Midstates Petroleum Co. (MPO) 2016年年度报告「NYSE」.pdf

1、2016 Annual ReportThis past year was a transformative one for Midstates Petroleum.Despite suffering the lowest commodity price levels in a decade,our talented management,technical and financial teams accomplished some very meaningful results.We spent much of 2016 restructuring our balance sheet to g

2、ive us the financial flexibility to continue to develop our portfolio of Mississippian Lime properties.We were able to create value with these assets even in a low commodity price environment like last year.By the end of 2016,we had completed our restructuring and eliminated approximately$2 billion

3、in debt and$185 million of annualized interest expense.Through this process,Midstates emerged a stronger,leaner operator with a solid financial base we can use to exploit our tremendous assets.During most of 2016,we operated a one-rig drilling program to mitigate production declines and to preserve

4、and grow key acreage.Our operational and land teams significantly expanded our acreage position through low cost farm-in arrangements and meaningfully added to our inventory of drilling locations.During 2016,we grew our Mississippian Lime acreage in Woods and Alfalfa Counties,OK by 51%to 104,000 net

5、 acres,added 121 technical proved undeveloped(PUD)locations,and reported year-end proved reserves of 177 million barrels of oil equivalent.We also focused on operational excellence and capital efficiency to maximize margins and cash flow through a combination of cost reductions and cycle time improv

6、ements.Over the past two years,we reduced our average drilling,completion and facility costs for new wells by 35%to approximately$2.6 million per well.We also achieved a 42%improvement in drilling cycle times,averaging 13.3 days per well in 2016.Throughout 2016,our operations and regulatory teams pr