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UPDATE 1-Vanguard Natural Resources 4th-quarter beats Street
March 1, 2012 / 1:21 PM / 6 years ago

UPDATE 1-Vanguard Natural Resources 4th-quarter beats Street

* Q4 shr $0.76 vs est $0.52

* Q4 rev $21.9 mln vs $13.5 mln

March 1 (Reuters) - Vanguard Natural Resources LLC’s quarterly profit beat market expectations helped by its recent acquisition of Encore Energy, and the U.S. oil and gas producer forecast higher production in 2012.

October-December net loss attributable to unitholders was $15.2 million, or 42 cents per unit, compared with a loss of $5.6 million, or 21 cents a share, a year-ago.

On an adjusted basis, it earned 76 cents per unit.

Analysts, on an average, expected the company to earn 52 cents a share, according to Thomson Reuters I/B/E/S.

Revenue jumped 63 percent to $21.9 million. Revenue from the sale of oil and gas more than tripled to $86 million.

Boosted by its acquisition of Encore, which closed in December, fourth quarter oil production more than tripled to 674,960 barrels.

For 2012, the company expects to raise its production to 12,900-13,733 barrels of oil equivalent per day (boepd) from 8,776 boepd in 2011.

It has earmarked $35-$40 million for capital expenditures in 2012.

Shares of the company closed at $27.54 on Wednesday on the New York Stock Exchange. (Reporting by Divya Lad in Bangalore; Editing by Sreejiraj Eluvangal)

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