TRILOGY ENERGY TRUST $6.52 (Toronto symbol TET.UN; SI Rating: Speculative) (403-290-2900; www.trilogyenergy.com; Units outstanding: 95.4 million; Market cap: $622.2 million) holds oil and gas properties in the Kaybob and Grande Prairie areas of central Alberta. Trilogy’s production is weighted approximately 78% toward natural gas and 22% to oil.
In the three months ended March 31, 2009, Trilogy produced 20,211 barrels of oil equivalent per day. This was virtually unchanged from a year earlier.
Trilogy’s $300.1-million debt is a somewhat high 46% of its market cap. To conserve cash and pay down debt, the trust cut its monthly distribution by 50% last February. The new $0.05 distribution gives the units a 9.2% yield. The lower distribution also reduced the trust’s payout to unitholders to just 40% of its cash flow.
Trilogy’s 2009 cash flow is forecast at $1.45 a unit. The units trade at 4.5 times that estimate.
Trilogy Energy is a buy.
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