Q2 results show year-over-year gain

TULSA — Two exploration and production companies and one mid stream company posted improved second-quarter performances, year-over-year, financial reports filed Wednesday show.

Laredo Petroleum reported a second-quarter net income of about $ 173 million, or 75 cents per share, compared to about $33 million, or 14 cents per share, in the second quarter of 2018.

The profits were helped by a derivatives gain of about $88.4 million. However, the company also helped itself by growing its daily oil production to a record 30,447 barrels, 7% more than it had predicted at the start of the year, while driving its lease operating expenses lower.

Laredo officials also noted the company reduced what it owes on its credit facility by $35 million.

"The second quarter of 2019 fully demonstrated the results of the strategic transformation Laredo began late last year," CEO Randy A. Foutch stated in the earnings release.

Mid-Con Energy Partners also turned in an improved second-quarter performance.

It reported Wednesday a second- quarter 2019 net income of $5.1 million, or 13 cents a unit, compared to a loss of about $6.9 million, or 26 cents per unit, one year ago.

Mid-Con boosted its daily production during the second quarter, compared to the first quarter of 2019, despite having to deal with historic flooding during much of that period. It also pushed its lease operating expenses lower, contributing to an increased cash flow during the second quarter as it continued to pay down its debt.

The company reported it gained almost $3.4 million on oil hedges during the second quarter.

“The second quarter of 2019 was highlighted by the efforts and success of our operations team in managing costs and weather- related downtime and executing development opportunities ,” Mid-Con CEO Jeff Olmstead stated in the earnings release.

Williams Cos. Inc. also announced second quarter results Wednesday.

The Tulsa natural gas company reported a secondquarter net income of $310 million, or 26 cents per share, compared to $135 million, or 16 cents per share, in the year-ago quarter.

Revenues were about $2.04 billion, compared to about $2.09 billion in the second quarter of 2018. The company paid less for gathered product during the second quarter this year than it did the same time last year.

"Strong demand for natural gas and the resiliency of our well-positioned business are clearly reflected in our second- quarter 2019 results,” CEO Alan Armstrong stated in Wednesday's release.

“Low gas prices will continue to incentivize demand growth, and demand for low cost power generation, LNG exports and new industrial loads will grow even faster in the second half of the year. So we expect this … growth to continue.”