Mid-Con Energy Partners LP Units (MCEP)

[Congo Mining]

All up stream MLP's would be toast @$20



If oil goes to $20 like Goldman says.
All the MLP's are toast.

I'm well aware of their capital structure.

Just pointing out some facts about this one if prices hold up.

...take a careful look at page 19

http://files.shareholder.com/downloads/AMDA-KNI1T/559186185x0x848648/0EEEA629-9AC2-42CA-B194-F4F0B5A71AD3/MCEP_Investor_Presentation_2015-09-01.pdf

LOE = 18.14
Taxes= 3.14
G&A = 3.01
interest 3.80
---------------
28.09

Projections based on $200MM in borrowings at rate of 3.25% divided by the mid-point of FY2015 production guidance.

They have no term loans
& no bond issuances.

20 million buffer (10%) on the revolver.

That being said if they have to cut the distribution.
This goes to $1.25