Profile: Memorial Production Partners LP (MEMP.OQ)

MEMP.OQ on NASDAQ Stock Exchange Global Select Market

17.87USD
1 May 2015
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Memorial Production Partners LP, incorporated on April 4, 2011, is a limited partnership formed by Memorial Resource to own, acquire and exploit oil natural gas properties in North America. As of December 31, 2013, the Company’s total estimated proved reserves were approximately 1,015 Billions of Cubic Feet Equivalent (Bcfe), of which approximately 62% were natural gas and 61% were classified as proved developed reserves. As of December 31, 2013, the Company produced from 2,866 gross (1,663 net) producing wells across its properties, with an average working interest of 58%. It operates through the acquisition, exploitation, development and production of oil and natural gas properties segment. Its business activities are conducted through OLLC, its wholly-owned subsidiary, and its wholly-owned subsidiaries. Its assets consist primarily of producing oil and natural gas properties and are located in Texas, Louisiana, Colorado, Wyoming, New Mexico and offshore Southern California.

The Company has acquired, through equity and asset transactions, oil and natural gas properties located primarily in the Permian Basin, East Texas and the Rockies from Memorial Resource and certain affiliates of NGP for an aggregate purchase price of approximately $603 million. It operates in East Texas/North Louisiana, South Texas, Offshore Southern California, Permian Basin and Rockies. Approximately 59% of the Company’s estimated proved reserves as of December 31, 2013 and approximately 66% of its average daily net production for the three months ended December 31, 2013 are located in the East Texas/North Louisiana region. Its East Texas/Louisiana properties include wells and properties located in Navarro, Anderson, Wood, Upshur, Gregg, Harrison, Rusk, Panola, Leon, Polk, Smith, Tyler and Shelby Counties, Texas and De Soto and Lincoln Parishes, Louisiana. These properties collectively contain 598 Bcfe of estimated net proved reserves as of December 31, 2013 and generated average net production of 110.2 MMcfe/d for the three months ended December 31, 2013. The Company’s East Texas/North Louisiana properties include properties in the Joaquin and Carthage fields in Panola and Shelby Counties, the Willow Springs field located in Gregg County, the East Henderson field located in Rusk County and the Terryville field located in Lincoln Parish.

Approximately 16% of the Company’s estimated proved reserves as of December 31, 2013 and approximately 14% of its average daily net production for the three months ended December 31, 2013 are located in the South Texas region. Its South Texas properties include wells and properties in numerous natural gas weighted fields located in McMullen, Live Oak, Duval, Jim Hogg, Webb and Zapata Counties, Texas, including the NE Thompsonville, Laredo and East Seven Sisters fields. The Company’s South Texas properties contain 162 Bcfe of estimated net proved reserves as of December 31, 2013. Those properties collectively generated average net production of 23.4 MMcfe/d for the three months ended December 31, 2013.

Approximately 8% of the Company’s estimated proved reserves as of December 31, 2013 and approximately 6% of its average daily net production for the three months ended December 31, 2013 are located offshore Southern California. These properties, the Beta properties, consist of a 51.75% working interest and a 35.03% average net revenue interest in three Pacific Outer Continental Shelf blocks (P-0300, P-0301 and P-0306), referred to as the Beta unit, in the Beta Field located in federal waters approximately 11 miles offshore the Port of Long Beach, California; a 4.575% overriding royalty interest in the Beta unit; a 51.75% undivided interest in two wellbore production platforms with permanent drilling equipment systems and one production handling and processing platform, and a 51.75% controlling equity interest in a 17.5 mile pipeline and an onshore tankage and metering facility. The Company’s Beta properties contain 14.30 MMBbls of estimated net proved reserves as of December 31, 2013. The Beta properties collectively generated average net production of 1,543 Bbls/d for the three months ended December 31, 2013. The Beta properties include a 51.75% undivided interest in two wellbore production platforms, referred to as the Ellen and Eureka platforms, with permanent drilling equipment systems and one production handling and processing platform, referred to as the Elly platform. The Elly platform, which is bridge connected to the Ellen platform, handles production and processing for the Ellen and Eureka platforms as well as sales connectivity for a third-party platform. The Ellen platform is located in block P-0300 in the Beta Field and currently has 80 well slots. The Eureka platform is located in block P-0301 in the Beta Field and currently has 60 well slots.

Approximately 11% of the Company’s estimated proved reserves as of December 31, 2013 and approximately 8% of its average daily net production for the three months ended December 31, 2013 are located in the Permian Basin region of West Texas and New Mexico. Its Permian Basin properties include wells in Andrews, Archer, Baylor, Cochran, Coke, Crane, Crockett, Dawson, Ector, Gaines, Glasscock, Hockley, Jones, Loving, Pecos, Runnels, Shackelford, Terry, Tom Green, Ward, Winkler and Yoakum Counties of Texas and Eddy County of New Mexico. Key fields include the Anita, Atoka, Bronte, Dimmitt, Elkhorn, Hendrick, Kingdom Abo and North Square Lake fields. The Company’s Permian Basin properties contain 16.7 MMBbls and 8.1 Bcf of estimated net proved reserves of oil and natural gas, respectively, as of December 31, 2013 and generated average net production of 13.3 MMcfe/d for the three months ended December 31, 2013.

Approximately 6% of the Company’s estimated proved reserves as of December 31, 2013 and approximately 7% of its average daily net production for the three months ended December 31, 2013 are located in the Rockies region. Its Rockies properties are located in Larimer County in Colorado and Lincoln, Sublette, Sweetwater and Uinta Counties of Wyoming. Key fields include the Bird Canyon, Swan, Fort Collins, Lincoln Road and Mesa fields. Its Rockies properties contains 1.6 MMBbls and 50.2 Bcf of estimated net proved reserves of oil and natural gas, respectively, as of December 31, 2013 and has generated average net production of 11.5 MMcfe/d for the three months ended December 31, 2013.

Company Address

Memorial Production Partners LP

500 Dallas St Ste 1800
HOUSTON   TX   77002-2067
P: +1713.5888300
F: +1800.2535177

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