DALLAS, May 5, 2014 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (Nasdaq:MCEP) ("Mid-Con Energy" or the "Partnership") today announced operating and financial results for the first quarter ended March 31, 2014.
First Quarter 2014 Highlights:
- Increased production 3% sequentially and 4% year-over-year to an average of 2,622 barrels of oil equivalent per day ("Boe/d") during the first quarter of 2014.
- Recorded Adjusted EBITDA of $12.7 million in the first quarter of 2014, versus $14.4 million in the fourth quarter of 2013 and $14.6 million in the first quarter of 2013.
- Completed first dropdown from a Mid-Con affiliate in February 2014 with the acquisition of 349 Boe/d net production and 1.6 MMBoe net proved reserves for $41.0 million of total consideration comprised of both cash and limited partner units.
- Acquired working interests in existing Southern Oklahoma waterflood units on May 1, 2014 with the acquisition of 90 Boe/d net production and 0.3 MMBoe net proved reserves for $7.4 million in cash.
- Raised the Partnership's borrowing base by $20.0 million to $170.0 million via unanimous lender group approval of an amendment to Mid-Con Energy's credit agreement on April 11, 2014.
- The Board of Directors of Mid-Con Energy's general partner declared a quarterly cash distribution of $0.515 per unit, or $2.06 per unit on an annualized basis, on April 22, 2014.
The following table reflects selected operating and financial results for the first quarter of 2014, compared to the fourth quarter of 2013 and first quarter of 2013. Mid-Con Energy's unaudited condensed consolidated financial statements are included in the supplemental tables of this press release.
|Three Months Ended|
|March 31,||December 31,||March 31,|
|($ in thousands)|
|Natural gas (MMcf)||21||23||37|
|Total (MBoe) (1)||236||234||226|
|Average net daily production (Boe/d) (1)||2,622||2,543||2,511|
|Revenues, excluding net settlements on commodity derivatives||$ 21,807||$ 21,468||$ 20,176|
|Revenues, including net settlements on commodity derivatives||$ 20,886||$ 21,667||$ 20,849|
|Net income||$ 1,561||$ 9,335||$ 4,059|
|Adjusted EBITDA (2)||$ 12,722||$ 14,393||$ 14,591|
|Distributable Cash Flow (2)||$ 10,099||$ 12,282||$ 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.|