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

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 
  March 31, December 31,
  2013 2012 2012
       
 Net income   $ 4,059  $ 1,662  $ 6,909
Interest expense   613  353  600
Depreciation, depletion and amortization   3,463  2,312  3,004
Accretion of discount on asset retirement obligations   38  27  34
Unrealized loss on derivatives, net   1,793  4,773  1,634
Impairment expense   --  --  41
Equity-based compensation   4,626  2,652  1,129
Interest income   (1)  (2)  (3)
Adjusted EBITDA   $ 14,591  $ 11,777  $ 13,348
       
Less:      
Cash interest expense  $ 560  $ 340  $ 547
Estimated maintenance capital expenditures  2,018  1,339  1,070
Distributable Cash Flow  $ 12,013  $ 10,098  $ 11,731
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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