DELPHI ENERGY $3.34 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 154.4 million; Market cap: $529.7 million; No dividends paid) develops, produces and explores for oil and natural gas. About 72% of its output is gas. The remaining 28% is oil.
In the three months ended December 31, 2013, the company’s production rose 24.3%, to 8,988 barrels of oil equivalent a day (including gas) from 7,229 barrels a year earlier.
Cash flow per share jumped 75.0%, to $0.07 from $0.04. The production increase was the main reason for the gain. The company also realized higher prices for its gas in the latest quarter.
Delphi’s $119.7 million of debt is a reasonable 22.6% of its $529.7-million market cap.
The company spent $68.6 million on exploration and development in 2013. During the year, it drilled six wells with a 100% success rate.
This year, Delphi plans to spend between $71.0 and $78.0 million to drill seven wells. The company expects that spending will let it boost its average annual production to 10,000 to 10,500 barrels of oil equivalent per day in 2014.
The shares have more than doubled from $1.50 in November 2013, but we still think they have gains ahead. Delphi trades at 11.9 times its cash flow, based on the latest quarter.
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