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

Stocks in this article: MCEP

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,
  2013 2012 2013
  ($ in thousands)
Oil (MBbl)  230  154  220
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.

Craig George, Executive Chairman of the Board, commented, "We are pleased to report positive second quarter 2013 results which include increases in both production and Adjusted EBITDA. Further, our recently announced distribution increase to $0.515 per unit represents our fourth consecutive quarterly increase in distribution rate, now approximately 8% above our initial quarterly distribution rate of $0.475 per unit. We believe these results reflect our ongoing commitment to our founding purposes: to grow reserves and production, generate stable cash flows, make cash distributions, and, over time, to increase those distributions."

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