Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the
“Partnership”) announced today its operating and financial results
for third quarter 2019.
“We significantly increased our development
efforts during the third quarter of 2019,” said President and Chief
Executive Officer, Jeff Olmstead. “The capital spent was primarily
focused on de-risking our long-term development opportunities in
Oklahoma and Wyoming, as well as injection progress at our Pine
Tree unit in Wyoming. We drilled and cored two wells in some of our
recently acquired assets in Oklahoma that signal the opportunity
for new waterfloods in those properties. Operationally, we were
able to keep production largely flat from the previous quarter
while focusing on de-risking development opportunities. Expenses
were higher than forecasted due to some unexpected costs that we
believe to be one-time in nature. Going forward, we expect to
continue reducing debt, while focusing on increasing production and
reserves through organic development opportunities, all out of cash
flow from operations.”
HIGHLIGHTS AND RECENT DEVELOPMENTS –
Quarter ended September 30, 2019
- Net income was $6.0 million for the third quarter of 2019.
- Generated positive cash flows from operating activities for the
third quarter of 2019 of $5.9 million.
- Continued to reduce outstanding borrowings on our revolving
credit facility by $1.0 million during third quarter 2019.
- Unitization of our Wyoming waterflood project was formally
approved in the third quarter of 2019. First injection was achieved
in the second quarter of 2019 and expansion of the waterflood
continued in the third quarter with additional wells being
converted to injection and activation planned for the fourth
quarter.
- In the third quarter of 2019, the Partnership: drilled two
wells in two fields in Oklahoma; returned 40 wells to production in
Oklahoma (27 of these wells were acquired in the second quarter of
2019); executed five re-stimulations and returned five wells to
active water injection in our Wyoming assets. Results of our
completed third quarter capital 2019 projects are currently being
evaluated for the purpose of high grading and further refining our
future capital plans.
FINANCIAL SUMMARY
Production for third quarter 2019 averaged 3,543
Boe/d, which was comparable to 3,538 Boe/d in the second quarter of
2019. Commodity pricing decreased during the third quarter 2019 as
the average realized oil price after derivatives was $52.05 versus
$55.20 per barrel in second quarter 2019.
Lease operating expenses (“LOE”) were $8.3
million ($25.44 per Boe) compared to $7.6 million ($23.56 per Boe)
in the second quarter of 2019. The majority of the increase was due
to the recently acquired properties in Oklahoma and is expected to
be non-recurring as it relates to assimilating those properties in
the Partnership’s portfolio.
The Partnership spent $4.3 million on capital
expenditures during the third quarter of 2019. The increased
capital spend was related to drilling two new wells in central
Oklahoma, re-completion programs in House Creek and Worland, both
located in Wyoming, continued progress on the Pine Tree waterflood
project in Wyoming and returning 40 wells to production status in
Northeast Oklahoma. The capital spend from most of these projects
will continue into fourth quarter 2019.
The decrease in oil and natural gas revenues and
the increase in LOE lowered third quarter Adjusted EBITDA(1) to
$4.4 million from $5.1 million in the second quarter of 2019.
During the third quarter, the Partnership continued to lower debt
by $1.0 million to $65.0 million outstanding as of September 30,
2019. As of October 25, 2019, debt outstanding was $67.0
million.
(1) Non-GAAP financial measure. Please refer to the related
disclosure and reconciliation of net income (loss) to Adjusted
EBITDA included in this press release.
HEDGING SUMMARY
Mid-Con Energy enters into various commodity
derivative contracts intended to achieve more predictable cash
flows by reducing the Partnership’s exposure to short-term
fluctuations in oil prices. We believe this risk management
strategy will serve to secure a portion of our revenues and, by
retaining some opportunity to participate in upward price
movements, may also enable us to realize higher revenues during
periods when prices rise.
As of September 30, 2019, the following table
reflects volumes of Mid-Con Energy’s production hedged by commodity
derivative contracts, with the corresponding prices at which the
production is hedged:
|
|
|
|
|
|
Weighted |
|
|
Weighted |
|
|
Weighted |
|
|
|
|
|
|
|
|
|
Differential |
|
|
Average Fixed |
|
|
Average Floor |
|
|
Average |
|
|
Total Bbls |
|
|
|
Period Covered |
|
|
Fixed Price |
|
|
Price |
|
|
Price |
|
|
Ceiling Price |
|
|
Hedged/day |
|
|
Index |
Swaps - 2019 |
|
|
$ |
— |
|
|
$ |
56.05 |
|
|
$ |
— |
|
|
$ |
— |
|
|
1,664 |
|
|
NYMEX-WTI |
Swaps - 2019 |
|
|
$ |
(20.15 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
150 |
|
|
WCS-CRUDE-OIL |
Swaps - 2020 |
|
|
$ |
— |
|
|
$ |
55.81 |
|
|
$ |
— |
|
|
$ |
— |
|
|
1,931 |
|
|
NYMEX-WTI |
Swaps - 2021 |
|
|
$ |
— |
|
|
$ |
55.78 |
|
|
$ |
— |
|
|
$ |
— |
|
|
672 |
|
|
NYMEX-WTI |
Collars - 2021 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52.00 |
|
|
$ |
58.80 |
|
|
672 |
|
|
NYMEX-WTI |
FISCAL YEAR 2019 GUIDANCE
The following outlook is subject to all the
cautionary statements and limitations described under the
“Forward-Looking Statements” caption at the end of this press
release. These estimates and assumptions reflect management’s best
judgment based on current and anticipated market conditions and
other factors. Although we believe such estimates and assumptions
to be reasonable, they are inherently uncertain and involve a
number of risks and uncertainties that are beyond our control.
Guidance as of October 30, 2019 |
|
FY 2019 |
Net production (Boe/d)(1) |
|
3,500 - 3,600 |
Lease operating expenses per Boe |
|
$22.00 - $24.00 |
Production and ad valorem taxes (% of total revenue) |
|
8.00% - 9.00% |
Estimated capital expenditures |
|
$11.0 MM |
(1) Production volumes in Boe equivalents calculated at a rate of
six Mcf per Bbl. |
THIRD QUARTER 2019 CONFERENCE
CALL
As announced on October 24, 2019, Mid-Con
Energy’s management will host a conference call on Thursday,
October 31, 2019, at 9:00 a.m. ET. Interested parties are invited
to participate via telephone by dialing 1-877-847-5946 (Conference
ID: 6689305) at least five minutes prior to the scheduled start
time of the call, or via webcast by clicking on "Events &
Presentations” in the investor relations section of the Mid-Con
Energy website at www.midconenergypartners.com. A replay of the
conference call will be available through Thursday, November 7,
2019, by dialing 1-855-859-2056 (Conference ID: 6689305).
Additionally, a webcast archive will be available at
www.midconenergypartners.com.
ABOUT MID-CON ENERGY PARTNERS,
LP
Mid-Con Energy is a publicly held Delaware
limited partnership formed in July 2011 to own, acquire and develop
producing oil and natural gas properties in North America, with a
focus on Enhanced Oil Recovery. Mid-Con Energy’s core areas of
operation are located primarily in Oklahoma and Wyoming. For more
information, please visit Mid-Con Energy’s website at
www.midconenergypartners.com.
FORWARD-LOOKING STATEMENTS
This press release includes “forward-looking
statements” — that is, statements related to future, not past,
events within meaning of the federal securities laws.
Forward-looking statements are based on current expectations and
include any statement that does not directly relate to a current or
historical fact. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as “anticipate,” “believe,” “estimate,”
“intend,” “expect,” “plan,” “project,” “should,” “goal,”
“forecast,” “guidance,” “could,” “may,” “continue,” “might,”
“potential,” “scheduled,” “pursue,” “target,” “will” and the
negative of such terms or other comparable terminology. These
forward-looking statements involve certain risks and uncertainties
and ultimately may not prove to be accurate. Actual results and
future events could differ materially from those anticipated in
such statements due to a number of factors including but not
limited to volatility of commodity prices; revision to oil and
natural gas reserves estimates as a result of changes in commodity
prices; effectiveness of risk management activities; business
strategies; future financial and operating results; ability to
replace the reserves we produce through acquisitions and the
development of our properties; future capital requirements and
availability of financing; realized oil and natural gas prices;
production volumes; lease operating expenses; general and
administrative expenses; cash flow and liquidity; availability of
production equipment; availability of oil field labor; capital
expenditures; availability and terms of capital; marketing of oil
and natural gas; general economic conditions; competition in the
oil and natural gas industry; environmental liabilities; compliance
with NASDAQ listing requirements; and any other risks and
uncertainties discussed in our Form 10-K and other filings with the
SEC.
Mid-Con Energy undertakes no obligation and does
not intend to update these forward-looking statements to reflect
events or circumstances occurring after this press release. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement and our SEC filings. Please see the risks
and uncertainties detailed in the “Forward-Looking Statements” and
“Risk Factors” sections of our Annual Report on Form 10-K for the
year ended December 31, 2018, and in other documents and reports we
file from time to time with the SEC.
Mid-Con Energy Partners, LP and subsidiaries |
Condensed Consolidated Balance Sheets |
(in thousands, except number of units) |
(Unaudited) |
|
|
|
|
September 30,
2019 |
|
|
December 31,
2018 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
467 |
|
|
$ |
467 |
|
Accounts receivable |
|
5,243 |
|
|
|
4,194 |
|
Derivative financial instruments |
|
2,133 |
|
|
|
5,666 |
|
Prepaid expenses |
|
237 |
|
|
|
118 |
|
Assets held for sale |
|
430 |
|
|
|
430 |
|
Total current assets |
|
8,510 |
|
|
|
10,875 |
|
Property and equipment |
|
|
|
|
|
|
|
Oil and natural gas properties, successful efforts method |
|
|
|
|
|
|
|
Proved properties |
|
261,411 |
|
|
|
379,441 |
|
Unproved properties |
|
3,563 |
|
|
|
2,928 |
|
Other property and equipment |
|
1,360 |
|
|
|
427 |
|
Accumulated depletion, depreciation, amortization and
impairment |
|
(74,426 |
) |
|
|
(175,948 |
) |
Total property and equipment, net |
|
191,908 |
|
|
|
206,848 |
|
Derivative financial instruments |
|
3,630 |
|
|
|
2,418 |
|
Other assets |
|
995 |
|
|
|
1,563 |
|
Total assets |
$ |
205,043 |
|
|
$ |
221,704 |
|
|
|
|
|
|
|
|
|
LIABILITIES, CONVERTIBLE PREFERRED UNITS AND EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
|
Trade |
$ |
187 |
|
|
$ |
141 |
|
Related parties |
|
5,678 |
|
|
|
3,732 |
|
Accrued liabilities |
|
449 |
|
|
|
2,024 |
|
Other current liabilities |
|
422 |
|
|
|
— |
|
Total current liabilities |
|
6,736 |
|
|
|
5,897 |
|
Long-term debt |
|
65,000 |
|
|
|
93,000 |
|
Other long-term liabilities |
|
567 |
|
|
|
47 |
|
Asset retirement obligations |
|
30,534 |
|
|
|
26,001 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Class A convertible preferred units - 11,627,906 issued and
outstanding, respectively |
|
22,642 |
|
|
|
21,715 |
|
Class B convertible preferred units - 9,803,921 issued and
outstanding, respectively |
|
14,780 |
|
|
|
14,635 |
|
Equity, per accompanying statements |
|
|
|
|
|
|
|
General partner |
|
(702 |
) |
|
|
(786 |
) |
Limited partners - 30,824,291 and 30,436,124 units issued and
outstanding, respectively |
|
65,486 |
|
|
|
61,195 |
|
Total equity |
|
64,784 |
|
|
|
60,409 |
|
Total liabilities, convertible preferred units and equity |
$ |
205,043 |
|
|
$ |
221,704 |
|
|
|
|
|
|
|
|
|
Mid-Con Energy Partners, LP and subsidiaries |
Condensed Consolidated Statements of
Operations |
(in thousands, except per unit data) |
(Unaudited) |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil sales |
$ |
15,468 |
|
|
$ |
18,765 |
|
|
$ |
46,854 |
|
|
$ |
49,240 |
|
Natural gas sales |
|
283 |
|
|
|
380 |
|
|
|
930 |
|
|
|
812 |
|
Other operating revenues |
|
271 |
|
|
|
320 |
|
|
|
983 |
|
|
|
320 |
|
Gain (loss) on derivatives, net |
|
5,730 |
|
|
|
(6,358 |
) |
|
|
(3,072 |
) |
|
|
(19,240 |
) |
Total revenues |
|
21,752 |
|
|
|
13,107 |
|
|
|
45,695 |
|
|
|
31,132 |
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
|
8,293 |
|
|
|
6,246 |
|
|
|
22,710 |
|
|
|
15,895 |
|
Production and ad valorem taxes |
|
1,333 |
|
|
|
1,565 |
|
|
|
4,084 |
|
|
|
3,803 |
|
Other operating expenses |
|
536 |
|
|
|
288 |
|
|
|
1,426 |
|
|
|
288 |
|
Impairment of proved oil and natural gas properties |
|
180 |
|
|
|
— |
|
|
|
384 |
|
|
|
9,710 |
|
Depreciation, depletion and amortization |
|
2,559 |
|
|
|
4,812 |
|
|
|
8,026 |
|
|
|
11,646 |
|
Dry holes and abandonments of unproved properties |
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
195 |
|
Accretion of discount on asset retirement obligations |
|
423 |
|
|
|
404 |
|
|
|
1,168 |
|
|
|
748 |
|
General and administrative |
|
1,404 |
|
|
|
1,494 |
|
|
|
6,414 |
|
|
|
4,746 |
|
Total operating costs and expenses |
|
14,728 |
|
|
|
14,819 |
|
|
|
44,212 |
|
|
|
47,031 |
|
(Loss) gain on sales of oil and natural gas properties, net |
|
— |
|
|
|
(1 |
) |
|
|
9,692 |
|
|
|
(389 |
) |
Income (loss) from operations |
|
7,024 |
|
|
|
(1,713 |
) |
|
|
11,175 |
|
|
|
(16,288 |
) |
Other (expense) income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1 |
|
|
|
1 |
|
|
|
10 |
|
|
|
3 |
|
Interest expense |
|
(1,175 |
) |
|
|
(1,620 |
) |
|
|
(4,019 |
) |
|
|
(4,369 |
) |
Other income |
|
4 |
|
|
|
20 |
|
|
|
53 |
|
|
|
20 |
|
Gain on sale of other assets |
|
123 |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
(Loss) gain on settlements of asset retirement obligations |
|
(16 |
) |
|
|
(37 |
) |
|
|
(72 |
) |
|
|
12 |
|
Total other expense |
|
(1,063 |
) |
|
|
(1,636 |
) |
|
|
(3,905 |
) |
|
|
(4,334 |
) |
Net income (loss) |
|
5,961 |
|
|
|
(3,349 |
) |
|
|
7,270 |
|
|
|
(20,622 |
) |
Less: Distributions to preferred unitholders |
|
1,166 |
|
|
|
1,148 |
|
|
|
3,472 |
|
|
|
3,303 |
|
Less: General partner's interest in net income (loss) |
|
69 |
|
|
|
(39 |
) |
|
|
84 |
|
|
|
(243 |
) |
Limited partners' interest in net income (loss) |
$ |
4,726 |
|
|
$ |
(4,458 |
) |
|
$ |
3,714 |
|
|
$ |
(23,682 |
) |
Limited partners' interest in net income (loss) per unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.15 |
|
|
$ |
(0.14 |
) |
|
$ |
0.12 |
|
|
$ |
(0.78 |
) |
Diluted |
$ |
0.09 |
|
|
$ |
(0.14 |
) |
|
$ |
0.07 |
|
|
$ |
(0.78 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average limited partner units outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limited partner units (basic) |
|
30,811 |
|
|
|
30,392 |
|
|
|
30,743 |
|
|
|
30,292 |
|
Limited partner units (diluted) |
|
53,189 |
|
|
|
30,392 |
|
|
|
53,142 |
|
|
|
30,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid-Con Energy Partners, LP and subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(Unaudited) |
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2019 |
|
|
2018 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net income (loss) |
$ |
7,270 |
|
|
$ |
(20,622 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities |
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
8,026 |
|
|
|
11,646 |
|
Debt issuance costs amortization |
|
533 |
|
|
|
503 |
|
Accretion of discount on asset retirement obligations |
|
1,168 |
|
|
|
748 |
|
Impairment of proved oil and natural gas properties |
|
384 |
|
|
|
9,710 |
|
Dry holes and abandonments of unproved properties |
|
— |
|
|
|
195 |
|
Loss (gain) on settlements of asset retirement obligations |
|
72 |
|
|
|
(12 |
) |
Cash paid for settlements of asset retirement obligations |
|
(96 |
) |
|
|
(102 |
) |
Mark to market on derivatives |
|
|
|
|
|
|
|
Loss on derivatives, net |
|
3,072 |
|
|
|
19,240 |
|
Cash settlements paid for matured derivatives, net |
|
(750 |
) |
|
|
(5,988 |
) |
Cash premiums paid for derivatives |
|
— |
|
|
|
(200 |
) |
(Gain) loss on sales of oil and natural gas properties |
|
(9,692 |
) |
|
|
389 |
|
Gain on sale of other assets |
|
(123 |
) |
|
|
— |
|
Non-cash equity-based compensation |
|
577 |
|
|
|
670 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
Accounts receivable |
|
(1,246 |
) |
|
|
(3,109 |
) |
Prepaid expenses and other assets |
|
(84 |
) |
|
|
(76 |
) |
Accounts payable - trade and accrued liabilities |
|
(226 |
) |
|
|
689 |
|
Accounts payable - related parties |
|
1,537 |
|
|
|
2,452 |
|
Net cash provided by operating activities |
|
10,422 |
|
|
|
16,133 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Acquisitions of oil and natural gas properties |
|
(3,296 |
) |
|
|
(21,626 |
) |
Additions to oil and natural gas properties |
|
(9,363 |
) |
|
|
(6,072 |
) |
Proceeds from sales of oil and natural gas properties |
|
32,514 |
|
|
|
1,163 |
|
Proceeds from sale of other assets |
|
123 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
19,978 |
|
|
|
(26,535 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
Proceeds from line of credit |
|
8,000 |
|
|
|
20,000 |
|
Payments on line of credit |
|
(36,000 |
) |
|
|
(23,000 |
) |
Debt issuance costs |
|
— |
|
|
|
(651 |
) |
Proceeds from sale of Class B convertible preferred units, net of
offering costs |
|
— |
|
|
|
14,847 |
|
Distributions to Class A convertible preferred units |
|
(1,500 |
) |
|
|
(2,000 |
) |
Distributions to Class B convertible preferred units |
|
(900 |
) |
|
|
(500 |
) |
Net cash (used in) provided by financing activities |
|
(30,400 |
) |
|
|
8,696 |
|
Net decrease in cash and cash equivalents |
|
— |
|
|
|
(1,706 |
) |
Beginning cash and cash equivalents |
|
467 |
|
|
|
1,832 |
|
Ending cash and cash equivalents |
$ |
467 |
|
|
$ |
126 |
|
|
|
|
|
|
|
|
|
Mid-Con Energy Partners, LP and subsidiaries |
Production, Prices, and Unit Costs per Boe |
(Unaudited) |
|
|
Three Months Ended |
|
|
|
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
|
|
|
September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
2019 |
|
|
2018 |
|
|
Change |
|
|
Change |
|
|
2019 |
|
|
2018 |
|
|
Change |
|
|
Change |
Production Volumes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbls) |
|
294 |
|
|
|
309 |
|
|
|
(15 |
) |
|
(5%) |
|
|
|
877 |
|
|
|
798 |
|
|
|
79 |
|
|
10% |
Natural gas (MMcf) |
|
193 |
|
|
|
139 |
|
|
|
54 |
|
|
39% |
|
|
|
498 |
|
|
|
317 |
|
|
|
181 |
|
|
57% |
Total (MBoe) |
|
326 |
|
|
|
332 |
|
|
|
(6 |
) |
|
(2%) |
|
|
|
960 |
|
|
|
851 |
|
|
|
109 |
|
|
13% |
Average daily net production (Boe/d) |
|
3,543 |
|
|
|
3,609 |
|
|
|
(66 |
) |
|
(2%) |
|
|
|
3,516 |
|
|
|
3,117 |
|
|
|
399 |
|
|
13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (per Bbl) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales price |
$ |
52.61 |
|
|
$ |
60.73 |
|
|
$ |
(8.12 |
) |
|
(13%) |
|
|
$ |
53.43 |
|
|
$ |
61.7 |
|
|
$ |
(8.27 |
) |
|
(13%) |
Effect of net settlements on matured derivative instruments |
$ |
(0.56 |
) |
|
$ |
(8.69 |
) |
|
$ |
8.13 |
|
|
94% |
|
|
$ |
(0.86 |
) |
|
$ |
(7.75 |
) |
|
$ |
6.89 |
|
|
89% |
Realized oil price after derivatives |
$ |
52.05 |
|
|
$ |
52.04 |
|
|
$ |
0.01 |
|
|
0% |
|
|
$ |
52.57 |
|
|
$ |
53.95 |
|
|
$ |
(1.38 |
) |
|
(3%) |
Natural gas (per Mcf) |
$ |
1.47 |
|
|
$ |
2.73 |
|
|
$ |
(1.26 |
) |
|
(46%) |
|
|
$ |
1.87 |
|
|
$ |
2.56 |
|
|
$ |
(0.69 |
) |
|
(27%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit costs per Boe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
$ |
25.44 |
|
|
$ |
18.81 |
|
|
$ |
6.63 |
|
|
35% |
|
|
$ |
23.66 |
|
|
$ |
18.68 |
|
|
$ |
4.98 |
|
|
27% |
Production and ad valorem taxes |
$ |
4.09 |
|
|
$ |
4.71 |
|
|
$ |
(0.62 |
) |
|
(13%) |
|
|
$ |
4.25 |
|
|
$ |
4.47 |
|
|
$ |
(0.22 |
) |
|
(5%) |
Depreciation, depletion and amortization |
$ |
7.85 |
|
|
$ |
14.49 |
|
|
$ |
(6.64 |
) |
|
(46%) |
|
|
$ |
8.36 |
|
|
$ |
13.69 |
|
|
$ |
(5.33 |
) |
|
(39%) |
General and administrative expenses |
$ |
4.31 |
|
|
$ |
4.5 |
|
|
$ |
(0.19 |
) |
|
(4%) |
|
|
$ |
6.68 |
|
|
$ |
5.58 |
|
|
$ |
1.1 |
|
|
20% |
NON-GAAP FINANCIAL MEASURE
This press release, the financial tables and
other supplemental information include “Adjusted EBITDA” which is a
non-generally accepted accounting principles (“Non-GAAP”) measure
used by our management to describe financial performance with
external users of our financial statements. The Partnership
believes the Non-GAAP financial measure described above is useful
to investors because this measurement is used by many companies in
its industry as a measurement of financial performance and is
commonly employed by financial analysts and others to evaluate the
financial performance of the Partnership and to compare the
financial performance of the Partnership with the performance of
other publicly traded partnerships within its industry. Adjusted
EBITDA should not be considered an alternative to net income, net
cash provided by operating activities or any other measure of
financial performance or liquidity presented in accordance with
GAAP.
Adjusted EBITDA is defined as net income (loss)
plus (minus):
- Interest expense, net;
- Depreciation, depletion and amortization;
- Accretion of discount on asset retirement obligations;
- (Gain) loss on derivatives, net;
- Cash settlements received (paid) for matured derivatives,
net;
- Cash premiums received (paid) for derivatives, net;
- Impairment of proved oil and natural gas properties;
- Non-cash equity-based compensation;
- (Gain) loss on sale of other assets;
- (Gain) loss on sales of oil and natural gas properties, net;
and
- Dry holes and abandonments of unproved properties.
Mid-Con Energy Partners, LP and subsidiaries |
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
September 30, 2018 |
|
Net income (loss) |
$ |
5,961 |
|
|
$ |
5,097 |
|
|
$ |
(3,349 |
) |
Interest expense, net |
|
1,174 |
|
|
|
1,228 |
|
|
|
1,619 |
|
Depreciation, depletion and amortization |
|
2,559 |
|
|
|
2,369 |
|
|
|
4,812 |
|
Accretion of discount on asset retirement obligations |
|
423 |
|
|
|
417 |
|
|
|
404 |
|
Impairment of proved oil and natural gas properties |
|
180 |
|
|
|
204 |
|
|
|
— |
|
Dry holes and abandonments of unproved properties |
|
— |
|
|
|
— |
|
|
|
10 |
|
(Gain) loss on derivatives, net |
|
(5,730 |
) |
|
|
(3,396 |
) |
|
|
6,358 |
|
Cash settlements paid for matured derivatives, net |
|
(164 |
) |
|
|
(729 |
) |
|
|
(2,483 |
) |
Cash premiums paid for derivatives |
|
— |
|
|
|
— |
|
|
|
(200 |
) |
Non-cash equity-based compensation |
|
121 |
|
|
|
122 |
|
|
|
303 |
|
Gain on sales of other assets |
|
(123 |
) |
|
|
— |
|
|
|
— |
|
(Gain) loss on sales of oil and natural gas properties, net |
|
— |
|
|
|
(223 |
) |
|
|
1 |
|
Adjusted EBITDA |
$ |
4,401 |
|
|
$ |
5,089 |
|
|
$ |
7,475 |
|
|
INVESTOR RELATIONS
CONTACTIR@midcon-energy.com(918) 743-7575
Mid Con Energy Partners (NASDAQ:MCEP)
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