This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Constellation Energy Partners Reports Second Quarter 2013 Results

Stocks in this article: CEP

Constellation Energy Partners LLC (NYSE MKT: CEP) today reported second quarter 2013 results from continuing operations, which exclude results for the Robinson’s Bend Field assets divested by the company in a transaction that closed in Feb. 2013.

The company produced 308 MBOE during the second quarter for average net production of 3,386 BOE per day for the quarter. Net oil production for the second quarter, which accounted for approximately 14% of the company’s total production during the quarter, was 469 barrels per day. For the year-to-date ending June 30, 2013, the company produced 643 MBOE for average net production of 3,553 BOE per day. Net oil production for the year-to-date was 500 barrels per day, which is an increase of approximately 54% versus the same six month period of 2012.

Revenue of $15.4 million for the second quarter 2013 includes revenue from sales of $9.3 million, of which approximately 43% was from oil sales and 57% was from natural gas sales. The balance of the company’s second quarter 2013 revenue came from hedge settlements ($3.1 million), services provided to third parties ($0.7 million), and gains on mark-to-market activities ($2.3 million), which is a non-cash item. For the year-to-date, revenue from sales and hedge settlements totaled $25.8 million, which is approximately 3% lower than the same six month period of 2012.

Operating costs, which include lease operating expenses, production taxes and general and administrative expenses, net of certain non-cash items and an employee severance charge of approximately $0.2 million, averaged $25.50 per BOE for the second quarter 2013. Including the employee severance charge, operating costs were $26.15 per BOE. For the year-to-date, operating costs excluding the employee severance charge averaged $24.71 per BOE, which is a decline of approximately 2% versus operating costs for the same six month period of 2012.

Adjusted EBITDA for the second quarter 2013, excluding the employee severance charge, was $4.9 million. Including the employee severance charge, Adjusted EBITDA was $4.7 million. For the year-to-date, Adjusted EBITDA including the employee severance charge was $10.0 million as compared to $10.1 million for the same six month period of 2012.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs