MEMP Q3 report

[Wolfdog2]

Dan, MEMP just reported what looks to me like pretty poor results. Some of the problem is oil/NG pricing, but they also seem to be having a tough time slashing costs. Curious what your thoughts are?

MEMP Memorial Production reports Q3 EPS ($2.31), may not compare to consensus 3c
Reports Q3 revenue $88.08M, consensus $133.01M. Q3 average daily production increased 3% to 254.3 MMcfe vs. 247.8 MMcfe for Q2. Q3 averaged realized prices, including commodity derivatives settlements, were $6.50 per Mcfe vs. $6.72 per Mcfe in Q2. :theflyonthewall.com

Memorial narrows FY15 net average daily production view to 249-257 MMCfe/d
Memorial Production had previously seen FY15 net average daily production of 248-260 MMCfe/d. Backs FY15 CapEx view $205M-$215M. Lowers FY15 midpoint adjusted EBITDA view to $329M from $344M. Lowers FY!5 midpoint distributable cash flow view to $114M from $130M. :theflyonthewall.com

[dan_s]

Production was in line with my forecast. LOE a bit higher. Guidance for NGL production came down a bit.

I have a luncheon to prep for today. Will take a harder look tonight.