Celtic Exploration, $14.48, symbol CLT on Toronto (Shares outstanding: 104.9 million; Market cap: $1.5 billion; www.celticex.com), is an Alberta-based oil and gas explorer and producer.
Celtic’s shares are down almost 56% from $27.08 in November 2011. The shares have dropped along with many other energy stocks.
In addition, Celtic’s production is about 77% natural gas and 23% oil. That high gas component has hurt the company as gas prices have fallen; they recently dropped below $2 U.S. per million British thermal units (BTUs) for the first time in more than a decade.
Record warm temperatures have contributed to the price decline. But the main reason is that shale gas discoveries continue to increase supplies.
Celtic has just cut its planned 2012 drilling and exploration spending by 15%, to $300 million from $355 million. The company is spending less on gas exploration and shifting its focus to natural gas liquids (NGLs) and oil.
NGLs are broken down into ethane, propane and butane and sold to a..
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