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Legacy Reserves LP.(LGCY)

 
123Jump Rating: - Value Gap   Underwriters: Wachovia Sec.
      Raymond James & Assoc.
Status: Priced  
 
Address: 303 W. Wall St., Ste. 1600
 FiledDate: 11/13/2006
  Midland,
    
  TX 79701
 Filed Price Range ($):
       
Telephone: 432-682-2516 Filed Offer Amount ($ Million): $138.00
       
Fax: 432-684-3774 Shares Offered (Millions): 6
       
Websites: www.LegacyLP.com Shares Outstanding (Millions): 24.46
       
Management: Cary Brown, Chair./CEO
 IPO Date: 01/12/2007
  Steven Pruett, Pres./CFO
    
  Kyle McGraw, EVP
 Final Offer Price ($): $19.00
       
Industry: Oil & Gas Final Offer Size (Millions of Shares): 6.00
       
Employees: 23 Final Offer Amount ($ Million): $114.00
       
Competitors: Carrizo Oil & Gas
 S-1 Forms: 2007 S1-Form  download
  Exploration Company
    
  Occidental Permian
  
       
     
     
     
       
 
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Business Environment

The Denton field is an oil and natural gas field located in Lea County, New Mexico. The Devonian Formation at depths of 11,000 to 12,700 feet is the primary reservoir in the Denton field. Additional production has been developed in the Wolfcamp Formation at depths of 8,900 to 9,600 feet.

The Farmer field is an oil and natural gas field located in Crockett and Reagan County, Texas. The San Andres Formation at depths of 2,100 to 2,600 feet is the primary reservoir in the Farmer field.

The Langlie Mattix field is an oil and natural gas field located in Lea County, New Mexico. The Queen Formation at depths of 3,400 to 3,800 feet is the primary reservoir in the Langlie Mattix field.

The Howard Glasscock, Iatan and Iatan East Howard fields adjoin one another and are located in Howard and Mitchell counties, Texas.

The Hobbs field is an oil and natural gas field located in Lea County, New Mexico. The Grayburg and San Andres formations at depths of 3,850 to 4,300 feet are the primary reservoirs in the Hobbs field.

Company Strategy
The Company is an independent oil and natural gas limited partnership, headquartered in Midland, Texas, focused on the acquisition and exploitation of oil and natural gas properties primarily located in the Permian Basin of West Texas and southeast New Mexico.
Product/Services Portfolio
The Company focuses on identifying, evaluating, executing, integrating and exploiting acquisitions of oil and natural gas properties in the Permian Basin, a large basin characterized by fragmented ownership.

The Company’s exploitation activities include accessing additional productive formations in existing wellbores, formation stimulation, artificial lift equipment enhancement, infill drilling on closer well spacing, secondary (waterflood) and tertiary (CO2) recovery projects, drilling for deeper formations and completing unconventional and tight formations.

The Company designs and manages the development, recompletion or workover for all of the wells it operates and supervises operation and maintenance activities. The Company does not own drilling rigs or other oil field services equipment used for drilling or maintaining wells on properties it operates.

The typical oil and natural gas lease agreement covering the Company’s properties provides for the payment of royalties to the mineral owner for all oil and natural gas produced from any well drilled on the lease premises. Most of the Company’s leases are held by production and do not require lease rental payments.

Investment Analysis
Revenues from the sale of oil were $32.4 million for the nine months ended September 30, 2006 and $11.4 million for the nine months ended September 30, 2005.

Oil and natural gas production expenses increased to $10.2 million for the nine months ended September 30, 2006, from $3.6 million for the nine months ended September 30, 2005.

Depletion, depreciation, amortization and accretion expense was $12.7 million and $0.7 million for the nine months ended September 30, 2006 and 2005, respectively.

Interest income was $93,659 for the nine months ended September 30, 2006 and $153,423 for the nine months ended September 30, 2005.

Interest expense was $4.5 million and $0.3 million for the nine months ended September 30, 2006 and 2005, respectively.

Income Data (Thousand $ Except EPS)
Year Revenues Costs Oper Income Taxes Net Income EPS
2003 11,332,887 7,401,978 3,930,909 0.00 4,226,866 0.00
2004 14,310,132 6,888,385 7,421,747 0.00 9,216,565 0.00
2005 19,384,336 11,676,892 7,707,444 0.00 5,858,908 0.00
2006 12,750,741 17,107,575 -4,356,834 0.00 -7,275,627 0.00
*As of period ended June 30, 2006

Balance Sheet Data (Thousand $)

Year

 Cash Acct Recv. Inventory Total Cur Assets Total Cur Liability PPE Total Assets LT Debt SH Equity
2004 768,763 0.00 0.00 6,568,083 4,897,426 12,223,966 18,792,049 0.00 0.00
2005 1,954,923 0.00 0.00 8,271,087 4,562,205 77,172,025 86,942,191 52,473,000 0.00
2006 920,980 0.00 0.00 15,136,280 14,067,614 241,312,264 264,280,261 84,800,000 0.00
*As of period ended June 30, 2006

Cash Flow Summary (Thousand $)

Year

 Net Cash-Ops Net Cash-Inv Net Cash-Fin Net Change
2003 6,799,124 -8,474,770 1,717,169 41,523
2004 8,586,069 1,023,246 -8,957,670 651,645
2005 14,408,652 -68,964,738 55,742,246 1,186,160
2006 9,393,941 -29,589,869 19,161,985 -1,033,943
*As of period ended June 30, 2006
 
 
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