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Mid-Con Energy Partners, LP Announces First Quarter 2014 Results

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,
  2014 2013 2013
  ($ in thousands)
Production:      
Oil (MBbl)  232  230  220
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.

Randy Olmstead, Chief Executive Officer, commented, "The first quarter of 2014 was a very active time for Mid-Con Energy during which we completed our first dropdown acquisition from a Mid-Con affiliate. We look forward to continued production growth resulting from this dropdown acquisition, incremental working interests acquired on May 1, 2014 and higher output attributable to rising injections rates. Notably, we are encouraged by the positive results recorded to date from both new water injection wells as well as the conversion of producing wells to injection wells which were completed in 2013 and during the first quarter of 2014.  We remain focused on developing our legacy assets as well as sourcing growth via accretive acquisitions; we continue to anticipate distribution growth in 2014 will approximate 4%."

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