Midstates Petroleum (MPO) Reports Q4 EPS of $1.38 on Revenues of $69.64M

Midstates Petroleum (NYSE: MPO) reported Q4 EPS of $1.38, versus $0.61 reported last year. Revenue for the quarter came in at $69.64 million, versus $53.34 million reported last year.

• Reported net income of $49.8 million, or $1.91 per share, for the full year 2018 and net income of $35.8 million, or $1.38 per share, in the fourth quarter 2018
• Announced year-end 2018 SEC proved reserves of 72.4 million barrels of oil equivalent (MMBoe) with a net present value discounted at 10% (PV-10) of approximately $580 million
  • Year-end 2018 SEC proved developed producing (PDP) reserves of 46.5 MMBoe with a PV-10 of approximately $425 million
• Achieved Mississippian Lime production of 16,747 barrels of oil equivalent per day (Boepd) for the full year 2018
• Generated Adjusted EBITDA of $27.8 million in the fourth quarter of 2018, outpacing quarterly operational capital expenditures by approximately $24.2 million; full-year 2018 Adjusted EBITDA totaled $116.4 million, approximately $19.9 million higher than full-year operational capital expenditures
• Initiated a process pursuing all strategic and opportunistic transactions that create significant shareholder value
• Completed workforce reduction in January 2019 to better align general and administrative costs (G&A) with current activity levels; reduced Adjusted Cash G&A expense by $4 million to $5 million annually (excluding one-time severance costs)
• Successfully executed $50 million tender offer for outstanding capital stock in February 2019, returning capital to shareholders

David Sambrooks, President and Chief Executive Officer, commented, “In 2018 we continued our strong operational results and strengthened Midstates financially through several notable accomplishments. Operationally, we optimized base production through a substantial workover program and have taken actions to drive down lease operating and overhead expenses to help maximize margins and grow value. Midstates generated $116.4 million in Adjusted EBITDA, outpacing our operational capex by $20 million and we monetized a portion of our portfolio by selling our non-core Anadarko asset, using the proceeds and free cash flow to pay down $105 million in debt during 2018. Finally, our year-end 2018 reserve report continues to demonstrate the underlying value of Midstates.”

Mr. Sambrooks continued, “We remain focused on creating value for our shareholders. As such, we are forecasting significant free cash flow generation in 2019, which allowed us to successfully execute a $50 million tender offer earlier this year and affords us the opportunity to consider multiple options moving forward, including returning a substantial portion of our excess cash to our shareholders. As we look to the future, we remain committed to optimizing our production, minimizing costs and operating efficiently, as well as actively pursuing all opportunities that enhance us financially and operationally.”

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

You May Also Be Interested In

• Optimum Communications gets NYSE non-compliance notice over stock price
• Diana Shipping withdraws bid to acquire Genco Shipping
• Outlook Therapeutics posts Q3 loss, eyes U.S. LYTENAVA launch by end of 2026