BIRCHCLIFF ENERGY $7.52 (Toronto symbol BIR; TSINetwork Rating: Speculative) (403-261-6401; www.birchcliffenergy.com; Units outstanding: 141.6 million; Market cap: $1.1 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 75% of Birchcliff’s production is natural gas. The remaining 25% is oil.
In the three months ended September 30, 2012, Birchcliff’s production rose 21.4%, to 21,426 barrels of oil equivalent per day (including natural gas) from 17,648 barrels a year earlier. Even so, cash flow per share fell 25.9%, to $0.20 from $0.27. The production increase was offset by a 37.0% decline in gas prices.
The company’s exploration efforts continue to be successful, and its production keeps rising as it starts up the resulting new wells. In addition, Birchcliff has completed Phase III of its gas-plant expansion in Pouce Coupe, Alberta.
This expansion has doubled the plant’s capacity and is helping it bring the additional gas it is producing to market. Birchcliff’s average daily production has now jumped to over 27,500 barrels per day.
Birchcliff’s $390.2-million debt is a manageable 35.5% of its $1.1-billion market cap, so it can afford to borrow more to fund its expansion. The stock trades at 9.4 times the company’s annual cash flow, based on the latest quarter.
Birchcliff is still a buy for aggressive investors.
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