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

Stocks in this article: MCEP

The partnership believes the Non-GAAP financial measures described above are useful to investors because these measurements are used by many companies in its industry as a measurement of financial performance and are commonly employed by financial analysts and others to evaluate the financial performance of the partnership and to compare the financial performance of the partnership with the performance of other publicly traded partnerships within its industry.

Adjusted EBITDA and Distributable Cash Flow should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.

Adjusted EBITDA is defined as net income (loss)

Plus:

  • Income tax expense (benefit);
  • Interest expense;
  • Depreciation, depletion and amortization;
  • Accretion of discount on asset retirement obligations;
  • Unrealized losses on commodity derivative contracts;
  • Impairment expenses;
  • Dry hole costs and abandonments of unproved properties;
  • Equity-based compensation; and
  • Loss on sale of assets;

Less:

  • Interest income;
  • Unrealized gains on commodity derivative contracts; and
  • Gain on sale of assets.

Distributable Cash Flow is defined as Adjusted EBITDA

Less:

  • Cash income taxes;
  • Cash interest expense; and
  • Estimated maintenance capital expenditures.
 
Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow
(in thousands)
   Three Months Ended   Year Ended 
   December 31,   December 31, 
  2012 2011 2012 2011
         
 Net income (loss)   $ 6,909  $ (2,984)  $ 29,862  $ 18,968
 Interest expense   600  199  1,764  578
 Depreciation, depletion and amortization   3,004  2,842  10,324  7,160
 Accretion of discount on asset retirement obligations   34  23  126  78
 Unrealized (gain) loss on derivatives, net   1,634  5,962  (2,004)  (3,437)
 Impairment of proved oil and gas properties   41  --  1,296  --
 Dry holes and abandonments of unproved properties   --  41  --  813
 Equity-based compensation   1,129  --  6,323  1,671
 Interest income   (3)  (56)  (10)  (216)
 Gain on sale of assets   --  (61)  --  (1,621)
 Adjusted EBITDA   $ 13,348  $ 5,966  $ 47,681  $ 23,994
         
Less:        
Cash interest expense  $ 547  $ 196  $ 1,561  $ 535
Estimated maintenance capital expenditures  1,070  83  4,237  3,055
Distributable Cash Flow  $ 11,731  $ 5,687  $ 41,883  $ 20,404
CONTACT: Jeff Olmstead
         President and Chief Financial Officer
         (972) 479-5980
         jolmstead@midcon-energy.com
         
         Matthew Lewis
         Associate
         (972) 479-5984
         mlewis@midcon-energy.com

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