Constellation Energy Partners LLC (NYSE MKT: CEP) today reported fourth quarter and full year 2013 results, which exclude results for the Robinson’s Bend Field assets divested by the company in a transaction that closed in Feb. 2013. The company produced 387 MBOE during the fourth quarter 2013 for average net production of 4,201 BOE per day for the quarter, which was up 15% from the third quarter 2013. For the full year 2013, the company produced 1,365 MBOE, which is essentially unchanged from full year 2012 production from continuing operations. Net oil production for the fourth quarter 2013, which accounted for approximately 17% of the company’s total production during the quarter, was 730 barrels per day, which is up 6% from the third quarter 2013. Net oil production for the full year 2013 was 606 barrels per day, which is an increase of approximately 84% compared to full year 2012 results from continuing operations. Revenue totaled $11.5 million during the fourth quarter and $44.1 million for the full year 2013. Included in total revenue for the full year 2013 is revenue from sales of $42.5 million, of which approximately 49% was from natural gas sales and 51% was from oil sales. During 2012, approximately 57% of the company’s sales revenue from continuing operations was from natural gas sales and 43% was from oil sales. The balance of the company’s full year 2013 total revenue came from hedge settlements ($15.8 million), services provided to third parties ($3.1 million), and losses on mark-to-market activities ($17.3 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 $44.31 per BOE in the fourth quarter 2013. Adjusting for charges recorded in connection with the PostRock Litigation, operating costs averaged $23.51 per BOE in the fourth quarter 2013. For the full year 2013, excluding employee severance charges in the first and second quarters of 2013 and charges recorded in connection with the PostRock Litigation in the fourth quarter of 2013, which are “non-recurring items,” operating costs averaged $24.69 per BOE, which is down 4% compared to operating costs for continuing operations in full year 2012.
Shares of Constellation Energy Partners (AMEX:CEP) have taken a tremendous swing upward. The stock is trading at $3.10 as of 9:34 a.m. ET, 21.1% above Tuesday's closing price of $2.56. Volume is at 38,204, 0.7 times the daily average of 58,200.