Mid-Con Energy Partners, LP (MCEP) saw its loss narrow to $3.31 million, or $0.14 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $57.96 million, or $1.93 a share. Revenue during the quarter plunged 56.24 percent to $11.40 million from $26.06 million in the previous year period. Gross margin for the quarter contracted 1324 basis points over the previous year period to 54.92 percent.
Operating loss for the quarter was $1.86 million, compared with an operating loss of $56.63 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $9 million compared with $18.99 million in the prior year period. At the same time, adjusted EBITDA margin improved 606 basis points in the quarter to 78.94 percent from 72.88 percent in the last year period.
"I would like to acknowledge the operational success our team delivered during 2016 in light of challenging market conditions for most in the oil industry," commented Jeff Olmstead, chief executive officer. "In response to lower oil prices, we continued our efforts to reduce costs in the field and office. Cash operating expenses, consisting of lease operating expenses ("LOE"), production taxes, cash general and administrative ("G&A"), and cash interest expense were $25.36/Boe for the full year 2016 and $24.01/Boe during the fourth quarter of 2016. On a per Boe basis, these cash costs declined 11.7% and 13.9% for the comparable periods year-over year, respectively. Full year and fourth quarter 2016 LOE per Boe decreased 21.5% and 23.0% year-over-year, respectively."
Operating cash flow declines
Mid-Con Energy Partners, LP has generated cash of $43.94 million from operating activities during the year, down 9.27 percent or $4.49 million, when compared with the last year. The company has spent $8.48 million cash to meet investing activities during the year as against cash outgo of $13.89 million in the last year.
The company has spent $33.72 million cash to carry out financing activities during the year as against cash outgo of $37.15 million in the last year period.
Cash and cash equivalents stood at $2.36 million as on Dec. 31, 2016, up 283.58 percent or $1.74 million from $0.62 million on Dec. 31, 2015.
Working capital turns negative
Working capital of Mid-Con Energy Partners, LP has turned negative to $0.59 million on Dec. 31, 2016 from positive $1.31 million on Dec. 31, 2015. Current ratio was at 0.94 as on Dec. 31, 2016, down from 1.04 on Dec. 31, 2015.
Debt comes down significantly
Mid-Con Energy Partners, LP has recorded a decline in total debt over the last one year. It stood at $122 million as on Dec. 31, 2016, down 32.22 percent or $58 million from $180 million on Dec. 31, 2015. Total debt was 44.16 percent of total assets as on Dec. 31, 2016, compared with 55.03 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
