Legacy Reserves LP (NASDAQ: LGCY) detailed its second-quarter 2014 financial results, the company said July 30. In the three-month period, there was $137.1 million in revenue, and in the six-month period, there was $260 million in revenue, Legacy said.
During the three-month period, production totaled 23,286 barrels of oil equivalent (boe) and during the six-month period, production totaled 21,392 boe, Legacy added.In the three-month period, EBITDA totaled $70 million, lower than the six-month period’s $67.7 million, the company said.
"The second quarter is arguably our best quarter since going public,” said Cary D. Brown, president and CEO of Legacy’s general partner.
In a quarter-over-quarter comparison, production increased 19%--to 23,286 boe--compared to second-quarter 2013’s 19,516 boe, due to several acquisitions, the company said.
Commodity prices fluctuated. The average realized price of oil increased 3% to $92.54/bbl, up from 2013’s $89.85/bbl. The average realized price of natural gas stayed “flat” at $4.77 per thousand cubic feet (Mcf), compared to 2013’s $4.76/Mcf. The average realized price of NGL decreased 3% to 92 cents/gallon, down from 2013’s 95 cents/gallon, the company said.
The company spent $42.1 million on production, a 23% increase from 2013’s $34.3 million. The increase was mainly due to more production from properties acquired in the 2014's second quarter and also in 2013’s second half, the company added.
General and administrative expenses increased to $12.7 million, compared with 2013’s $5.7 million, the company said, noting that this was mainly due to an acquisition.
The capex for development totaled $36.1 million, most allocated to the Permian Wolfberry and Bone Spring drilling, the company said. Of this amount, 14% was nonoperated capex.
Midland, Texas-based Legacy Reserves LP is an MLP that acquires and develops domestic oil and natural gas.
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