This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Constellation Energy Partners Reports Second Quarter 2012 Results

Constellation Energy Partners LLC (NYSE MKT: CEP) today reported second quarter 2012 results.

The company produced 3,142 MMcfe during the second quarter for average daily net production of 34.5 MMcfe for the quarter, which is a 3% decline versus the first quarter 2012. Net oil production for the second quarter was 324 barrels per day, or approximately 29.5 thousand barrels in total, which is unchanged from the first quarter 2012. Year-to-date, the company produced 6,368 MMcfe for average daily net production of 35.0 MMcfe.

The company reported revenue of $11.8 million for the second quarter 2012, which includes revenue from sales of $8.7 million, revenue from hedge settlements of $7.3 million, a non-cash loss on mark-to-market activities of $4.9 million, and revenue from services provided to third parties of $0.7 million. Approximately 67% of the company’s sales revenue during the quarter was from natural gas sales and 33% was from oil sales. Taken together, the company’s revenue from sales and hedge settlements totaled $16.0 million in the second quarter, which compares to $16.2 million in the first quarter 2012.

Operating costs, which include lease operating expenses, production taxes and general and administrative expenses, net of certain non-cash items, averaged $3.24 per Mcfe for the second quarter 2012, which is a 5% improvement versus the first quarter 2012. For the year-to-date, operating costs averaged $3.32 per Mcfe.

Adjusted EBITDA for the second quarter 2012 was $6.3 million, which is a 6% improvement versus the first quarter 2012. Adjusted EBITDA for the year-to-date was $12.2 million.

On a GAAP basis, the company recorded a net loss of $5.0 million for the quarter and net income of $0.9 million for the year-to-date.

Capital spending for the year-to-date totaled $6.9 million. The company completed 33 net wells and recompletions on capital spending of $4.2 million in the second quarter. The additional wells resulted in 48 net wells and recompletions for the year-to-date, and the company finished the quarter with an additional 24 net wells and recompletions in progress. Drilling activities in 2012 are focused on oil potential in the company’s existing asset base as well as capital efficient recompletions. The company continues to fund its capital program using cash flow from operations.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs