MCEP - Earnings call transcript Q3 2019 | Mid-Con Energy Partners, LP

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Operator

Good morning, ladies and gentlemen, and welcome to the Mid-Con Energy Partners Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host, Jeff Olmstead, CEO. sir. ahead go Please

Jeff Olmstead

morning, today. you Good in your the call everyone. you. for Thank participation Thank

get facts. I'd to does statement we federal on will our past Before our started, to within not securities include today's you events or and statements current forward-looking directly call law. that current These relate statements are meaning expectations that related the future forward-looking not like and historical of to based remind any include

SEC our General filings. joining further our explanation, to For are CFO. our refer the on McLawhorn, COO; our today Counsel; Also call Houchin, please me Roller, and Chad Philip Chad

Last night our XXXX. for we the release, XX-Q quarter ending XX, our posted September earnings

our yet these can like recent not you to and quarter. few Investor do find for it have you our in morning this most If a section. comment to seen take www.midconenergypartners.com, on want website, results I the moments just and go documents to Relations would to, please the

the think spending. was highlight of results I quarter our capital of the the

If recent development of been quarterly most and presentations, year investor this portfolio. capital our focusing our remember our within on de-risking spent from opportunities conference our calls you has

several and show the As meeting VLN this on Wyoming investor Pine highlighted month. continues the our final to and expectations in we've per well waterflood was order positive by approved Tree injection The is results. presentations, a basis waterflood unitization past

each field's with this We on quarterly will continue update to progress update. you

has The These on with potential returned cores in additional this drilling deciding the the excited projects Cleveland our It Oklahoma having floods of prospect two our core these new addition last and Wyoming In our two about similar in our forward we preliminary date. in times these success waterflood characteristics in move wells We're highest XX about new past to our view similar to production Oklahoma. talked portfolio to new in opportunities, wells. show an six resulted asset waterflood to over that development years. the become fields. value And many quarter also two initiated we've XXXX. we to of

booked to these yet reserves yet fields forecasting not and not additional any any production. We've we're related new

to XXXX. year the flat hope able second in field to de-risking by quarter we and see and and of this each hope in keep spite the development most were the capital of latter quarter, still testing XXXX. of results the end injection opportunities, we start production in our However, of spending of to basically our longer-term time In to compared half

low-decline long-life current value flow. provided focus to have cash long-term flexibility Our assets on creation production sacrificing without and

number transactions mid-XXs average the and a mostly As we were we per experienced assets in having XXs on not to these year expenses reported quarter assets. low in operating and of about Oklahoma new We barrel lease earlier this these believe in dollar going portfolio, assimilating our that to process forward in our operating this we with expect basis quarter. due our noise expenses this we associated nature continue one-time to a

to approximately compared was previous quarter. high anticipated clearly to realized and $X.X quarter the million, for than is had pricing we the lower EBITDA Resulting due which operating expenses lower lease abnormally

uptick maintain we the that capital On a as agreement quarter forward. note, around going our increase continued this to to EBITDA due was was X.X of ended in earlier year. daily spent And to and by debt-to-adjusted October starting to Our with calculated these improve production credit times in both production. has considerably positive the expect we

opportunities and in identifying our As our the we development out to look de-risking near projects. and our best XXXX, growth and focus finish remains long-term on portfolio of

forward. to continue flow free and any cash to debt putting cash continue additional of CapEx out use going to to expect We paying fund all down

up open I'll questions. for that, With any

Operator

have We question Coker from a Parks Noel Instructions] Palmer. [Operator & from

line Your open. is now

Noel Parks

morning. Good

Jeff Olmstead

Hi, Noel.

Noel Parks

think RTPs? the the me, I that I to you that few by think XX thinking was Oklahoma, wanted And quarter, be did serves if I about instead, you, so about check, those can't that also the remember, double a right? just to the separate year memory from things was early that were run in RTPs in is those this Wyoming conducted earlier batch but are I might XX I in I to from had in during the addition year,

Jeff Olmstead

are That that ballpark addition correct. right to to is numbers correct, yes. the Both and those in

Noel Parks

move you as areas earlier be a Okay, far to fields. I that done different forward of related waterfloods couple the great. couple where And in you're core new the recall as to doing these these those some in the or year And you're had were in with. to going areas? planning waterfloods were new those of samples

Jeff Olmstead

that no. floods Cleveland in No, are to Those going two relation we're new initiate. the to

Noel Parks

in the cores? And a what about just Great. more can you found little talk you bit

Jeff Olmstead

were what fluorescence in of the you as from. similar up to went recorded coming They XXXX. guys was they Cleveland out with tests I'll comes were that's And and excitement do least did were a and Cleveland telling at where cores tell did lot -- field comments. the they what oil you back dripping the field the their some

years pretty samples, high of tested inject the XX, sort were have streams perm optimism So through similar when there's did high here core least perm having the high into these affect but around when at you that XX not went column the of situation from XX, where rest the ago, water the streams to oil. people about of the tried water them a

would So injectors shot per our wells one to existing shot been be foot type have because the all going thing. drill new forward plan

injectors we in results the drill want in specific Cleveland. and can see did water we new location We'll then if have to put the to we similar what get

could similar showing similar similar type So in in there. everything actually the going fields production, go be reserves estimate place looks of you of you We're the and until of not had of characteristics sort to water type role into ground. get core. similar But sort what what sized

talk we're pretty lot a as excited getting we then. in about we'll So it as response more place about and obviously we do these see

Noel Parks

Great. And I'm potential basis, unbooked probability estimated possible even flow are any now? or have Did entirely you the and water or with probable curious just new until on in a they these for these.

Jeff Olmstead

The -- the no is thought booked. possibles answer was no. There's probables or

the look they field. trend still was it or looks Cleveland in knowing If all until of you was had cores, of still had not trends oil at potential. we the whether there the like the had like they just our in no and we Cleveland way And drill it

a you booked. was will. just hunch if There there no, So, no or probable possible was

Noel Parks

as of wide your with the for still guidance couple year, of quarter a for And things, you kind bit. upper and other a out pretty just might the the range great. come in little the of see, let's between implies outcomes range that exit Okay, a bound fourth annual a of But idea production of fourth you quarter? where range. rate lower Do know rough you an have

Jeff Olmstead

think material the I mean where are from couple I you be don't of end year. percent, uptick the going a could slight to of but it's see before I we think a today,

Noel Parks

Tree a little and at come bit about Okay. up Got mentioned the out. would and you, Pine that wondering I how you just was injection

expectation. converting there? producers said the curious to I on just meeting I'm stand response think injectors where was you out you And do

Jeff Olmstead

for clarification just injections made the I the meeting See expectations.

wouldn't response to have response haven't yet expected We seen see and yet.

Noel Parks

Right.

injection yes. the Sorry, rate,

Jeff Olmstead

Yes.

In the terms yet interjectors process. of and [indiscernible] we in converted

winter So other and weather. getting in any aggregates other on one. have the rigs single further we going just through don't We've injection that than had delays

it think I -- degrees a was ago. it’s So nights couple there, minus of two

with year. rig goal of between So the it's is XX cooperating a injection wells availability next quarter weather to now second and If convert timing roughly to and thing. again sort

Noel Parks

it me. Thanks. Okay, for great. That’s

Operator

further I'm turn like CEO. back now no showing questions to to I Jeff this [Operator time. at the conference Olmstead, Instructions] would

Jeff Olmstead

Well, you, Okay. everyone. thank

if you a Halloween. a get give them. you questions, happy any Happy With hope We'll have a I please the call. everybody chance us has digest review further to to As be that numbers

Operator

conference your This for Thank participation. you concludes call. today's

You disconnect. may now

Mid-Con Energy Partners (MCEP) 1 Nov 192019 Q3 Earnings call transcript