Tulsa-based Mid-Con Energy Partners announced while it saw increased oil production in the third quarter of 2018, it also had a net loss of $3.35 million.
The loss was a 51.1% drop from the second quarter of the year and 51.7% decrease from the third quarter of 2017. The company’s adjusted earnings came to $7.5 million which was 12.7% more than the second quarter and up 91.7% from a year ago.
But its debt also grew by $9 million to reach $96 million as of Sept. 30, 2018. However, the new debt amount is still $3 million down from the beginning of the year.
“We are pleased to report that the third quarter of 2018 showed continued growth and improvement across almost all areas of the Partnership,” commented Jeff Olmstead, President and CEO. “We continue to focus on improving our balance sheet, optimizing our capital allocation, and building our inventory of future projects. As we announced previously, we used some of our available liquidity during the quarter to add several new projects in Wyoming and Oklahoma at acquisition prices that resulted in our leverage ratio covenant continuing to improve.”
As for production, it grew by 23% in the quarter over what itrr saw in the second quarter 2018. The company said in its announcement that it spent excess cash on $2.3 million in capital expenditures to drill three producing wells, two recompletions, six capital workovers and re-entered one plugged well to re-establish production.
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