Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the
“Partnership”) announced today its operating and financial results
for first quarter 2020 and details of the recently announced
strategic recapitalization transactions.
RECENT DEVELOPMENTS
As announced on June 5, 2020, the Partnership completed
strategic recapitalization transactions, resulting in significant
changes to its capital structure and governance to strengthen its
balance sheet, create alignment across all unitholders, reduce
costs and streamline operations, thereby creating immediate and
sustainable value for all unitholders. Highlights of the
transaction include:
- The holders of all of the Partnership’s Class A and B preferred
units (collectively, the “Preferred Units”), led by Goff Capital,
Inc., (“Goff Capital”) converted their Preferred Units to common
units at an average conversion price of $3.12/unit.
- The equity holders of the general partner contributed the
ownership of the general partner to the Partnership in exchange for
common units.
- In connection with these transactions, the limited partnership
agreement of the Partnership was amended, the directors of the
general partner have resigned, and a new Board of Directors was
elected by written consent of affiliates of Goff Capital that now
hold a majority of the outstanding common units.
- Charles R. Olmstead, Chief Executive Officer, and Jeffrey R.
Olmstead, most recently Chief Executive Officer and President prior
to taking a sabbatical beginning February 1, 2020, resigned from
their positions as officers of the general partner.
- Following these transactions, the Partnership had 14,311,522
common units outstanding.
- Completed the spring redetermination of the borrowing base
under its senior secured revolving credit facility. Amendment 15 to
the credit agreement was effective as of June 1, 2020.
Amendment 15 to the credit agreement, among other changes:
- decreased the borrowing base from $95.0 million to $64.0
million and establishes a repayment schedule for the borrowing base
deficiency;
- permitted the recapitalization transactions;
- introduced anti-cash hoarding provisions and restrictive
covenants on capital and general and administrative spending;
- provided for all loans to bear payment-in-kind interest,
capitalized on a quarterly basis;
- excluded certain assumed liabilities from the Current Ratio
calculation for the quarters ending June 30, 2020, September 30,
2020, and December 31, 2020; and
- required the Partnership’s Leverage Ratio of Consolidated
Funded Indebtedness to Consolidated EBITDAX not to exceed:
- 5.75 to 1.00 for the quarter ending June 30, 2020,
- 5.00 to 1.00 for the quarter ending September 30, 2020,
- 4.50 to 1.00 for the quarter ending December 31, 2020, and
- 4.25 to 1.00 for the quarter ending March 31, 2021 and
thereafter.
- Contango Resources, Inc. (“Contango Resources”), a subsidiary
of Contango Oil & Gas Company (“Contango”) will be the new
operator of the Partnership’s properties, replacing Mid-Con Energy
Operating, LLC. The transition is expected to be effective July 1,
2020 and the move is expected to generate pro-forma annual cash
savings of approximately $6.5 million compared to 2019.
- The Partnership and Mid-Con Energy Operating, LLC, the existing
services provider, entered into an Assignment and Assumption
Agreement (the “Assignment and Assumption Agreement”), effective
June 1, 2020. Under the Assignment and Assumption Agreement, the
Partnership agreed to assume and release the existing services
provider from certain liabilities arising out of the existing
services provider’s performance of its obligations as operator of
the Partnership’s properties under the existing services
agreement.
SELECT FINANCIAL AND OPERATIONAL RESULTS
FOR THE QUARTER ENDED MARCH 31, 2020
- Net income was $2.8 million for the first quarter 2020.
- Reported negative cash flows from operating activities for the
first quarter 2020 of $0.8 million.
- Increased outstanding borrowings on our revolving credit
facility by $6.0 million during first quarter 2020 to $74
million.
- Capital expenditures of $4.8 million across the portfolio
during the first quarter 2020. Remainder of 2020 developmental
capital is currently delayed due to commodity pricing.
- In Wyoming, at our Pine Tree Shannon Unit, completed chemical
treatments and initiated injection on two wells, converted two
wells to injection (awaiting treatments), and continued
installation of injection facilities and pipelines. At our House
Creek Unit, we completed one re-stimulation.
- In Oklahoma, completed 2 producing wells and 1 injection well
which were initiated during the fourth quarter 2019 and recompleted
four wells.
- Conducted 14 capital workovers across the Partnership.
- Shut-in approximately 250 wells during March 2020 as a result
of the drop in oil price.
CRUDE OIL PRICE DECLINES AND OPERATIONAL
UPDATE
During the first quarter of 2020,
the oil and natural gas industry witnessed a significant decline in
oil prices from $63 per Bbl in early January to just above $20 per
Bbl in late March. The declines continued into April and as a
result of the low oil prices, the Partnership has modified its 2020
operational plan. We remain focused on cost reductions, including
periodic economic review of each well within our portfolio along
with ongoing scrutiny of lease operating expenses and general and
administrative expenses. Wells that are not economically viable, at
prevailing prices, are shut-in provided there are no contractual,
operating or reservoir constraints precluding the suspension of
operations. We shut-in approximately 250 uneconomic wells during
March 2020, and an additional 150 uneconomical wells in April 2020.
We continue to monitor pricing and expenses to determine when to
return these wells to production.
FINANCIAL SUMMARY
Production for first quarter 2020 averaged 3,538
Boe/d, compared to 3,609 Boe/d in the fourth quarter 2019 as
shutting in wells in March 2020 began to affect output. Commodity
pricing decreased during the first quarter 2020 as the average
realized oil price after derivatives was $49.88 versus $53.34 per
barrel in fourth quarter 2019.
Lease operating expenses (“LOE”) for the first
quarter 2020 were $8.1 million ($25.27 per Boe) compared to $9.2
million ($27.59 per Boe) for the fourth quarter 2019. The majority
of the decrease was due to decreased activity and approximately 250
uneconomic wells that were shut-in during March 2020.
General and administrative expenses (“G&A”)
for the first quarter 2020 were $3.0 million compared to $2.2
million for the fourth quarter 2019. The majority of the increase
was due to increased allocated salaries for technical services and
$0.3 million in expenses related to the strategic recapitalization
transactions, partially offset by a decrease in non-cash
compensation expense.
The Partnership spent $4.8 million on capital
expenditures during the first quarter 2020, compared to capital
expenditures of $4.5 million during the fourth quarter of 2019.
The decrease in revenue, primarily caused by a
decrease in commodity prices, and increased G&A, slightly
offset by a decrease in LOE and increased cash settlements received
for matured derivatives, lowered first quarter Adjusted EBITDA(1)
to $2.5 million from $3.5 million in the fourth quarter of 2019.
During the first quarter, the Partnership increased debt by $6.0
million to $74.0 million outstanding as of March 31, 2020. As of
June 12, 2020, debt outstanding was $73.3 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 March 31, 2020, 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:
Period Covered |
|
Weighted Average Fixed Price |
|
Weighted Average Floor Price |
|
Weighted Average Ceiling Price |
|
Total BblsHedged/day |
|
Index |
Swaps - 2020 |
|
$ |
55.87 |
|
$ |
— |
|
$ |
— |
|
$ |
1,882 |
|
NYMEX-WTI |
Swaps - 2021 |
|
$ |
55.78 |
|
$ |
— |
|
$ |
— |
|
$ |
672 |
|
NYMEX-WTI |
Collars - 2021 |
|
$ |
— |
|
$ |
52.00 |
|
$ |
58.80 |
|
$ |
672 |
|
NYMEX-WTI |
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 our ability to continue as a going concern; volatility
of commodity prices; supply and demand of oil and natural gas;
revisions 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; our ability to pay distributions; our ability to replace
the reserves we produce through acquisitions and the development of
our properties; future capital requirements and availability of
financing; technology and cybersecurity; 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; world-wide epidemics,
including COVID-19, and the related effects of sheltering in place;
competition in the oil and natural gas industry; environmental
liabilities; counterparty credit risk; governmental regulation and
taxation; compliance with NASDAQ listing requirements; developments
in oil and natural gas producing countries, including increases and
decreases in supply from Russia and OPEC; plans, objectives,
expectations and intentions; 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, 2019, 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) |
|
|
|
|
|
|
|
March 31,
2020 |
|
|
December 31,
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
213 |
|
|
$ |
255 |
|
Accounts receivable |
|
|
4,780 |
|
|
|
6,853 |
|
Derivative financial instruments |
|
|
15,731 |
|
|
|
— |
|
Prepaid expenses |
|
|
202 |
|
|
|
87 |
|
Assets held for sale |
|
|
— |
|
|
|
365 |
|
Total current assets |
|
|
20,926 |
|
|
|
7,560 |
|
Property and equipment |
|
|
|
|
|
|
|
|
Oil and natural gas properties, successful efforts method |
|
|
|
|
|
|
|
|
Proved properties |
|
|
264,490 |
|
|
|
261,375 |
|
Unproved properties |
|
|
4,266 |
|
|
|
3,125 |
|
Other property and equipment |
|
|
1,220 |
|
|
|
1,262 |
|
Accumulated depletion, depreciation, amortization and
impairment |
|
|
(93,472 |
) |
|
|
(72,303 |
) |
Total property and equipment, net |
|
|
176,504 |
|
|
|
193,459 |
|
Derivative financial
instruments |
|
|
6,225 |
|
|
|
730 |
|
Other assets |
|
|
870 |
|
|
|
1,020 |
|
Total assets |
|
$ |
204,525 |
|
|
$ |
202,769 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES, CONVERTIBLE
PREFERRED UNITS AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
|
|
Trade |
|
$ |
630 |
|
|
$ |
320 |
|
Related parties |
|
|
1,914 |
|
|
|
6,902 |
|
Derivative financial instruments |
|
|
— |
|
|
|
1,944 |
|
Accrued liabilities |
|
|
187 |
|
|
|
795 |
|
Other current liabilities |
|
|
438 |
|
|
|
430 |
|
Current debt |
|
|
74,000 |
|
|
|
— |
|
Total current liabilities |
|
|
77,169 |
|
|
|
10,391 |
|
Long-term debt |
|
|
— |
|
|
|
68,000 |
|
Other long-term
liabilities |
|
|
344 |
|
|
|
457 |
|
Asset retirement
obligations |
|
|
31,296 |
|
|
|
30,265 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Class A convertible preferred
units - 11,627,906 issued and outstanding, respectively |
|
|
23,287 |
|
|
|
22,964 |
|
Class B convertible preferred
units - 9,803,921 issued and outstanding, respectively |
|
|
14,877 |
|
|
|
14,829 |
|
Equity, per accompanying
statements |
|
|
|
|
|
|
|
|
General partner |
|
|
(762 |
) |
|
|
(793 |
) |
Limited partners - 1,557,851 and 1,541,215 units issued and
outstanding, respectively |
|
|
58,314 |
|
|
|
56,656 |
|
Total equity |
|
|
57,552 |
|
|
|
55,863 |
|
Total liabilities, convertible preferred units and equity |
|
$ |
204,525 |
|
|
$ |
202,769 |
|
|
|
|
|
|
|
|
|
|
Mid-Con Energy Partners, LP and subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(in thousands, except per unit data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
Revenues |
|
|
|
|
|
|
|
|
Oil sales |
|
$ |
12,982 |
|
|
$ |
14,594 |
|
Natural gas sales |
|
|
283 |
|
|
|
250 |
|
Other operating revenues |
|
|
238 |
|
|
|
372 |
|
Gain (loss) on derivatives, net |
|
|
24,952 |
|
|
|
(12,198 |
) |
Total revenues |
|
|
38,455 |
|
|
|
3,018 |
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Lease operating expenses |
|
|
8,138 |
|
|
|
6,830 |
|
Production and ad valorem taxes |
|
|
1,070 |
|
|
|
1,282 |
|
Other operating expenses |
|
|
584 |
|
|
|
473 |
|
Impairment of proved oil and natural gas properties |
|
|
18,332 |
|
|
|
— |
|
Depreciation, depletion and amortization |
|
|
2,836 |
|
|
|
3,098 |
|
Accretion of discount on asset retirement obligations |
|
|
399 |
|
|
|
328 |
|
General and administrative |
|
|
3,052 |
|
|
|
2,662 |
|
Total operating costs and expenses |
|
|
34,411 |
|
|
|
14,673 |
|
Gain on sales of oil and natural
gas properties, net |
|
|
— |
|
|
|
9,469 |
|
Income (loss) from
operations |
|
|
4,044 |
|
|
|
(2,186 |
) |
Other (expense) income |
|
|
|
|
|
|
|
|
Interest income |
|
|
1 |
|
|
|
8 |
|
Interest expense |
|
|
(1,274 |
) |
|
|
(1,615 |
) |
Other income |
|
|
12 |
|
|
|
5 |
|
Total other expense |
|
|
(1,261 |
) |
|
|
(1,602 |
) |
Net income (loss) |
|
|
2,783 |
|
|
|
(3,788 |
) |
Less: Distributions to preferred unitholders |
|
|
1,172 |
|
|
|
1,149 |
|
Less: General partner's interest in net income (loss) |
|
|
31 |
|
|
|
(45 |
) |
Limited partners' interest in net
income (loss) |
|
$ |
1,580 |
|
|
$ |
(4,892 |
) |
Limited partners' interest in net
income (loss) per unit |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.02 |
|
|
$ |
(3.19 |
) |
Diluted |
|
$ |
0.07 |
|
|
$ |
(3.19 |
) |
|
|
|
|
|
|
|
|
|
Weighted average limited partner
units outstanding |
|
|
|
|
|
|
|
|
Limited partner units (basic) |
|
|
1,550 |
|
|
|
1,532 |
|
Limited partner units (diluted) |
|
|
23,020 |
|
|
|
1,532 |
|
Mid-Con Energy Partners, LP and subsidiaries |
|
Condensed Consolidated Statements of Cash
Flows |
|
(in thousands) |
|
(Unaudited) |
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2020 |
|
|
2019 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
2,783 |
|
|
$ |
(3,788 |
) |
Adjustments to reconcile net income (loss) to net cash used in
operating activities |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,836 |
|
|
|
3,098 |
|
Debt issuance costs amortization |
|
|
150 |
|
|
|
178 |
|
Accretion of discount on asset retirement obligations |
|
|
399 |
|
|
|
328 |
|
Impairment of proved oil and natural gas properties |
|
|
18,332 |
|
|
|
— |
|
Mark to market on derivatives |
|
|
|
|
|
|
|
|
(Gain) loss on derivatives, net |
|
|
(24,952 |
) |
|
|
12,198 |
|
Cash settlements received for matured derivatives, net |
|
|
1,783 |
|
|
|
143 |
|
Gain on sales of oil and natural gas properties |
|
|
— |
|
|
|
(9,469 |
) |
Non-cash equity-based compensation |
|
|
78 |
|
|
|
334 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
2,072 |
|
|
|
(1,217 |
) |
Prepaid expenses and other assets |
|
|
(115 |
) |
|
|
(369 |
) |
Accounts payable - trade and accrued liabilities |
|
|
(304 |
) |
|
|
432 |
|
Accounts payable - related parties |
|
|
(3,818 |
) |
|
|
(2,999 |
) |
Net cash used in operating activities |
|
|
(756 |
) |
|
|
(1,131 |
) |
Cash flows from investing
activities |
|
|
|
|
|
|
|
|
Acquisitions of oil and natural gas properties |
|
|
(111 |
) |
|
|
(2,796 |
) |
Additions to oil and natural gas properties |
|
|
(4,682 |
) |
|
|
(3,057 |
) |
Additions to other property and equipment |
|
|
(58 |
) |
|
|
— |
|
Proceeds from sales of oil and natural gas properties |
|
|
— |
|
|
|
32,502 |
|
Proceeds from sale of other assets |
|
|
365 |
|
|
|
— |
|
Net cash (used in) provided by investing activities |
|
|
(4,486 |
) |
|
|
26,649 |
|
Cash flows from financing
activities |
|
|
|
|
|
|
|
|
Proceeds from line of credit |
|
|
6,000 |
|
|
|
7,000 |
|
Payments on line of credit |
|
|
— |
|
|
|
(32,000 |
) |
Distributions to Class A convertible preferred units |
|
|
(500 |
) |
|
|
(500 |
) |
Distributions to Class B convertible preferred units |
|
|
(300 |
) |
|
|
(300 |
) |
Net cash provided by (used in) financing activities |
|
|
5,200 |
|
|
|
(25,800 |
) |
Net decrease in cash and cash equivalents |
|
|
(42 |
) |
|
|
(282 |
) |
Beginning cash and cash
equivalents |
|
|
255 |
|
|
|
467 |
|
Ending cash and cash
equivalents |
|
$ |
213 |
|
|
$ |
185 |
|
|
|
|
|
|
|
|
|
|
Mid-Con Energy Partners, LP and subsidiaries |
|
Production Volumes, Prices, and Unit Costs per
Boe |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
Change |
|
|
% Change |
|
Production Volumes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbls) |
|
|
296 |
|
|
|
292 |
|
|
|
4 |
|
|
1% |
|
Natural gas (MMcf) |
|
|
156 |
|
|
|
121 |
|
|
|
35 |
|
|
29% |
|
Total (MBoe) |
|
|
322 |
|
|
|
312 |
|
|
|
10 |
|
|
3% |
|
Average daily net production (Boe/d) |
|
|
3,538 |
|
|
|
3,467 |
|
|
|
71 |
|
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (per Bbl) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales price |
|
$ |
43.86 |
|
|
$ |
49.98 |
|
|
$ |
(6.12 |
) |
|
(12%) |
|
Effect of net settlements on matured derivative instruments |
|
$ |
6.02 |
|
|
$ |
0.49 |
|
|
$ |
5.53 |
|
|
1129% |
|
Realized oil price after derivatives |
|
$ |
49.88 |
|
|
$ |
50.47 |
|
|
$ |
(0.59 |
) |
|
(1%) |
|
Natural gas (per Mcf) |
|
$ |
1.81 |
|
|
$ |
2.07 |
|
|
$ |
(0.26 |
) |
|
(13%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit costs per Boe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
|
$ |
25.27 |
|
|
$ |
21.89 |
|
|
$ |
3.38 |
|
|
15% |
|
Production and ad valorem taxes |
|
$ |
3.32 |
|
|
$ |
4.11 |
|
|
$ |
(0.79 |
) |
|
(19%) |
|
Depreciation, depletion and amortization |
|
$ |
8.81 |
|
|
$ |
9.93 |
|
|
$ |
(1.12 |
) |
|
(11%) |
|
General and administrative expenses |
|
$ |
9.48 |
|
|
$ |
8.53 |
|
|
$ |
0.95 |
|
|
11% |
|
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;
- Impairment of assets held for sale;
- 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 |
|
|
|
March 31,
2020 |
|
|
December 31,
2019 |
|
|
March 31,
2019 |
|
Net income (loss) |
|
$ |
2,783 |
|
|
$ |
(7,869 |
) |
|
$ |
(3,788 |
) |
Interest expense, net |
|
|
1,273 |
|
|
|
1,147 |
|
|
|
1,607 |
|
Depreciation, depletion and amortization |
|
|
2,836 |
|
|
|
2,595 |
|
|
|
3,098 |
|
Accretion of discount on asset retirement obligations |
|
|
399 |
|
|
|
428 |
|
|
|
328 |
|
Impairment of proved oil and natural gas properties |
|
|
18,332 |
|
|
|
— |
|
|
|
— |
|
Impairment of assets held for sale |
|
|
— |
|
|
|
65 |
|
|
|
— |
|
(Gain) loss on derivatives, net |
|
|
(24,952 |
) |
|
|
7,174 |
|
|
|
12,198 |
|
Cash settlements received (paid) for matured derivatives, net |
|
|
1,783 |
|
|
|
(199 |
) |
|
|
143 |
|
Non-cash equity-based compensation |
|
|
78 |
|
|
|
119 |
|
|
|
334 |
|
(Gain) loss on sales of oil and natural gas properties, net |
|
|
— |
|
|
|
21 |
|
|
|
(9,469 |
) |
Adjusted EBITDA |
|
$ |
2,532 |
|
|
$ |
3,481 |
|
|
$ |
4,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTOR RELATIONS
CONTACTIR@midcon-energy.com(918) 743-7575
Mid Con Energy Partners (NASDAQ:MCEP)
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