Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DELPHI ENERGY CORP. We currently have 30 research reports from 1 professional analysts.
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DELPHI ENERGY CORP
DELPHI ENERGY CORP
2Q16 Hit With Unplanned Outages, Improved Outlook for 2H16
12 Aug 16
Delphi reported 2Q16 results that were behind our production and cash flow estimates. Operations during the quarter were materially disrupted by a one month outage at the SemCAMs K3 gas plant. Operations are now on track in 2H16e with corporate volumes back in the 8,500 boe/d range. Ideally, the Company now expects to exit the year at a rate up 500 boe/d from prior guidance at the midpoint. While cash flow is up 20% on higher anticipated 2017e production, we have left our target price intact at $1.25 per share for the time being, reflecting multiple compression over our prior view as growth continues to remain hampered in the current commodity price environment due to a capitally constrained position, although remain constructive on the Company’s Bigstone Montney asset and the progress achieved to date.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
ANNOUNCES INCREASE AND PRICING OF OFFERING
03 Jun 16
Impact - slightly positive as the increased offering will provided additional financial flexibility over the nearterm in the context of the Company's revised credit facility, although will result in a modest increase to our forecasted interest expense
Delphi Energy Announces Notes Offering, Reduction to Bank Line
02 Jun 16
Given challenging market conditions, Delphi’s bank line is being reduced and replaced with what we assume will be higher cost debt. In the event the senior notes offering does not close by the end of June then the Company will be in default of its senior credit facility. The Company is looking to issue $40 mm of senior secured notes, effectively terming out some of its debt structure, while the Company’s bank line will be reduced by ~35% to $85 mm leaving a limited amount financial flexibility going forward. With lower cash flow from higher interest costs and a reduced outlook for 2017e in order to stay within the Company’s revised borrowing base we have trimmed our target price to $1.25 per share and maintain our Market Perform ranking.
ANNOUNCES NOTES OFFERING, BANK LINE REDUCTION
30 May 16
Impact - negative as the Company's bank line is being reduced and replaced with what we assume will be higher cost debt, while if the senior notes offering does not close by the end of June then the Company will be in default of its senior credit facility
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.