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Mid-Con Energy Partners, LP Announces Full Year And Fourth Quarter 2013 Results, 2013 Year End Proved Reserves, 2014 Guidance, Updated Hedge Positions, And Acquisition Of Mid-Continent Properties

Stocks in this article: MCEP

DALLAS, March 4, 2014 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (Nasdaq:MCEP) ("Mid-Con Energy" or the "Partnership") announced today financial and operating results for the fourth quarter and full year ended December 31, 2013. Results contained herein are preliminary, and are therefore subject to change prior to filing audited results on Form 10-K on or around March 5, 2014.

Mid-Con Energy emphasized the following 2013 results:

  • Increased production approximately 33% to 2,542 barrels of oil equivalent (Boe) per day on average in 2013 from 1,907 Boe per day on average in 2012. Furthermore, production in the fourth quarter of 2013 was 2,543 Boe per day on average.
  • Increased estimated net proved reserves approximately 6% to 13.9 million Boe (MMBoe) (98% Oil / 76% Proved Developed) at December 31, 2013 compared to 13.1 MMBoe (99% Oil / 67% Proved Developed) at December 31, 2012.
  • Increased Adjusted EBITDA approximately 26% to $60.0 million in 2013, up $12.3 million from $47.7 million in 2012.

Mid-Con Energy emphasized the following 2013 significant events:

  • Increased the quarterly distribution rate approximately 4% to $0.515 per unit for the quarter ended December 31, 2013 from $0.495 per unit for the quarter ended December 31, 2012.
  • In May 2013, acquired 215 Boe per day average net production and 1.33 MMBoe net proved reserves for a purchase price of approximately $27.4 million.
  • In November 2013, Mid-Con Energy and its lender group executed an amendment to the credit agreement increasing the Partnership's borrowing base from $130.0 million to $150.0 million and extending the maturity approximately two years to November 2018.

The following table reflects selected operating and financial results for the full year and fourth quarter ended December 31, 2013 and previous year comparison. The Partnership's unaudited consolidated financial statements can be found in supplemental tables of this press release.

  Three Months Ended Year Ended
  December 31, December 31,
  2013 2012 2013 2012
  ($ in thousands)  
Oil (MBbl)  230  203  907  678
Natural gas (MMcf)  23  31  128  122
Total (MBoe) (1)  234  208  928  698
Average net daily production (Boe/d) (1)  2,543  2,261  2,542  1,907
Revenues, excluding net settlements on commodity derivatives  $ 21,468  $ 17,162  $ 85,736  $ 61,561
Revenues, including net settlements on commodity derivatives  $ 21,667  $ 18,892  $ 86,024  $ 65,271
Net income  $ 9,335  $ 6,909  $ 28,189  $ 29,862
Adjusted EBITDA (2)  $ 14,393  $ 13,348  $ 59,973  $ 47,681
Distributable Cash Flow (2)  $ 12,282  $ 11,731  $ 49,114  $ 41,883
(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.  

Randy Olmstead, Chief Executive Officer, commented, "Mid-Con Energy continues to focus on our core strength in waterflooding through increasing injection and prioritizing the long term life of our floods. In 2013, our existing properties provided stable cash flow to our unitholders, and we are pleased to announce the first 'drop-down' acquisition of properties from our affiliate, Mid-Con Energy III, LLC, with properties in our Hugoton and Southern Oklahoma core areas. The acquired properties fit in our portfolio of assets with low decline rates and upside potential. We expect these acquired properties to support our strategy and look forward to continued increased production and cash flow in 2014."

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