New Source Energy Partners L.P. Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Year Ended December 31, 2014; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2014; Reiterates Earnings and Production Guidance for 2015
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.