Research, Charts & Company Announcements
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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.
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
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£70m placing and open offer
21 Oct 16
Hurricane has successfully raised £70m by issuing c.205.9m shares at a price of 34p. The company is also undertaking an open offer at the same price to raise a further £4.4m. The proceeds will be used to fund two exploration wells on Lincoln and Warwick as well as further development activity on the Lancaster field.