Mid-Con Energy Partners, LP Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2018 and Production Results for the Second Quarter of 2018; Provides Production and Capital Expenditures Guidance for the Full Year of 2018; Records Impairment Charges for the Second Quarter of 2018
For the quarter, the company reported total revenues of $6,695,000 against $16,478,000 a year ago. Loss from operations was $5,505,000 against $13,720,000 a year ago. Limited partners' interest in net loss was $7,913,000 or $0.26 per basic and diluted share against $15,712,000 or $0.52 per basic and diluted share a year ago. Adjusted EBITDA was $6,630,000 against $5,474,000 a year ago. The positive sequential variance in net loss was primarily attributable to increased production, lower impairment expense, and higher overall commodity prices which was partially offset by higher cash settlements on derivatives and higher operating costs. The positive variance year-over-year was primarily attributable to higher WTI prices and an overall decrease in total operating costs.
For the six months, the company reported total revenues of $18,025,000 against $34,961,000 a year ago. Loss from operations was $14,575,000 against $7,834,000 a year ago. Limited partners' interest in net loss was $19,224,000 or $0.64 per basic and diluted share against $12,121,000 or $0.40 per basic and diluted share a year ago. Net cash provided by operating activities was $9,976,000 against $9,326,000 a year ago. Acquisitions of oil and natural gas properties was $9,257,000 against $4,666,000 a year ago. Additions to oil and natural gas properties was $3,724,000 against $4,341,000 a year ago.
For the second quarter of 2018, the company recorded $1.0 million of non-cash impairment expense. Impairment expense for the second quarter of 2018 was primarily due to certain properties in Texas with no current planned development.
The company provided production and capital expenditures guidance for the full year of 2018. For the year, the company expects to report net production to be in the range of 3,200 Boe/d to 3,400 Boe/d, lease operating expenses per Boe in the range of $20.00 to $21.00, production taxes in the range of 6.50% ot 7.00% and estimated capital expenditures of $12.0 million.