Mid-Con Energy Partners, LP announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2018 and production results for the second quarter of 2018. Production for the second quarter of 2018 was 267 MBoe, or 2,934 Boe/d. On a daily basis, this represented a 4.8% increase sequentially and a 17.6% decrease year-over-year. The sequential increase was due to organic growth in existing assets and increased working interest acquisitions in Wyoming in the second quarter of 2018. The year-over-year decreases were primarily due to the sale of Southern Oklahoma properties in December 2017 (November average production of 513 Boe/d). Lease Operating Expenses (LOE) was $5.3 million in the second quarter of 2018, representing a 9.4% increase from the first quarter of 2018 and a decrease of 5.9% from the second quarter of 2017. LOE in the second quarter of 2018 was $19.67/Boe, an increase of 3.2% sequentially and an increase of 14.2% year-over-year. The sequential increase in LOE is primarily due to the acquisition of working interests in select Wyoming assets during the quarter as well as a transient increase in remediation and repairs. On a per Boe basis, the year-over-year increase is due in part to the acquisition of higher lifting cost properties in Wyoming.

For the quarter, the company reported total revenues of $6,695,000 against $16,478,000 a year ago. Loss from operations was $5,505,000 against $13,720,000 a year ago. Limited partners' interest in net loss was $7,913,000 or $0.26 per basic and diluted share against $15,712,000 or $0.52 per basic and diluted share a year ago. Adjusted EBITDA was $6,630,000 against $5,474,000 a year ago. The positive sequential variance in net loss was primarily attributable to increased production, lower impairment expense, and higher overall commodity prices which was partially offset by higher cash settlements on derivatives and higher operating costs. The positive variance year-over-year was primarily attributable to higher WTI prices and an overall decrease in total operating costs.

For the six months, the company reported total revenues of $18,025,000 against $34,961,000 a year ago. Loss from operations was $14,575,000 against $7,834,000 a year ago. Limited partners' interest in net loss was $19,224,000 or $0.64 per basic and diluted share against $12,121,000 or $0.40 per basic and diluted share a year ago. Net cash provided by operating activities was $9,976,000 against $9,326,000 a year ago. Acquisitions of oil and natural gas properties was $9,257,000 against $4,666,000 a year ago. Additions to oil and natural gas properties was $3,724,000 against $4,341,000 a year ago.

For the second quarter of 2018, the company recorded $1.0 million of non-cash impairment expense. Impairment expense for the second quarter of 2018 was primarily due to certain properties in Texas with no current planned development.

The company provided production and capital expenditures guidance for the full year of 2018. For the year, the company expects to report net production to be in the range of 3,200 Boe/d to 3,400 Boe/d, lease operating expenses per Boe in the range of $20.00 to $21.00, production taxes in the range of 6.50% ot 7.00% and estimated capital expenditures of $12.0 million.