Delphi Energy Corp. Announces Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Production Guidance for the Second Half and Full Year of 2016; Provides Funds from Operations Guidance for the Year 2016
For the six months, the company's crude oil and natural gas sales were $28,258,000 compared to $45,440,000 a year ago. Funds from operations were $12,342,000 or $0.08 per diluted share compared to $19,506,000 or $0.12 per diluted share a year ago. Net loss was $13,379,000 or $0.09 per basic and diluted share compared to $30,111,000 or $0.19 per basic and diluted share a year ago.
For the quarter, total production was 5,802 boe/d compared to 10,210 boe/d a year ago. Crude oil production was 5 bbls/d compared to 86 bbls/d a year ago. Increased Bigstone Montney production capability to approximately 7,500 boe/d in the second quarter of 2016, a 15% increase from the second quarter of 2015. Field condensate production capability has increased 20% over the same comparative periods;
For the six months, total production was 7,099 boe/d compared to 10,604 boe/d a year ago. Crude oil production was 5 bbls/d compared to 47 bbls/d a year ago.
For the second half of 2016, the company expected average production of 8,500 to 9,000 boe/d, Natural Gas Liquids Price of CAD 18.00 to $20.00 per bbl, exit production rate of 9,000 to 10,000 boe/d.
For the full year of 2016, the company expected average production of 7,700 to 8,000 boe/d, Natural Gas Liquids Price of CAD 17.00 to $19.00 per bbl, exit production rate of 9,000 to 10,000 boe/d.
For 2016, the company expects funds from operations of $31.0 million to $34.0 million.