Legacy Reserves Lp Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Impairment Changes for the Fourth Quarter Ended December 31, 2017; Provides Earnings and Production Guidance for the Full Year 2018
For the full year, reported total revenue of $436,301,000 against $314,357,000 a year ago. Operating income was $18,058,000 against loss of $84,997,000 a year ago. Loss before income taxes was $52,499,000 against $54,591,000 a year ago. Net loss attributable to unit holders was $72,897,000 or $1.01 per basic and diluted share against $74,820,000 or $1.06 per basic and diluted share a year ago. Adjusted EBITDA was $226,199,000 against $155,613,000 a year ago.
For the quarter, the company has announced oil production of 1,628 MBbls against 949 MBbls a year ago. Natural gas liquids production was 10,617 MGal against 9,111 MGal. Natural gas production was 15,866 MMcf against 16,243 MMcf a year ago. Average daily production was 49,185 Boe/d against 42,098 Boe/d a year ago.
For the full year, the company announced oil production of 5,032 MBbls against 4,019 MBbls a year ago. Natural gas liquids production was 38,159 MGal against 36,757 MGal. Natural gas production was 62,833 MMcf against 66,824 MMcf a year ago. Average daily production was 44,967 Boe/d against 43,803 Boe/d a year ago.
For the quarter, the company has announced impairment of long-lived assets of $12,735,000 against $41,731,000 a year ago.
For the year 2018, the company expected oil in the range of 19,000 Bbls/d to 21,400 Bbls/d. Natural gas liquids is expected to be in the range of 1,875 bbls/s to 2,075 bbls/d. Natural gas is expected to be 162 MMcf/d to 176 MMcf/d. Total production is expected to be in the range of 47,875 Boe/d to 52,808 Boe/d.
For the year 2018, the company expected gross capital expenditures of $345 million and net capital expenditures of $225 million. Adjusted EBITDA is expected to be in the range of $300,000,000 to $360,000,000.