Perpetual Energy Inc. Reports Unaudited Consolidated Earnings for the Second Quarter and Six Months Ended June 30, 2015; Reports Unaudited Consolidated Operating Results for the Second Quarter Ended June 30, 2015; Provides Production and Financial Guidance for the Full Year 2016
Aug 11 15
Perpetual Energy Inc. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company's oil and natural gas revenue was CAD 32,129,000 compared to CAD 72,348,000 a year ago. Funds flow was CAD 2,635,000 compared to CAD 25,864,000 a year ago. Funds flow per share was CAD 0.02 compared to CAD 0.17 a year ago. Net earnings were CAD 104,121,000 compared to CAD 2,549,000 a year ago. Basic and diluted earnings per share was CAD 0.66 compared to CAD 0.02 a year ago. Total net debt was CAD 120,020,000 compared to CAD 359,799,000 a year ago. Capital expenditures - exploration and development was CAD 13,174,000 compared to CAD 12,251,000 a year ago.
For the six months, the company's oil and natural gas revenue was CAD 73,933,000 compared to CAD 137,102,000 a year ago. Funds flow was CAD 4,156,000 compared to CAD 43,248,000 a year ago. Funds flow per share was CAD 0.03 compared to CAD 0.29 a year ago. Net earnings were CAD 71,404,000 compared to net loss of CAD 14,775,000 a year ago. Basic and diluted earnings per share were CAD 0.46 compared to basic and diluted loss per share of CAD 0.10 a year ago. Capital expenditures - Exploration and development was CAD 61,558,000 compared to CAD 43,591,000 a year ago.
For the quarter, the company's average production - natural gas (MMcf/d) was 86.0 compared to 97.8 a year ago. Average production Oil and NGL (bbl/d) was 1,766 compared to 3,738 a year ago. Average daily (actual and deemed - boe/d) was 16,621 compared to 23,270 a year ago. Second quarter average production of 16,621 boe/d compared to the prior year, second quarter production was down 17 % from 20,053 boe/d, with new production from the Company's East Edson development program partially offsetting the impact of the West Edson swap.
Perpetual expects the remainder of 2015 to be impacted by depressed commodity prices, generating minimal funds flow over the second half of 2015 based on current forward commodity prices, with oil and liquids production averaging close to 2,400 bbl/d and natural gas sales averaging approximately 110 MMcf/d. The Corporation intends to evaluate strategic capital expenditures through the remainder of the year. The company expects total capital and decommissioning expenditures of CAD 23 million to CAD 24 million for the third and fourth quarter of 2015 and total of CAD 87 million to CAD 98 million for the full year 2015.
Perpetual Energy Inc. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Cash Flow and Operating Guidance for the Full Year of Fiscal 2015
May 11 15
Perpetual Energy Inc. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company announced oil and natural gas revenue of CAD 41,804,000 compared to CAD 64,754,000 for the same period a year ago. Funds flow was CAD 1,521,000 compared to CAD 17,384,000 for the same period a year ago. Funds flow per share was CAD 0.01 compared to CAD 0.12 for the same period a year ago. Net loss was CAD 32,717,000 or CAD 0.22 per basic and diluted per share compared to CAD 17,324,000 or CAD 0.12 per basic and diluted per share for the same period a year ago. Total net debt was CAD 382,463,000 compared to CAD 393,827,000 for the same period a year ago. Net capital expenditures were CAD 48,419,000 compared to CAD 31,579,000 for the same period a year ago.
For the quarter, the company announced that its average production of 22,819 boe/d was 21% higher than the first quarter of 2014 value of 18,794 boe/d, reflecting the company's successful development focus on liquids-rich natural gas in the greater Edson area. Natural gas production of 120.4 MMcf/d was up 31% from the first quarter of 2014 value of 92.1 MMcf/d. Wells drilled in East and West Edson during 2014 have contributed to an 84% increase in west central deep basin gas production year-over-year, with current production fully utilizing existing compression and processing facilities' capacity of approximately 60 MMcf/d net. Natural gas liquids production of 713 bbl/d in the first quarter of 2015 was 32% higher than the comparative period in the prior year, reflecting the growth of liquids-rich natural gas at East and West Edson. Crude oil production of 2,045 bbl/d was 30% lower than the first quarter of 2014 value of 2,911 bbl/d, reflecting the fourth quarter 2014 disposition of non-core Mannville heavy oil properties as well as the company's decision to defer crude oil drilling activities in light of depressed crude oil prices.
The company provided cash flow and operating guidance for the full year of fiscal 2015. The corporation's board of directors has approved a CAD 70 million to CAD 80 million capital budget for full calendar year 2015. Capital spending for the remainder of the year will be approximately CAD 20 to CAD 25 million. The company estimates that 2015 funds flow for the remainder of 2015 will be very minimal based on current forward commodity prices, with oil and liquids production averaging close to 2,450 bbl/d and natural gas sales averaging approximately 100 MMcf/d, incorporating the sale of an estimated 5,750 boe/d at West Edson.