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Legacy Divests 35% of Midland Basin Acreage; More Sales Planned
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Legacy Reserves LP announced first quarter results for 2016.
Key Points: During Q1 2016, we closed seven divestitures generating net proceeds of $68.5 million. In April, we completed four additional divestments for approximately $5.4 million, which brings our year to date percent of year-end 2015 Midland Basin acreage divested to 35%. Continuing to pursue a few other select opportunities with the aim to complete a total of $100 million of asset sales during the first half of 2016. Q1 Highlights: Increased production to 45,527 Boe/dReduced lease operating expenses, excluding ad valorem taxes, of $46.7 million representing a nearly 4% decrease compared to Q4 2015
Closed $68.5 million of asset sales, above our previously-announced target of $50 million
Reduced debt outstanding by $191.8…
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