Mid-Con Energy Partners (MCEP) has made a couple more transactions, selling off its Texas properties for $60 million, while acquiring Oklahoma properties for $27.5 million. These transactions will reduce Mid-Con's credit facility borrowings but appear also likely to reduce its EBITDA and cash flow. The effect should be roughly neutral for Mid-Con's common units at mid-$50s oil. The apparent higher operating costs for the new properties mean that Mid-Con's value is even more leveraged to changes in oil prices now.
Oklahoma Acquisition
Mid-Con mentioned that the Oklahoma assets that it is acquiring are