6:34AM Triangle Petroleum beats by $0.05; beats on revs; provides operational update (TPLM) 6.05 : Reports Q1 EPS of $0.10 vs $0.05 CIQ est; revs increased 17% QoQ to $34.3 mln vs $31.5 mln CIQ est.
Operational Update
E&P current production of approximately 4,300 Boepd net produced volumes based on a 21-day average
Increased quarterly sales volumes to 242 Mboe (+284% y/y) as compared to 63 Mboe in the same period in Q1 fiscal 2013
First gas sales from operated production anticipated to begin by Friday, June 14
Drilling and completion costs declining / targeting 10-15% reduction in AFE amounts
Targeting $10.0-10.5 mln AFE costs in McKenzie County before any realized benefit from RockPile Energy Services or Caliber Midstream
TPLM reports strong Q1 results
TPLM reports strong Q1 results
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: TPLM reports strong Q1 results
Triangle Petroleum Corp. (TPLM): The company released their fiscal first quarter results this morning. Production for the quarter was above our forecast. An updated Net Income & Cash Flow Forecast model has been posted under the Watch List Tab.
My Fair Value Estimate goes up to $10.50/share based on increasing production forecast.
2nd quarter results should be impressive and soundly beat the current First Call EPS estimate. I expect to see several analysts upgrade this stock after they listen to the conference call and update their forecast models. First Call's price target is $8.73 but I expect that to be going up over the next couple weeks.
My Fair Value Estimate goes up to $10.50/share based on increasing production forecast.
2nd quarter results should be impressive and soundly beat the current First Call EPS estimate. I expect to see several analysts upgrade this stock after they listen to the conference call and update their forecast models. First Call's price target is $8.73 but I expect that to be going up over the next couple weeks.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: TPLM reports strong Q1 results
After listening to their conference call it is clear their team is excited. Since we are now almost half way through Q2 it is safe to say they are going to crush the current First Call EPS estimate for the 2nd quarter unless oil prices fall off a cliff soon.
TPLM's current production guidance for this fiscal year is 3,600 to 4,000 boepd (94% crude oil currently selling at about a $5/bbl discount to WTI). There gas is high btu so they are getting close to NYMEX pricing despite being in a crap market in ND.
> They have been flaring a lot of gas. They are starting to get some wells completed to the gas pipelines now and that should give production and revenues a nice boost. (This is where I think there is significant upside to their guidance.)
> My "official" forecast model is based on the midpoint of the guidance, but it was clear on the CC that they are running ahead of guidance.
> Rockpile, their pressure pumping subsidiary, is adding a second crew next week. They have some 3rd party backlog but the real plus is that they can use these crews on their own wells, thus lowering capital costs and reducing spud to completion time.
> The balance sheet is in good shape. They have more than enough cash flow and liquidity to complete their capital program.
> Spring Breakup is over, so more wells will be completed over the remainder of this year.
MY TAKE from the CC is that several analysts will be putting out upgrades on this one soon.
TPLM's current production guidance for this fiscal year is 3,600 to 4,000 boepd (94% crude oil currently selling at about a $5/bbl discount to WTI). There gas is high btu so they are getting close to NYMEX pricing despite being in a crap market in ND.
> They have been flaring a lot of gas. They are starting to get some wells completed to the gas pipelines now and that should give production and revenues a nice boost. (This is where I think there is significant upside to their guidance.)
> My "official" forecast model is based on the midpoint of the guidance, but it was clear on the CC that they are running ahead of guidance.
> Rockpile, their pressure pumping subsidiary, is adding a second crew next week. They have some 3rd party backlog but the real plus is that they can use these crews on their own wells, thus lowering capital costs and reducing spud to completion time.
> The balance sheet is in good shape. They have more than enough cash flow and liquidity to complete their capital program.
> Spring Breakup is over, so more wells will be completed over the remainder of this year.
MY TAKE from the CC is that several analysts will be putting out upgrades on this one soon.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group