Delphi Energy Corp. Announces Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Funds from Operations Guidance for the Year 2015
Aug 10 15
Delphi Energy Corp. announced earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company’s crude oil and natural gas sales were $22,790,000 compared to $44,173,000 a year ago. Funds from operations were $8,725,000 or $0.06 per basic and diluted share compared to $14,660,000 or $0.09 per basic and diluted share a year ago. The decrease in funds from operations in the first quarter of 2015 as compared to the same quarter in 2014 is primarily due to a significant decrease in commodity prices. Net loss was $32,106,000 or $0.21 per basic and diluted share compared to $690,000 or $0.03 per diluted share a year ago. Net debt at the end of the second quarter was $123.9 million, down $56.8 million from $180.7 million at the end of the first quarter of 2015. The company invested $3.0 million in capital expenditures of which $1.7 million was incurred to complete the winter capital program and $1.3 million was incurred towards the start of the summer capital program.
For the six months, the company’s crude oil and natural gas sales were $45,440,000 compared to $93,219,000 a year ago. Funds from operations were $19,506,000 or $0.12 per diluted share compared to $35,069,000 or $0.22 per diluted share a year ago. Net loss was $30,111,000 or $0.19 per basic and diluted share compared to net earnings of $6,162,000 or $0.04 per basic and diluted share a year ago.
For the quarter, total production was 10,210 boe/d compared to 10,397 boe/d a year ago. Production curtailments averaged approximately 450 boe/d during the second quarter. Production volumes from the Montney development in the second quarter of 2015 increased 5% to 6,658 boe/d from 6,318 boe/d produced in the second quarter of 2014. Crude oil production was 86 bbls/d compared to 219 bbls/d a year ago.
For the six months, total production was 10,604 boe/d compared to 10,349 boe/d a year ago. Crude oil production was 47 bbls/d compared to 230 bbls/d a year ago.
For 2015, the company expects funds from operations of $40.0 million to $43.0 million, net debt as at December 31 to be between $127.0 million to $132.0 million.
Delphi Energy Corp. Revises Earnings and Operational Guidance for the Full Year 2015
Jul 23 15
Delphi Energy Corp. revised earnings and operational guidance for the full year 2015. For the year, the company remains committed to a conservative approach to its capital spending plans in 2015 to preserve financial flexibility. Capital spending for the second half of 2015 remains dependent upon realized commodity prices and level of service cost reductions. Maintenance capital requirements to keep production relatively flat for the entire year are forecast to be approximately $45.0 million to $50.0 million, approximately forecast cash flow generated, including the company’s risk management program. To allow for the disposition of the greater Wapiti area and additional downtime until Delphi’s firm transportation service starts with Alliance Pipeline on December 1, 2015, the company has revised the range of its 2015 production expectations to 9,800 boe/d to 10,200 boe/d from 10,500 boe/d to 11,500 boe/d and exit production rate 11,000 boe/d to 11,500 from 10,000 boe/d to 11,000 boe/d. The company revises expectation of funds from operations $45.0 million to $50.0 million from $40.0 million to $43.0 million and net debt at December 31, 2015 to $170.0 million to $175.0 million from $127.0 to $132.0 million.
Delphi Energy Corp. to Report Q2, 2015 Results on Aug 10, 2015
Jul 22 15
Delphi Energy Corp. announced that they will report Q2, 2015 results at 10:53 PM, GMT Standard Time on Aug 10, 2015