DALLAS, Aug. 6, 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 second quarter ended June 30, 2013.
Mid-Con Energy highlighted the following achievements for the second quarter of 2013:
- Increased production approximately 48% to 2,593 barrels of oil equivalent (Boe) per day on average in the second quarter of 2013, compared to 1,747 Boe per day on average in the second quarter of 2012. This also represented an approximate 3% increase compared to 2,511 Boe per day on average in the first quarter of 2013.
- Increased Adjusted EBITDA approximately 50% to $16.1 million in the second quarter of 2013, up $5.4 million from $10.7 million in the second quarter of 2012. This also represented an approximate 10% increase compared to $14.6 million in the first quarter of 2013.
- On July 25, 2013, the Board of Directors of Mid-Con Energy's general partner declared a $0.01 per unit increase in the quarterly cash distribution rate to $0.515 per unit, or $2.06 per unit on an annualized basis.
The following table reflects selected operating and financial results for the second quarter of 2013, compared to the second quarter of 2012 and first quarter of 2013. Mid-Con Energy's condensed consolidated financial statements can be found in the supplemental tables of this press release.
|Three Months Ended|
|June 30,||March 31,|
|($ in thousands)|
|Natural gas (MMcf)||36||28||37|
|Total (MBoe) (1)||236||159||226|
|Average net daily production (Boe/d) (1)||2,593||1,747||2,511|
|Revenues, excluding realized commodity derivatives||$21,110||$13,844||$ 20,176|
|Revenues, including realized commodity derivatives||$21,819||$14,747||$ 20,849|
|Net income||$10,538||$22,428||$ 4,059|
|Adjusted EBITDA (2)||$16,054||$10,726||$ 14,591|
|Distributable Cash Flow (2)||$12,776||$ 9,327||$ 12,013|
|(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.|
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