Midstates Petroleum sees $135.12 million first-quarter operating loss

By Caroline Salls

Pittsburgh, May 13 – Midstates Petroleum Co., Inc. reported a $135.12 million operating loss for the three months ended March 31 on $51.96 million in total revenue, according to a 10-Q filed Friday with the Securities and Exchange Commission.

In comparison, Midstates posted a $166.1 million operating loss for the three months ended March 31, 2015 on $111.2 million in total revenue.

According to the 10-Q, Midstates’ oil, natural gas liquids (NGL) and natural gas sales revenues decreased by $38.3 million, or 42.8% to $51.1 million during the three-months ended March 31, compared to $89.4 million during the three-months ended March 31, 2015.

The company said the lower revenue was primarily the result of decreases in oil, natural gas and NGL production and prices for the three months ended March 31, 2016 as compared to the same period of last year.

The net loss for the first quarter of this year was $179.27 million, narrowing from a $193.69 million net loss for the same period of 2015.

The company had $301.43 million in cash and cash equivalents as of March 31, up from $81.09 million at Dec. 31.

Midstates Petroleum, a Tulsa, Okla.-based exploration and production company, filed for bankruptcy on April 30 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 16-32237.

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