Why Legacy Reserves Inc.’s Stock Is Soaring Today [The Motley Fool]
LEGACY RESERVES (LGCY)
Last legacy reserves earnings: 5/9 07:32 pm
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Source: The Motley Fool
The oil and gas producer re-emerged today. Matthew DiLallo ( TMFmd19 ) Sep 21, 2018 at 11:46AM What happened Shares of Legacy Reserves Inc. ( NASDAQ:LGCY ) rose more than 13% by 10:30 a.m. EDT on Friday after the oil and gas producer completed its planned corporate reorganization . So what Legacy Reserves has transitioned from an upstream master limited partnership (MLP) to a C-Corp, which is the most commonly used structure for tax purposes. The company made this change due to the significant damage caused by the oil market downturn on upstream MLPs, which are those that produce oil and gas as opposed to owning pipelines or other midstream assets. In the last three years, 11 of the 13 former upstream MLPs filed for bankruptcy or transitioned away from the upstream sector. Legacy was able to navigate through the downturn without declaring
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