August 20, 2014 9:13 PM ET

Oil, Gas and Consumable Fuels

Company Overview of LRR Energy, L.P.

Company Overview

LRR Energy, L.P., through its subsidiary, LRE Operating, LLC, operates, acquires, exploits, and develops producing oil and natural gas properties in North America. It holds interests in various properties located in the Permian Basin region in west Texas and southeast New Mexico; the Mid-Continent region in Oklahoma and east Texas; and the Gulf Coast region in Texas. As of December 31, 2013, the company had total estimated proved reserves of approximately 30.1 million barrels of oil equivalent. LRE GP, LLC serves as the general partner of the company. The company was founded in 2011 and is based in Houston, Texas.

Heritage Plaza

1111 Bagby Street

Suite 4600

Houston, TX 77002

United States

Founded in 2011

Phone:

713-292-9510

Key Executives for LRR Energy, L.P.

Co-Chief Executive Officer of LRE GP LLC and Director of LRE GP LLC
Age: 61
Total Annual Compensation: $82.8K
Chairman of LRE GP LLC and Co-Chief Executive Officer of LRE GP LLC
Age: 52
Total Annual Compensation: $77.2K
Chief Financial Officer of LRE GP LLC
Age: 44
Total Annual Compensation: $492.0K
Chief Operating Officer of LRE GP LLC and Vice President of LRE GP LLC
Age: 54
Total Annual Compensation: $133.4K
Chief Engineer of LRE GP LLC and Vice President of LRE GP LLC
Age: 53
Total Annual Compensation: $110.8K
Compensation as of Fiscal Year 2013.

LRR Energy, L.P. Key Developments

LRR Energy, L.P. Presents at 2014 Citi One-on-One MLP / Midstream Infrastructure Conference, Aug-20-2014

LRR Energy, L.P. Presents at 2014 Citi One-on-One MLP / Midstream Infrastructure Conference, Aug-20-2014 . Venue: Encore at Wynn Las Vegas, 3121 Las Vegas Boulevard South, Las Vegas, NV 89109, United States.

LRR Energy, L.P. Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Production Guidance for the Year 2014

LRR Energy, L.P. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $17,391,000 against $41,379,000 a year ago. Operating loss was $3,596,000 against operating profit of $20,177,000 a year ago. Loss before taxes was $7,299,000 against profit before taxes of $20,585,000 a year ago. Net loss was $7,337,000 against net profit of $20,523,000 a year ago. Net loss available to unit holders was $7,337,000 or $0.27 per share basic and diluted against net income available to unit holders of $20,523,000 or $0.78 per share a year ago. Adjusted EBITDA was $19,636,000 against $21,331,000 a year ago. Capital expenditure was $10,291,000. For the six months, the company reported total revenues of $43,419,000 against $59,159,000 a year ago. Operating profit was $2,007,000 against $15,330,000 a year ago. Loss before taxes was $4,531,000 against profit before taxes of $13,588,000 a year ago. Net loss was $4,643,000 against net profit of $13,521,000 a year ago. Net loss available to unit holders was $4,643,000 or $0.17 per share basic and diluted against net income available to unit holders of $13,073,000 or 0.53 per share a year ago. Net cash provided by operating activities was $31,663,000 against $27,115,000 a year ago. Adjusted EBITDA was $40,677,000 against $37,573,000 a year ago. Capital expenditure was $17,094,000. For the quarter, the company reported oil production of 216 MBbls compared to 210 MBbls a year ago. Natural gas production was 1,666 MMcf compared to 1,843 MMcf a year ago. NGLs production was 90 MBbls compared to 73 MBbls a year ago. Average net production was 6,418 Boe/d compared to 6,484 Boe/d a year ago. For the six months, the company reported oil production of 434 MBbls compared to 398 MBbls a year ago. Natural gas production was 3,288 MMcf compared to 3,651 MMcf a year ago. NGLs production was 175 MBbls compared to 145 MBbls a year ago. Average net production was 6,392 Boe/d compared to 6,365 Boe/d a year ago. For the year 2014, the company revised its full year 2014 guidance to reflect an increased capital development program for the second half of 2014. The majority of the $3.5 million capital increase will be spent in the Red Lake field and non-operated portion of the Putnam field. Due to continued strong production performance and drilling efficiencies at the Red Lake field, the company plans to drill four additional wells for a total of 23 wells in the Red Lake field for the year. The company also plans to participate in two additional non-operated horizontal wells in the Putnam field. LRR Energy expects these additional capital expenditures to occur in the fourth quarter of 2014. The additional spending is expected to slightly increase production in the fourth quarter of 2014 and more fully impact expected 2015 production. Based on current estimates, and assuming no future acquisitions, the company's revised full year 2014 guidance is as follows: Daily production range of 6,450 Boe/d to 6,550 Boe/d against range 6,400 Boe/d to 6,600 Boe/d a year ago. LOE of $10.75 to $11.00 against $10.50 to $11.00 a year ago. Capital expenditure of $37.5 million against 34.0 million a year ago.

LRR Energy Seeks Acquisitions

LRR Energy, L.P. (NYSE:LRE) plans to make acquisitions. Eric Mullins, Chairman and Co-Chief Executive Officer of LRR Energy, said, “On the acquisition front LRE remains committed to a disciplined and patient approach of acquiring assets that we believe are well-suited for the MLP structure and at prices that provide long-term distribution growth.”

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