Eagle Rock Announces Fourth Quarter 2014 Cash Distribution, Unit Repurchase Update and Earnings Release Date
January 26 2015 - 5:31PM
Eagle Rock Energy Partners, L.P. (Nasdaq:EROC) ("Eagle Rock" or the
"Partnership") today declared that the Board of Directors approved
a cash distribution for the quarter ended December 31, 2014 of
$0.07 per common unit (including eligible restricted common units),
equivalent to $0.28 per unit on an annualized basis. The
distribution will be paid on Friday, February 13, 2015 to
unitholders of record as of the close of business on Friday,
February 6, 2015, and represents no change from the distribution of
$0.07 per common unit paid with respect to the third quarter.
Management's future distribution recommendations are subject to
change should the current commodity price environment persist or
the Partnership's specific operations differ from expectations. All
actual future distributions will be determined, declared and paid
at the sole discretion of the Board of Directors.
Regency Unit Sale and Eagle Rock Repurchase
Program
As of January 23, 2015, Eagle Rock had sold approximately 3.3
million Regency Energy Partners, L.P. ("RGP") units received as
part of the consideration for the Midstream Business Contribution,
and proceeds were approximately $82 million. These proceeds were
used to fund the common unit repurchase program, pay down debt, and
for general corporate purposes. Eagle Rock may continue to sell the
approximately 5.0 million remaining RGP units in order to further
strengthen liquidity.
Pursuant to its previously announced common unit repurchase
program, as of January 23, 2015 Eagle Rock had repurchased
approximately 8.5 million units for a total consideration of
approximately $22 million. These repurchase amounts are not
indicative of Eagle Rock's go-forward repurchasing plan, and any
future repurchases will be at management's discretion. The
repurchase program does not obligate the Partnership to acquire
any, or any specific number of, units and may be discontinued at
any time.
Fourth Quarter and Full Year 2014 Earnings Release Date
and Conference Call Information
The Partnership plans to report fourth quarter and full year
2014 financial and operating results after market close on
Wednesday, February 25, 2015. The fourth quarter and full year 2014
earnings conference call will be held at 2:00 p.m. Eastern Time
(1:00 p.m. Central Time) on Thursday, February 26, 2015.
Interested parties may listen to the earnings conference call
live over the Internet or via telephone. To listen live over the
Internet, participants are advised to log on to the Partnership's
web site at www.eaglerockenergy.com and select the "Events &
Presentations" sub-tab under the "Investor Relations" tab. To
participate by telephone, the call in number is (877)
293-5457, conference ID 72079318.
Participants are advised to dial into the call at least 15 minutes
prior to the call. An audio replay of the conference call will also
be available for thirty days by dialing (855)
859-2056, conference ID 72079318. In
addition, a replay of the audio webcast will be available by
accessing the Partnership's web site after the call is
concluded.
About the Partnership
Eagle Rock is a growth-oriented master limited partnership
engaged in (a) the exploitation, development, and production of oil
and natural gas properties and (b) ancillary gathering,
compressing, treating, processing and marketing services with
respect to its production of natural gas, natural gas liquids,
condensate and crude oil.
Forward-Looking Statements
This news release may include "forward-looking statements." All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may
occur in the future are forward-looking statements and speak only
as of the date on which such statement is made. These statements
are based on certain assumptions made by the Partnership based on
its experience and perception of historical trends, current
conditions, expected future developments and other factors it
believes are appropriate under the circumstances. Such statements
are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of the Partnership. These
include, but are not limited to, risks related to volatility of
commodity prices; market demand for crude oil, natural gas and
natural gas liquids; the effectiveness of the Partnership's hedging
activities; the availability of local, intrastate and interstate
transportation systems and other facilities to transport crude oil,
natural gas and natural gas liquids; competition in the oil and gas
industry; the Partnership's ability to obtain credit and access the
capital markets; general economic conditions; and the effects of
government regulations and policies. Should one or more of these
risks or uncertainties occur, or should underlying assumptions
prove incorrect, the Partnership's actual results and plans could
differ materially from those implied or expressed by any
forward-looking statements. The Partnership assumes no obligation
to update any forward-looking statement as of any future date. For
a detailed list of the Partnership's risk factors, please consult
the Partnership's Form 10-K, filed with the SEC for the year ended
December 31, 2013 and the Partnership's Forms 10-Q filed with the
SEC for subsequent quarters, including the Form 10-Q filed for the
quarter ended September 30, 2014, as well as any other public
filings and press releases.
Qualified Notice to Nominees
This release serves as qualified notice to nominees as provided
for under Treasury Regulation Section 1.1446-4(b)(4) and
(d). Please note that 100 percent of the Partnership's
distributions to foreign investors are attributable to income that
is effectively connected with a United States trade or
business. Accordingly, all of the Partnership's
distributions to foreign investors are subject to federal income
tax withholding at the highest effective tax rate for individuals
or corporations, as applicable. Nominees, and not the Partnership,
are treated as withholding agents responsible for withholding
distributions received by them on behalf of foreign investors.
CONTACT: Eagle Rock Energy Partners, L.P.
Bob Haines, 281-408-1303
Senior Vice President and Chief Financial Officer
Chad Knips, 281-408-1203
Director, Corporate Finance and Investor Relations
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