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Mid-Con Energy Partners, LP Announces First Quarter 2013 Results

Stock quotes in this article: MCEP

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,
  2013 2012 2012
  ($ in thousands)
Production:      
Oil (MBbl)  220  150  203
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.

Randy Olmstead, Chief Executive Officer, commented, "The positive momentum established by our team during 2012 has clearly carried over into the first quarter of 2013. Mid-Con Energy's continued growth in oil production further validates our ability to exploit the organic potential of our existing asset base and acquire properties that fit our waterflood strategy. Correspondingly, the expansion of our Distributable Cash Flow during the first quarter of 2013 translated into tangible success for our unitholders by increasing the quarterly cash distribution rate for the third consecutive quarter."

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