| Quarterly Financial Information (Unaudited) |
Note 16. Quarterly Financial Information (Unaudited)
The following tables present selected quarterly financial data for the periods indicated. Earnings per unit are computed independently for each of the quarters presented and the sum of the quarterly earnings per unit may not necessarily equal the total for the year.
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First |
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Second |
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Third |
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|
Fourth |
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|
|
Quarter |
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|
Quarter |
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|
Quarter |
|
|
Quarter |
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|
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(In thousands, except per unit amounts) |
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|
For the Year Ended December 31, 2014: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
111,649 |
|
|
$ |
136,290 |
|
|
$ |
158,399 |
|
|
$ |
129,881 |
|
|
Operating income (loss) |
|
|
(16,739 |
) |
|
|
(93,294 |
) |
|
|
127,078 |
|
|
|
181,355 |
|
|
Net income (loss) |
|
|
(32,892 |
) |
|
|
(111,640 |
) |
|
|
101,307 |
|
|
|
158,839 |
|
|
Net income (loss) attributable to Memorial Production Partners LP |
|
|
(32,947 |
) |
|
|
(111,628 |
) |
|
|
101,157 |
|
|
|
159,000 |
|
|
Net income (loss) allocated to previous owners |
|
|
1,165 |
|
|
|
2,566 |
|
|
|
(1,919 |
) |
|
|
(4,277 |
) |
|
Net income (loss) noncontrolling interest |
|
|
55 |
|
|
|
(12 |
) |
|
|
150 |
|
|
|
(161 |
) |
|
Limited partners’ interest in net income (loss) |
|
|
(34,118 |
) |
|
|
(114,120 |
) |
|
|
102,925 |
|
|
|
163,066 |
|
|
Basic and diluted earnings per unit |
|
|
(0.56 |
) |
|
|
(1.86 |
) |
|
|
1.39 |
|
|
|
1.88 |
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|
|
|
First |
|
|
Second |
|
|
Third |
|
|
Fourth |
|
|
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
|
|
(In thousands, except per unit amounts) |
|
|
For the Year Ended December 31, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
75,074 |
|
|
$ |
96,907 |
|
|
$ |
99,807 |
|
|
$ |
101,349 |
|
|
Operating income (loss) |
|
|
(1,341 |
) |
|
|
65,253 |
|
|
|
24,401 |
|
|
|
17,300 |
|
|
Net income (loss) |
|
|
(8,535 |
) |
|
|
56,413 |
|
|
|
12,098 |
|
|
|
1,029 |
|
|
Net income (loss) attributable to Memorial Production Partners LP |
|
|
(8,531 |
) |
|
|
56,315 |
|
|
|
11,972 |
|
|
|
982 |
|
|
Net income (loss) allocated to previous owners |
|
|
(3,509 |
) |
|
|
10,136 |
|
|
|
55,265 |
|
|
|
(9,880 |
) |
|
Net income (loss) noncontrolling interest |
|
|
(4 |
) |
|
|
98 |
|
|
|
126 |
|
|
|
47 |
|
|
Limited partners’ interest in net income (loss) |
|
|
(5,017 |
) |
|
|
46,133 |
|
|
|
(43,270 |
) |
|
|
10,831 |
|
|
Basic and diluted earnings per unit |
|
|
(0.14 |
) |
|
|
1.04 |
|
|
|
(0.97 |
) |
|
|
0.18 |
|
The Partnership consummated several common control acquisitions in 2013, as further discussed in Note 12, directly or indirectly from Memorial Resource and certain affiliates of NGP. The quarterly financial information for the years ended December 31, 2014 and 2013 presented above has been retrospectively revised for these common control transactions and for the Property Swap as discussed in Notes 1 and 18. See Notes 2 and 10 for additional information regarding earnings per unit. |