Midstates Petroleum Announces Third Quarter 2017 Results TULSA, Okla.
Reports Net Income of $3.7 Million, $0.14 Per Share
Midstates Petroleum Company, Inc. (“Midstates” or the “Company”) (NYSE:
MPO) today announced its third quarter 2017 results.
Third Quarter 2017 and Recent Highlights
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Named David Sambrooks as President and Chief Executive Officer
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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
David Sambrooks, President and Chief Executive Officer, commented, “We
are pleased with our results during the third quarter as we continue to
operate firmly within, or better than, guidance and in line with our
2017 budget. Pursuant to our goal to narrow the operational focus to our
Mississippian Lime assets, we sold our non-core assets in Lincoln
County, Oklahoma, and have hired SunTrust to assist us in exploring
strategic alternatives for our stacked pay Anadarko Basin and NW STACK
assets. The continued execution of our near-term strategy will further
enhance our excellent financial foundation and provide maximum
optionality to drive shareholder value.”
Mr. Sambrooks continued, “We have kicked off an extensive internal
review to focus the organization on high-grading our Miss Lime
development opportunities, optimizing our production base, and reducing
costs to improve liquidity and further increase our margins. We are
excited about the opportunities and optionality that Midstates possesses
to create significant value going forward.”
(Adjusted EBITDA, Adjusted Cash Operating Expenses, and Adjusted Cash
General and Administrative Expenses are non-GAAP financial measures.
Each measure is defined and reconciled to the most directly comparable
GAAP measure under “Non-GAAP Financial Measures” in the tables below.)
Production and Pricing
Production during the third quarter of 2017 totaled 21,358 BOEPD,
compared with 22,490 BOEPD during the second quarter of 2017. Production
from the Company’s Mississippian Lime properties contributed
approximately 82%, or 17,606 BOEPD, and the Anadarko Basin properties
contributed approximately 18%, or 3,752 BOEPD. For the total Company,
oil volumes comprised 29% of total production, natural gas liquids
(NGLs) 24%, and natural gas 47% during the third quarter of 2017. The
decrease in volumes in the third quarter of 2017 versus the second
quarter of 2017 was mainly due to the sale of the non-core Lincoln
County assets and expected production decline.
In the third quarter of 2017, Midstates’ average realized price per
barrel of oil, before realized commodity derivatives, was $47.14 ($50.11
with realized derivatives), while its average realized price for NGLs
sales was $22.55 per barrel (there were no NGLs hedges in place during
the third quarter). Natural gas averaged $2.54 per thousand cubic feet
(Mcf) before realized derivatives ($2.76 with realized derivatives).
Detailed comparisons of commodity prices by period and region are
included in the tables below.
Oil, NGLs and natural gas sales revenues in the third quarter of 2017
were $51.8 million, before the impact of derivatives, essentially flat
with $52.3 million in the second quarter of 2017. The realized loss on
derivatives for the third quarter of 2017 was $3.6 million, down from a
$7.5 million gain during the second quarter of 2017.
Hedging Update
To reduce downside commodity price risk and protect cash flow, Midstates
has entered into a number of swaps, collars, and 3-way collars to hedge
a portion of the Company’s oil and natural gas revenues through 2019. A
summary of the Company’s hedges for the periods after September 30, 2017
is included in the below table.
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NYMEX WTI
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Fixed Swaps
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Collars
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Three Way Collars
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Hedge Position (Bbls)
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Weighted Avg Strike Price
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Hedge Position (Bbls)
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Weighted Avg Ceiling Price
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Weighted Avg Floor Price
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Hedge Position (Bbls)
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Weighted Avg Ceiling Price
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Weighted Avg Floor Price
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Weighted Avg Sub-Floor Price
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Quarter Ended:
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September 30, 2017(2)
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207,000
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$
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55.29
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46,000
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$
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60.00
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$
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50.00
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115,000
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$
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62.80
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$
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50.00
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$
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40.00
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December 31, 2017(1)(2)
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276,000
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$
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53.58
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46,000
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$
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60.00
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$
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50.00
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115,000
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$
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62.80
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$
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50.00
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$
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40.00
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March 31, 2018(1)
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99,000
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$
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50.61
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—
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$
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—
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$
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—
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225,000
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$
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62.14
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$
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50.00
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$
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40.00
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June 30, 2018(1)
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145,600
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$
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51.22
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—
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$
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—
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$
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—
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182,000
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$
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60.65
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$
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50.00
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$
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40.00
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September 30, 2018(1)
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92,000
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$
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50.38
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—
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$
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—
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$
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—
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184,000
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$
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59.93
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$
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50.00
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$
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40.00
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December 31, 2018(1)
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92,000
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$
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50.38
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—
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$
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—
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$
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—
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46,000
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$
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56.70
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$
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50.00
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$
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40.00
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March 31, 2019
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—
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$
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—
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—
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$
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—
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$
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—
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45,000
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$
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56.20
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$
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50.00
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$
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40.00
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June 30, 2019
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—
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$
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—
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—
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$
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—
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$
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—
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45,500
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$
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56.20
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$
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50.00
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$
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40.00
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September 30, 2019
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—
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$
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—
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—
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$
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—
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$
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—
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46,000
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$
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56.20
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$
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50.00
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$
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40.00
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December 31, 2019
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—
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$
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—
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—
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$
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—
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$
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—
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46,000
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$
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56.20
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$
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50.00
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$
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40.00
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NYMEX HENRY HUB
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Fixed Swaps
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Collars
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Three Way Collars
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Hedge Position (MMBtu)
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Weighted Avg Strike Price
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Hedge Position (MMBtu)
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Weighted Avg Ceiling Price
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Weighted Avg Floor Price
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Hedge Position (MMBtu)
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Weighted Avg Ceiling Price
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Weighted Avg Floor Price
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Weighted Avg Sub-Floor Price
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Quarter Ended:
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September 30, 2017
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2,944,000
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$
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3.38
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368,000
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$
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3.63
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$
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3.15
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—
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$
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—
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$
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—
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$
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—
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December 31, 2017(1)
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1,907,000
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$
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3.43
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551,000
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$
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3.84
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$
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3.23
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610,000
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$
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4.30
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$
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3.25
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$
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2.50
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March 31, 2018(1)(3)
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1,350,000
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$
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3.47
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—
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$
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—
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$
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—
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1,530,000
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$
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4.38
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$
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3.25
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$
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2.50
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June 30, 2018(1)
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—
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$
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—
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—
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$
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—
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$
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—
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1,365,000
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$
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3.40
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$
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3.00
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$
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2.50
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September 30, 2018(1)
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—
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$
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—
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—
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$
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—
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$
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—
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1,380,000
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$
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3.40
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$
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3.00
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$
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2.50
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December 31, 2018(1)
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—
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$
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—
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—
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$
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—
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$
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—
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1,380,000
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$
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3.40
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$
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3.00
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$
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2.50
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March 31, 2019(1)
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|
|
—
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$
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—
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|
|
—
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|
|
$
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—
|
|
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$
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—
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|
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1,350,000
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$
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3.40
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$
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3.00
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$
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2.50
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________________
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(1)
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Positions shown represent open commodity derivative contract
positions as of September 30, 2017. The Company did not have any
open commodity derivative contract positions as of December 31, 2016.
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(2)
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During the second quarter, the Company entered into long call oil
trades to offset its three-way collar short calls for the second
half of 2017.
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(3)
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During the second quarter, the Company entered into natural gas
three-way collars with long call ceilings in order to offset its Q1
2018 natural gas fixed swaps.
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Sale of Non-Core Lincoln Property Assets
During the third quarter of 2017, Midstates closed the sale of its
properties in Lincoln County, Oklahoma for $7.0 million, with net
proceeds of approximately $2.9 million after the assumption of
liabilities and subject to post-closing adjustments. The properties
primarily produced natural gas with an average of 700 BOEPD in the
second quarter of 2017 and were not within the Company’s core
Mississippian Lime focus area. The effective date of the transaction is
January 1, 2017.
Costs and Expenses
Adjusted Cash Operating Expenses (which excludes debt restructuring and
advisory fees) for the third quarter of 2017 were $26.0 million, or
$13.22 per Boe, compared with $26.5 million, or $12.95 per Boe, in the
second quarter of 2017. The increase in per Boe cash costs in the third
quarter of 2017 compared with the second quarter of 2017 was
attributable to lower production.
Lease operating and workover expenses (LOE) totaled $15.7 million, or
$7.97 per Boe, in the third quarter of 2017, compared with $16.6
million, or $8.09 per Boe, in the second quarter of 2017. Third quarter
2017 LOE per Boe decreased compared to second quarter of 2017 primarily
due to reduced equipment rentals and less chemical spend.
Severance and other taxes for the third quarter of 2017 were $2.4
million (4.5% of oil, NGL and natural gas sales revenue), compared to
$1.7 million (3.2% of oil, NGL and natural gas sales revenue) in the
second quarter of 2017. In May 2017, new legislation was signed into law
in Oklahoma that increased the incentive tax rate from 1% to 4% on wells
that commenced production between July 1, 2011 and July 1, 2015. After
the 48-month incentive period ends, the tax rate on such wells increases
to 7%. The new 4% tax rate on these wells caused our average production
tax rate to increase in the three months ended September 30, 2017.
General and administrative expenses for the third quarter of 2017
totaled $7.3 million, or $3.69 per Boe, compared to $7.6 million, or
$3.70 per Boe, in the second quarter of 2017. Third quarter 2017 and
second quarter 2017 general and administrative expenses included
non-cash share-based compensation expense of $2.8 million, or $1.44 per
Boe, and $0.9 million, or $0.45 per Boe, respectively. Adjusted cash
general and administrative expenses, which excludes non-cash share-based
compensation and certain non-recurring items, but includes capitalized
general and administrative costs, totaled $5.2 million, or $2.64 per Boe
for the third quarter of 2017, compared to $5.5 million, or $2.69 per
Boe, in the second quarter of 2017.
Interest expense totaled $1.6 million (net of amounts capitalized) for
the third quarter of 2017 as compared to $1.2 million in the second
quarter of 2017. The Company capitalized $0.4 million in interest to
unproved properties during the third quarter of 2017 as compared to $0.7
million in the second quarter of 2017.
During the third quarter of 2017, the Company did not record an income
tax expense or benefit, and had an effective tax rate of 0%.
Capital Expenditures
In the third quarter of 2017, the Company invested $40.1 million of
operating capital, predominantly devoted to the Mississippian Lime
assets.
The following table provides operational capital spending by area as
well as a reconciliation to total capital expenditures for the three
months and nine months ended September 30, 2017 (in thousands):
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For the Three Months Ended September 30,
2017
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For the Nine Months Ended September 30,
2017
|
Drilling and completion activities
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$
|
36,269
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|
|
$
|
89,975
|
Acquisition of acreage and seismic data
|
|
|
|
3,845
|
|
|
|
7,748
|
Operational capital expenditures incurred
|
|
|
$
|
40,114
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|
|
$
|
97,723
|
Capitalized G&A, office, ARO & other
|
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|
|
1,856
|
|
|
|
5,512
|
Capitalized interest
|
|
|
|
408
|
|
|
|
2,054
|
Total capital expenditures incurred
|
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|
$
|
42,378
|
|
|
$
|
105,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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For the Three Months Ended September 30,
2017
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For the Nine Months Ended September 30,
2017
|
Mississippian Lime
|
|
|
$
|
39,800
|
|
|
$
|
95,490
|
Anadarko Basin
|
|
|
|
314
|
|
|
|
2,233
|
Total operational capital expenditures incurred
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|
$
|
40,114
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|
|
$
|
97,723
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Operational Update
Mississippian Lime Update
Key Highlights:
-
Produced an average of 17,606 BOEPD in the third quarter of 2017, of
which 28% was oil, 24% NGLs, and 48% natural gas
-
Spud 10 wells and placed 9 wells online during the third quarter of
2017
-
Incurred average drilling, completion and facility costs of $3.1
million for wells brought online YTD
-
Achieved average drilling cycle time YTD of 16 days (rig release to
rig release)
During the third quarter of 2017, the Company continued exploring
options to maximize individual well performance by increasing the number
of frac stages from approximately 17 stages to as many as 25 stages
during its completion operations. This resulted in increased average
well cost for its trial wells of $3.4 million per well, increasing the
year-to-date average cost per well from $2.8 million in the first half
of 2017 to $3.1 million for the nine months ended September 30, 2017.
Production results from this pilot program are currently being evaluated
and the Company has returned to its normal operating standard of
approximately 17 stages per completion.
Further, during 2017, the Company has brought online three additional
non-Arbuckle saltwater disposal injection wells in Woods and Alfalfa
Counties, Oklahoma. The Company is currently operating 10 non-Arbuckle
injection wells in Woods and Alfalfa Counties, Oklahoma, with a total
permitted injection capacity of approximately 200,000 barrels of water
per day. The Company’s total permitted injection capacity in Woods and
Alfalfa Counties, Oklahoma, which may differ from actual injection
capacity due to operational constraints, is approximately 332,000
barrels of water per day, with a current disposal rate into all
formations of approximately 170,000 barrels of water per day.
Anadarko Basin Update
Midstates has engaged SunTrust to explore strategic alternatives for its
Anadarko Basin and NW STACK assets. Additionally, the Company has
terminated its farm-out agreement signed for a portion of its
primary-term Anadarko Basin acreage in western Oklahoma.
The Company’s Anadarko Basin assets averaged production of 3,752 BOEPD
in the third quarter of 2017, of which 35% was oil, 26% NGLs, and 39%
natural gas.
Balance Sheet and Liquidity
On September 30, 2017, the Company’s liquidity was approximately $116.5
million, consisting of cash and cash equivalents of $76.5 million and
$40.0 million available under its credit facility. Its long-term debt
was $128.1 million, resulting in net debt of approximately $51.6 million.
On November 1, 2017, Midstates announced that the Company’s borrowing
base under its revolving credit facility was reaffirmed at $170 million.
The agreement with its bank group excludes the Company’s Anadarko Basin
assets in Texas and Oklahoma from the redetermination of the borrowing
base. The next scheduled borrowing base redetermination will occur on or
about April 1, 2018.
Fresh Start Accounting
The Company adopted fresh start accounting as of October 21, 2016, the
date the Company emerged from its Chapter 11 reorganization. Adopting
fresh start accounting results in a new reporting entity for financial
reporting purposes and as a result, the Company allocated its
reorganization value to its individual assets, including oil and gas
property, plant and equipment, based upon their estimated fair values as
of that date, and its historical retained deficit was eliminated. Due to
the application of fresh start accounting, the Company’s consolidated
financial statements on or after October 21, 2016 are not comparable
with its consolidated financial statements prior to that date.
References to “Successor” refer to the Company after the adoption of
fresh start accounting, while references to “Predecessor” refer to the
Company prior to adoption. Please refer to the Company’s Annual Report
on Form 10-K filed on March 30, 2017 for further information regarding
Midstates’ emergence from Chapter 11 restructuring and its application
of fresh start accounting.
Conference Call Information
The Company will host a conference call to discuss third quarter 2017
results on Tuesday, November 14, at 10:30 a.m. Eastern time (9:30 a.m.
Central time). Participants may join the conference call by dialing
(877) 645-4610 (for U.S. and Canada) or (707) 595-2723 (International).
The conference call access code is 6885219 for all participants. To
listen via live webcast, please visit the Investor Relations section of
the Company’s website, www.midstatespetroleum.com.
An audio replay of the conference call will be available approximately
two hours after the conclusion of the call. The audio replay will remain
available until midnight on December 14 and can be accessed by dialing
(855) 859-2056 (for U.S. and Canada) or (404) 537-3406 (International).
The conference call audio replay access code is 6885219 for all
participants. The audio replay will also be available in the Investors
section of the Company’s website approximately two hours after the
conclusion of the call and remain available for approximately 30
calendar days.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements that are not
statements of historical fact, including statements regarding the
Company’s strategy, future operations, financial position, estimated
revenues and losses, projected costs, resource potential, drilling
locations, prospects and plans and objectives of management, are
considered forward-looking statements. Without limiting the generality
of the foregoing, these statements are based on certain assumptions made
by the Company based on management's experience, expectations and
perception of historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Although the
Company believes that its plans, intentions and expectations reflected
in or suggested by the forward-looking statements made in this press
release are reasonable, the Company gives no assurance that these plans,
intentions or expectations will be achieved when anticipated or at all.
Moreover, such statements are subject to a number of factors, many of
which are beyond the control of the Company, which may cause actual
results to differ materially from those implied or expressed by the
forward-looking statements. These factors include, but are not limited
to variations in the market demand for, and prices of, oil and natural
gas; uncertainties about the Company’s estimated quantities of oil and
natural gas reserves, resource potential and drilling locations; the
adequacy of the Company’s capital resources and liquidity; general
economic and business conditions; weather-related downtime; failure to
realize expected value creation from property acquisitions;
uncertainties about the Company’s ability to replace reserves and
economically develop its current reserves; risks related to the
concentration of the Company’s operations; drilling results; and
potential financial losses or earnings reductions from the Company’s
commodity derivative positions.
Any forward-looking statement speaks only as of the date on which such
statement is made and the Company undertakes no obligation to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and
production company focused on the application of modern drilling and
completion techniques in oil and liquids-rich basins in the onshore U.S.
The Company’s operations are currently focused on oilfields in the
Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and
Oklahoma.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTATES PETROLEUM COMPANY, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands, except share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
ASSETS
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
76,548
|
|
|
|
$
|
76,838
|
|
Accounts receivable:
|
|
|
|
|
|
|
Oil and gas sales
|
|
|
|
29,776
|
|
|
|
|
36,988
|
|
Joint interest billing
|
|
|
|
3,193
|
|
|
|
|
4,281
|
|
Other
|
|
|
|
630
|
|
|
|
|
2,456
|
|
Commodity derivative contracts
|
|
|
|
2,896
|
|
|
|
|
—
|
|
Other current assets
|
|
|
|
1,821
|
|
|
|
|
3,326
|
|
Total current assets
|
|
|
|
114,864
|
|
|
|
|
123,889
|
|
PROPERTY AND EQUIPMENT:
|
|
|
|
|
|
|
Oil and gas properties, on the basis of full-cost accounting
|
|
|
|
|
|
|
Proved properties
|
|
|
|
709,647
|
|
|
|
|
573,150
|
|
Unproved properties not being amortized
|
|
|
|
26,178
|
|
|
|
|
65,080
|
|
Other property and equipment
|
|
|
|
6,543
|
|
|
|
|
6,339
|
|
Less accumulated depreciation, depletion and amortization
|
|
|
|
(59,349
|
)
|
|
|
|
(12,974
|
)
|
Net property and equipment
|
|
|
|
683,019
|
|
|
|
|
631,595
|
|
OTHER NONCURRENT ASSETS
|
|
|
|
7,156
|
|
|
|
|
5,455
|
|
TOTAL
|
|
|
$
|
805,039
|
|
|
|
$
|
760,939
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
9,480
|
|
|
|
$
|
2,521
|
|
Accrued liabilities
|
|
|
|
46,987
|
|
|
|
|
53,731
|
|
Total current liabilities
|
|
|
|
56,467
|
|
|
|
|
56,252
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
Asset retirement obligations
|
|
|
|
14,039
|
|
|
|
|
14,200
|
|
Commodity derivative contracts
|
|
|
|
278
|
|
|
|
|
—
|
|
Long-term debt
|
|
|
|
128,059
|
|
|
|
|
128,059
|
|
Other long-term liabilities
|
|
|
|
599
|
|
|
|
|
614
|
|
Total long-term liabilities
|
|
|
|
142,975
|
|
|
|
|
142,873
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no
shares issued or outstanding at September 30, 2017 and December 31,
2016
|
|
|
|
—
|
|
|
|
|
—
|
|
Warrants, 6,625,554 warrants outstanding at September 30, 2017 and
December 31, 2016
|
|
|
|
37,329
|
|
|
|
|
37,329
|
|
Common stock, $0.01 par value, 250,000,000 shares authorized;
25,098,834 shares issued and 25,065,425 shares outstanding at
September 30, 2017 and 24,994,867 shares issued and outstanding at
December 31, 2016
|
|
|
|
251
|
|
|
|
|
250
|
|
Treasury stock
|
|
|
|
(626
|
)
|
|
|
|
—
|
|
Additional paid-in-capital
|
|
|
|
522,823
|
|
|
|
|
514,305
|
|
Retained earnings
|
|
|
|
45,820
|
|
|
|
|
9,930
|
|
Total stockholders’ equity
|
|
|
|
605,597
|
|
|
|
|
561,814
|
|
TOTAL
|
|
|
$
|
805,039
|
|
|
|
$
|
760,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTATES PETROLEUM COMPANY, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
|
For the Nine Months Ended
|
|
|
|
September 30, 2017
|
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
September 30, 2016
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil sales
|
|
|
$
|
27,190
|
|
|
|
$
|
35,584
|
|
|
|
$
|
85,497
|
|
|
|
$
|
104,832
|
|
Natural gas liquid sales
|
|
|
|
10,656
|
|
|
|
|
8,939
|
|
|
|
|
31,580
|
|
|
|
|
25,073
|
|
Natural gas sales
|
|
|
|
13,970
|
|
|
|
|
17,676
|
|
|
|
|
46,321
|
|
|
|
|
44,486
|
|
Gains (losses) on commodity derivative contracts—net
|
|
|
|
(3,591
|
)
|
|
|
|
—
|
|
|
|
|
8,767
|
|
|
|
|
—
|
|
Other
|
|
|
|
1,490
|
|
|
|
|
1,994
|
|
|
|
|
3,244
|
|
|
|
|
4,322
|
|
Total revenues
|
|
|
|
49,715
|
|
|
|
|
64,193
|
|
|
|
|
175,409
|
|
|
|
|
178,713
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating and workover
|
|
|
|
15,653
|
|
|
|
|
17,650
|
|
|
|
|
48,064
|
|
|
|
|
49,520
|
|
Gathering and transportation
|
|
|
|
3,699
|
|
|
|
|
4,296
|
|
|
|
|
11,027
|
|
|
|
|
13,428
|
|
Severance and other taxes
|
|
|
|
2,352
|
|
|
|
|
1,788
|
|
|
|
|
6,168
|
|
|
|
|
4,776
|
|
Asset retirement accretion
|
|
|
|
274
|
|
|
|
|
452
|
|
|
|
|
833
|
|
|
|
|
1,316
|
|
Depreciation, depletion, and amortization
|
|
|
|
15,170
|
|
|
|
|
15,756
|
|
|
|
|
46,471
|
|
|
|
|
59,229
|
|
Impairment in carrying value of oil and gas properties
|
|
|
|
—
|
|
|
|
|
33,887
|
|
|
|
|
—
|
|
|
|
|
224,584
|
|
General and administrative
|
|
|
|
7,255
|
|
|
|
|
3,308
|
|
|
|
|
23,102
|
|
|
|
|
19,093
|
|
Debt restructuring costs and advisory fees
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
7,589
|
|
Total expenses
|
|
|
|
44,403
|
|
|
|
|
77,137
|
|
|
|
|
135,665
|
|
|
|
|
379,535
|
|
OPERATING INCOME (LOSS)
|
|
|
|
5,312
|
|
|
|
|
(12,944
|
)
|
|
|
|
39,744
|
|
|
|
|
(200,822
|
)
|
OTHER EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
81
|
|
Interest expense—net of amounts capitalized (excludes interest
expense of $47.6 million and $79.3 million on senior and secured
notes subject to compromise for the three and nine months ended
September 30, 2016, respectively)
|
|
|
|
(1,649
|
)
|
|
|
|
(2,668
|
)
|
|
|
|
(3,854
|
)
|
|
|
|
(65,719
|
)
|
Reorganization items, net
|
|
|
|
—
|
|
|
|
|
(22,772
|
)
|
|
|
|
—
|
|
|
|
|
57,764
|
|
Total other expense
|
|
|
|
(1,649
|
)
|
|
|
|
(25,440
|
)
|
|
|
|
(3,854
|
)
|
|
|
|
(7,874
|
)
|
INCOME (LOSS) BEFORE TAXES
|
|
|
|
3,663
|
|
|
|
|
(38,384
|
)
|
|
|
|
35,890
|
|
|
|
|
(208,696
|
)
|
Income tax expense
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
NET INCOME (LOSS)
|
|
|
$
|
3,663
|
|
|
|
$
|
(38,384
|
)
|
|
|
$
|
35,890
|
|
|
|
$
|
(208,696
|
)
|
Successor participating securities—non-vested restricted stock
|
|
|
|
(82
|
)
|
|
|
|
—
|
|
|
|
|
(932
|
)
|
|
|
|
—
|
|
Predecessor participating securities—non-vested restricted stock
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
|
|
$
|
3,581
|
|
|
|
$
|
(38,384
|
)
|
|
|
$
|
34,958
|
|
|
|
$
|
(208,696
|
)
|
Basic and diluted net income (loss) per share attributable to common
shareholders
|
|
|
$
|
0.14
|
|
|
|
$
|
(3.60
|
)
|
|
|
$
|
1.39
|
|
|
|
$
|
(19.61
|
)
|
Basic and diluted weighted average number of common shares
outstanding
|
|
|
|
25,116
|
|
|
|
|
10,657
|
|
|
|
|
25,074
|
|
|
|
|
10,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTATES PETROLEUM COMPANY, INC.
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’
EQUITY (DEFICIT)
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Preferred Stock
|
|
|
Common Stock
|
|
|
Warrants
|
|
|
Treasury Stock
|
|
|
Additional Paid-in-Capital
|
|
|
Retained Earnings
|
|
|
Total Stockholders’ Equity
|
Balance as of December 31, 2016 (Successor)
|
|
|
$
|
—
|
|
|
$
|
250
|
|
|
|
$
|
37,329
|
|
|
$
|
—
|
|
|
|
$
|
514,305
|
|
|
$
|
9,930
|
|
|
|
$
|
561,814
|
|
Share-based compensation
|
|
|
|
—
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
8,518
|
|
|
|
—
|
|
|
|
|
8,519
|
|
Acquisition of treasury stock
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(626
|
)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(626
|
)
|
Net income
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
35,890
|
|
|
|
|
35,890
|
|
Balance as of September 30, 2017 (Successor)
|
|
|
$
|
—
|
|
|
$
|
251
|
|
|
|
$
|
37,329
|
|
|
$
|
(626
|
)
|
|
|
$
|
522,823
|
|
|
$
|
45,820
|
|
|
|
$
|
605,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Preferred Stock
|
|
|
Common Stock
|
|
|
Warrants
|
|
|
Treasury Stock
|
|
|
Additional Paid-in-Capital
|
|
|
Retained Deficit
|
|
|
Total Stockholders’ Deficit
|
Balance as of December 31, 2015 (Predecessor)
|
|
|
$
|
—
|
|
|
$
|
110
|
|
|
|
$
|
—
|
|
|
$
|
(3,081
|
)
|
|
|
$
|
888,247
|
|
|
$
|
(2,211,342
|
)
|
|
|
$
|
(1,326,066
|
)
|
Share-based compensation
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
1,726
|
|
|
|
—
|
|
|
|
|
1,725
|
|
Acquisition of treasury stock
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(53
|
)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(53
|
)
|
Net loss
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(208,696
|
)
|
|
|
|
(208,696
|
)
|
Balance as of September 30, 2016 (Predecessor)
|
|
|
$
|
—
|
|
|
$
|
109
|
|
|
|
$
|
—
|
|
|
$
|
(3,134
|
)
|
|
|
$
|
889,973
|
|
|
$
|
(2,420,038
|
)
|
|
|
$
|
(1,533,090
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTATES PETROLEUM COMPANY, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
For the Nine Months Ended
|
|
|
For the Nine Months Ended
|
|
|
|
September 30, 2017
|
|
|
September 30, 2016
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
35,890
|
|
|
|
$
|
(208,696
|
)
|
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
|
|
|
|
|
|
|
Gains on commodity derivative contracts—net
|
|
|
|
(8,767
|
)
|
|
|
|
—
|
|
Net cash received for commodity derivative contracts not designated
as hedging instruments
|
|
|
|
6,149
|
|
|
|
|
—
|
|
Asset retirement accretion
|
|
|
|
833
|
|
|
|
|
1,316
|
|
Depreciation, depletion, and amortization
|
|
|
|
46,471
|
|
|
|
|
59,229
|
|
Impairment in carrying value of oil and gas properties
|
|
|
|
—
|
|
|
|
|
224,584
|
|
Share-based compensation, net of amounts capitalized to oil and gas
properties
|
|
|
|
7,102
|
|
|
|
|
1,275
|
|
Amortization of deferred financing costs
|
|
|
|
277
|
|
|
|
|
4,495
|
|
Paid-in-kind interest expense
|
|
|
|
—
|
|
|
|
|
3,531
|
|
Amortization of deferred gain on debt restructuring
|
|
|
|
—
|
|
|
|
|
(8,246
|
)
|
Operating lease abandonment
|
|
|
|
—
|
|
|
|
|
1,574
|
|
Noncash reorganization items
|
|
|
|
—
|
|
|
|
|
(70,489
|
)
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable—oil and gas sales
|
|
|
|
4,929
|
|
|
|
|
(311
|
)
|
Accounts receivable—JIB and other
|
|
|
|
2,641
|
|
|
|
|
21,411
|
|
Other current and noncurrent assets
|
|
|
|
(98
|
)
|
|
|
|
(5,572
|
)
|
Accounts payable
|
|
|
|
1,392
|
|
|
|
|
870
|
|
Accrued liabilities
|
|
|
|
(7,381
|
)
|
|
|
|
54,520
|
|
Other
|
|
|
|
(121
|
)
|
|
|
|
(1,247
|
)
|
Net cash provided by operating activities
|
|
|
$
|
89,317
|
|
|
|
$
|
78,244
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Investment in property and equipment
|
|
|
$
|
(92,841
|
)
|
|
|
$
|
(129,072
|
)
|
Proceeds from the sale of oil and gas equipment
|
|
|
|
4,235
|
|
|
|
|
—
|
|
Net cash used in investing activities
|
|
|
$
|
(88,606
|
)
|
|
|
$
|
(129,072
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from revolving credit facility
|
|
|
|
—
|
|
|
|
|
249,384
|
|
Deferred financing costs
|
|
|
|
(375
|
)
|
|
|
|
—
|
|
Acquisition of treasury stock
|
|
|
|
(626
|
)
|
|
|
|
(53
|
)
|
Net cash (used in) provided by financing activities
|
|
|
$
|
(1,001
|
)
|
|
|
$
|
249,331
|
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
$
|
(290
|
)
|
|
|
$
|
198,503
|
|
Cash and cash equivalents, beginning of period
|
|
|
$
|
76,838
|
|
|
|
$
|
81,093
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
76,548
|
|
|
|
$
|
279,596
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION:
|
|
|
|
|
|
|
Non-cash transactions — investments in property and equipment
accrued — not paid
|
|
|
$
|
19,865
|
|
|
|
$
|
12,238
|
|
Cash paid for interest, net of capitalized interest of $2.1 million
for the nine months ended September 30, 2017 (no capitalized
interest for the nine months ended September 30, 2016)
|
|
|
$
|
3,708
|
|
|
|
$
|
5,821
|
|
Cash paid for reorganization items
|
|
|
$
|
—
|
|
|
|
$
|
12,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTATES PETROLEUM COMPANY, INC.
|
SELECTED FINANCIAL AND OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30,
|
|
|
For the Nine Months Ended September 30,
|
|
|
For the Three Months Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
Operating Data – Mississippian Lime:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net production volumes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (Bbls/day)
|
|
|
|
4,940
|
|
|
|
7,266
|
|
|
|
5,158
|
|
|
|
8,279
|
|
|
|
4,938
|
NGLs (Bbls/day)
|
|
|
|
4,145
|
|
|
|
5,209
|
|
|
|
4,398
|
|
|
|
5,350
|
|
|
|
4,466
|
Natural gas (Mcf/day)
|
|
|
|
51,130
|
|
|
|
65,287
|
|
|
|
53,474
|
|
|
|
68,612
|
|
|
|
53,246
|
Total oil equivalents (MBoe)
|
|
|
|
1,620
|
|
|
|
2,149
|
|
|
|
5,042
|
|
|
|
6,868
|
|
|
|
1,663
|
Average daily production (Boe/day)
|
|
|
|
17,606
|
|
|
|
23,357
|
|
|
|
18,469
|
|
|
|
25,065
|
|
|
|
18,278
|
Operating Data – Anadarko Basin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net production volumes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (Bbls/day)
|
|
|
|
1,329
|
|
|
|
1,728
|
|
|
|
1,389
|
|
|
|
1,947
|
|
|
|
1,475
|
NGLs (Bbls/day)
|
|
|
|
992
|
|
|
|
1,204
|
|
|
|
1,066
|
|
|
|
1,250
|
|
|
|
1,115
|
Natural gas (MMcf)
|
|
|
|
8,581
|
|
|
|
10,624
|
|
|
|
9,225
|
|
|
|
10,872
|
|
|
|
9,735
|
Total oil equivalents (MBoe)
|
|
|
|
345
|
|
|
|
432
|
|
|
|
1,090
|
|
|
|
1,372
|
|
|
|
383
|
Average daily production (Boe/day)
|
|
|
|
3,752
|
|
|
|
4,702
|
|
|
|
3,993
|
|
|
|
5,008
|
|
|
|
4,212
|
Operating Data - Combined:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net production volumes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (Bbls/day)
|
|
|
|
6,269
|
|
|
|
8,994
|
|
|
|
6,547
|
|
|
|
10,226
|
|
|
|
6,413
|
NGLs (Bbls/day)
|
|
|
|
5,137
|
|
|
|
6,413
|
|
|
|
5,464
|
|
|
|
6,600
|
|
|
|
5,581
|
Natural gas (Mcf/day)
|
|
|
|
59,711
|
|
|
|
75,911
|
|
|
|
62,699
|
|
|
|
79,484
|
|
|
|
62,981
|
Total oil equivalents (MBoe)
|
|
|
|
1,965
|
|
|
|
2,581
|
|
|
|
6,132
|
|
|
|
8,240
|
|
|
|
2,046
|
Average daily production (Boe/day)
|
|
|
|
21,358
|
|
|
|
28,059
|
|
|
|
22,462
|
|
|
|
30,073
|
|
|
|
22,490
|
Average Sales Prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, without realized derivatives (per Bbl)
|
|
|
$
|
47.14
|
|
|
$
|
43.00
|
|
|
$
|
47.83
|
|
|
$
|
37.42
|
|
|
$
|
46.73
|
Oil, with realized derivatives (per Bbl)
|
|
|
$
|
50.11
|
|
|
$
|
43.00
|
|
|
$
|
50.09
|
|
|
$
|
37.42
|
|
|
$
|
49.88
|
Natural gas liquids, without realized derivatives (per Bbl)
|
|
|
$
|
22.55
|
|
|
$
|
15.15
|
|
|
$
|
21.17
|
|
|
$
|
13.86
|
|
|
$
|
19.16
|
Natural gas liquids, with realized derivatives (per Bbl)
|
|
|
$
|
22.55
|
|
|
$
|
15.15
|
|
|
$
|
21.17
|
|
|
$
|
13.86
|
|
|
$
|
19.16
|
Natural gas, without realized derivatives (per Mcf)
|
|
|
$
|
2.54
|
|
|
$
|
2.53
|
|
|
$
|
2.71
|
|
|
$
|
2.04
|
|
|
$
|
2.66
|
Natural gas, with realized derivatives (per Mcf)
|
|
|
$
|
2.76
|
|
|
$
|
2.53
|
|
|
$
|
2.83
|
|
|
$
|
2.04
|
|
|
$
|
2.76
|
Costs and Expenses (per Boe of production):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating and workover
|
|
|
$
|
7.97
|
|
|
$
|
6.84
|
|
|
$
|
7.84
|
|
|
$
|
6.01
|
|
|
$
|
8.09
|
Gathering and transportation
|
|
|
$
|
1.88
|
|
|
$
|
1.66
|
|
|
$
|
1.80
|
|
|
$
|
1.63
|
|
|
$
|
1.78
|
Severance and other taxes
|
|
|
$
|
1.20
|
|
|
$
|
0.69
|
|
|
$
|
1.01
|
|
|
$
|
0.58
|
|
|
$
|
0.83
|
Asset retirement accretion
|
|
|
$
|
0.14
|
|
|
$
|
0.17
|
|
|
$
|
0.14
|
|
|
$
|
0.16
|
|
|
$
|
0.14
|
Depreciation, depletion and amortization
|
|
|
$
|
7.72
|
|
|
$
|
6.10
|
|
|
$
|
7.58
|
|
|
$
|
7.19
|
|
|
$
|
7.80
|
Impairment of oil and gas properties
|
|
|
|
—
|
|
|
$
|
13.13
|
|
|
|
—
|
|
|
$
|
27.26
|
|
|
|
—
|
General and administrative
|
|
|
$
|
3.69
|
|
|
$
|
1.27
|
|
|
$
|
3.77
|
|
|
$
|
2.32
|
|
|
$
|
3.70
|
Acquisition and transaction costs
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Debt restructuring costs and advisory fees
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
0.92
|
|
|
|
—
|
Other
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTATES PETROLEUM COMPANY, INC.
|
ADJUSTED EBITDA
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30,
|
|
|
For the Nine Months Ended September 30,
|
|
|
For the Three Months Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
Adjusted EBITDA to net income (loss) reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
3,663
|
|
|
$
|
(38,384
|
)
|
|
|
$
|
35,890
|
|
|
|
$
|
(208,696
|
)
|
|
|
$
|
13,742
|
|
Depreciation, depletion and amortization
|
|
|
|
15,170
|
|
|
|
15,756
|
|
|
|
|
46,471
|
|
|
|
|
59,229
|
|
|
|
|
15,959
|
|
Impairment in carrying value of oil and gas properties
|
|
|
|
—
|
|
|
|
33,887
|
|
|
|
|
—
|
|
|
|
|
224,584
|
|
|
|
|
—
|
|
Losses (gains) on commodity derivative contracts—net
|
|
|
|
3,591
|
|
|
|
—
|
|
|
|
|
(8,767
|
)
|
|
|
|
—
|
|
|
|
|
(7,493
|
)
|
Net cash received (paid) for commodity derivative contracts not
designated as hedging instruments
|
|
|
|
2,909
|
|
|
|
—
|
|
|
|
|
6,149
|
|
|
|
|
—
|
|
|
|
|
2,429
|
|
Income tax expense
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Interest income
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(81
|
)
|
|
|
|
—
|
|
Interest expense, net of amounts capitalized
|
|
|
|
1,649
|
|
|
|
2,668
|
|
|
|
|
3,854
|
|
|
|
|
65,719
|
|
|
|
|
1,228
|
|
Asset retirement obligation accretion
|
|
|
|
274
|
|
|
|
452
|
|
|
|
|
833
|
|
|
|
|
1,316
|
|
|
|
|
283
|
|
Reorganization items, net
|
|
|
|
—
|
|
|
|
22,772
|
|
|
|
|
—
|
|
|
|
|
(57,764
|
)
|
|
|
|
—
|
|
Share-based compensation, net of amounts capitalized
|
|
|
|
2,835
|
|
|
|
278
|
|
|
|
|
7,102
|
|
|
|
|
1,275
|
|
|
|
|
930
|
|
Adjusted EBITDA
|
|
|
$
|
30,091
|
|
|
$
|
37,429
|
|
|
|
$
|
91,532
|
|
|
|
$
|
85,582
|
|
|
|
$
|
27,078
|
|
Debt restructuring costs and advisory fees
|
|
|
|
139
|
|
|
|
—
|
|
|
|
|
2,730
|
|
|
|
|
7,589
|
|
|
|
|
2,034
|
|
Adjusted EBITDA before restructuring and advisory costs
|
|
|
$
|
30,230
|
|
|
$
|
37,429
|
|
|
|
$
|
94,262
|
|
|
|
$
|
93,171
|
|
|
|
$
|
29,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTATES PETROLEUM COMPANY, INC.
|
CASH OPERATING EXPENSES
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30,
|
|
|
For the Nine Months Ended September 30,
|
|
|
For the Three Months Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses – GAAP
|
|
|
$
|
44,403
|
|
|
$
|
77,137
|
|
|
$
|
135,665
|
|
|
$
|
379,535
|
|
|
$
|
45,709
|
Adjustments for certain non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset retirement accretion
|
|
|
|
274
|
|
|
|
452
|
|
|
|
833
|
|
|
|
1,316
|
|
|
|
283
|
Share-based compensation, net
|
|
|
|
2,835
|
|
|
|
278
|
|
|
|
7,102
|
|
|
|
1,275
|
|
|
|
930
|
Depreciation, depletion and amortization
|
|
|
|
15,170
|
|
|
|
15,756
|
|
|
|
46,471
|
|
|
|
59,229
|
|
|
|
15,959
|
Impairment of oil and gas properties
|
|
|
|
—
|
|
|
|
33,887
|
|
|
|
—
|
|
|
|
224,584
|
|
|
|
—
|
Other
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Cash Operating Expenses – Non-GAAP
|
|
|
$
|
26,124
|
|
|
$
|
26,764
|
|
|
$
|
81,259
|
|
|
$
|
93,131
|
|
|
$
|
28,537
|
Cash Operating Expenses – Non-GAAP per Boe
|
|
|
$
|
13.29
|
|
|
$
|
10.37
|
|
|
$
|
13.25
|
|
|
$
|
11.30
|
|
|
$
|
13.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt restructuring costs and advisory fees
|
|
|
$
|
139
|
|
|
$
|
—
|
|
|
$
|
2,730
|
|
|
$
|
7,589
|
|
|
$
|
2,034
|
Debt restructuring costs and advisory fees, per Boe
|
|
|
$
|
0.07
|
|
|
$
|
—
|
|
|
$
|
0.45
|
|
|
$
|
0.92
|
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and Houston lease abandonment costs
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,210
|
|
|
$
|
—
|
Severance and Houston lease abandonment costs, per Boe
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.39
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash Operating Expenses – Non-GAAP
|
|
|
$
|
25,985
|
|
|
$
|
26,764
|
|
|
$
|
78,529
|
|
|
$
|
82,332
|
|
|
$
|
26,503
|
Adjusted Cash Operating Expenses – Non-GAAP per Boe
|
|
|
$
|
13.22
|
|
|
$
|
10.37
|
|
|
$
|
12.81
|
|
|
$
|
9.99
|
|
|
$
|
12.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTATES PETROLEUM COMPANY, INC.
|
ADJUSTED CASH GENERAL AND ADMINISTRATIVE EXPENSES
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30,
|
|
|
For the Nine Months Ended September 30,
|
|
|
For the Three Months Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative Expenses – GAAP
|
|
|
$
|
7,255
|
|
|
|
$
|
3,308
|
|
|
|
$
|
23,102
|
|
|
|
$
|
19,093
|
|
|
|
$
|
7,572
|
|
Adjustments for certain non-cash and non-recurring items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation, net
|
|
|
|
(2,835
|
)
|
|
|
|
(278
|
)
|
|
|
|
(7,102
|
)
|
|
|
|
(1,275
|
)
|
|
|
|
(930
|
)
|
Capitalized general and administrative expenses
|
|
|
|
898
|
|
|
|
|
925
|
|
|
|
|
2,664
|
|
|
|
|
2,861
|
|
|
|
|
893
|
|
Severance and other costs
|
|
|
|
—
|
|
|
|
|
(5
|
)
|
|
|
|
—
|
|
|
|
|
(1,636
|
)
|
|
|
|
—
|
|
Houston office lease abandonment costs
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(1,574
|
)
|
|
|
|
—
|
|
Advisory costs included in general and administrative expenses
|
|
|
|
(139
|
)
|
|
|
|
—
|
|
|
|
|
(2,730
|
)
|
|
|
|
—
|
|
|
|
|
(2,034
|
)
|
Adjusted Cash General and Administrative Expenses –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
$
|
5,179
|
|
|
|
$
|
3,950
|
|
|
|
$
|
15,934
|
|
|
|
$
|
17,469
|
|
|
|
$
|
5,501
|
|
Adjusted Cash General and Administrative Expenses –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP per Boe
|
|
|
$
|
2.64
|
|
|
|
$
|
1.53
|
|
|
|
$
|
2.60
|
|
|
|
$
|
2.12
|
|
|
|
$
|
2.69
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171113006328/en/ Copyright Business Wire 2017
Source: Business Wire
(November 13, 2017 - 4:45 PM EST)
News by QuoteMedia
www.quotemedia.com
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