DALLAS, May 7, 2013 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (Nasdaq:MCEP) ("Mid-Con Energy" or the "Partnership") announced today its financial and operating results for the first quarter ended March 31, 2013.
Mid-Con Energy highlighted the following achievements for the first quarter of 2013:
- Increased production approximately 47% to 2,511 barrels of oil equivalent (Boe) per day on average in the first quarter of 2013, compared to 1,703 Boe per day on average in the first quarter of 2012. This also represented an approximate 11% increase compared to 2,261 Boe per day on average in the fourth quarter of 2012.
- Increased Adjusted EBITDA approximately 24% to $14.6 million in the first quarter of 2013, up $2.8 million from $11.8 million in the first quarter of 2012. This also represented an approximate 10% increase compared to $13.3 million in the fourth quarter of 2012.
- On April 22, 2013, the Board of Directors of Mid-Con Energy's general partner declared its third consecutive $0.01 per unit increase in the quarterly cash distribution rate to $0.505 per unit, or $2.02 per unit on an annualized basis.
The following table reflects selected operating and financial results for the first quarter of 2013, compared to the first quarter of 2012 and fourth quarter of 2012. Mid-Con Energy's consolidated financial statements can be found in the supplemental tables of this press release.
|Three Months Ended|
|March 31,||December 31,|
|($ in thousands)|
|Natural gas (MMcf)||37||31||31|
|Total (MBoe) (1)||226||155||208|
|Average net daily production (Boe/d) (1)||2,511||1,703||2,261|
|Revenues, excluding realized commodity derivatives||$ 20,176||$ 15,507||$ 17,162|
|Revenues, including realized commodity derivatives||$ 20,849||$ 15,373||$ 18,892|
|Net income||$ 4,059||$ 1,662||$ 6,909|
|Adjusted EBITDA (2)||$ 14,591||$ 11,777||$ 13,348|
|Distributable Cash Flow (2)||$ 12,013||$ 10,098||$ 11,731|
|(1) Production volumes in Boe equivalents calculated at a rate of six Mcf per Bbl.|
|(2) Non-GAAP financial measures. Please refer to the related disclosure and reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow included in this press release.|