Midstates Petroleum (MPO) Reports Q3 EPS of $0.14

Midstates Petroleum (NYSE: MPO) reported Q3 EPS of $0.14, versus $0.61 reported last year. Revenue for the quarter came in at $49.72 million.

Third Quarter 2017 and Recent Highlights

• Named David Sambrooks as President and Chief Executive Officer
• Achieved Net Income of $3.7 million or $0.14 per share, which included a $6.5 million non-cash loss on derivative contracts
• Generated Adjusted EBITDA of $30.2 million, before debt restructuring and advisory fees
• Reported net debt of approximately $51.6 million as of September 30, 2017
• Reaffirmed the Company’s borrowing base at $170 million, based solely on the Company’s Mississippian Lime assets
• Sold non-core Lincoln County, Oklahoma, assets in July 2017 for $7.0 million; with net proceeds of $2.9 million (after assumption of liabilities and subject to standard post-closing adjustments)
• Hired SunTrust Robinson Humphrey (“SunTrust”) to explore strategic alternatives for Anadarko Basin and NW STACK assets
• Continued execution of the Company’s strategy of increasing non-Arbuckle salt water disposal (“SWD”) capacity with the addition of a 10th non-Arbuckle SWD well during the third quarter of 2017
• Achieved total Company production of 21,358 barrels of oil equivalent per day (“BOEPD”) in the third quarter of 2017, of which 82% was in the Mississippian Lime, with the balance in the Anadarko Basin

For earnings history and earnings-related data on Midstates Petroleum (MPO) click here.

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