Midstates Petroleum (MPO) Reports Q2 Loss of $0.06

Midstates Petroleum (NYSE: MPO) reported Q2 EPS of ($0.06), versus $0.54 reported last year. Revenue for the quarter came in at $42.32 million.

David Sambrooks, President and Chief Executive Officer, commented, “I am very pleased with what we have accomplished thus far in 2018. We have closed the sale of our non-core Anadarko asset, paid down a considerable portion of our outstanding debt, grown our Mississippian Lime production and lowered lease operating expenses and G&A costs. We are measurably executing on our market-focused strategy and creating value for our stakeholders. Operationally, we have restored over 2,100 BOEPD of base production by performing over 180 workovers to date. Our Mississippian Lime production was up 11% quarter over quarter, and with the expanded workover program largely complete, we are forecasting expense reductions in the second half of the year. Additionally, we brought online Midstates’ first 2 two-mile lateral wells during the quarter. Operational results were excellent with an average drill and complete cost for the 2 wells of only $1.8 million per one mile lateral. Compared to our 2017 average one-mile well cost of $3.2 million, this roughly 45% savings in per mile costs is a substantial value enhancement for our individual well economics. Further, initial production results are above expectations with an average two-stream 24-hour peak rate of approximately 950 BOEPD per well. The combination of improved production, higher oil prices and lower costs yields very strong margins that will drive EBITDA and free cash flow for the remainder of the year.”

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

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