This Day On The Street
Continue to site
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

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%."

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs