Exploration & Production | Capital Markets | Capital Expenditure
Legacy Reserves LP Axes 2015 Budget by Nearly 77%
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Legacy Reserves LP announced that the Board of Directors of its general partner has approved a cash distribution attributable to the fourth quarter of 2014 of $0.61 per unit, payable on February 13, 2015, to unitholders of record at the close of business on February 2, 2015.
Legacy's general partner also declared a cash distribution for both its 8% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units and its 8% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units of $0.166667 per unit payable on February 17, 2015 to preferred unitholders of record on February 2, 2015.
The Board also approved a 2015 capital budget of $30 million as compared to approximately $130 million in 2014.
Cary D. Brown, Chairman, President and Chief Executive…
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