Company Quick10K Filing
Mid-Con Energy Partners
Price1.00 EPS-7,270,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt65 EBIT11
TEV65 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-16
10-Q 2020-06-30 Filed 2020-08-14
10-Q 2020-03-31 Filed 2020-06-15
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-03-13
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-03-03
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-03-05
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-06
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-09
8-K 2020-11-20
8-K 2020-10-25
8-K 2020-07-31
8-K 2020-06-30
8-K 2020-06-15
8-K 2020-06-05
8-K 2020-06-04
8-K 2020-05-12
8-K 2020-03-27
8-K 2020-03-20
8-K 2020-03-12
8-K 2020-03-11
8-K 2020-03-03
8-K 2020-02-01
8-K 2020-01-29
8-K 2019-12-06
8-K 2019-10-30
8-K 2019-10-24
8-K 2019-09-24
8-K 2019-09-12
8-K 2019-08-07
8-K 2019-07-31
8-K 2019-07-24
8-K 2019-07-24
8-K 2019-05-01
8-K 2019-04-30
8-K 2019-03-26
8-K 2019-03-12
8-K 2019-03-11
8-K 2019-02-15
8-K 2019-01-22
8-K 2019-01-21
8-K 2018-12-19
8-K 2018-11-05
8-K 2018-10-24
8-K 2018-08-20
8-K 2018-07-31
8-K 2018-07-25
8-K 2018-06-11
8-K 2018-05-02
8-K 2018-04-30
8-K 2018-04-26
8-K 2018-03-26
8-K 2018-02-28
8-K 2018-02-23
8-K 2018-01-31
8-K 2018-01-23

MCEP 10Q Quarterly Report

Part I
Item 1. Financial Statements
Note 1. Organization and Nature of Operations
Note 2. Acquisitions, Divestitures and Assets Held for Sale
Note 3. Equity Awards
Note 4. Derivative Financial Instruments
Note 5. Fair Value Disclosures
Note 6. Asset Retirement Obligations
Note 7. Debt
Note 8. Commitments and Contingencies
Note 9. Equity
Note 10. Related Party Transactions
Note 11. Revenue Recognition
Note 12. Leases
Note 13. New Accounting Standards
Note 14. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 mcep-ex101_97.htm
EX-10.2 mcep-ex102_273.htm
EX-31.1 mcep-ex311_8.htm
EX-31.2 mcep-ex312_6.htm
EX-32.1 mcep-ex321_9.htm
EX-32.2 mcep-ex322_7.htm

Mid-Con Energy Partners Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
4553642731829102012201420172020
Assets, Equity
55329-14-37-602012201420172020
Rev, G Profit, Net Income
1207020-30-80-1302012201420172020
Ops, Inv, Fin

10-Q 1 mcep-10q_20200930.htm 10-Q mcep-10q_20200930.htm

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No.: 1-35374

 

Mid-Con Energy Partners, LP

(Exact name of registrant as specified in its charter)

 

 

Delaware

45-2842469

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

 

2431 East 61st Street, Suite 800

Tulsa, Oklahoma 74136

(Address of principal executive offices and zip code)

(918) 748-3361

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Units Representing Limited Partner Interests

MCEP

NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES    NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

Emerging Growth Company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes      No  

As of November 6, 2020, the registrant had 14,311,522 common units outstanding.

 

 

 


TABLE OF CONTENTS

 

PART I

FINANCIAL INFORMATION

 

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

3

ITEM 1. FINANCIAL STATEMENTS

 

5

Unaudited Condensed Consolidated Balance Sheets

 

5

Unaudited Condensed Consolidated Statements of Operations

 

6

Unaudited Condensed Consolidated Statements of Cash Flows

 

7

Unaudited Condensed Consolidated Statements of Changes in Equity

 

8

Notes to Unaudited Condensed Consolidated Financial Statements

 

10

 

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

24

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

34

ITEM 4. CONTROLS AND PROCEDURES

 

34

 

 

 

PART II

OTHER INFORMATION

 

 

 

ITEM 1. LEGAL PROCEEDINGS

 

35

ITEM 1A. RISK FACTORS

 

35

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

40

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

40

ITEM 4. MINE SAFETY DISCLOSURES

 

40

ITEM 5. OTHER INFORMATION

 

40

ITEM 6. EXHIBITS

 

41

 

 

 

Signature

 

42

 

2


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about:

 

risks related to our pending Merger, as defined herein, with Contango Oil & Gas Co., including, but not limited to, disruption of management time from ongoing business operations due to the Merger, the risk of any litigation relating to the Merger and the risk that the parties may not be able to satisfy the conditions to the completion of the Merger in a timely manner or at all;

 

our ability to continue as a going concern;

 

volatility of commodity prices;

 

supply and demand of oil and natural gas;

 

revisions to oil and natural gas reserves estimates as a result of changes in commodity prices;

 

effectiveness of risk management activities;

 

business strategies;

 

future financial and operating results;

 

our ability to pay distributions;

 

our ability to replace the reserves we produce through acquisitions and the development of our properties;

 

future capital requirements and availability of financing;

 

technology and cybersecurity;

 

realized oil and natural gas prices;

 

production volumes;

 

lease operating expenses;

 

general and administrative expenses;

 

cash flow and liquidity;

 

availability of production equipment;

 

availability of oil field labor;

 

capital expenditures;

 

availability and terms of capital;

 

marketing of oil and natural gas;

 

general economic conditions;

 

world-wide epidemics, including COVID-19, and the related effects of sheltering in place;

 

competition in the oil and natural gas industry;

 

environmental liabilities;

 

counterparty credit risk;

 

governmental regulation and taxation;

 

compliance with NASDAQ Global Select Market (“NASDAQ”) listing requirements;

 

developments in oil and natural gas producing countries, including increases and decreases in supply from Russia and OPEC; and

 

plans, objectives, expectations and intentions.

3


 

All of these types of statements, other than statements of historical fact included in this Form 10-Q, are forward-looking statements. These forward-looking statements may be found in Item 1. “Financial Statements,” Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other items within this Form 10-Q. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” “goal,” “forecast,” “guidance,” “might,” “scheduled” and the negative of such terms or other comparable terminology.

The forward-looking statements contained in this Form 10-Q are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. All readers are cautioned that the forward-looking statements contained in this Form 10-Q are not guarantees of future performance and we cannot assure any reader that such statements will be realized or that the forward-looking events will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors described in the “Risk Factors” section included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019, (“Annual Report”) and Part II - Item 1A in this Form 10-Q. All forward-looking statements speak only as of the date made, and other than as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

4


 

PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Mid-Con Energy Partners, LP and subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except number of units)

(Unaudited)

 

 

 

 

 

 

September 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

424

 

 

$

255

 

Accounts receivable

 

 

4,114

 

 

 

6,853

 

Derivative financial instruments

 

 

7,225

 

 

 

 

Prepaid expenses

 

 

228

 

 

 

87

 

Assets held for sale

 

 

 

 

 

365

 

Total current assets

 

 

11,991

 

 

 

7,560

 

Property and equipment

 

 

 

 

 

 

 

 

Oil and natural gas properties, successful efforts method

 

 

 

 

 

 

 

 

Proved properties

 

 

265,083

 

 

 

261,375

 

Unproved properties

 

 

4,290

 

 

 

3,125

 

Other property and equipment

 

 

985

 

 

 

1,262

 

Accumulated depletion, depreciation, amortization and impairment

 

 

(98,609

)

 

 

(72,303

)

Total property and equipment, net

 

 

171,749

 

 

 

193,459

 

Derivative financial instruments

 

 

1,372

 

 

 

730

 

Other assets

 

 

1,758

 

 

 

1,020

 

Total assets

 

$

186,870

 

 

$

202,769

 

 

 

 

 

 

 

 

 

 

LIABILITIES, CONVERTIBLE PREFERRED UNITS AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

 

 

 

 

 

 

 

Trade

 

$

864

 

 

$

320

 

Related parties

 

 

2,743

 

 

 

6,902

 

Derivative financial instruments

 

 

 

 

 

1,944

 

Accrued liabilities

 

 

2,575

 

 

 

795

 

Other current liabilities

 

 

454

 

 

 

430

 

Current debt

 

 

69,737

 

 

 

 

Total current liabilities

 

 

76,373

 

 

 

10,391

 

Long-term debt

 

 

 

 

 

68,000

 

Other long-term liabilities

 

 

113

 

 

 

457

 

Asset retirement obligations

 

 

32,179

 

 

 

30,265

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Class A convertible preferred units - 0 and 11,627,906 issued and outstanding, respectively

 

 

 

 

 

22,964

 

Class B convertible preferred units - 0 and 9,803,921 issued and outstanding, respectively

 

 

 

 

 

14,829

 

Equity, per accompanying statements

 

 

 

 

 

 

 

 

General partner

 

 

 

 

 

(793

)

Limited partners - 14,311,522 and 1,541,215 units issued and outstanding, respectively

 

 

78,205

 

 

 

56,656

 

Total equity

 

 

78,205

 

 

 

55,863

 

Total liabilities, convertible preferred units and equity

 

$

186,870

 

 

$

202,769

 

 

See accompanying notes to condensed consolidated financial statements

5


 

 

Mid-Con Energy Partners, LP and subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except per unit data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil sales

 

$

9,632

 

 

$

15,468

 

 

$

28,253

 

 

$

46,854

 

Natural gas sales

 

 

271

 

 

 

283

 

 

 

635

 

 

 

930

 

Other operating revenues

 

 

226

 

 

 

271

 

 

 

547

 

 

 

983

 

(Loss) gain on derivatives, net

 

 

(1,379

)

 

 

5,730

 

 

 

19,062

 

 

 

(3,072

)

Total revenues

 

 

8,750

 

 

 

21,752

 

 

 

48,497

 

 

 

45,695

 

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

5,124

 

 

 

8,293

 

 

 

18,640

 

 

 

22,710

 

Production and ad valorem taxes

 

 

533

 

 

 

1,333

 

 

 

1,781

 

 

 

4,084

 

Other operating expenses

 

 

282

 

 

 

536

 

 

 

1,158

 

 

 

1,426

 

Impairment of proved oil and natural gas properties

 

 

 

 

 

180

 

 

 

19,547

 

 

 

384

 

Depreciation, depletion and amortization

 

 

2,104

 

 

 

2,559

 

 

 

6,759

 

 

 

8,026

 

Accretion of discount on asset retirement obligations

 

 

445

 

 

 

423

 

 

 

1,283

 

 

 

1,168

 

General and administrative

 

 

2,176

 

 

 

1,404

 

 

 

7,956

 

 

 

6,414

 

Total operating costs and expenses

 

 

10,664

 

 

 

14,728

 

 

 

57,124

 

 

 

44,212

 

Gain on sales of oil and natural gas properties, net

 

 

 

 

 

 

 

 

 

 

 

9,692

 

(Loss) income from operations

 

 

(1,914

)

 

 

7,024

 

 

 

(8,627

)

 

 

11,175

 

Other (expense) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

1

 

 

 

1

 

 

 

10

 

Interest expense

 

 

(1,630

)

 

 

(1,175

)

 

 

(3,998

)

 

 

(4,019

)

Other (expense) income

 

 

5

 

 

 

4

 

 

 

(42

)

 

 

53

 

Gain on sale of other assets

 

 

 

 

 

123

 

 

 

 

 

 

123

 

Loss on settlements of asset retirement obligations

 

 

 

 

 

(16

)

 

 

(15

)

 

 

(72

)

Total other expense

 

 

(1,625

)

 

 

(1,063

)

 

 

(4,054

)

 

 

(3,905

)

Net (loss) income

 

 

(3,539

)

 

 

5,961

 

 

 

(12,681

)

 

 

7,270

 

Less: Distributions to preferred unitholders

 

 

 

 

 

1,166

 

 

 

1,172

 

 

 

3,472

 

Less: General partner's interest in net income

 

 

 

 

 

69

 

 

 

 

 

 

84

 

Limited partners' interest in net (loss) income

 

$

(3,539

)

 

$

4,726

 

 

$

(13,853

)

 

$

3,714

 

Limited partners' interest in net (loss) income per unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.25

)

 

$

3.08

 

 

$

(1.97

)

 

$

2.42

 

Diluted

 

$

(0.25

)

 

$

1.79

 

 

$

(1.97

)

 

$

1.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average limited partner units outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited partner units (basic)

 

 

14,312

 

 

 

1,541

 

 

 

7,048

 

 

 

1,537

 

Limited partner units (diluted)

 

 

14,312

 

 

 

2,659

 

 

 

7,048

 

 

 

2,657

 

 

See accompanying notes to condensed consolidated financial statements

6


 

Mid-Con Energy Partners, LP and subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited) 

 

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(12,681

)

 

$

7,270

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

6,759

 

 

 

8,026

 

Debt issuance costs amortization

 

 

588

 

 

 

533

 

Accretion of discount on asset retirement obligations

 

 

1,283

 

 

 

1,168

 

Impairment of proved oil and natural gas properties

 

 

19,547

 

 

 

384

 

Loss on settlements of asset retirement obligations

 

 

15

 

 

 

72

 

Cash paid for settlements of asset retirement obligations

 

 

(21

)

 

 

(96

)

Paid-in-kind interest on revolving credit facility

 

 

487

 

 

 

 

Mark to market on derivatives

 

 

 

 

 

 

 

 

(Gain) loss on derivatives, net

 

 

(19,062

)

 

 

3,072

 

Cash settlements received (paid) for matured derivatives, net

 

 

9,251

 

 

 

(750

)

Gain on sales of oil and natural gas properties

 

 

 

 

 

(9,692

)

Gain on sale of other assets

 

 

 

 

 

(123

)

Non-cash equity-based compensation

 

 

271

 

 

 

577

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts receivable

 

 

2,739

 

 

 

(1,246

)

Prepaid expenses and other assets

 

 

(1,070

)

 

 

(84

)

Accounts payable - trade and accrued liabilities

 

 

123

 

 

 

(226

)

Accounts payable - related parties

 

 

(2,379

)

 

 

1,537

 

Net cash provided by operating activities

 

 

5,850

 

 

 

10,422

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Acquisitions of oil and natural gas properties

 

 

(111

)

 

 

(3,296

)

Additions to oil and natural gas properties

 

 

(5,905

)

 

 

(9,363

)

Additions to other property and equipment

 

 

(84

)

 

 

 

Proceeds from sales of oil and natural gas properties

 

 

 

 

 

32,514

 

Proceeds from sale of other assets

 

 

365

 

 

 

123

 

Net cash (used in) provided by investing activities

 

 

(5,735

)

 

 

19,978

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from line of credit

 

 

6,000

 

 

 

8,000

 

Payments on line of credit

 

 

(4,750

)

 

 

(36,000

)

Debt issuance costs

 

 

(396

)

 

 

 

Distributions to Class A convertible preferred units

 

 

(500

)

 

 

(1,500

)

Distributions to Class B convertible preferred units

 

 

(300

)

 

 

(900

)

Net cash provided by (used in) financing activities

 

 

54

 

 

 

(30,400

)

Net increase in cash and cash equivalents

 

 

169

 

 

 

 

Beginning cash and cash equivalents

 

 

255

 

 

 

467

 

Ending cash and cash equivalents

 

$

424

 

 

$

467

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements

7


 

Mid-Con Energy Partners, LP and subsidiaries

Condensed Consolidated Statements of Changes in Equity

(in thousands)

(Unaudited)

 

 

 

General

 

 

Limited Partners

 

 

Total

 

 

 

Partner

 

 

Units

 

 

Amount

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2019

 

$

(793

)

 

 

1,541

 

 

$

56,656

 

 

$

55,863

 

Equity-based compensation

 

 

 

 

 

17

 

 

 

78

 

 

 

78

 

Distributions to Class A convertible preferred units

 

 

 

 

 

 

 

 

(500

)

 

 

(500

)

Distributions to Class B convertible preferred units

 

 

 

 

 

 

 

 

(300

)

 

 

(300

)

Accretion of beneficial conversion feature of Class A convertible preferred units

 

 

 

 

 

 

 

 

(323

)

 

 

(323

)

Accretion of beneficial conversion feature of Class B convertible preferred units

 

 

 

 

 

 

 

 

 

(49

)

 

 

(49

)

Net income

 

 

31

 

 

 

 

 

 

2,752

 

 

 

2,783

 

Balance, March 31, 2020

 

 

(762

)

 

 

1,558

 

 

 

58,314

 

 

 

57,552

 

Equity-based compensation

 

 

 

 

 

11

 

 

 

193

 

 

 

193

 

Distributions to Class A convertible preferred units

 

 

 

 

 

 

 

 

(333

)

 

 

(333

)

Distributions to Class B convertible preferred units

 

 

 

 

 

 

 

 

(200

)

 

 

(200

)

Accretion of beneficial conversion feature of Class A convertible preferred units

 

 

 

 

 

 

 

 

(219

)

 

 

(219

)

Accretion of beneficial conversion feature of Class B convertible preferred units

 

 

 

 

 

 

 

 

(32

)

 

 

(32

)

Conversion of Preferred Units Class A and Class B to common units

 

 

 

 

 

12,725

 

 

 

36,708

 

 

 

36,708

 

Conversion of General Partner to common units

 

 

762

 

 

 

18

 

 

 

(762

)

 

 

 

Net loss

 

 

 

 

 

 

 

 

(11,925

)

 

 

(11,925

)

Balance, June 30, 2020

 

 

 

 

 

14,312

 

 

 

81,744

 

 

 

81,744

 

Net loss

 

 

 

 

 

 

 

 

(3,539

)

 

 

(3,539

)

Balance, September 30, 2020

 

$

 

 

 

14,312

 

 

$

78,205

 

 

$

78,205

 

 

See accompanying notes to condensed consolidated financial statements.

8


 

Mid-Con Energy Partners, LP and subsidiaries

Condensed Consolidated Statements of Changes in Equity

(in thousands)

(Unaudited)

 

 

 

General

 

 

Limited Partners

 

 

Total

 

 

 

Partner

 

 

Units

 

 

Amount

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2018

 

$

(786

)

 

 

1,522

 

 

$

61,195

 

 

$

60,409

 

Equity-based compensation

 

 

 

 

 

19

 

 

 

334

 

 

 

334

 

Distributions to Class A convertible preferred units

 

 

 

 

 

 

 

 

(500

)

 

 

(500

)

Distributions to Class B convertible preferred units

 

 

 

 

 

 

 

 

(300

)

 

 

(300

)

Accretion of beneficial conversion feature of Class A convertible preferred units

 

 

 

 

 

 

 

 

(301

)

 

 

(301

)

Accretion of beneficial conversion feature of Class B convertible preferred units

 

 

 

 

 

 

 

 

(48

)

 

 

(48

)

Net loss

 

 

(45

)

 

 

 

 

 

(3,743

)

 

 

(3,788

)

Balance, March 31, 2019

 

 

(831

)

 

 

1,541

 

 

 

56,637

 

 

 

55,806

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

122

 

 

 

122

 

Distributions to Class A convertible preferred units

 

 

 

 

 

 

 

 

(500

)

 

 

(500

)

Distributions to Class B convertible preferred units

 

 

 

 

 

 

 

 

(300

)

 

 

(300

)

Accretion of beneficial conversion feature of Class A convertible preferred units

 

 

 

 

 

 

 

 

(309

)

 

 

(309

)

Accretion of beneficial conversion feature of Class B convertible preferred units

 

 

 

 

 

 

 

 

(48

)

 

 

(48

)

Net income

 

 

60

 

 

 

 

 

 

5,037

 

 

 

5,097

 

Balance, June 30, 2019

 

 

(771

)

 

 

1,541

 

 

 

60,639