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

Constellation Energy Partners Reports First Quarter 2014 Results; Provides Acquisition And Hedging Update

Constellation Energy Partners LLC (NYSE MKT: CEP) today reported first quarter 2014 results.

The company produced 372 MBOE during the first quarter 2014 for average net production of 4,131 BOE per day for the quarter, which is an increase of 11% compared to the first quarter 2013 production from continuing operations. Net oil and liquids production for the first quarter 2014, which accounted for approximately 22% of the company’s total production during quarter, was 907 barrels per day, which represents an increase in net oil and liquids production of approximately 24% over the prior quarter and 71% over the first quarter of 2013.

Revenue of $11.7 million for the first quarter 2014 includes revenue from sales of $15.0 million, of which approximately 44% was from oil and liquids sales and 56% was from natural gas sales. The balance of the company’s first quarter 2014 revenue came from hedge settlements ($0.9 million), services provided to third parties ($0.8 million), and losses on mark-to-market activities ($5.0 million), which is a non-cash item.

Operating costs, which include lease operating expenses, production taxes and general and administrative expenses, net of certain non-cash items, averaged $25.18 per BOE in the first quarter 2014, a 5% increase when compared to first quarter 2013 operating costs of $23.98 per BOE, adjusted for non-recurring items.

Adjusted EBITDA for the first quarter 2014 was approximately $7.0 million, which is a 17% improvement when compared to results from continuing operations, adjusted for non-recurring items, for the first quarter 2013.

The company completed 7 net wells and recompletions using $2.7 million in cash flow from operations during the first quarter 2014. Drilling activities in 2014 continue to focus on oil potential in the company’s existing asset base as well as capital efficient recompletions. The company finished the first quarter 2014 with one net well in progress.

1 of 5

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs