BIRCHCLIFF ENERGY $11.92 (Toronto symbol BIR; TSINetwork Rating: Speculative) (403-261-6401; www.birchcliffenergy.com; Shares outstanding: 145.9 million; Market cap: $1.7 billion; No dividends paid) develops, produces and explores for oil and gas, mainly in the Peace River Arch area near the Alberta/B.C. border. About 83% of its output is gas. The remaining 17% is oil.
In the three months ended June 30, 2014, Birchcliff’s production rose 29.1%, to 31,178 barrels of oil equivalent per day from 24,141 barrels a year earlier. Cash flow per share jumped 79.3%, to $0.52 from $0.29, on the increased output and higher oil and 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 now producing to market.
Birchcliff exited 2013 with production of 30,000 barrels a day. The company has now raised its planned spending on exploration and development for this year to $447 million from $347 million; it spent $251 million in 2013. That will raise its output as high as 40,000 barrels a day by the end of 2014.
The company’s $452.2 million of debt is a low 26.6% of its $1.7-billion market cap, so it can afford to borrow more to fund its expansion. The stock trades at just 4.9 times Birchcliff’s forecast 2014 cash flow of $2.44 a share.
Birchcliff is still a buy for aggressive investors.
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