Trilogy Energy Corp. Announces Financial and Operating Results for the Three and Six Months-Ended June 30, 2015

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Trilogy Energy Corp. Announces Financial and Operating Results for the Three and Six Months-Ended June 30, 2015

by ahnationtalk on August 6, 2015813 Views

Press Releases

Trilogy Energy Corp. (TSX: TET) (“Trilogy”) is pleased to announce its financial and operating results for the three and six months-end June 30, 2015.

Financial and Operating Highlights

  • Reported sales volumes for the second quarter of 2015 were lower at 28,926 Boe/d as compared to 33,041 Boe/d for the previous quarter.
  • Average realized liquids prices increased approximately 30 percent from the prior quarter.
  • Net capital expenditures, including a $4 million asset sale, totaled $6.6 million as compared to $47.7 million for the previous quarter.
  • No wells were drilled in the quarter as compared to 13 (7.2 net) wells in the prior quarter.
  • Operating expenditures decreased to $25.9 million or $9.86 per Boe in the quarter compared to $27.7 million or $9.32 per Boe for the previous quarter.
  • Funds flow from operations (1) was consistent at $33.8 million from the prior quarter.
  • Capacity under Trilogy’s Revolving Credit Facility as at June 30, 2015 was $222.4 million, consisting of $125 million under Trilogy’s development facility and $97.4 million under its revolving and working capital tranches.
  • Net debt (1) decreased by approximately $28 million to $737 million at the end of the quarter, from $765 million at the end of the previous quarter.
  • Subsequent to the quarter, the Company completed the disposition of certain oil and gas properties in the Kaybob area for net cash consideration of $45 million.

Current capital and operating expenditure levels reflect Trilogy’s commitment to preserve shareholder value and promote financial sustainability during the low liquids and gas commodity price environment. Significant effort has been placed on reducing Trilogy’s cost structure and on negotiating cost reductions with suppliers. Capital spent during the second quarter was to participate in strategic operated and non-operated joint interest projects.

  • Refer to Non-GAAP measures in the MD&A

Financial and Operating Highlights Table

(In thousand Canadian dollars except per share amounts and where stated otherwise)

Three Months Ended Six Months Ended June 30
June 30, March 31, Change % 2015 2014 Change %
2015 2015
FINANCIAL 81,852 163,698
Petroleum and natural gas sales 81,846 335,533 (51)
Funds flow
From operations(1) 33,803 33,898 67,702 183,412 (63)
Per share – diluted 0.27 0.27 0.54 1.44 (63)
Earnings (35,146) (63,592)
Loss before tax (28,447) 24 62,007 (203)
Per share – diluted (0.28) (0.23) 23 (0.50) 0.49 (203)
Loss after tax (26,881) (20,662) 30 (47,543) 45,619 (204)
Per share – diluted (0.21) (0.16) 30 (0.38) 0.36 (205)
Dividends declared 26,377 (100)
Per share 0.210 (100)
Capital expenditures
Exploration, development, land, 10,933 47,263 (77) 58,226 281,531 (79)
and facility
Acquisitions (dispositions) and (4,289) 466 (1,020) (3,853) 4,724 (182)
other – net
Net capital expenditures 6,644 47,729 (86) 54,373 286,255 (81)
Total assets 1,542,040 1,592,668 (3) 1,542,040 1,726,495 (11)
Net debt(1) 737,018 765,041 (4) 737,018 750,109 (2)
Shareholders’ equity 532,915 554,719 (4) 532,915 692,726 (23)
Total shares outstanding (thousands)
– As at end of period (2) 126,123 125,854 126,123 125,755
OPERATING
Production 113 119
Natural gas (MMcf/d) 125 (10) 124 (4)
Oil (Bbl/d) 5,559 6,874 (19) 6,213 8,504 (27)
Natural gas liquids (Boe/d) 4,533 5,396 (16) 4,962 5,483 (10)
Total production (Boe/d @ 6:1) 28,926 33,041 (12) 30,972 34,670 (11)
Average prices before financial
instruments
Natural gas ($/Mcf) 3.12 3.20 (3) 3.16 5.71 (45)
Crude Oil ($/Bbl) 63.51 48.58 31 55.29 96.24 (43)
Natural gas liquids ($/Boe) 42.83 32.77 31 37.39 59.62 (37)
Average realized price 31.10 27.52 13 29.20 53.47 (45)
Drilling activity (gross) 8
Gas 8 (100) 23 (65)
Oil 5 (100) 5 24 (79)
Total wells 13 (100) 13 47 (72)

Read More: http://trilogyenergy.mwnewsroom.com/Files/8e/8ec99cd9-b83b-4e3c-b231-d0328acf0943.pdf

AB2

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