Memorial Production Partners Slips To Loss In Q2 - Quick Facts

(RTTNews) - Texas-based Memorial Production Partners LP (MEMP), which acquires oil and natural gas properties, Wednesday reported loss for the second quarter, compared with a profit last year, as commodity derivatives losses as well as higher interest expense dwarfed revenue growth.

Total production rose to 17,806 MMcfe from 14,456 MMcfe a year ago. Year to date, the company has closed around $1.1 billion of acquisitions.

For the three months to June, net loss stood at $114.12 million or $1.86 per limited partner unit, compared with a profit of $46.13 million or $1.04 per limited per unit a year earlier.

On average, nine analysts polled by Thomson-Reuters estimated the company's earnings to be $0.43 for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA stood at $73.75 million, compared with $55.69 million a year earlier.

Quarterly revenues advanced to $123.31 million, from $90.17 million in the same period last year. Analysts expected revenues of $115.1 million.

Average daily production rose by 23 percent to 195.7 MMcfe from 158.9 MMcfe a year earlier.

Crude oil, natural gas and NGLs sales, excluding commodity derivatives settlements, grew to $122.2 million from $89.7 million a year ago.

The board recommended a cash distribution of $0.55 per unit, payable on August 12 to unitholders of record on August 5.