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (cancellation Of Units And Issuance Of Common Stock) (details)
Stockholders' Equity (earning Per Share/unit) (details)
Stockholders' Equity (management Incentive Plan) (details)
Stockholders' Equity (warrant Agreement) (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (cash, Cash Equivalents, And Restricted Cash) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (oil And Natural Gas Properties) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)

Material Contracts, Statements, Certifications & more

Vanguard Natural Resources, Inc. provided additional information to their SEC Filing as exhibits

Ticker: VNRR
CIK: 1384072
Form Type: 10-Q Quarterly Report
Accession Number: 0001384072-18-000032
Submitted to the SEC: Wed May 09 2018 7:44:29 PM EST
Accepted by the SEC: Thu May 10 2018
Period: Saturday, March 31, 2018
Industry: Crude Petroleum And Natural Gas

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