On April 29, Vanguard Natural Resources LLC (NASDAQ: VNR) detailed its financial results for first-quarter 2014, which ended March 31.
Net income was $24.6 million, up from first-quarter 2013’s $16.9 million, the company said.Capex had increased from first-quarter 2013, the company said, noting that it was $31.2 million compared to $14.6 million. The capex covered drilling, workover and well recompletions, the company said.
Throughout the year, low-risk development drilling will be focused on natural gas and oil wells with a high British thermal unit, Vanguard added. The capital budget for the year should range between $105 million and $110 million, excluding acquisitions, the company noted. Out of that amount, 71% of the remainder will support the recent
Pinedale acquisition in the Green River Basin, 8% will support the Permian Basin and 2% will support the Big Horn Basin, Vanguard added.
Recently, Vanguard acquired natural gas and NGL properties in Wyoming’s Wamsutter Field from Marathon Oil Co. (NYSE: MRO), the company said, noting that it gave 75% of its working interests in Wyoming’s Gooseberry Field to Marathon. This $12 million transaction was scheduled to close May 1, Vanguard added, noting that credit facility borrowings would support it.
Regarding liquidity, Vanguard had $761 million in outstanding borrowings and $536.2 million of borrowing capacity under its credit facility on April 29, the company said. A semiannual redetermination targeted an increase, to $1.525 billion, of the borrowing base, the company noted. The company has about $10 million in cash, Vanguard added.
Houston-based Vanguard Resources acquires, produces and develops oil and natural gas domestic properties.
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