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Midstates Taps Firms to Aid in Strategic Alternatives; Talks 2018 MissLime Output
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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.
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Production (Boe/d) |
16,750 - 16,800 | |
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Operational CAPEX |
$97 million - $98 million | |
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Price Differentials |
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| Oil (per Bbl) | ~$0.67 | |
| NGLs (realized % of WTI) | ~43% | |
| Natural Gas(4) (per MMBTU) | ~$1.40 | |
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Cost per Boe |
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| 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. | |
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