Operational Updates | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity
Memorial Production Achieves $176MM in Growth
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Memorial Production Partners LP has reported its operating and financial results for the three and nine months ended September 30, 2012.
Key Third Quarter Highlights:• Announced quarterly cash distribution of $0.495 per unit, or $1.98 per unit on an annualized basis, representing a 4.2% increase over the annualized minimum quarterly distribution.
•Completed fourth acquisition totaling $93.2 million, which added approximately 12.6 MMcfe per day of net production at the time of acquisition.
•Increased borrowing base to $380.0 million from $300.0 million under its $1.0 billion revolving credit facility.
•Third quarter distribution coverage ratio of 1.44x and nine months ended 2012 distribution coverage ratio of 1.33x.
•Strengthened commodity hedge portfolio, with 87% of current expected…
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