A strategy of cautious acquisitions, active hedging and focus on mature, long-life fields has enabled Vanguard Natural Resources LLC (NYSE: VNR) to steadily increase distributions to its unitholders since the inception of the firm in October 2007, a senior executive said recently.

Richard Robert, executive vice president and chief financial officer at Vanguard Natural Resources, said the Houston-based company went public with a total enterprise value of about $240 million. At the time, it had proved reserves around 67 billion cubic feet equivalent, all in Appalachia and mostly natural gas. ...