Delphi Energy Corp. Reports Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Production Guidance for the First Half of 2018
For the year, the company reported oil and natural gas revenues were $101,836,000 compared with $69,134,000 a year ago. Adjusted funds from operations were $36,670,000 or $0.21 per basic and diluted share against $29,865,000 or $0.19 per basic and diluted share a year ago. Net earnings were $6,902,000 or $0.04 per basic and diluted share against loss of $41,144,000 or $0.26 per basic and diluted share a year ago. Net debt as on December 31, 2017 was $136,421,000 against $85,945,000 as on December 31, 2016. Capital expenditures were $117,292,000 compared with negative capital expenditures was $3,427,000 a year ago.
For the quarter, field condensate was 2,374 bbls/d against 1,338 bbls/d a year ago. Natural gas was 35,391 mcf/d against 27,988 mcf/d a year ago. Production volumes was 9,588 boe/d compared with 7,127 boe/d a year ago.
For the twelve months, field condensate was 1,968 bbls/d against 1,444 bbls/d a year ago. Natural gas was 31,098 mcf/d against 28,595 mcf/d a year ago. Production volumes was 8,401 boe/d compared with 7,392 boe/d a year ago.
For the first half of 2018, the company expected average production of 9,800 boe/d to 10,200 boe/d, Natural Gas of 35.0 mmcf/d to $37.0 mmcf/d. Field Condensate of 2,350 bbls/d to 2,450 bbls/d. Natural gas 1,470 bbls/d to 1,530 bbls/d. Adjusted funds flow $25.0 million to $27.0 million. Net debt of $149.0 million to $154.0 million.