New Source Energy Partners L.P. announced unaudited consolidated earnings and operating results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total revenues of $54,974,000 against $18,235,000 a year ago. Operating loss was $49,215,000 against operating income of $2,951,000 a year ago. Loss before income taxes was $39,374,000 against income before income taxes of $21,854,000 a year ago. Net loss attributable to the company was $39,374,000 against net income of $21,854,000 a year ago. Net loss per common unit was $2.11 against EPS of $2.05 a year ago. Adjusted EBITDA was $17,253,000 compared to $8,955,000 in the fourth quarter 2013. Distributable cash flow was $10,466,000 compared to $4,595,000 in the fourth quarter 2013. Distributable cash flow was approximately $0.63 per common unit resulting in a coverage ratio of 3.16x, which reflects the declared distribution of $0.20 in the fourth quarter of 2014.

For the year, the company reported total revenues of $165,643,000 against $50,675,000 a year ago. Operating loss was $50,030,000 against operating income of $1,410,000 a year ago. Loss before income taxes was $42,075,000 against income before income taxes of $14,496,000 a year ago. Net loss attributable to the company was $42,317,000 against net income of $26,622,000 a year ago. Net loss per common unit was $2.64 against EPS of $2.42 a year ago. Adjusted EBITDA was $60,076,000 compared to $26,566,000 a year ago. Distributable cash flow was $37,501,000 compared to $15,083,000 in the fourth quarter 2013.

For the quarter, the company reported impairment of goodwill and other intangible assets of $59,000,000.

The company reiterates guidance for both its exploration and production (E&P) and Oilfield Services divisions for the full year 2015. The company expects revenue to be in the range of $120.00 million to $140.00 million, EBITDA margin to be in the range of 21% to 25%. Production to be in the range of 3,750 (boe/d) to 3,950 (boe/d), production taxes (% of revenue) to be in the range of 5.25% to 5.75% and production costs to be in the range of $10.50 per boe to $11.50 per boe.

For the quarter, the company reported total production volumes of 382,335 (boe) against 369,710 (boe) and average daily volumes of 4,156 (boe) against 4,019 (boe) a year ago.

For the year, the company reported total production volumes of 1,660,761 (boe) against 1,335,230 (boe) and average daily volumes of 4,550 (boe) against 3,658 (boe) a year ago.