Vanguard Natural Resources, LLC announced preliminary unaudited financial and operating results for the fourth quarter and full year 2014. The company reported adjusted EBITDA of approximately $126 million for the fourth quarter and $421 million for the full year 2014; distributable cash flow available to common and Class B unitholders of approximately $74 million for the fourth quarter and $215 million for the full year 2014; distribution coverage ratio of 1.40x for the fourth quarter and 1.04x for the full year 2014, based on a common distribution of $0.63 per unit and $2.52 per unit, respectively; adjusted net income available to common and Class B Unitholders, per common unit of $0.19 per unit for the fourth quarter and $1.10 per unit for the full year 2014; and reported average production of 402 MMcfe per day for the fourth quarter and 327 MMcfe per day for the full year 2014. Capital expenditure were expected to be $114.6 million for 2014.

For 2015, the company expects adjusted EBITDA of $373 million; capital expenditures of $113.5 million; and distributable cash flow of $147 million. Total net production is expected to be in the range of 360,400 Mcfe per day to 398,000 Mcfe per day. The company currently anticipate a capital budget for 2015 of approximately $113.5 million, excluding any potential future acquisitions. The company expects to spend approximately 50% of the 2015 capital budget on activities in the Green River Basin (Pinedale Anticline) where the company will participate as a non-operated partner in the drilling and completion of vertical natural gas wells. Additionally, the company expects to spend approximately 25% of the 2015 capital budget in the Gulf Coast Basin on the newly acquired East Haynesville assets drilling both vertical and horizontal wells and several recompletion projects. The balance of the 2015 budget is related to maintenance activities in the other operating areas.

For 2016, the company expects adjusted EBITDA of $377.5 million; capital expenditures of $117 million; and distributable cash flow of $143.8 million. Total net production is expected to be in the range of 353,000 Mcfe per day to 393,200 Mcfe per day. During 2015 and 2016, the company intends to concentrate the drilling on low risk, development opportunities with the majority of drilling capital focused on high Btu natural gas wells. For purposes of 2016 guidance, the company assumed the same allocation of capital and drilling results as the 2015 capital plan.