DELPHI ENERGY $1.40 (Toronto symbol DEE; TSINetwork Rating: Speculative)(403-265-6171; www.delphienergy.ca; Shares outstanding: 155.4 million; Market cap: $217.6 million; No dividends paid) develops, produces and explores for oil and natural gas. About 67% of its output is gas. The remaining 33% is oil.
In the three months ended September 30, 2014, Delphi’s production rose 7.5%, to 9,461 barrels of oil equivalent a day from 8,797 a year earlier. Production was down 9.0% from 10,397 barrels a day in the quarter ended June 30, 2014, but that was due to processing delays caused by outside companies.
Those issues, which were resolved at the end of August, cut Delphi’s production by about 1,700 barrels a day in the latest quarter. Its output averaged 11,500 barrels a day in September and October.
Cash flow per share rose to $0.09 from $0.07, mostly due to the higher production. The company also realized higher prices for its gas in the latest quarter.
Delphi’s $132.2 million of debt is now a somewhat high 61% of its $217.6-million market cap (or the value of all of its outstanding shares). But that’s partly because its market cap has dropped along with those of most oil and gas stocks.
In 2015, Delphi plans to spend $77 million to $82 million on exploration and development, down from the $105.0 million it will likely spend for all of 2014. However, that should still let it end 2015 with output between 12,750 and 13,250 barrels a day.
The stock will need improved oil and gas prices to move higher, but the company’s outlook is positive.
TRILOGY ENERGY CORP. $9.24 (Toronto symbol TET; TSINetwork Rating: Speculative) (403-290-2900; www.trilogyenergy.com; Shares outstanding: 105.1 million; Market cap: $1.2 billion; Dividend suspended) owns oil and gas properties in central Alberta’s Kaybob and Grande Prairie areas. About 61% of its production is natural gas. The remaining 39% is oil.
Trilogy just announced that it is discontinuing its dividend after the next payment, scheduled for December 15, 2014. It’s making the move to conserve cash as oil prices fall.
The company also plans to cut exploration and development spending by 41.9% in 2015, to $250 million from $430 million. This will keep next year’s production at roughly the same level as this year’s, or an average of 35,000 barrels of oil equivalent a day.
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