This Day On The Street
Continue to site
ADVERTISEMENT
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

Mid-Con Energy Partners, LP Announces Full Year And Fourth Quarter 2012 Results, 2012 Year End Proved Reserves, 2013 Guidance And Updated Hedge Positions

Lease operating expenses, which included ad valorem taxes, were $10.9 million, or $15.68 per Boe, in 2012 compared to $8.5 million, or $19.56 per Boe, in 2011. Development and drilling activities in 2012 have equated to an increase in the aggregate number of producing wells and operating expenses; however the realized production received from these new wells resulted in approximately 20% lower lease operating expense per Boe.

Production taxes in 2012 were $2.0 million, or $2.82 per Boe, for an effective tax rate of approximately 3.2% compared to production taxes in 2011 of $1.9 million, or $4.31 per Boe, for an effective tax rate of 4.9%. The decrease in the 2012 effective tax rate was due to select Southern Oklahoma properties having received a reduced production tax rate from Oklahoma's Enhanced Oil Recovery Project Gross Production Tax Exemption.

In the Partnership's first full year as a publicly traded partnership, total general and administrative expenses increased $7.2 million to $11.0 million in 2012, which included $6.3 million in non-cash equity-based compensation. In comparison, 2011 general and administrative expenses of $3.8 million included $1.7 million in non-cash equity-based compensation. Additional variances compared to the prior year were related to higher professional fees necessary to comply with public reporting requirements and incremental personnel costs from the hiring of new staff.

Adjusted EBITDA for 2012 was $47.7 million, approximately 99% above 2011 Adjusted EBITDA of $24.0 million. Distributable Cash Flow for 2012 was $41.9 million after subtracting $1.6 million in cash interest expense and $4.2 million in estimated maintenance capital expenditures.

Fourth Quarter 2012 Results

Mid-Con Energy's production volumes for the fourth quarter of 2012 were 208 MBoe or 2,261 Boe per day on average, compared to production of 136 MBoe or 1,481 Boe per day on average in the fourth quarter of 2011.

Oil sales, excluding the effect of commodity derivatives, were $17.0 million in fourth quarter of 2012 and resulted in an average realized oil price of $83.50 per barrel (Bbl), compared to $90.35 per Bbl in the fourth quarter of 2011. Approximately 64% of Mid-Con Energy's oil production during the fourth quarter of 2012 was hedged at an average price of $101.59 per Bbl. Given the favorable variance between the average hedge price and NYMEX WTI, the Partnership received $1.7 million for realized commodity derivatives during the fourth quarter of 2012, or $8.52 per Bbl. This compares to $1.4 million paid during the fourth quarter of 2011, or ($10.45) per Bbl.

3 of 9

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs