Memorial Production to Acquire Oil and Gas Properties, Increases Distribution, Revises 2013 Guidance Upward
Memorial Production Partners LP ( MEMP ) edged 0.4% lower in late trade after the company said it will acquire certain oil and gas producing properties in East Texas and North Louisiana from its sponsor, Memorial Resource Development LLC, for a purchase price of $200 million. The transaction will have an effective date of January 1, 2013, and is expected to close in March 2013.
Subject to the closing of this transaction, MEMP's board has approved an increase in the distribution rate to $0.5125 per unit for Q1 2013.
MEMP updated its 2013 guidance; sees full-year EBITDA of $154 million -- $158 million. Analysts forecast EBITDA of $129.5 million.
MEMP is trading at $19.54, near the high in a 52-week range of $15.71 - $20.75.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
