$MPO (.93) ~ Most Undervalued NYSE Stock: EPS $1.39~ New DD
1) Midstates Petroleum Company, Inc. (NYSE:MPO) is an independent exploration and production company focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously discovered yet underdeveloped hydrocarbon trends. The Company is headquartered in Houston, Texas with a regional office in Tulsa, Oklahoma.
Our operations are currently focused on oilfields in the Mississippian Lime play in northwestern Oklahoma and southern Kansas, the Anadarko Basin in Texas and Oklahoma, and the Upper Gulf Coast Tertiary trend onshore in central Louisiana.
http://www.midstatespetroleum.com/
The company's common stock has been listed on the New York Stock Exchange (the "NYSE"
since April 2012.
2) MPO has 72,196,132 shares as of March 9, 2015
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
A) Billionaire Hedge Fund Manager Steven Cohen increased shares to 7.1% from 5%[/b ]
http://www.sec.gov/Archives/edgar/data/153392...92666a.htm
Cohen was holding 5% of shares last year.
http://www.insidermonkey.com/blog/billionaire...ga-318719/
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Private Hedge Fund Aristeia Capital increases shares to 6.73% from 5.83%
http://www.sec.gov/Archives/edgar/data/108017...states.htm
Aristeia was holding 5.83% of MPO shares.
http://www.sec.gov/Archives/edgar/data/108017...states.htm
3) 60.5 million or 71% of shares held by institutions ..
http://data.cnbc.com/quotes/MPO/tab/8
4) Average Daily Production 32,137 (Boe/d) for Three Months Ended December 31, 2014. Average daily production increased 34% in 2014. It was 23,927 (boe/d) in 2013.
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http://services.corporate-ir.net/SEC.Enhanced...id=9998074
5) MPO's ACQUISITIONS:
On October 1, 2012, the Company closed on the acquisition of all of Eagle Energy Production, LLC's ("Eagle Energy" producing properties and undeveloped acreage located primarily in the Mississippian Lime liquids play in Oklahoma for $325 million in cash, before customary post-closing adjustments, and 325,000 shares of the Company's Series A Mandatorily Convertible Preferred Stock (the "Series A Preferred Stock" with an initial liquidation preference value of $1,000 per share (the "Eagle Property Acquisition" . The Company funded the cash portion of the Eagle Property Acquisition purchase price with a portion of the net proceeds from the private placement of $600 million in aggregate principal amount of 10.75% senior unsecured notes due 2020 (the "2020 Senior Notes" , which also closed on October 1, 2012.
On May 31, 2013, the Company closed on the acquisition of producing properties and undeveloped acreage in the Anadarko Basin in Texas and Oklahoma from Panther Energy Company, LLC and its partners for approximately $618 million in cash (the "Anadarko Basin Acquisition" , before customary post-closing adjustments. The Company funded the purchase price with a portion of the net proceeds from the private placement of $700 million in aggregate principal amount of 9.25% senior unsecured notes due 2021 (the "2021 Senior Notes" and, together with the 2020 Senior Notes, the "Senior Notes" , which also closed on May 31, 2013.
On May 1, 2014, the Company closed on the sale of all of its ownership interest in developed and undeveloped acreage in the Pine Prairie field area of Evangeline Parish, Louisiana to a private buyer for a purchase price of $170 million in cash, before customary post-closing adjustments. Acreage subject to the transaction totaled 3,907 gross (3,757 net) acres, and did not include our acreage and production in the western part of Louisiana in Beauregard and Calcasieu Parish or other undeveloped acreage held outside the Pine Prairie field.
The Company has oil and gas operations and properties in Oklahoma, Texas and Louisiana. At December 31, 2014, the Company operated oil and natural gas properties as one reportable segment engaged in the exploration, development and production of oil, natural gas liquids ("NGLs" and natural gas. The Company's management evaluated performance based on one reportable segment as there were not significantly different economic or operational environments within its oil and natural gas properties.
PAGE 7
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
6) Our proved developed reserves have increased 24.9 MMBoe from 48.7 MMBoe (or 38% of total reserves) to 73.6 (or 48% of total reserves) as a result of our drilling activities
PAGE 14
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
7) Total productive wells 665 gross, 457 net
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http://services.corporate-ir.net/SEC.Enhanced...id=9998074
Employees
As of December 31, 2014, we employed 183 people, including 42 technical (geosciences, engineering, land), 76 field operations, 59 corporate (finance, accounting, planning, business development, legal, office management) and six management.
9) Offices
We currently lease approximately 57,000 square feet of office space in Tulsa, Oklahoma at 321 South Boston Avenue, Suite 1000, where our principal offices are located. The lease for our Tulsa office expires in 2021. We also lease approximately 41,200 square feet of office space in Houston, Texas at 4400 Post Oak Parkway, Suite 2600. The lease for our Houston office expires in 2018. Due to the announced closure of our Houston office, we are currently working to sublet our Houston office space. We also lease one field office in Louisiana, one in Dacoma, Oklahoma and one in Perryton, Texas.
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http://services.corporate-ir.net/SEC.Enhanced...id=9998074
~~~~~~~~~~~~~~~~~~~~~~~~ 9) MPO FINANCIALS ~~~~~~~~~~~
2014 Annual Revenue: 794 Million dollars
2014 Annual Net Profit: 117 Million dollars
Basic and diluted net income per share attributable to common shareholders 1.01
Total Assets: 2,475,793,000 dollars
Total Liabilities: 2,009,930,000 dollars
-
TOTAL stockholders' equity: 465,862,000 dollars.
Total outstanding shares 72 million
Book value per share: 6.45 dollars
10) Hedging Summary (2015)
Oil Q1 Q2 Q3 Q4
Volume(Bbl/d) 12,000 12,000 6,000 6,000 8,975
Price ($/Bbl) 90.10$ 90.58$ 85.51$ 85.53$ 88.72$
Natural GasSwaps
Volume (Mmbtu/d) 70,000 50,000 50,000 50,000 54,932
Price ($/Mmbtu) $4.20 $4.13 $4.13 $4.13 $4.15
http://phx.corporate-ir.net/phoenix.zhtml?c=2...sentations
Date Title
03/25/15
Download Documentation Scotia Howard Weil 43rd Annual Energy Conference
11) MPO's New board members and CEO appointed. New CEO is very professional and a master of merger and acquisition.
MPO Chairman Knudson: A smooth transition in connection with these planned management changes and maintains its commitment to the long-term future of the Company
http://www.businesswire.com/news/home/2015030...RYl9-FyTLU
About MPO's New CEO Frederic F. Brace
http://www.bloomberg.com/research/stocks/peop...ticker=UAL
MPO's Q4, 2014 revenue is 267.7 million dollars
Q4 Net profit: 128 million dollars
Q4 earning per share 1.31 dollars current share price under 1 dollar..
it is very undervalued imho..
1) Midstates Petroleum Company, Inc. (NYSE:MPO) is an independent exploration and production company focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously discovered yet underdeveloped hydrocarbon trends. The Company is headquartered in Houston, Texas with a regional office in Tulsa, Oklahoma.
Our operations are currently focused on oilfields in the Mississippian Lime play in northwestern Oklahoma and southern Kansas, the Anadarko Basin in Texas and Oklahoma, and the Upper Gulf Coast Tertiary trend onshore in central Louisiana.
http://www.midstatespetroleum.com/
The company's common stock has been listed on the New York Stock Exchange (the "NYSE"
since April 2012. 2) MPO has 72,196,132 shares as of March 9, 2015
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
A) Billionaire Hedge Fund Manager Steven Cohen increased shares to 7.1% from 5%[/b ]
http://www.sec.gov/Archives/edgar/data/153392...92666a.htm
Cohen was holding 5% of shares last year.
http://www.insidermonkey.com/blog/billionaire...ga-318719/
****************************************************************
Private Hedge Fund Aristeia Capital increases shares to 6.73% from 5.83% http://www.sec.gov/Archives/edgar/data/108017...states.htm
Aristeia was holding 5.83% of MPO shares.
http://www.sec.gov/Archives/edgar/data/108017...states.htm
3) 60.5 million or 71% of shares held by institutions ..
http://data.cnbc.com/quotes/MPO/tab/8
4) Average Daily Production 32,137 (Boe/d) for Three Months Ended December 31, 2014. Average daily production increased 34% in 2014. It was 23,927 (boe/d) in 2013.
page 65
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
5) MPO's ACQUISITIONS:
On October 1, 2012, the Company closed on the acquisition of all of Eagle Energy Production, LLC's ("Eagle Energy"
producing properties and undeveloped acreage located primarily in the Mississippian Lime liquids play in Oklahoma for $325 million in cash, before customary post-closing adjustments, and 325,000 shares of the Company's Series A Mandatorily Convertible Preferred Stock (the "Series A Preferred Stock" with an initial liquidation preference value of $1,000 per share (the "Eagle Property Acquisition" . The Company funded the cash portion of the Eagle Property Acquisition purchase price with a portion of the net proceeds from the private placement of $600 million in aggregate principal amount of 10.75% senior unsecured notes due 2020 (the "2020 Senior Notes" , which also closed on October 1, 2012. On May 31, 2013, the Company closed on the acquisition of producing properties and undeveloped acreage in the Anadarko Basin in Texas and Oklahoma from Panther Energy Company, LLC and its partners for approximately $618 million in cash (the "Anadarko Basin Acquisition"
, before customary post-closing adjustments. The Company funded the purchase price with a portion of the net proceeds from the private placement of $700 million in aggregate principal amount of 9.25% senior unsecured notes due 2021 (the "2021 Senior Notes" and, together with the 2020 Senior Notes, the "Senior Notes" , which also closed on May 31, 2013. On May 1, 2014, the Company closed on the sale of all of its ownership interest in developed and undeveloped acreage in the Pine Prairie field area of Evangeline Parish, Louisiana to a private buyer for a purchase price of $170 million in cash, before customary post-closing adjustments. Acreage subject to the transaction totaled 3,907 gross (3,757 net) acres, and did not include our acreage and production in the western part of Louisiana in Beauregard and Calcasieu Parish or other undeveloped acreage held outside the Pine Prairie field.
The Company has oil and gas operations and properties in Oklahoma, Texas and Louisiana. At December 31, 2014, the Company operated oil and natural gas properties as one reportable segment engaged in the exploration, development and production of oil, natural gas liquids ("NGLs"
and natural gas. The Company's management evaluated performance based on one reportable segment as there were not significantly different economic or operational environments within its oil and natural gas properties. PAGE 7
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
6) Our proved developed reserves have increased 24.9 MMBoe from 48.7 MMBoe (or 38% of total reserves) to 73.6 (or 48% of total reserves) as a result of our drilling activities
PAGE 14
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
7) Total productive wells 665 gross, 457 net
page 19
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
Employees As of December 31, 2014, we employed 183 people, including 42 technical (geosciences, engineering, land), 76 field operations, 59 corporate (finance, accounting, planning, business development, legal, office management) and six management.
9) Offices
We currently lease approximately 57,000 square feet of office space in Tulsa, Oklahoma at 321 South Boston Avenue, Suite 1000, where our principal offices are located. The lease for our Tulsa office expires in 2021. We also lease approximately 41,200 square feet of office space in Houston, Texas at 4400 Post Oak Parkway, Suite 2600. The lease for our Houston office expires in 2018. Due to the announced closure of our Houston office, we are currently working to sublet our Houston office space. We also lease one field office in Louisiana, one in Dacoma, Oklahoma and one in Perryton, Texas.
page 31
http://services.corporate-ir.net/SEC.Enhanced...id=9998074
~~~~~~~~~~~~~~~~~~~~~~~~ 9) MPO FINANCIALS ~~~~~~~~~~~
2014 Annual Revenue: 794 Million dollars
2014 Annual Net Profit: 117 Million dollars
Basic and diluted net income per share attributable to common shareholders 1.01
Total Assets: 2,475,793,000 dollars
Total Liabilities: 2,009,930,000 dollars
-
TOTAL stockholders' equity: 465,862,000 dollars.
Total outstanding shares 72 million
Book value per share: 6.45 dollars
10) Hedging Summary (2015)
Oil Q1 Q2 Q3 Q4
Volume(Bbl/d) 12,000 12,000 6,000 6,000 8,975
Price ($/Bbl) 90.10$ 90.58$ 85.51$ 85.53$ 88.72$
Natural GasSwaps
Volume (Mmbtu/d) 70,000 50,000 50,000 50,000 54,932
Price ($/Mmbtu) $4.20 $4.13 $4.13 $4.13 $4.15
http://phx.corporate-ir.net/phoenix.zhtml?c=2...sentations
Date Title
03/25/15
Download Documentation Scotia Howard Weil 43rd Annual Energy Conference
11) MPO's New board members and CEO appointed. New CEO is very professional and a master of merger and acquisition.
MPO Chairman Knudson: A smooth transition in connection with these planned management changes and maintains its commitment to the long-term future of the Company
http://www.businesswire.com/news/home/2015030...RYl9-FyTLU
About MPO's New CEO Frederic F. Brace
http://www.bloomberg.com/research/stocks/peop...ticker=UAL
MPO's Q4, 2014 revenue is 267.7 million dollars
Q4 Net profit: 128 million dollars
Q4 earning per share 1.31 dollars current share price under 1 dollar..
it is very undervalued imho..
