DELPHI ENERGY $1.17 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 155.5 million; Market cap: $182.0 million; No dividends paid) explores for, develops and produces oil and natural gas in Alberta. About 66% of its output is gas; the remaining 34% is oil.
In the three months ended December 31, 2015, Delphi’s production fell 26.8%, to 8,814 barrels of oil equivalent per day from 12,035 a year earlier. That was after the company sold some fields. The lower output offset a 9.9% average increase in realized oil and gas prices. The higher prices were due to hedging contracts, whereby the company sold its oil and gas forward at above-market prices. As a result, cash flow per share fell just 10%, to $0.09 from $0.10.
For the rest of 2016, Delphi has sold 75% of its gas production at nearly double current market prices. It has also sold 50% of its 2017 gas output at similar prices.
Like Birchcliff, Delphi will cut spending this year to conserve cash: its outlays will now total about $35 million, down from $57.5 million in 2015.
Delphi’s $94.2 million of debt is a manageable 52% of its $182.0 million market cap.
The company will need improved oil and gas prices to move significantly higher, but its long-term outlook is positive.
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