Vanguard Natural Resources reported results for the full year and fourth quarter ended December 31, 2015.
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Q4 adjusted EBITDA increased 6% to $132.7 million from $125.6 million in the fourth quarter of 2014 and increased 50% compared to the $88.2 million recorded in the third quarter of 2015.
Distributable cash flow available to Common and Class B Unitholders decreased 11% to $65.5 million compared to the $73.9 million generated in the fourth quarter of 2014 and increased 109% from the $31.3 million generated in the third quarter of 2015.
Vanguard Natural Resources reported a net loss attributable to Common and Class B Unitholders for the quarter of $515.1 million or $(4.02) per basic unit after deducting distributions to Preferred Unitholders compared to a net loss of $66.8 million or $(0.80) per basic unit in the fourth quarter of 2014.
Adjusted net income available to Common and Class B Unitholders was $63.0 million in the fourth quarter of 2015, or $0.49 per basic unit, as compared to $16.1 million, or $0.19 per basic unit, in the fourth quarter of 2014.
The recent quarter includes net non-cash expenses of $566.4 million that are adjustments to arrive at adjusted net income available to Common and Class B Unitholders.
The 2015 adjustments include a $484.9 million impairment charge on our oil and natural gas properties, a $71.4 million goodwill impairment loss and a $43.6 million loss from the change in fair value of commodity derivative contracts, offset by a $40.8 million net gain from our acquisitions and mergers.
The fourth quarter of 2014 results include net non-cash expenses of $82.5 million.
Full year 2015
Adjusted EBITDA decreased 6% to $396.8 million from the $421.4 million generated in 2014. Distributable cash flow available to Common and Class B Unitholders decreased 23% to $164.6 million from the $214.9 million generated in 2014.
Vanguard Natural Resources reported a net loss attributable to Common and Class B unitholders for the year ended December 31, 2015 of $1.9 billion or $(19.80) per basic unit compared to a net income of $46.1 million or $0.56 per basic unit in the year ended December 31, 2014.
Adjusted net income available to Common and Class B Unitholders was $76.0 million in 2015, or $0.78 per unit, compared to $90.6 million, or $1.10 per unit, in 2014.
The 2015 results include net non-cash losses of $2 billion that are adjustments to arrive at adjusted net income available to Common and Class B Unitholders.
The 2015 adjustments include a $1.8 billion impairment charge on our oil and natural gas properties, a $71.4 million goodwill impairment loss and a $61.6 million loss from the change in fair value of commodity derivative contracts, offset by a $40.5 million net gain on acquisitions and mergers.
The 2014 results include non-cash losses of $43.7 million. ■