Memorial Production Partners LP Announces Common Unit Repurchase Program
19 December 2014 - 1:18AM
Memorial Production Partners LP (Nasdaq:MEMP) announced today that
the board of directors of its general partner authorized the
repurchase of up to $150 million of MEMP's common units.
"This common unit repurchase program reflects our Board of
Director's and management's commitment to increasing unitholder
value. We believe that at recent trading levels, repurchasing
MEMP's common units is a prudent investment, and given our strong
balance sheet, we can implement this program and still have
sufficient liquidity to grow the partnership through accretive
acquisitions and the development of our assets," said John A.
Weinzierl, Chairman and CEO. "Further, despite the recent commodity
price volatility, we remain confident in our ability to maintain
distributions based on our strong asset base and best in class
hedging program."
Under the program's terms, units may be repurchased from time to
time at MEMP's discretion on the open market, through block trades
or otherwise and are subject to market conditions, applicable legal
requirements and other considerations. The authorization is
effective immediately. The repurchase program does not obligate
MEMP to repurchase any dollar amount or specific number of common
units and may be discontinued at any time.
About Memorial Production Partners LP
Memorial Production Partners LP is a publicly traded partnership
engaged in the acquisition, production and development of oil and
natural gas properties in the United States. MEMP's properties
consist of mature, legacy oil and natural gas fields. MEMP is
headquartered in Houston, Texas. For more information, visit
www.memorialpp.com.
Forward-Looking Statements
This press release may include "forward-looking statements." All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that MEMP expects, believes or anticipates will or may occur in the
future are forward-looking statements. Terminology such as "will,"
"may," "should," "expect," "plan," "project," "intend," "estimate,"
"believe," "target," "continue," "potential," the negative of such
terms or other comparable terminology often identify
forward-looking statements. These statements are based on certain
assumptions made by MEMP based on its experience and perception of
historical trends, current conditions, expected future developments
and other factors it believes are appropriate in the circumstances.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of MEMP, which
may cause MEMP's actual results to differ materially from those
implied or expressed by the forward-looking statements. Please read
MEMP's filings with the Securities and Exchange Commission ("SEC"),
including "Risk Factors" in MEMP's Annual Report on Form 10-K and
if applicable, MEMP's Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K, for a discussion of risks and uncertainties
that could cause actual results to differ from those in such
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking statements
are qualified in their entirety by these cautionary statements.
Except as required by law, MEMP undertakes no obligation and does
not intend to update these forward-looking statements to reflect
events or circumstances occurring after this press release.
CONTACT: Memorial Production Partners LP
Ronnetta Eaton - Manager, Investor Relations
(713) 588-8350
ir@memorialpp.com
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