Eagle Rock Energy ends Q3 with $335 million liquidity; continues to focus on growth opportunities

By Lisa Kerner

Charlotte, N.C., Nov. 19 – Eagle Rock Energy Partners, LP had liquidity of more than $335 million, total debt of $276.8 million and a net leverage ratio of 2.3 times at the end of its third quarter on Sept. 30.

The company provided the information during a presentation on Thursday at the 2014 RBC Capital Markets MLP Conference in Dallas.

The presentation also highlighted Eagle Rock’s focus on “growing through accretive acquisitions of MLP-appropriate assets” to reduce “its existing decline and drive growth in distributable cash flow.”

Eagle Rock’s long-term financial plan could include the use of RGP units as “a potential source of future liquidity to finance acquisition growth,” otherwise the company would finance growth with 50% debt and 50% equity, according to presentation materials.

In October, the company announced a common unit repurchase program of up to $100 million that will end on March 31, 2016.

Eagle Rock is a midstream and upstream oil and natural gas company based in Houston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.