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ColwellCapIRon Aug 03, 2017 12:59pm
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Delphi Energy Corp. Q2 Financial Results
Delphi Energy Corp. Q2 Financial Results Second Quarter Results.
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Second Quarter 2017 Highlights
- Produced an average of 9,420 barrels of oil equivalent per day (“boe/d”) based on field estimates during the 55 days of the second quarter of 2017 which were not affected by the turnaround of the SemCAMS K3 natural gas processing facility. Production in July averaged 9,730 boe/d;
- Produced 6,484 boe/d in the second quarter of 2017, a twelve percent increase from 5,802 boe/d in the comparative quarter of 2016. Production was curtailed by approximately 2,500 boe/d due to a 36 day long turnaround of SemCAMS K3 natural gas processing facility and a concurrent nine day turnaround of Company’s 7-11-60-23W5 compression and dehydration facility (“7-11 Montney facility”);
- Montney field and plant condensate yield averaged 81 barrels per million cubic feet of natural gas (“bbls/mmcf”) or 70 percent of the total 122 bbls/mmcf of Montney liquids yield;
- Realized an operating netback of $16.44 per barrel of oil equivalent (“boe”) before gains on risk management contracts, up from $3.55 per boe for the same period in 2016;
- Closed a $65.0 million financing by way of private placement consisting of $35.0 million of equity priced at $1.27 per common share and $30.0 million of senior secured notes;
- Repaid the Company’s senior secured revolving credit facility;
- Generated adjusted funds from operation of $7.0 million in the second quarter, a 69 percent increase over the comparative period in 2016, and net earnings of $4.6 million;
- Drilled four gross (2.5 net) wells and completed five gross (3.2 net) wells on the Company’s Bigstone Montney property; and
- Completed the turnaround and upgrade of the 7-11 Montney facility and expansion of the 5-8-59-22W5 compression and dehydration facility (5.8 Montney facility”).