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Name | Symbol | Market | Type |
---|---|---|---|
Legacy Reserves LP - 8% Series A Fixed-To-Floating Rate Cumulative Redeemable Perpetual Preferred Units (delisted) | NASDAQ:LGCYP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.66 | 13.10 | 15.45 | 0 | 01:00:00 |
Delaware
|
|
16-1751069
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
303 W. Wall, Suite 1800
Midland, Texas
|
|
79701
|
(Address of principal executive offices)
|
|
(Zip code)
|
|
|
|
Page
|
|
Glossary of Terms
|
|
|
|
|
|
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Part I - Financial Information
|
|
|
Item 1.
|
Financial Statements.
|
|
|
|
Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 (Unaudited).
|
|
|
|
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016 (Unaudited).
|
|
|
|
Condensed Consolidated Statements of Partners' Deficit for the six months ended June 30, 2017 (Unaudited).
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016 (Unaudited).
|
|
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited).
|
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
|
|
Item 4.
|
Controls and Procedures.
|
|
|
|
Part II - Other Information
|
|
|
Item 1.
|
Legal Proceedings.
|
|
|
Item 1A.
|
Risk Factors.
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
|
|
Item 6.
|
Exhibits.
|
|
|
|
Signatures
|
|
ASSETS
|
||||||||
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(In thousands)
|
||||||
Current assets:
|
|
|
|
|
||||
Cash
|
|
$
|
1,214
|
|
|
$
|
2,555
|
|
Accounts receivable, net:
|
|
|
|
|
||||
Oil and natural gas
|
|
42,189
|
|
|
43,192
|
|
||
Joint interest owners
|
|
26,673
|
|
|
23,414
|
|
||
Other
|
|
401
|
|
|
2
|
|
||
Fair value of derivatives (Notes 4 and 5)
|
|
24,343
|
|
|
6,162
|
|
||
Prepaid expenses and other current assets (Note 1)
|
|
8,457
|
|
|
7,447
|
|
||
Total current assets
|
|
103,277
|
|
|
82,772
|
|
||
Oil and natural gas properties using the successful efforts method, at cost:
|
|
|
|
|
|
|
||
Proved properties
|
|
3,276,421
|
|
|
3,305,856
|
|
||
Unproved properties
|
|
22,287
|
|
|
13,448
|
|
||
Accumulated depletion, depreciation, amortization and impairment
|
|
(2,125,166
|
)
|
|
(2,137,395
|
)
|
||
|
|
1,173,542
|
|
|
1,181,909
|
|
||
Other property and equipment, net of accumulated depreciation and amortization of $11,047 and $10,412, respectively
|
|
2,898
|
|
|
3,423
|
|
||
Operating rights, net of amortization of $5,567 and $5,369, respectively
|
|
1,449
|
|
|
1,648
|
|
||
Fair value of derivatives (Notes 4 and 5)
|
|
27,767
|
|
|
20,553
|
|
||
Other assets
|
|
8,452
|
|
|
8,874
|
|
||
Investments in equity method investees
|
|
658
|
|
|
647
|
|
||
Total assets
|
|
$
|
1,318,043
|
|
|
$
|
1,299,826
|
|
LIABILITIES AND PARTNERS' DEFICIT
|
||||||||
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(In thousands)
|
||||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
8,983
|
|
|
$
|
9,092
|
|
Accrued oil and natural gas liabilities (Note 1)
|
|
61,767
|
|
|
53,248
|
|
||
Fair value of derivatives (Notes 4 and 5)
|
|
94
|
|
|
9,743
|
|
||
Asset retirement obligation (Note 6)
|
|
2,980
|
|
|
2,980
|
|
||
Other
|
|
9,016
|
|
|
11,546
|
|
||
Total current liabilities
|
|
82,840
|
|
|
86,609
|
|
||
Long-term debt (Note 2)
|
|
1,180,047
|
|
|
1,161,394
|
|
||
Asset retirement obligation (Note 6)
|
|
268,803
|
|
|
269,168
|
|
||
Fair value of derivatives (Notes 4 and 5)
|
|
—
|
|
|
4,091
|
|
||
Other long-term liabilities
|
|
643
|
|
|
643
|
|
||
Total liabilities
|
|
1,532,333
|
|
|
1,521,905
|
|
||
Commitments and contingencies (Note 3)
|
|
|
|
|
|
|
||
Partners' deficit (Note 7):
|
|
|
|
|
|
|
||
Series A Preferred equity - 2,300,000 units issued and outstanding at June 30, 2017 and December 31, 2016
|
|
55,192
|
|
|
55,192
|
|
||
Series B Preferred equity - 7,200,000 units issued and outstanding at June 30, 2017 and December 31, 2016
|
|
174,261
|
|
|
174,261
|
|
||
Incentive distribution equity - 100,000 units issued and outstanding at June 30, 2017 and December 31, 2016
|
|
30,814
|
|
|
30,814
|
|
||
Limited partners' deficit - 72,559,430 and 72,056,097 units issued and outstanding at June 30, 2017 and December 31, 2016, respectively
|
|
(474,412
|
)
|
|
(482,200
|
)
|
||
General partner's deficit (approximately 0.03%)
|
|
(145
|
)
|
|
(146
|
)
|
||
Total partners' deficit
|
|
(214,290
|
)
|
|
(222,079
|
)
|
||
Total liabilities and partners' deficit
|
|
$
|
1,318,043
|
|
|
$
|
1,299,826
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands, except per unit data)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Oil sales
|
|
$
|
46,096
|
|
|
$
|
41,272
|
|
|
$
|
95,238
|
|
|
$
|
71,592
|
|
Natural gas liquids (NGL) sales
|
|
4,921
|
|
|
3,922
|
|
|
9,971
|
|
|
6,375
|
|
||||
Natural gas sales
|
|
41,830
|
|
|
28,173
|
|
|
87,185
|
|
|
61,259
|
|
||||
Total revenues
|
|
92,847
|
|
|
73,367
|
|
|
192,394
|
|
|
139,226
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||
Oil and natural gas production
|
|
44,802
|
|
|
44,561
|
|
|
96,019
|
|
|
94,584
|
|
||||
Production and other taxes
|
|
4,145
|
|
|
3,390
|
|
|
8,304
|
|
|
5,963
|
|
||||
General and administrative
|
|
8,581
|
|
|
10,993
|
|
|
19,133
|
|
|
20,427
|
|
||||
Depletion, depreciation, amortization and accretion
|
|
27,689
|
|
|
37,668
|
|
|
56,485
|
|
|
74,627
|
|
||||
Impairment of long-lived assets
|
|
1,821
|
|
|
—
|
|
|
9,883
|
|
|
15,447
|
|
||||
(Gain) loss on disposal of assets
|
|
11,049
|
|
|
(9,141
|
)
|
|
5,525
|
|
|
(40,842
|
)
|
||||
Total expenses
|
|
98,087
|
|
|
87,471
|
|
|
195,349
|
|
|
170,206
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating loss
|
|
(5,240
|
)
|
|
(14,104
|
)
|
|
(2,955
|
)
|
|
(30,980
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest income
|
|
8
|
|
|
16
|
|
|
9
|
|
|
54
|
|
||||
Interest expense (Notes 2, 4 and 5)
|
|
(20,614
|
)
|
|
(20,302
|
)
|
|
(40,747
|
)
|
|
(45,478
|
)
|
||||
Gain on extinguishment of debt (Note 2)
|
|
—
|
|
|
19,998
|
|
|
—
|
|
|
150,802
|
|
||||
Equity in income (loss) of equity method investees
|
|
1
|
|
|
(9
|
)
|
|
12
|
|
|
(14
|
)
|
||||
Net gains (losses) on commodity derivatives (Notes 4 and 5)
|
|
14,516
|
|
|
(37,675
|
)
|
|
49,185
|
|
|
(20,637
|
)
|
||||
Other
|
|
402
|
|
|
(98
|
)
|
|
362
|
|
|
(192
|
)
|
||||
Income (loss) before income taxes
|
|
(10,927
|
)
|
|
(52,174
|
)
|
|
5,866
|
|
|
53,555
|
|
||||
Income tax expense
|
|
(150
|
)
|
|
(87
|
)
|
|
(571
|
)
|
|
(487
|
)
|
||||
Net income (loss)
|
|
$
|
(11,077
|
)
|
|
$
|
(52,261
|
)
|
|
$
|
5,295
|
|
|
$
|
53,068
|
|
Distributions to preferred unitholders
|
|
(4,750
|
)
|
|
(4,750
|
)
|
|
(9,500
|
)
|
|
(8,708
|
)
|
||||
Net income (loss) attributable to unitholders
|
|
$
|
(15,827
|
)
|
|
$
|
(57,011
|
)
|
|
$
|
(4,205
|
)
|
|
$
|
44,360
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per unit - basic and diluted (Note 7)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.81
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
0.64
|
|
Weighted average number of units used in computing net income (loss) per unit -
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
72,354
|
|
|
70,071
|
|
|
72,229
|
|
|
69,518
|
|
|
|
Series A Preferred Equity
|
|
Series B Preferred Equity
|
|
Incentive Distribution Equity
|
|
Partners' Deficit
|
|
|
||||||||||||||||||||||||||
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
Limited Partner Units
|
|
Limited Partner Amount
|
|
General Partner Amount
|
|
Total Partners' Deficit
|
||||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Balance, December 31, 2016
|
|
2,300
|
|
|
$
|
55,192
|
|
|
7,200
|
|
|
$
|
174,261
|
|
|
100
|
|
|
$
|
30,814
|
|
|
72,056
|
|
|
$
|
(482,200
|
)
|
|
$
|
(146
|
)
|
|
$
|
(222,079
|
)
|
Units issued to Legacy Board of Directors for services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
287
|
|
|
586
|
|
|
—
|
|
|
586
|
|
||||||
Unit-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,908
|
|
|
—
|
|
|
1,908
|
|
||||||
Vesting of restricted and phantom units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,294
|
|
|
1
|
|
|
5,295
|
|
||||||
Balance, June 30, 2017
|
|
2,300
|
|
|
$
|
55,192
|
|
|
7,200
|
|
|
$
|
174,261
|
|
|
100
|
|
|
$
|
30,814
|
|
|
72,559
|
|
|
$
|
(474,412
|
)
|
|
$
|
(145
|
)
|
|
$
|
(214,290
|
)
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
5,295
|
|
|
$
|
53,068
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depletion, depreciation, amortization and accretion
|
|
56,485
|
|
|
74,627
|
|
||
Amortization of debt discount and issuance costs
|
|
3,713
|
|
|
6,975
|
|
||
Gain on extinguishment of debt
|
|
—
|
|
|
(150,802
|
)
|
||
Impairment of long-lived assets
|
|
9,883
|
|
|
15,447
|
|
||
(Gain) loss on derivatives
|
|
(49,942
|
)
|
|
26,269
|
|
||
Equity in (income) loss of equity method investees
|
|
(12
|
)
|
|
14
|
|
||
Unit-based compensation
|
|
2,827
|
|
|
4,003
|
|
||
(Gain) loss on disposal of assets
|
|
5,525
|
|
|
(40,842
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
|
||||
(Increase) decrease in accounts receivable, oil and natural gas
|
|
1,003
|
|
|
(1,634
|
)
|
||
(Increase) decrease in accounts receivable, joint interest owners
|
|
(3,259
|
)
|
|
11,626
|
|
||
(Increase) decrease in accounts receivable, other
|
|
(399
|
)
|
|
84
|
|
||
(Increase) decrease in other assets
|
|
160
|
|
|
(2,452
|
)
|
||
Decrease in accounts payable
|
|
(109
|
)
|
|
(9,859
|
)
|
||
Increase in accrued oil and natural gas liabilities
|
|
8,519
|
|
|
4,513
|
|
||
Decrease in other liabilities
|
|
(4,558
|
)
|
|
(5,663
|
)
|
||
Total adjustments
|
|
29,836
|
|
|
(67,694
|
)
|
||
Net cash provided by (used in) operating activities
|
|
35,131
|
|
|
(14,626
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Investment in oil and natural gas properties
|
|
(61,910
|
)
|
|
(14,103
|
)
|
||
(Costs) proceeds associated with sale of assets
|
|
(199
|
)
|
|
87,475
|
|
||
Investment in other equipment
|
|
(110
|
)
|
|
(312
|
)
|
||
Net cash settlements received on commodity derivatives
|
|
10,807
|
|
|
44,871
|
|
||
Net cash (used in) provided by investing activities
|
|
(51,412
|
)
|
|
117,931
|
|
||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Proceeds from long-term debt
|
|
211,000
|
|
|
81,000
|
|
||
Payments of long-term debt
|
|
(196,000
|
)
|
|
(181,402
|
)
|
||
Payments of debt issuance costs
|
|
(60
|
)
|
|
(3,769
|
)
|
||
Net cash provided by (used in) financing activities
|
|
14,940
|
|
|
(104,171
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(1,341
|
)
|
|
(866
|
)
|
||
Cash, beginning of period
|
|
2,555
|
|
|
2,006
|
|
||
Cash, end of period
|
|
$
|
1,214
|
|
|
$
|
1,140
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
||
Asset retirement obligations associated with properties sold
|
|
$
|
(5,650
|
)
|
|
$
|
(21,664
|
)
|
Note receivable received in exchange for sale of oil and natural gas properties
|
|
$
|
748
|
|
|
$
|
—
|
|
Units issued in exchange for outstanding Senior Notes
|
|
$
|
—
|
|
|
$
|
(6,607
|
)
|
(1)
|
Summary of Significant Accounting Policies
|
(a)
|
Organization, Basis of Presentation and Description of Business
|
(b)
|
Accrued Oil and Natural Gas Liabilities
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(In thousands)
|
||||||
Revenue payable to joint interest owners
|
$
|
23,485
|
|
|
$
|
19,576
|
|
Accrued lease operating expense
|
14,564
|
|
|
17,696
|
|
||
Accrued capital expenditures
|
12,471
|
|
|
7,019
|
|
||
Accrued ad valorem tax
|
7,502
|
|
|
5,300
|
|
||
Other
|
3,745
|
|
|
3,657
|
|
||
|
$
|
61,767
|
|
|
$
|
53,248
|
|
(2)
|
Long-Term Debt
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Credit Facility due 2019
|
|
$
|
478,000
|
|
|
$
|
463,000
|
|
Second Lien Term Loans due 2020
|
|
60,000
|
|
|
60,000
|
|
||
8% Senior Notes due 2020
|
|
232,989
|
|
|
232,989
|
|
||
6.625% Senior Notes due 2021
|
|
432,656
|
|
|
432,656
|
|
||
|
|
1,203,645
|
|
|
1,188,645
|
|
||
Unamortized discount on Second Lien Term Loans and Senior Notes
|
|
(11,579
|
)
|
|
(12,802
|
)
|
||
Unamortized debt issuance costs
|
|
(12,019
|
)
|
|
(14,449
|
)
|
||
Total Long-Term Debt
|
|
$
|
1,180,047
|
|
|
$
|
1,161,394
|
|
•
|
first lien debt to EBITDA for the four fiscal quarters ending on the last day of the fiscal quarter immediately preceding the date of determination for which financial statements are available to not be greater than: (i)
3.00
to 1.00, at any time during the fiscal quarter ending June 30, 2017 and (ii)
2.50
to 1.00, at any time on or after July 1, 2017;
|
•
|
secured debt to EBITDA as of the last day of any fiscal quarter for the four fiscal quarters then ending of not more than
4.5
to 1.0, beginning with the fiscal quarter ending on December 31, 2018;
|
•
|
as of the last day of the most recent quarter, total EBITDA over the last four quarters to total interest expense over the last four quarters to be greater than
2.0
to 1.0;
|
•
|
consolidated current assets, as of the last day of the most recent quarter and including the unused amount of the total commitments, to consolidated current liabilities as of the last day of the most recent quarter of not less than
1.0
to 1.0, excluding non-cash assets and liabilities under FASB Accounting Standards Codification 815, which includes the current portion of oil, natural gas and interest rate derivatives; and
|
•
|
the ratio of (a) the sum of (i) the net present value using NYMEX forward pricing, discounted at
10
percent per annum, of Legacy’s proved developed producing oil and gas properties (“PDP PV-10”) as reflected in the most recent reserve report delivered either July 1 or December 31 of each year, as the case may be, beginning with the reserve report to be delivered on July 1, 2017 (giving pro forma effect to material acquisitions or dispositions since the date of such reports), (ii) the net mark to market value of Legacy’s swap agreements and (iii) Legacy’s cash and cash equivalents, in each case as of such date to (b) Secured Debt as of such day to be equal to or less than
1.00
to 1.00 beginning with the fiscal quarter ending June 30, 2017.
|
•
|
not permit, beginning with the fiscal quarter ending June 30, 2017, the ratio of the sum of (i) the net present value using NYMEX forward pricing of Legacy’s PDP PV-10, (ii) the net mark to market value of Legacy’s swap agreements and (iii) Legacy’s cash and cash equivalents to Secured Debt to be less than
1.0
to 1.0; and
|
•
|
not permit, as of the last day of any fiscal quarter beginning with the fiscal quarter ending December 31, 2018, Legacy’s ratio of Secured Debt as of such day to EBITDA for the four fiscal quarters then ending to be greater than
4.50
to 1.00.
|
Year
|
|
Percentage
|
|
2016
|
|
104.000
|
%
|
2017
|
|
102.000
|
%
|
2018 and thereafter
|
|
100.000
|
%
|
Year
|
|
Percentage
|
|
2017
|
|
103.313
|
%
|
2018
|
|
101.656
|
%
|
2019 and thereafter
|
|
100.000
|
%
|
(3)
|
Commitments and Contingencies
|
(4)
|
Fair Value Measurements
|
Level 1:
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Legacy considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
|
Level 2:
|
Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that Legacy values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the term of the derivative instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange traded derivatives such as over-the-counter commodity price swaps and collars and interest rate swaps as well as long-term incentive plan liabilities calculated using the Black-Scholes model to estimate the fair value as of the measurement date.
|
Level 3:
|
Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). Legacy’s valuation models are primarily industry standard models that consider various inputs including: (a) quoted forward prices for commodities, (b) time value, and (c) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Level 3 instruments currently are limited to Midland-Cushing crude oil differential swaps. Although Legacy utilizes third party broker quotes to assess the reasonableness of its prices and valuation techniques, Legacy does not have sufficient corroborating evidence to support classifying these assets and liabilities as Level 2.
|
|
|
Fair Value Measurements at June 30, 2017 Using:
|
||||||||||||||
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
Total Carrying Value as of
|
||||||||
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
June 30, 2017
|
||||||||
|
|
(In thousands)
|
||||||||||||||
LTIP (a)
|
|
$
|
—
|
|
|
$
|
(557
|
)
|
|
$
|
—
|
|
|
$
|
(557
|
)
|
Oil and natural gas derivatives
|
|
—
|
|
|
50,446
|
|
|
630
|
|
|
51,076
|
|
||||
Interest rate swaps
|
|
—
|
|
|
940
|
|
|
—
|
|
|
940
|
|
||||
Total
|
|
$
|
—
|
|
|
$
|
50,829
|
|
|
$
|
630
|
|
|
$
|
51,459
|
|
(a)
|
See Note 8 for further discussion on unit-based compensation expenses and the related Long-Term Incentive Plan ("LTIP") liability for certain grants accounted for under the liability method.
|
|
|
Significant Unobservable Inputs
|
||||||||||||||
|
|
(Level 3)
|
||||||||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
|
||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Beginning balance
|
|
$
|
1,666
|
|
|
$
|
(2,828
|
)
|
|
$
|
8
|
|
|
$
|
(4,493
|
)
|
Total gains (losses)
|
|
(747
|
)
|
|
888
|
|
|
492
|
|
|
899
|
|
||||
Settlements, net
|
|
(289
|
)
|
|
650
|
|
|
130
|
|
|
2,304
|
|
||||
Ending balance
|
|
$
|
630
|
|
|
$
|
(1,290
|
)
|
|
$
|
630
|
|
|
$
|
(1,290
|
)
|
Gains (losses) included in earnings relating to derivatives still held as of
June 30, 2017 and 2016
|
|
$
|
(631
|
)
|
|
$
|
581
|
|
|
$
|
89
|
|
|
$
|
978
|
|
|
|
Fair Value Measurements During the Six Months Ended June 30, 2017 Using
|
||||||||||
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||
|
|
(In thousands)
|
||||||||||
Assets:
|
|
|
|
|
|
|
||||||
Impairment (a)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,899
|
|
(a)
|
Legacy periodically reviews oil and natural gas properties for impairment when facts and circumstances indicate that their carrying value may not be recoverable. During the
six
-month period ended
June 30, 2017
, Legacy incurred impairment charges of
$9.9 million
as oil and natural gas properties with a net cost basis of
$20.8 million
were written down to their fair value of
$10.9 million
. In order to determine whether the carrying value of an asset is recoverable, Legacy compares net capitalized costs of proved oil and natural gas properties to estimated undiscounted future net cash flows using management’s expectations
|
(5)
|
Derivative Financial Instruments
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
|
||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Beginning fair value of commodity derivatives
|
|
$
|
43,131
|
|
|
$
|
112,688
|
|
|
$
|
12,698
|
|
|
$
|
118,427
|
|
Total gain (loss) - oil derivatives
|
|
7,776
|
|
|
(5,411
|
)
|
|
22,776
|
|
|
(2,892
|
)
|
||||
Total gain (loss) - natural gas derivatives
|
|
6,740
|
|
|
(32,264
|
)
|
|
26,409
|
|
|
(17,745
|
)
|
||||
Crude oil derivative cash settlements received
|
|
(3,559
|
)
|
|
(9,760
|
)
|
|
(6,698
|
)
|
|
(22,345
|
)
|
||||
Natural gas derivative cash settlements received
|
|
(3,012
|
)
|
|
(12,333
|
)
|
|
(4,109
|
)
|
|
(22,525
|
)
|
||||
Ending fair value of commodity derivatives
|
|
$
|
51,076
|
|
|
$
|
52,920
|
|
|
$
|
51,076
|
|
|
$
|
52,920
|
|
|
|
June 30, 2017
|
||||||||||
|
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts Offset in the Consolidated Balance Sheets
|
|
Net Amounts Presented in the Consolidated Balance Sheets
|
||||||
Offsetting Derivative Assets:
|
|
|
|
(In thousands)
|
|
|
||||||
Commodity derivatives
|
|
$
|
65,471
|
|
|
$
|
(14,395
|
)
|
|
$
|
51,076
|
|
Interest rate derivatives
|
|
1,114
|
|
|
(80
|
)
|
|
1,034
|
|
|||
Total derivative assets
|
|
$
|
66,585
|
|
|
$
|
(14,475
|
)
|
|
$
|
52,110
|
|
|
|
|
|
|
|
|
||||||
Offsetting Derivative Liabilities:
|
|
|
|
|
|
|
||||||
Commodity derivatives
|
|
$
|
(14,395
|
)
|
|
$
|
14,395
|
|
|
$
|
—
|
|
Interest rate derivatives
|
|
(174
|
)
|
|
80
|
|
|
(94
|
)
|
|||
Total derivative liabilities
|
|
$
|
(14,569
|
)
|
|
$
|
14,475
|
|
|
$
|
(94
|
)
|
|
|
|
|
|
|
|
||||||
|
|
December 31, 2016
|
||||||||||
|
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts Offset in the Consolidated Balance Sheets
|
|
Net Amounts Presented in the Consolidated Balance Sheets
|
||||||
Offsetting Derivative Assets:
|
|
|
|
(In thousands)
|
|
|
||||||
Commodity derivatives
|
|
$
|
56,103
|
|
|
$
|
(30,648
|
)
|
|
$
|
25,455
|
|
Interest rate derivatives
|
|
1,328
|
|
|
(68
|
)
|
|
1,260
|
|
|||
Total derivative assets
|
|
$
|
57,431
|
|
|
$
|
(30,716
|
)
|
|
$
|
26,715
|
|
|
|
|
|
|
|
|
||||||
Offsetting Derivative Liabilities:
|
|
|
|
|
|
|
||||||
Commodity derivatives
|
|
$
|
(43,405
|
)
|
|
$
|
30,648
|
|
|
$
|
(12,757
|
)
|
Interest rate derivatives
|
|
(1,145
|
)
|
|
68
|
|
|
(1,077
|
)
|
|||
Total derivative liabilities
|
|
$
|
(44,550
|
)
|
|
$
|
30,716
|
|
|
$
|
(13,834
|
)
|
|
|
|
|
Average
|
|
Price
|
||
Time Period
|
|
Volumes (Bbls)
|
|
Price per Bbl
|
|
Range per Bbl
|
||
July-December 2017
|
|
92,000
|
|
$84.75
|
|
$84.75
|
||
2018
|
|
730,000
|
|
$55.04
|
|
$55.00
|
-
|
$55.15
|
|
|
|
|
Average
|
|
Price
|
||
Time Period
|
|
Volumes (Bbls)
|
|
Price per Bbl
|
|
Range per Bbl
|
||
July-December 2017
|
|
1,104,000
|
|
$(0.30)
|
|
$(0.75)
|
|
$(0.05)
|
2018
|
|
2,190,000
|
|
$(1.22)
|
|
$(1.25)
|
|
$(1.15)
|
|
|
|
|
Average Long
|
|
Average Short
|
Time Period
|
|
Volumes (Bbls)
|
|
Put Price per Bbl
|
|
Call Price per Bbl
|
July-December 2017
|
|
1,104,000
|
|
$45.00
|
|
$59.02
|
2018
|
|
1,551,250
|
|
$47.06
|
|
$60.29
|
|
|
|
|
Average Long
|
|
Average Short
|
|
Average
|
Time Period
|
|
Volumes (Bbls)
|
|
Put Price per Bbl
|
|
Put Price per Bbl
|
|
Swap Price per Bbl
|
July-December 2017
|
|
92,000
|
|
$57.00
|
|
$82.00
|
|
$90.85
|
2018
|
|
127,750
|
|
$57.00
|
|
$82.00
|
|
$90.50
|
|
|
|
|
Average
|
|
Price
|
||
Time Period
|
|
Volumes (MMBtu)
|
|
Price per MMBtu
|
|
Range per MMBtu
|
||
July-December 2017
|
|
13,800,000
|
|
$3.36
|
|
$3.29
|
|
$3.39
|
2018
|
|
42,200,000
|
|
$3.25
|
|
$3.04
|
|
$3.39
|
2019
|
|
25,800,000
|
|
$3.36
|
|
$3.29
|
|
$3.39
|
|
|
|
|
Average Long Put
|
|
Average Short Call
|
Time Period
|
|
Volumes (MMBtu)
|
|
Price per MMBtu
|
|
Price per MMBtu
|
July-December 2017
|
|
7,360,000
|
|
$2.90
|
|
$3.44
|
|
|
|
|
Average Short Put
|
|
Average Long Put
|
|
Average Short Call
|
Time Period
|
|
Volumes (MMBtu)
|
|
Price per MMBtu
|
|
Price per MMBtu
|
|
Price per MMBtu
|
July-December 2017
|
|
2,520,000
|
|
$3.75
|
|
$4.25
|
|
$5.53
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
|
||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Beginning fair value of interest rate swaps
|
|
$
|
1,025
|
|
|
$
|
(4,695
|
)
|
|
$
|
183
|
|
|
$
|
(362
|
)
|
Total gain (loss) on interest rate swaps
|
|
(334
|
)
|
|
(1,977
|
)
|
|
90
|
|
|
(7,049
|
)
|
||||
Cash settlements paid
|
|
249
|
|
|
678
|
|
|
667
|
|
|
1,417
|
|
||||
Ending fair value of interest rate swaps
|
|
$
|
940
|
|
|
$
|
(5,994
|
)
|
|
$
|
940
|
|
|
$
|
(5,994
|
)
|
(6)
|
Asset Retirement Obligation
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(In thousands)
|
||||||
Asset retirement obligation - beginning of period
|
|
$
|
272,148
|
|
|
$
|
286,405
|
|
Liabilities incurred with properties acquired
|
|
—
|
|
|
24
|
|
||
Liabilities incurred with properties drilled
|
|
—
|
|
|
1
|
|
||
Liabilities settled during the period
|
|
(1,102
|
)
|
|
(2,351
|
)
|
||
Liabilities associated with properties sold
|
|
(5,650
|
)
|
|
(24,605
|
)
|
||
Current period accretion
|
|
6,387
|
|
|
12,674
|
|
||
Asset retirement obligation - end of period
|
|
$
|
271,783
|
|
|
$
|
272,148
|
|
(7)
|
Partners' Deficit
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Net income (loss)
|
|
$
|
(11,077
|
)
|
|
$
|
(52,261
|
)
|
|
$
|
5,295
|
|
|
$
|
53,068
|
|
Distributions to preferred unitholders
|
|
(4,750
|
)
|
|
(4,750
|
)
|
|
(9,500
|
)
|
|
(8,708
|
)
|
||||
Net income (loss) attributable to unitholders
|
|
$
|
(15,827
|
)
|
|
$
|
(57,011
|
)
|
|
(4,205
|
)
|
|
44,360
|
|
||
Weighted average number of units outstanding
|
|
72,354
|
|
|
70,071
|
|
|
72,229
|
|
|
69,518
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
||||||||
Restricted and phantom units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average units and potential units outstanding
|
|
72,354
|
|
|
70,071
|
|
|
72,229
|
|
|
69,518
|
|
||||
Basic and diluted income per unit
|
|
$
|
(0.22
|
)
|
|
$
|
(0.81
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
0.64
|
|
(8)
|
Unit-Based Compensation
|
|
|
Units
|
|
Weighted-Average Exercise Price
|
|
Weighted-Average Remaining Contractual Term
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 1, 2017
|
|
884,546
|
|
|
$
|
20.75
|
|
|
3.68
|
|
$
|
—
|
|
Expired and forfeited
|
|
(95,108
|
)
|
|
23.90
|
|
|
|
|
|
|||
Outstanding at June 30, 2017
|
|
789,438
|
|
|
$
|
20.37
|
|
|
3.52
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||
UARs exercisable at June 30, 2017
|
|
501,263
|
|
|
$
|
24.22
|
|
|
2.75
|
|
$
|
—
|
|
|
|
Non-Vested UARs
|
|||||
|
|
Number of Units
|
|
Weighted-Average Exercise Price
|
|||
Non-vested at January 1, 2017
|
|
314,177
|
|
|
$
|
14.16
|
|
Vested
|
|
(14,668
|
)
|
|
20.00
|
|
|
Forfeited
|
|
(9,667
|
)
|
|
17.31
|
|
|
Non-vested at June 30, 2017
|
|
289,842
|
|
|
$
|
13.67
|
|
|
Six Months Ended
|
|
|
June 30,
2017 |
|
Expected life (years)
|
3.52
|
|
Risk free interest rate
|
1.7
|
%
|
Annual distribution rate per unit
|
$0.00
|
|
Volatility
|
85.5
|
%
|
•
|
the level of our lease operating expenses, general and administrative costs and finding and development costs, including payments to our general partner;
|
•
|
our ability to comply with, renegotiate or receive waivers of debt covenants under our revolving credit facility and our term loan credit agreement;
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In thousands, except per unit data)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Oil sales
|
$
|
46,096
|
|
|
$
|
41,272
|
|
|
$
|
95,238
|
|
|
$
|
71,592
|
|
Natural gas liquids (NGL) sales
|
4,921
|
|
|
3,922
|
|
|
9,971
|
|
|
6,375
|
|
||||
Natural gas sales
|
41,830
|
|
|
28,173
|
|
|
87,185
|
|
|
61,259
|
|
||||
Total revenue
|
$
|
92,847
|
|
|
$
|
73,367
|
|
|
$
|
192,394
|
|
|
$
|
139,226
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Oil and natural gas production, excluding ad valorem taxes
|
$
|
42,262
|
|
|
$
|
41,520
|
|
|
$
|
91,490
|
|
|
$
|
88,181
|
|
Ad valorem taxes
|
$
|
2,540
|
|
|
$
|
3,041
|
|
|
$
|
4,529
|
|
|
$
|
6,403
|
|
Total oil and natural gas production
|
$
|
44,802
|
|
|
$
|
44,561
|
|
|
$
|
96,019
|
|
|
$
|
94,584
|
|
Production and other taxes
|
$
|
4,145
|
|
|
$
|
3,390
|
|
|
$
|
8,304
|
|
|
$
|
5,963
|
|
General and administrative, excluding transaction related expenses and LTIP
|
$
|
7,046
|
|
|
$
|
7,777
|
|
|
$
|
15,669
|
|
|
$
|
15,469
|
|
Transaction related expenses
|
$
|
52
|
|
|
$
|
714
|
|
|
$
|
84
|
|
|
$
|
791
|
|
LTIP expense
|
$
|
1,483
|
|
|
$
|
2,502
|
|
|
$
|
3,380
|
|
|
$
|
4,167
|
|
Total general and administrative
|
$
|
8,581
|
|
|
$
|
10,993
|
|
|
$
|
19,133
|
|
|
$
|
20,427
|
|
Depletion, depreciation, amortization and accretion
|
$
|
27,689
|
|
|
$
|
37,668
|
|
|
$
|
56,485
|
|
|
$
|
74,627
|
|
Commodity derivative cash settlements:
|
|
|
|
|
|
|
|
|
|
||||||
Oil derivative cash settlements received
|
$
|
3,559
|
|
|
$
|
9,760
|
|
|
$
|
6,698
|
|
|
$
|
22,345
|
|
Natural gas derivative cash settlements received
|
$
|
3,012
|
|
|
$
|
12,333
|
|
|
$
|
4,109
|
|
|
$
|
22,525
|
|
Production:
|
|
|
|
|
|
|
|
|
|
||||||
Oil (MBbls)
|
1,044
|
|
|
1,039
|
|
|
2,081
|
|
|
2,108
|
|
||||
Natural gas liquids (MGal)
|
8,514
|
|
|
9,663
|
|
|
16,167
|
|
|
17,904
|
|
||||
Natural gas (MMcf)
|
15,604
|
|
|
16,743
|
|
|
31,196
|
|
|
34,009
|
|
||||
Total (MBoe)
|
3,847
|
|
|
4,060
|
|
|
7,665
|
|
|
8,202
|
|
||||
Average daily production (Boe/d)
|
42,275
|
|
|
44,615
|
|
|
42,348
|
|
|
45,066
|
|
||||
Average sales price per unit (excluding derivative cash settlements):
|
|
|
|
|
|
|
|
|
|
||||||
Oil price (per Bbl)
|
$
|
44.15
|
|
|
$
|
39.72
|
|
|
$
|
45.77
|
|
|
$
|
33.96
|
|
Natural gas liquids price (per Gal)
|
$
|
0.58
|
|
|
$
|
0.41
|
|
|
$
|
0.62
|
|
|
$
|
0.36
|
|
Natural gas price (per Mcf)
|
$
|
2.68
|
|
|
$
|
1.68
|
|
|
$
|
2.79
|
|
|
$
|
1.80
|
|
Combined (per Boe)
|
$
|
24.13
|
|
|
$
|
18.07
|
|
|
$
|
25.10
|
|
|
$
|
16.97
|
|
Average sales price per unit (including derivative cash settlements):
|
|
|
|
|
|
|
|
|
|||||||
Oil price (per Bbl)
|
$
|
47.56
|
|
|
$
|
49.12
|
|
|
$
|
48.98
|
|
|
$
|
44.56
|
|
Natural gas liquids price (per Gal)
|
$
|
0.58
|
|
|
$
|
0.41
|
|
|
$
|
0.62
|
|
|
$
|
0.36
|
|
Natural gas price (per Mcf)
|
$
|
2.87
|
|
|
$
|
2.42
|
|
|
$
|
2.93
|
|
|
$
|
2.46
|
|
Combined (per Boe)
|
$
|
25.84
|
|
|
$
|
23.51
|
|
|
$
|
26.51
|
|
|
$
|
22.45
|
|
Average WTI oil spot price (per Bbl)
|
$
|
48.10
|
|
|
$
|
45.46
|
|
|
$
|
49.85
|
|
|
$
|
39.55
|
|
Average Henry Hub natural gas spot price (per MMbtu)
|
$
|
3.08
|
|
|
$
|
2.15
|
|
|
$
|
3.05
|
|
|
$
|
2.07
|
|
Average unit costs per Boe:
|
|
|
|
|
|
|
|
|
|
||||||
Oil and natural gas production, excluding ad valorem taxes
|
$
|
10.99
|
|
|
$
|
10.23
|
|
|
$
|
11.94
|
|
|
$
|
10.75
|
|
Ad valorem taxes
|
$
|
0.66
|
|
|
$
|
0.75
|
|
|
$
|
0.59
|
|
|
$
|
0.78
|
|
Production and other taxes
|
$
|
1.08
|
|
|
$
|
0.83
|
|
|
$
|
1.08
|
|
|
$
|
0.73
|
|
General and administrative excluding transaction related expenses and LTIP
|
$
|
1.83
|
|
|
$
|
1.92
|
|
|
$
|
2.04
|
|
|
$
|
1.89
|
|
Total general and administrative
|
$
|
2.23
|
|
|
$
|
2.71
|
|
|
$
|
2.50
|
|
|
$
|
2.49
|
|
Depletion, depreciation, amortization and accretion
|
$
|
7.20
|
|
|
$
|
9.28
|
|
|
$
|
7.37
|
|
|
$
|
9.10
|
|
•
|
Interest expense;
|
•
|
(Gain) loss on extinguishment of debt
|
•
|
Income tax expense (benefit);
|
•
|
Depletion, depreciation, amortization and accretion;
|
•
|
Impairment of long-lived assets;
|
•
|
(Gain) loss on disposal of assets;
|
•
|
Equity in (income) loss of equity method investees;
|
•
|
Unit-based compensation expense (benefit) related to LTIP unit awards accounted for under the equity or liability methods;
|
•
|
Minimum payments earned in excess of overriding royalty interest;
|
•
|
Equity in EBITDA of equity method investee;
|
•
|
Net (gains) losses on commodity derivatives;
|
•
|
Net cash settlements received (paid) on commodity derivatives;
|
•
|
Transaction related expenses.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In thousands)
|
||||||||||||||
Net income (loss)
|
$
|
(11,077
|
)
|
|
$
|
(52,261
|
)
|
|
$
|
5,295
|
|
|
$
|
53,068
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense
|
20,614
|
|
|
20,302
|
|
|
40,747
|
|
|
45,478
|
|
||||
Gain on extinguishment of debt
|
—
|
|
|
(19,998
|
)
|
|
—
|
|
|
(150,802
|
)
|
||||
Income tax expense
|
150
|
|
|
87
|
|
|
571
|
|
|
487
|
|
||||
Depletion, depreciation, amortization and accretion
|
27,689
|
|
|
37,668
|
|
|
56,485
|
|
|
74,627
|
|
||||
Impairment of long-lived assets
|
1,821
|
|
|
—
|
|
|
9,883
|
|
|
15,447
|
|
||||
(Gain) loss on disposal of assets
|
11,049
|
|
|
(9,141
|
)
|
|
5,525
|
|
|
(40,842
|
)
|
||||
Equity in (income) loss of equity method investees
|
(1
|
)
|
|
9
|
|
|
(12
|
)
|
|
14
|
|
||||
Unit-based compensation expense
|
1,483
|
|
|
2,502
|
|
|
3,380
|
|
|
4,167
|
|
||||
Minimum payments earned in excess of overriding royalty interest(a)
|
470
|
|
|
—
|
|
|
915
|
|
|
802
|
|
||||
Net (gains) losses on commodity derivatives
|
(14,516
|
)
|
|
37,675
|
|
|
(49,185
|
)
|
|
20,637
|
|
||||
Net cash settlements received on commodity derivatives
|
6,571
|
|
|
22,093
|
|
|
10,807
|
|
|
44,870
|
|
||||
Transaction related expenses
|
52
|
|
|
714
|
|
|
84
|
|
|
791
|
|
||||
Adjusted EBITDA
|
$
|
44,305
|
|
|
$
|
39,650
|
|
|
$
|
84,495
|
|
|
$
|
68,744
|
|
(a)
|
A portion of minimum payments earned in excess of overriding royalties earned under a contractual agreement expiring December 31, 2019. The remaining amount of the minimum payments are recognized in net income.
|
Time Period
|
|
Volumes (Bbls)
|
|
Average Price per Bbl
|
|
Price Range per Bbl
|
||
July-December 2017
|
|
92,000
|
|
$84.75
|
|
$84.75
|
||
2018
|
|
730,000
|
|
$55.04
|
|
$55.00
|
-
|
$55.15
|
Time Period
|
|
Volumes (MMBtu)
|
|
Average Price per MMBtu
|
|
Price Range per MMBtu
|
||
July-December 2017
|
|
13,800,000
|
|
$3.36
|
|
$3.29
|
-
|
$3.39
|
2018
|
|
42,200,000
|
|
$3.25
|
|
$3.04
|
-
|
$3.39
|
2019
|
|
25,800,000
|
|
$3.36
|
|
$3.29
|
-
|
$3.39
|
|
|
|
|
Average
|
|
|
||
Time Period
|
|
Volumes (Bbls)
|
|
Price per Bbl
|
|
Price Range per Bbl
|
||
July-December 2017
|
|
1,104,000
|
|
$(0.30)
|
|
$(0.75)
|
-
|
$(0.05)
|
2018
|
|
2,190,000
|
|
$(1.22)
|
|
$(1.25)
|
-
|
$(1.15)
|
2019
|
|
730,000
|
|
$(1.15)
|
|
$(1.15)
|
|
|
|
|
Average Long
|
|
Average Short
|
Time Period
|
|
Volumes (Bbls)
|
|
Put Price per Bbl
|
|
Call Price per Bbl
|
July-December 2017
|
|
1,104,000
|
|
$45.00
|
|
$59.02
|
2018
|
|
1,551,250
|
|
$47.06
|
|
$60.29
|
|
|
|
|
Average Long
|
|
Average Short
|
|
Average
|
Time Period
|
|
Volumes (Bbls)
|
|
Put Price per Bbl
|
|
Put Price per Bbl
|
|
Swap Price per Bbl
|
July-December 2017
|
|
92,000
|
|
$57.00
|
|
$82.00
|
|
$90.85
|
2018
|
|
127,750
|
|
$57.00
|
|
$82.00
|
|
$90.50
|
|
|
|
|
Average Long Put
|
|
Average Short Call
|
Time Period
|
|
Volumes (MMBtu)
|
|
Price per MMBtu
|
|
Price per MMBtu
|
July-December 2017
|
|
7,360,000
|
|
$2.90
|
|
$3.44
|
|
|
|
|
Average Short Put
|
|
Average Long Put
|
|
Average Short Call
|
Time Period
|
|
Volumes (MMBtu)
|
|
Price per MMBtu
|
|
Price per MMBtu
|
|
Price per MMBtu
|
July-December 2017
|
|
2,520,000
|
|
$3.75
|
|
$4.25
|
|
$5.53
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
Period
|
|
Total number of units purchased
|
|
Price paid per unit
|
|
Total number of units purchased as part of publicly announced plans or programs
|
|
Maximum number (or approximate dollar value of units) that may yet be purchased under the plans or programs
|
April 24, 2017
|
|
336(1)
|
|
$2.07
|
|
—
|
|
—
|
May 19, 2017
|
|
25,267(2)
|
|
$2.12
|
|
—
|
|
—
|
|
LEGACY RESERVES LP
By: Legacy Reserves GP, LLC, its General Partner
|
|
|
|
|
|
|
August 3, 2017
|
By:
|
/s/ James Daniel Westcott
|
|
|
|
James Daniel Westcott
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(On behalf of the Registrant and as Principal Financial Officer)
|
|
1 Year Legacy Reserves LP Chart |
1 Month Legacy Reserves LP Chart |
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