Stock Market Watch

NGP Capital Resources – Financial results for the Q4 and full year 2011 – NGPC

by ·


NGP Capital Resources Company (Nasdaq:NGPC) today announced its financial results for the fourth quarter and full year 2011.

Highlights for the quarter ended December 31, 2011:

  • Net asset value: $200.3 million, or $9.26 per share
  • Quarterly dividends declared: $0.18 per share

Operating Results:


  • NGPC Total investment income: $5.0 million
  • NGPC Net investment income: $2.2 million, or $0.10 per share
  • NGPC Net realized capital loss on investments: $(0.2) million
  • NGPC Net unrealized loss on investments: $(2.3) million

Portfolio and Investment Activity:

  • New investments made in portfolio companies during the quarter: $18.2 million
  • Redemption of portfolio securities during the quarter: $13.4 million
  • Fair value of portfolio investments at December 31, 2011: $145.1 million
  • Weighted average yield on portfolio investments: 11.6%
  • Number of portfolio companies at December 31, 2011: 19

Portfolio and Investment Activity

During the quarter ended December 31, 2011, we advanced an additional $15.0 million to ATP Oil & Gas Corporation, or ATP, of Houston, Texas, under our limited-term overriding royalty interest in certain offshore oil and gas producing properties operated by ATP in the Gulf of Mexico. This $15.0 million investment is in addition to the $25.0 million advanced to ATP under this arrangement in June 2011 and brings our total investment in the ATP limited-term overriding royalty interest to $28.4 million as of December 31, 2011. As part of the additional advance, we increased the contractual rate of return on the total investment from 13.0% to 14.0%, effective January 1, 2012. Other investments for the period include $2.8 million to Spirit Resources, LLC and $0.4 million for the purchase of oil put options in connection with our ATP investment. Also during the fourth quarter of 2011, we received principal repayments totaling $13.4 million, primarily consisting of partial repayments from ATP, Anadarko Petroleum Corporation 2007-III Drilling Fund and Tammany Oil & Gas LLC.

At December 31, 2011, our targeted investment portfolio consisted of 19 portfolio companies with an aggregate fair value totaling $145.1 million. The weighted average yield on targeted portfolio investments (on a cost basis and exclusive of capital gains or losses) was 11.6% at December 31, 2011, compared to 11.3% at September 30, 2011 and 10.4% at December 31, 2010. This weighted average yield figure is the highest we have reported in over three years.

During the first quarter of 2012, we purchased $7.1 million face amount of Southern Pacific Resources Corp. (“STP”) Second Tier Term Loan (the “STP Term Loan”) in the secondary market, for a total of $7.2 million, or an average price of 101.32. This STP Term Loan was originally issued in January 2011, matures in January 2016, and pays interest at a floating rate which is currently 10.75% per annum, for an effective yield of 10.6%. Proceeds from the STP Term Loan are being used to construct an oil treatment facility in the Canadian oil sands region in Alberta, Canada.

More Posts by this author

edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


Tags:

Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

You may also like...