- Memorial Production Partners (NASDAQ:MEMP -8.7%) is sharply lower after reporting a Q3 loss of $2.31/share and a substantial revenue miss.
- MEMP says Q3 EBITDA fell to $80.8M from $82.9M in Q2, mostly due to lower realized prices for oil and natural gas liquids, and distributable cash flow fell to $27.4M from $29.2M in Q2.
- MEMP says Q3 production rose 3% to 254.3M cfe/day vs. 247.8M cfe/day in Q2; sees FY 2015 production of 249M-257M cfe/day and EBITDA of $329M.
- Separately, MEMP agrees to acquire the remaining interests in its oil and gas properties offshore Southern California for ~$101M; the company expects the deal to be immediately accretive to distributable cash flow and net asset value.