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Equity and Distributions (Tables)
12 Months Ended
Dec. 31, 2016
Limited Partners Capital Account [Line Items]  
Summary of Changes in Number of Outstanding Units

The following table summarizes changes in the number of outstanding units since December 31, 2013:

 

 

 

 

 

 

 

 

 

General

 

 

Common

 

 

Subordinated

 

 

Partner

 

Balance, December 31, 2013

 

55,877,831

 

 

 

5,360,912

 

 

 

61,300

 

Common units issued

 

24,840,000

 

 

 

 

 

 

 

Restricted common units issued

 

684,954

 

 

 

 

 

 

 

Restricted common units forfeited

 

(38,294

)

 

 

 

 

 

 

Restricted common units repurchased (1)

 

(42,587

)

 

 

 

 

 

 

Common units repurchased under repurchase program

 

(899,912

)

 

 

 

 

 

 

General partner units issued

 

 

 

 

 

 

 

25,497

 

Balance, December 31, 2014

 

80,421,992

 

 

 

5,360,912

 

 

 

86,797

 

Restricted common units issued

 

827,704

 

 

 

 

 

 

 

Restricted common units forfeited

 

(69,059

)

 

 

 

 

 

 

Restricted common units repurchased (1)

 

(87,228

)

 

 

 

 

 

 

Common units repurchased under repurchase program

 

(3,547,921

)

 

 

 

 

 

 

Subordinated units converted to common units

 

5,360,912

 

 

 

(5,360,912

)

 

 

 

Balance, December 31, 2015

 

82,906,400

 

 

 

 

 

 

86,797

 

Common units issued

 

1,178,102

 

 

 

 

 

 

 

 

 

Restricted common units issued

 

50,000

 

 

 

 

 

 

 

Restricted common units forfeited

 

(27,537

)

 

 

 

 

 

 

Restricted common units repurchased (1)

 

(279,045

)

 

 

 

 

 

 

Cancellation of general partner units

 

 

 

 

 

 

 

(86,797

)

Balance, December 31, 2016

 

83,827,920

 

 

 

 

 

 

 

 

 

(1)

Restricted common units are generally net-settled by unitholders to cover the required withholding tax upon vesting. Unitholders surrendered units with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes. Total payments remitted for the employees’ tax obligations to the appropriate taxing authorities were $0.6 million, $1.3 million and $1.0 million for the years ended December 31, 2016, 2015 and 2014, respectively. These net-settlements had the effect of unit repurchases by the Partnership as they reduced the number of units that would have otherwise been outstanding as a result of the vesting and did not represent an expense to the Partnership.

Summary of Quarterly Cash Distribution Rates

The following table summarizes our declared quarterly cash distribution rates with respect to the quarter indicated (dollars in millions, except per unit amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

 

Amount

 

 

Aggregate

 

 

Received by

 

Quarter

 

Declaration Date

 

Record Date

 

Payment Date

 

Per Unit

 

 

Distribution

 

 

Affiliates

 

2nd Quarter 2016

 

July 26, 2016

 

August 5, 2016

 

August 12, 2016

 

$

0.0300

 

 

$

2.5

 

 

$

< 0.1

 

1st Quarter 2016

 

April 26, 2016

 

May 6, 2016

 

May 13, 2016

 

$

0.0300

 

 

$

2.5

 

 

$

< 0.1

 

4th Quarter 2015

 

January 26, 2016

 

February 5, 2016

 

February 12, 2016

 

$

0.1000

 

 

$

8.3

 

 

$

< 0.1

 

3rd Quarter 2015

 

October 26, 2015

 

November 5, 2015

 

November 12, 2015

 

$

0.3000

 

 

$

24.9

 

 

$

< 0.1

 

2nd Quarter 2015

 

July 24, 2015

 

August 5, 2015

 

August 12, 2015

 

$

0.5500

 

 

$

45.7

 

 

$

0.1

 

1st Quarter 2015

 

April 24, 2015

 

May 6, 2015

 

May 13, 2015

 

$

0.5500

 

 

$

46.3

 

 

$

0.2

 

4th Quarter 2014

 

January 26, 2015

 

February 5, 2015

 

February 12, 2015

 

$

0.5500

 

 

$

46.3

 

 

$

3.1

 

3rd Quarter 2014

 

October 23, 2014

 

November 5, 2014

 

November 12, 2014

 

$

0.5500

 

 

$

47.8

 

 

$

3.1

 

2nd Quarter 2014

 

July 24, 2014

 

August 5, 2014

 

August 12, 2014

 

$

0.5500

 

 

$

39.5

 

 

$

3.0

 

1st Quarter 2014

 

April 24, 2014

 

May 6, 2014

 

May 13, 2014

 

$

0.5500

 

 

$

33.8

 

 

$

3.0

 

 

Previous Owners [Member]  
Limited Partners Capital Account [Line Items]  
Summary of Predecessor's Equity Transactions Related to Property Swap

The following table summarizes our previous owners’ equity transactions related to the Property Swap with respect to the period indicated (dollars in thousands):

 

Previous Owners

 

Balance, December 31, 2013

$

283,405

 

Net income (loss)

 

(2,465

)

Contributions

 

5,990

 

Distributions

 

(9,886

)

Distribution of net asset to MRD Holdco

 

(26,131

)

Tax related effects attributable to Memorial Resource restructuring transactions and initial public offering

 

(30,483

)

Other

 

227

 

Balance, December 31, 2014

$

220,657

 

Net income (loss)

 

(2,268

)

Contributions

 

1,912

 

Net book value of net assets exchanged

 

(248,321

)

Deferred tax liability retained by previous owner

 

28,020

 

Balance, December 31, 2015

$