Mid-Con Energy Partners reports quarterly, annual results
TULSA — Mid-Con Energy Partners’ top executive this week said the company is making progress in turning around its operations.
The Tulsa-based oil and natural gas company on Tuesday reported 2018 fourth-quarter and full year results. Mid-Con cut its full-year losses to about $18.3 million, or 74 cents per share, on total revenues of $72.8 million in 2018. In 2017, it lost about $27.3 million, or 99 cents per share, on total revenues of about $57 million.
The company reported a net income of about $2.4 million, or 2 cents a share, on total revenues of about $41.7 million in the final quarter of 2018. The final quarter of 2017, Mid-Con posted a net loss of about $8.7 million, or 30 cents a share, on total revenues of $10.8 million.
Jeff Olmstead, Mid-Con Energy Partners’ president and CEO, described 2018 as a “transformational” year for the company.
“We significantly improved our financial position by extending the maturity of our revolving credit facility, increasing the borrowing base, reducing total outstanding debt and reducing our total leverage,” Olmstead stated in the earnings release.
During 2018, Mid-Con Energy Partners:
• Completed a $15 million private offering to a group of investors, and used about half that money to acquire assets in the Powder River Basin of Montana and Wyoming and the Big Horn Basin in Wyoming.
• Acquired additional properties in Oklahoma, spending a total of $23 million for those and the Powder River and Big Horn assets.
• Boosted its average total daily production to 3,663 barrels of oil equivalent in the fourth quarter, more than 30 percent more than its average daily production in the first quarter of 2018.
Earlier this year, it also entered into agreements to sell substantially all its Eastern Shelf assets in Texas for $60 million and to acquire Oklahoma properties in Osage, Caddo and Grady Counties for $25.7 million. Acquisitions include 10 mature waterflood units that have long-lived assets with opportunities to both grow production and decrease operating expenses.
Olmstead said Mid-Con likes the assets it acquired.
“Our 2019 capital budget (of $9 million) will be focused on evaluating our development opportunities in many of these new assets,” he stated in the release.