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Memorial Production Partners LP (MEMP) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Memorial Production Partners LP (NASDAQ:MEMP) is an oil and gas limited partnership formed by Memorial Resource. The LP was formed to own, acquire, and develop oil and gas properties in North America. In particular, Memorial Production Partners focuses on owning stable, onshore reserves. Furthermore, the company's assets are located largely in Texas. The company makes money by selling oil and gas produced from its properties[1]
Business Overview
Because Memorial Production LP was formed at its IPO from the assets of Memorial Resource, the company does not have any official, audited financial reports. However, for the 9 months ended in September 2011, the company reported Pro forma earnings. The company's total revenue was $66M.[2]
New Updates
The company's initial public offering of stock on the NASDAQ occurred on December 8, 2011. The company offered 9M shares each for $19. This was at the low end of the $19-$21 price range. The deal raised a total of $171M. The company had originally announced that it would sell 10M shares. The lead mangers of the deal were Citi, Raymond James, and Wells Fargo.[3]
Trends & Forces
Must Acquire in order to Maintain
Because Memorial Production Partners' assets are largely proved and developed wells, there is relatively low uncertainty to its underlying assets. However, this also means that it is clear that the company's assets will decline in value overtime, and it will be forced to acquire new assets in order to maintain its quarterly distributions to interest holders. [4]
- ↑ MEMP S-1/A 2011 PROSPECTUS SUMMARY "Overview" pp. 1-3
- ↑ MEMP S-1/A 2011 PROSPECTUS SUMMARY "Summary Historical and Pro Forma Financial Data" pp. 19-20
- ↑ Renaissance Capital - IPO Home "Memorial Production Partners prices downsized IPO at $19, low end of the range" 9 Dec 2011
- ↑ MEMP S-1/A 2011 PROSPECTUS SUMMARY "Risk Factors" pp. 6-7
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