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Mid-Con Energy Partners, LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2020 10-Q, filed Nov 16, 2020. Its latest SEC filing is a EFFECT from Feb 5, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Produces and sells oil and natural gas to purchasers, and develops producing properties through waterflood projects in Oklahoma and Wyoming.

How Did They Make Money?

Oil and natural gas buyers pay for production delivered from dedicated leases, typically 30 to 60 days after delivery.

FY2019 revenue

Who Were Their Customers?

Oil and natural gas buyers purchase production under sales contracts tied to dedicated leases.

Did Revenues Turn Into Profits?

No. It lost $599K in FY2019.

Operating income, FY2019
8% of revenue
▲ Now profitable vs FY2018 (−$12.2M, −17%)
Net income, FY2019
−1% of revenue
▼ −97% (Loss) vs FY2018 (−$18.3M, −25%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q3 FY2020, the three months to Sep 30, 2020
Revenue
▼ −60%
vs $21.8M in Q3 FY2019
Net income
▼ Now a loss
vs $6M in Q3 FY2019
  • Jan 21, 2021 Contango completed its merger with Mid-Con Mid-Con became a wholly owned, direct subsidiary of Contango.
  • Aug 6, 2020 Sherry Morgan became CEO; CFO Philip Houchin resigned
  • Jun 15, 2020 Mid-Con's CEO and former CEO resigned amid recapitalization

Shrank. Revenue fell 42% in 4 years, from $96.3M in FY2015 to $55.5M in FY2019, about 13% a year.

Geographic footprint The earlier report centers on Oklahoma and Texas, including the Permian; the latest report describes core areas in Oklahoma and Wyoming.

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