Legacy Reserves LP Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2016; Announces Impairment of Long-Lived Assets for the First Quarter of 2016
Legacy Reserves LP reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2016. For the quarter, the company reported total revenue of $65.859 million compared to $81.539 million a year ago. Adjusted EBITDA was $29.094 million compared to $61.979 million a year ago. Operating loss was $16.876 million compared to $233.179 million a year ago. Income before income taxes was $105.729 million compared to loss of $229.601 million a year ago. Net income attributable to unit holders was $101.371 million or $1.47 per basic and diluted share compared to loss of $233.604 million or $3.39 per basic and diluted share a year ago. Development capital expenditures were $4.801 million compared to $13.366 million a year ago.
For the quarter, the company reported total production of 4,143 MBoe compared to 3,040 MBoe a year ago.
For the quarter, the company reported impairment of long-lived assets of $15.447 million compared to $209.402 million a year ago.