BIRCHCLIFF ENERGY $10.35 (Toronto symbol BIR; TSINetwork Rating: Speculative) (403-261-6401; www.birchcliffenergy.com; Units outstanding: 144.0 million; Market cap: $1.5 billion; No dividends paid) develops, produces and explores for oil and natural gas, mainly in the Peace River Arch area near the Alberta/B.C. border. About 81% of its output is gas. The remaining 19% is oil.
In the three months ended December 31, 2013, Birchcliff’s production rose 6.5%, to 28,391 barrels of oil equivalent per day (including gas) from 26,655 barrels a year earlier. Cash flow per share gained 25.0%, to $0.35 from $0.28, on the increased production and higher gas prices.
In 2012, Birchcliff completed Phase III of its gas plant expansion in Pouce Coupe, Alberta. This project doubled the facility’s capacity and is letting the company bring the additional gas it is producing to market.
Birchcliff exited 2013 with production of 30,000 barrels a day. This year, it plans to spend $275 million on exploration and development, up 9.6% from $251 million in 2013. That will raise its output as high as 39,500 barrels a day by the end of 2014.
The company’s $394.2 million of debt is a low 26.3% of its $1.5-billion market cap, so it can afford to borrow more to fund its expansion. The stock trades at 6.0 times Birchcliff’s forecast 2014 cash flow per share of $1.72.
Birchcliff is still a buy for aggressive investors.
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