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Mid-Con Energy Partners reports earnings of about $2.8 million

An energy industry worker checks tank levels at a field location. [THE OKLAHOMAN ARCHIVES]
An energy industry worker checks tank levels at a field location. [THE OKLAHOMAN ARCHIVES]

TULSA — Mid-Con Energy Partners earned a first-quarter 2020 net income of about $2.8 million, it recently reported.

The company’s earnings for the period, based upon total revenues of about $38.5 million, shook out to about $1.02 per share.

Comparatively in the first quarter of 2019, the company had posted a net loss of about $3.8 million, or $3.19 per unit, on total revenues of about $3 million.

Last month, the company reorganized its board and executive leadership team with Randy Olmstead, the company’s top executive since it was founded in 1986, resigning from both that position and from his post as chairman of Mid-Con’s board of directors, effective immediately.

Those changes were made after the company restructured its ownership with preferred equity holders, giving Goff Capital ownership of the majority of the company’s 14.3 million outstanding common units.

It also announced it would turn over operations of its assets in Oklahoma and Wyoming later this year to Contango Oil & Gas Co.

The filing stated the company has modified its operational plan and has shut in about 400 non-economic wells, based upon current prices.

It reported the company spent $4.8 million on capital expenditures during the first quarter this year, but plans to delay any further expenditures until commodity prices improve.

The company produced a daily average of 3,538 barrels of oil (equivalent) during the first quarter of 2020, compared to 3,467 during the same period in 2019.

Jack Money

Jack Money has worked for The Oklahoman for more than 20 years. During that time, he has worked for the paper’s city, state, metro and business news desks, including serving for a while as an assistant city editor. Money has won state and regional... Read more ›