Sanchez Production Partners Reports First Quarter 2016 Results
Sanchez Production (NYSE:SP) has reported its first quarter 2016 results. As quoted in the press release: Highlights from the report include: A cash distribution to common unitholders of $0.4121 per common unit ($1.6484 per unit annualized) related to first quarter 2016 activity, which represents the second consecutive increase of 1.5% over the Partnership’s initial distribution …
Sanchez Production (NYSE:SP) has reported its first quarter 2016 results.
As quoted in the press release:
Highlights from the report include:
- A cash distribution to common unitholders of $0.4121 per common unit ($1.6484 per unit annualized) related to first quarter 2016 activity, which represents the second consecutive increase of 1.5% over the Partnership’s initial distribution in the third quarter 2015;
- Distribution coverage of 2.65x excluding the Mid-Continent assets, which have been targeted for divestiture, and 1.95x including the Mid-Continent assets (in each case after the effect of the March 31, 2016 conversion of the Class A preferred units to common units);
- Total revenue of $23.2 million and Adjusted EBITDA of $13.5 million during the first quarter 2016;
- Throughput volumes for the Western Catarina Midstream system during the first quarter 2016 of 136% and 132% of the Minimum Quarterly Quantity for oil and natural gas, respectively; and
- A strong liquidity position of approximately $97 million, with a pro forma leverage ratio of 1.9x for the first quarter 2016.
Gerald F. Willinger, CEO, said:
During the first quarter 2016, we demonstrated the capability of both our unique structure and relationships. To that end, we exceeded our volume and revenue expectations on the Western Catarina Midstream system for the quarter, with throughput at 136% and 132% of the Minimum Quarterly Quantity for oil and natural gas, respectively, and began to realize the benefits of continuing Catarina development, which includes further delineation of the South-Central region of the lease by Sanchez Energy Corporation.
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