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Memorial Production Partners First Quarter 2016 Results
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Memorial Production Partners LP reported its operating and financial results for the three months ended March 31, 2016.
Key Highlights: Average daily production decreased 5% to 243.3 MMcfe for the first quarter 2016, compared to 257.3 MMcfe for the fourth quarter 2015 Mark-to-market hedge book value of approximately $605 million as of April 29, 2016. All of MEMP's current hedges are costless, fixed price swaps.Announced the agreement to acquire Memorial Production Partners GP LLC, the general partner of MEMP, for $0.75 million in cash from Memorial Resource Development Corp. (NASDAQ:MRD) ("MRD"). As part of the transaction, MEMP will also acquire all of the outstanding IDRs, including the 50% held by Natural Gas Partners.
John Weinzierl, Chairman and Chief Executive Officer of MEMP GP…
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