Latest News and Analysis
Deals and Transactions
Track Drilling (Rigs by operator) | Completions (Frac Spreads)

General News | Financial Trouble | Capital Markets

Midstates Taps Firms to Aid in Strategic Alternatives; Talks 2018 MissLime Output

emailEmail    |    printPrint    |    bookmarkBookmark
   |    Tuesday,February 05,2019

Midstates Petroleum announced 2018 year-end SEC reserves, preliminary 2018 operational results, and provided a strategic update.

Hires Kirkland & Ellis to Aid in Creating Value

Midstates is committed to pursuing all strategic and opportunistic transactions that create significant shareholder value, including a sale of the Company or mergers and acquisitions that provide for greater scale and operational synergies to enhance bottom line profitability.

To aid in this pursuit, the Company has retained Houlihan Lokey, Inc as financial advisor and Kirkland & Ellis, LLP as legal counsel.

2018 Miss Lime Results

Midstates is providing the following preliminary, unaudited full year 2018 operational results.

     

Production (Boe/d)

   16,750 - 16,800
     

Operational CAPEX

   $97 million - $98 million
     

Price Differentials
Oil (per Bbl)   ~$0.67
NGLs (realized % of WTI)   ~43%
Natural Gas(4) (per MMBTU)   ~$1.40

Cost per Boe
Lease Operating Expenses   $5.80 - $5.90
Expense Workover   $1.90 - $2.00
Severance & Other Taxes   $1.65 - $1.75
Adjusted G&A - Cash(5)   $2.50 - $2.60
     
(4)   Inclusive of Gathering & Transportation expenses.
(5)   Adjusted G&A - Cash is a non-GAAP financial measure as it excludes from G&A non-cash compensation and other non-recurring items, but includes capitalized general and administrative costs.
     




Related Categories :

Financial Trouble   

More    Financial Trouble News

Mid-Continent News >>>