Mid-Con Energy Partners (MCEP) has made good progress in reducing its lease operating expenses at its recently acquired Oklahoma properties. However, weak oil prices have more than offset the impact of the lower expenses on Mid-Con's financials.
Mid-Con's common equity remains an option on higher oil prices, with fairly limited intrinsic value until WTI oil can sustain $60+. I continue to expect that Mid-Con's main focus in the current market environment will be on whittling down its credit facility debt.
Good Progress With Lease Operating Expenses
Mid-Con demonstrated strong progress with reducing its