- Average daily production rose 45% to 28,464 net barrels of oil equivalent (“Boe”) per day from 19,634 Boe per day in the second quarter of 2013. Third quarter 2013 included a 751 Boe per day imbalance settlement related to prior period Mississippian Lime production.
- Cash operating expenses fell significantly to $16.98 per Boe compared to $21.07 per Boe in the second quarter of 2013.
- Drilling activity reached record levels with 39 wells spud during the quarter and 40 wells brought online. Midstates had 10 rigs active at the end of the quarter.
- Adjusted EBITDA totaled $101.6 million, a record high, up 90% compared to $53.4 million for the second quarter 2013.
- Adjusted Net Income totaled a loss of $0.8 million, or $0.01 loss per share, compared with a net loss of $4.2 million, or $0.06 loss per share, in the second quarter of 2013.
Midstates Petroleum Company, Inc. (NYSE: MPO) today announced its third quarter 2013 financial and operating results. Third quarter highlights: