Research, Charts & Company Announcements
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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
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.