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Delphi Energy Reports Third Quarter 2017 Results

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CALGARY, Alberta, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Delphi Energy Corp. ("Delphi" or the "Company") is pleased to announce its financial and operational results for the quarter ended September 30, 2017.

Delphi Drilling Activity Nov 2017
Delphi Drilling Activity Nov 2017



A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a18f72e7-0a6f-446d-b086-224cc2bd70ea

Third Quarter 2017 Highlights

  • Drilled four successful delineation wells and one successful in-fill well in the Company's Bigstone Montney property, as part of a five gross (3.3 net) well drilling program;
     
  • Produced 9,313 barrels of oil equivalent per day ("boe/d"), a 13 percent increase over the comparative quarter in 2016;
     
  • Realized a natural gas price of $3.93 per thousand cubic feet ("mcf") compared to an AECO price of $1.46 per mcf as a result of selling approximately 90 percent of Delphi's natural gas in the Chicago market utilizing full-path transportation service on Alliance and a hedging gain of $0.44 per mcf;
     
  • Commenced expansion of the Company's water disposal facility to eliminate or significantly reduce third-party water disposal fees;
     
  • Reduced operating costs to $8.42 per barrel of oil equivalent ("boe"), a 34 percent reduction compared to the second quarter of 2017;
     
  • Secured a dedicated condensate delivery point to reduce wait times, decrease trucking distances and reduce condensate trucking rates of approximately 40 percent; and
     
  • Maintained a strong financial position with only $18.5 million (including outstanding letters of credit) drawn on its $80 million senior secured credit facility with a syndicate of Canadian banks.
FINANCIAL HIGHLIGHTS          
  Three months ended September 30 Nine months ended September 30
  2017   2016   % Change 2017   2016   % Change
Financial            
($ thousands, except per share)

 
           
Oil and natural gas revenues 25,107   20,331   24   70,940   48,589   46  
Adjusted funds from operations(1) 7,865   9,403   (16 ) 23,049   21,745   6  
Per share – basic and diluted(1) 0.04   0.06   (33 ) 0.14   0.14   -  
Net earnings (loss) (3,741 ) (2,274 ) 65   9,189   (15,653 ) -  
Per share – basic and diluted (0.02 ) (0.01 ) 100   0.05   (0.10 ) -  
Net debt(1) 105,909   124,393   (15 ) 105,909   124,393   (15 )
Capital expenditures, net of dispositions 22,798   15,364   48   75,659   27,253   178  
             
Weighted average shares (000s)            
Basic 185,383   155,510   19   169,026   155,510   9  
Diluted 185,383   155,510   19   170,002   155,510   9  

OPERATIONAL HIGHLIGHTS
         
  Three months ended September 30 Nine months ended September 30
  2017   2016   % Change 2017   2016   % Change
Operating            
(boe conversion – 6:1 basis)            
             
Production:            
Field condensate (bbls/d) 2,012   1,667   21   1,831   1,478   24  
Natural gas liquids (bbls/d) 1,367   1,251   9   1,229   1,203   2  
Natural gas (mcf/d) 35,603   31,923   12   29,652   28,799   3  
Total (Boe/d) 9,313   8,239   13   8,002   7,481   7  
             
Average realized sales prices, before financial instruments            
Field condensate ($/bbl) 51.08   49.78   3   56.93   46.05   24  
Natural gas liquids ($/bbl) 33.11   19.42   70  
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