Legacy Reserves LP Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Impairment of Assets for the Fourth Quarter Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
For the year, the company reported total revenues of $314.357 million against $338.779 million a year ago. Operating loss was $84.997 million against $725.697 million a year ago. Loss before income taxes was $54.591 million against $703.039 million a year ago. Net loss attributable to unitholders was $74.820 million or $1.06 per basic and diluted share against $720.541 million or $10.45 per basic and diluted share a year ago. Adjusted EBITDA was $155.613 million against $232.380 million a year ago. Total development capital expenditures decreased to $29.5 million in 2016 from $36.8 million in 2015.
For the quarter, the company's production decreased 7% to 42,098 Boe/d from 45,435 Boe/d primarily due to production decreases related to individually immaterial divestitures and natural production declines.
For the year, the company's production increased 14% to an annual record of 43,803 Boe/d from 38,523 Boe/d primarily due to a full year of production from acquisitions of East Texas properties, partially offset by individually immaterial divestitures and natural production declines.
For the quarter, the company reported impairment of long-lived assets of $41.731 million against $326.349 million a year ago.
For the year 2017, the company expects the average daily production of 42,107 Boe/d to 43,178 Boe/d, capital expenditures to be in the range of $55,000 to $60,000 and adjusted EBITDA to be in the range of $195,000 to $215,000.