The Company has referred to a "debt to trailing twelve month EBITDAX
ratio" in this release to measure relative leverage of the Company.
and Distributable Cash Flow are used by our management to provide additional information and statistics relative to the performance of our business, including (prior to the creation of any reserves) the cash available to pay distributions to our unitholders.
is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies.
as further adjusted to reflect the items set forth in the table below, all of which will be required in determining our compliance with financial covenants under the credit agreements representing our senior credit facility and our second lien credit facility.
See accompanying tables at the end of this press release that reconcile Adjusted EBITDAX
and DCF, each of which are non-US GAAP financial measures, to their most directly comparable US GAAP financial measure.
Management believes EBITDAX
is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure.
Management believes Adjusted EBITDAX
and adjusted net income are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure.
Commenting on third quarter 2015 EBITDAX
and Antero's business model, Paul Rady, Chairman of the Board and CEO, said, "Despite the challenging commodity price environment during the quarter, our results truly show the sustainability of Antero's business model.
for the third quarter of 2015 was $446 million, up from $419 million in the third quarter of 2014, due primarily to higher production volumes and lower operating costs.
This increased non-cash charge does not change the previously reported oil and gas revenues or EBITDAX
or other results.
Additionally, EVEP's debt to EBITDAX
ratio covenants were amended as follows:
4 million in the second quarter of 2011, a 63% increase over Adjusted EBITDAX
for the prior year quarter.