Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
Mid-Con Energy Partners, LP (MCEP) saw its loss narrow to $2.42 million, or $0.09 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $25.48 million, or $0.85 a share.
Revenue during the quarter plunged 63.50 percent to $13.97 million from $38.26 million in the previous year period. Gross margin for the quarter contracted 1798 basis points over the previous year period to 59.12 percent. Operating margin for the quarter stood at negative 3.82 percent as compared to a negative 61.73 percent for the previous year period.
Operating loss for the quarter was $0.53 million, compared with an operating loss of $23.62 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $11.87 million compared with $15.74 million in the prior year period. At the same time, adjusted EBITDA margin improved 4387 basis points in the quarter to 85.01 percent from 41.15 percent in the last year period.
"In the third quarter, we made significant progress in lowering costs, reducing debt, and increasing liquidity," commented Jeff Olmstead, president and chief executive officer. "Specifically, we closed on the sale of our Hugoton core area, which was one of our highest cost assets on a per Boe basis, completed a Permian bolt-on acquisition, which represented some of the lowest cost production in our portfolio on a per Boe basis, and closed on a convertible preferred equity raise in August 2016."
Operating cash flow improves
Mid-Con Energy Partners, LP has generated cash of $35.63 million from operating activities during the nine month period, up 13.70 percent or $4.29 million, when compared with the last year period.
The company has spent $6.98 million cash to meet investing activities during the nine month period as against cash outgo of $11.25 million in the last year period.
The company has spent $27.15 million cash to carry out financing activities during the nine month period as against cash outgo of $22.35 million in the last year period.
Cash and cash equivalents stood at $2.12 million as on Sep. 30, 2016, up 120.08 percent or $1.15 million from $0.96 million on Sep. 30, 2015.
Working capital drops significantly
Mid-Con Energy Partners, LP has witnessed a decline in the working capital over the last year. It stood at $4.62 million as at Sep. 30, 2016, down 86.14 percent or $28.73 million from $33.35 million on Sep. 30, 2015. Current ratio was at 1.92 as on Sep. 30, 2016, down from 9.44 on Sep. 30, 2015.
Days sales outstanding went up to 45 days for the quarter compared with 20 days for the same period last year.
At the same time, days payable outstanding went up to 55 days for the quarter from 43 for the same period last year.
Debt comes down significantly
Mid-Con Energy Partners, LP has recorded a decline in total debt over the last one year. It stood at $127.90 million as on Sep. 30, 2016, down 34.07 percent or $66.10 million from $194 million on Sep. 30, 2015. Mid-Con Energy Partners has recorded a decline in long-term debt over the last one year. It stood at $127.90 million as on Sep. 30, 2016, down 34.07 percent or $66.10 million from $194 million on Sep. 30, 2015. Total debt was 45.58 percent of total assets as on Sep. 30, 2016, compared with 49.25 percent on Sep. 30, 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
