Midstates Petroleum Company Inc (MPOYQ) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $18.48 million, or $ 0.72 a share in the quarter, against a net loss of $179.27 million, or $16.88 a share in the last year period. Revenue during the quarter grew 25.12 percent to $65.02 million from $51.96 million in the previous year period. Gross margin for the quarter expanded 842 basis points over the previous year period to 66.68 percent.
Operating income for the quarter was $19.46 million, compared with an operating loss of $135.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $34.36 million compared with $18.56 million in the prior year period. At the same time, adjusted EBITDA margin improved 1714 basis points in the quarter to 52.85 percent from 35.71 percent in the last year period.
Jake Brace, president and chief executive officer commented, “The first quarter clearly demonstrates our ability to enhance value by focusing on operational excellence and capital discipline to generate free cash flow. Our one-rig drilling program, designed to secure acreage and future drilling inventory, remains successful and we continue to generate attractive well level returns of approximately 35% at current strip pricing.”
Operating cash flow improves
Midstates Petroleum Company Inc has generated cash of $32.37 million from operating activities during the quarter, up 8.43 percent or $2.52 million, when compared with the last year period. The company has spent $24.76 million cash to meet investing activities during the quarter as against cash outgo of $58.65 million in the last year period.
Cash and cash equivalents stood at $84.45 million as on Mar. 31, 2017, down 71.98 percent or $216.97 million from $301.43 million on Mar. 31, 2016.
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