Triangle Petroleum (TPLM) Posts Mixed Q2 Results
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Triangle Petroleum (NYSE: TPLM) reported Q2 EPS of $0.15, $0.01 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $142 million versus the consensus estimate of $118.38 million.
Segment Financial Results
Q2 fiscal 2015 stand-alone revenue and Adjusted-EBITDA (reference accompanying "Reconciliation Tables" as well as "Use of Segment Information and Non-GAAP Measures" disclosures at end of press release)
Q2 FY2015 | Revenue | q/q % Change | Adj.-EBITDA | q/q % Change | |||||
E&P | $80.5 | 32% | $54.4 | 28% | |||||
RockPile | $102.1 | 66% | $28.8 | 108% | |||||
Caliber | $2.9 | 142% | $2.3 | 229% | |||||
Total | $185.5 | 50% | $85.4 | 50% | |||||
*Dollars in U.S. millions | |||||||||
*Exploration and production operating segment ("E&P") Adjusted-EBITDA includes all exploration and production related business lines, and does not include TPC (parent company) other revenues and expenses | |||||||||
*Caliber revenue and Adjusted-EBITDA represents Triangle's ownership share of the partnership which increased to 31.8% from 30% on June 30, 2014, resulting in an average ownership of 30.6% for Q2 fiscal 2015 | |||||||||
Segment Operational Update
- TUSA reduced average spud to total depth drill times from 20 days in Q1 fiscal 2015 to approximately 18 days in Q2 fiscal 2015
- Operational efficiencies associated with pad drilling have reduced AFE's on certain recent wells to approximately $9.5 million (before RockPile and other eliminations)
- Completed 15 gross (9.9 net) operated wells and 21 gross (1.0 net) non-operated wells in Q2 fiscal 2015
- RockPile generated approximately $102.1 million of stand-alone revenue in Q2 fiscal 2015 as compared to $44.3 million in Q2 fiscal 2014 (+130% y/y)
- Completed 15 Triangle operated wells and 19 third-party wells in Q2 fiscal 2015 as compared to 8 Triangle operated wells and 10 third-party well in Q2 fiscal 2014 (+89% y/y)
- Backlog of approximately 25 wells at the end of Q2 fiscal 2015, including 15 for third-party operators
- RockPile's fourth pressure pumping spread is expected to be deployed during Q3 fiscal 2015
TUSA Supplemental Information
- Current and prospective TUSA bondholders can request access to standalone TUSA financials through the "Investor Relations" section of the Company's website under the heading "TUSA Senior Notes"
- Subsequent to Q2 fiscal 2015, on September 3, 2014, Triangle contributed $20 million of additional capital to TUSA for normal course budgeted capital expenditures, which would adjust TUSA standalone debt to annualized Q2 fiscal 2015 EBITDA from 2.1x (Q2 fiscal 2015) to 2.0x on a pro forma basis
For earnings history and earnings-related data on Triangle Petroleum (TPLM) click here.
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