Quarterly / Earnings Reports | Production | Third Quarter (3Q) Update

Mid-Con Focuses on Deals in Q3 as Production Remains Low

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Mid-Con Energy Partners reported its Q3 2016 results.

Highlights:

• Production averaged 3,957 Boe/d, a decrease of 2.9% sequentially and a decrease of 18.6% year-over-year.
• Lease Operating Expenses averaged $15.68/Boe, a 0.7% increase sequentially and a decrease of 20.0% year-over-year.
• Adjusted EBITDA, a Non-GAAP measure, was $11.9 million, an increase of 2.1% sequentially and a decrease of 24.6% year-over-year.
• Distributable Cash Flow, a Non-GAAP measure, was $9.1 million, an increase of 5.5% sequentially and a decrease of 26.8% year-over-year.
• Closed previously announced Hugoton divestiture on July 28, 2016 for $18.0 million, subject to post-closing adjustments.
• Closed previously announced Permian bolt-on acquisition on August 11, 2016 for $19.5 million, subject to post-closing adjustments.
• Closed $25.0 million private offering of Class A Convertible Preferred Units.
• Reduced borrowings outstanding under revolving credit facility by $34.1 million during quarter from $162.0 million to $127.9 million debt outstanding as of September 30, 2016.
• Completed non-scheduled redetermination in August 2016, increasing conforming borrowing base from $105.0 million to $140.0 million.  Subsequently reaffirmed by the lender group on October 28, 2016 during the fall 2016 redetermination.

Hugoton Divestiture

On July 28, 2016, Mid-Con Energy closed its previously announced sale of oil and natural gas assets within the Hugoton core area for $18.0 million. The transaction had an effective date of May 1, 2016, and as of September 30, 2016 the Partnership had received net cash proceeds of approximately $17.3 million.  Net divestiture proceeds were used to reduce borrowings outstanding under Mid-Con Energy's revolving credit facility.

Permian Bolt-On Acquisition

On August 11, 2016, Mid-Con Energy closed its previously announced acquisition of oil and natural gas assets in Nolan County, TX for $19.5 million. The transaction had an effective date of June 1, 2016, and as of September 30, 2016 the Partnership had paid net cash proceeds of approximately $19.1 million.

2016 Guidance