Must be a little in the margins. Reserves priced at 140 a barrel VS. 40$. Boom to bust they say. the big question people want answered - will it return to a normal 65 to 70? I am betting , yes.
TULSA, Okla.--(BUSINESS WIRE)--Aug. 4, 2015-- Midstates Petroleum Company, Inc. (“Midstates” or the “Company”) (NYSE: MPO) today announced its financial and operating results for the three months ended June 30, 2015.
Second Quarter and Other Highlights:
• Achieved Adjusted EBITDA of $99 million before debt restructuring costs for the second quarter of 2015.
• Reported Adjusted EBITDA that outpaced operational capital by $29 million for the second quarter of 2015 and by $37 million for first six months of 2015.
• Increased average production in the Mississippian Lime to a record high of 27,029 barrels of oil equivalent (Boe) per day in the second quarter, up 31% from 20,698 Boe per day in the second quarter of 2014 and up 2% from 26,531 Boe per day in the first quarter of 2015.
• Attained total Company production of 33,893 Boe per day in the second quarter, up 6% from 31,912 Boe per day in the second quarter of 2014 and essentially flat with 34,164 Boe per day in the first quarter of 2015.
• Maintained estimated well level returns of greater than 30% in the Mississippian Lime, using July 27, 2015 strip pricing and current AFE of $3.3 million.
• Reduced adjusted cash operating expenses to $11.75 per Boe, down 14% from $13.63 per Boe in the second quarter of 2014 and down 8% from $12.82 per Boe in the first quarter of 2015.
• Closed the sale of remaining Louisiana producing properties in the Dequincy area on April 21 for approximately $42 million in net cash proceeds.
• Executed a $625 million Second Lien note offering and approximately $525 million Third Lien note exchange that significantly boosted liquidity and captured debt reduction opportunity.
• Reported liquidity on June 30, 2015 of $402 million comprised of $151 million in cash and $251 million of availability on its revolving credit facility.
• Increased full year 2015 production guidance to 31,500 to 33,500 Boe per day.
Reported Adjusted Net Income totaled a loss of $3.9 million, or $0.58 loss per common share, in the second quarter of 2015. During the second quarter we further increased our 2015 oil hedge position. We have not added any new gas hedges. For the balance of 2015 we now have about 85% of our projected oil production hedged at roughly $72.00 per barrel, and about 60% of our natural gas production hedged at $4.13 per MMbtu. As of June 30 we had $151 million in cash and $251 million available in our credit facility, for total liquidity of $402 million. A review of he liquidity enhancing transactions that we undertook in April and May. On April 21 we did close the sale of our remaining producing properties in Louisiana and realized net cash proceeds of roughly $42 million. On May 21 we sold $625 million of 10% second lien notes due 2020, and used a portion of the proceeds to repay the outstanding balance of our credit facility of roughly $468 million, with the remainder held for general corporate purposes. In conjunction with these transactions, we also entered into an amendment to our credit facility to provide additional covenant flexibility and ultimately reduced our borrowing base to roughly $252 million. These transactions substantially increased our liquidity and provide us with a significant runway to manage the Company through an extended period of low commodity prices. Completed transition to a Mid‐Continent focused organization from an onshore Louisiana concentrated start‐up
•Premier position in the Mississippian Lime and a substantial, multi‐zone inventory of horizontal well locations in the Anadarko Basin
•191,700 net acres in the Mid‐Continent region, with minimal acreage expirations during the remainder of 2015(4)
•Over 2,800 total drilling locations in inventory ^^^^^^^^^^ Mississippian Lime(1) •Premier position in high‐return core •27,029 Boed net production(2) •139 MMBoe proved reserves (58% liquids) •80,700 net acres •~1,500 potential locations •300 to 350 MMBoe net resource potential ***** Anadarko Basin •Multi‐zone inventory yielding strong Hz results •6,586 Boed net production(2) •12 MMBoe proved reserves (67% liquids)(3) •111,000 net acres •~1,300 potential locations •140 to 240 MMBoe net resource potential &&&& Fleetwood •Future value from exploration prospects to be initially funded by JV partner •Reported Adjusted EBITDA(1)outpaced operational CAPEX by $37 million in first half of 2015 –Adjusted EBITDA(1)outpaced operational CAPEX by $29 million in Q2 2015
•Reached year‐end Miss Lime well cost goal of $3.3mm(2) –Anticipate further reductions as we move throughout the remainder of the year
•Attained total Company production of 33,893 Boe/d in Q2’15 –Record Miss Lime production of 27,029 Boe/d, up 2% from 26,531 Boe/d in Q1’15
•Closed the sale of the DeQuincyproperties in Louisiana for $42mm(3)on April 21, 2015
•Executed a $625 million Second Lien note offering and approximately $525 million Third Lien note exchange
•Reported Liquidity at June 30, 2015 of $402mm
•Increased Full Year Production Guidance to 31,500 –33,500 Boe/d
I own LNCO. also. Every body in the world steered me away from LINN. NO DIVY, NO FUTURE and no street respect.....Im glad I went with my gut last week and bought back in. these are very cheap and just the appreciation of the PPS will be enough. I am setting very good today and made up about 25% of my losses in a day there. CRK was a winner for me last week as to the reason I started buying oil back. I have had several MONSTER days from different oil stocks. These great days have offset the losses from the field as a whole. BY design , manipulation or my own suborn nature I feel we are near the bottom to hold for a couple years to make a very good return.
people are stupid period. WHY was it down in 2008 Why did it come back?.... Why does fear cripple people and then make them crave for more stock. The greed flows both ways on the street. The chance of missing a real to life 10 banger will haunt many who sold. Is hope for the worlds economies dead or is it oil now flows like water? We over buy and over sale stocks. Shorts and hedge funds make you believe through bough and paid for articles oil is done for years.? Can you get it cheaper? Probably not. That's why I bought a few..... I had a whole lot more a month ago and took the loss. The fear of not having any controlled a small buy lately.
Look at most the sector. MPO was up 150% at on time I had three stocks up almost 25%. This stock still has plenty of life left. We have only just begun to move again. The shorts in the sector have to be on edge right now seeing a 250% move. It can happen to any number of these bargains
Wti is up to 45 a barrel. It's been a steady climb after 38$. I have several oil stocks up 25%. Psyr is up 33%. Nslp line, ten the bxe dimn all doing well. Shorts will be getting margin calls with them up 25%.....they will be killing them self's running for the door. Crk has been a disappointment today.