Midstates Petroleum Company, Inc. (NYSE: MPO) ("Midstates" or the "Company") announced today its financial and operating results for the three months ended June 30, 2013.
Key points include:
- Second quarter 2013 results reflect one month of operating results from the $620 million acquisition of Anadarko Basin properties in Texas and Oklahoma from Panther Energy Company, LLC (the “Panther Acquisition”).
- In conjunction with the acquisition, the Company issued $700 million of 9.25% senior unsecured notes due 2021 and amended its revolving credit facility to increase the borrowing base to $425 million.
- Average daily production for the second quarter 2013 rose 21% to 19,634 net barrels of oil equivalent (“Boe”) per day from 16,208 net Boe per day in the first quarter of 2013.
- After assuming operations of the Panther Acquisition properties, Midstates was running nine rigs at the end of the quarter and spud 28 wells during the quarter. The Company continues to see improvements in efficiency and costs to drill and complete wells.
- The Company recently brought three new successful horizontal wells online in its Louisiana Wilcox program, two in the North Cowards Gully field and one in the South Bearhead Creek field. See the “Gulf Coast Operations Update” below for additional information.
- Adjusted EBITDA, excluding the $11.5 million of acquisition and transaction costs related to the Panther Acquisition, totaled $64.9 million compared to $56.5 million for the first quarter of 2013.
- Adjusted Net Income (Loss), which excludes, among other items, acquisition and transaction costs related to the Panther Acquisition, was a loss of $4.2 million, or a $0.06 loss per share.
Adjusted EBITDA, Adjusted Net Income and Cash Operating Expenses are non-GAAP financial measures. Each measure is defined and reconciled to the most directly comparable GAAP measure under “Non-GAAP Financial Measures” in the tables below.