Twin Butte Energy Ltd. Reports Earnings Results and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Approves Reduction to the Monthly Dividend Payable on September 15, 2015
For the quarter, the company reported light & medium crude oil production of 7,882 bbl per day compared to 7,523 bbl per day a a year ago. Heavy crude oil production was 7,312 bbl per day compared to 11,354 bbl per day a year ago. Natural gas production was 12,189 Mcf per day compared to 12,122 Mcf per day a year ago. Natural gas liquids was 125 bbl per day compared to 212 bbl per day a year ago. Barrels of oil equivalent as 17,351 boe per day compared to 21,109 boe per day a year ago.
For the six months, the company reported net loss of $45.737 million compared to $8.059 million a year ago. Basic and diluted loss per share was $0.13 compared to $0.02 a year ago. Capital expenditures were $42.054 million compared to $59.615 million a year ago. Net debt was $307.672 million compared to $352.198 million a year ago. Petroleum and natural gas sales were $139.031 million compared to $301.766 million a year ago. Funds flow was $112.349 million or $0.32 per basic and diluted share compared to $99.904 million or $0.29 per basic and diluted share a year ago. Reduced net debt by $26.2 million to $307.7 million from March 31, 2015, providing a debt to cash flow ratio of 1.3 times on an annualized basis. Net debt has been reduced by $45.6 million year to date.
For the six months, the company reported light & medium crude oil production of 8,180 bbl per day compared to 7,568 bbl per day a year ago. Heavy crude oil production was 7,893 bbl per day compared to 12,014 bbl per day a year ago. Natural gas production was 12,165 Mcf per day compared to 12,161 Mcf per day a year ago. Natural gas liquids was 149 bbl per day compared to 206 bbl per day a year ago. Barrels of oil equivalent as 18,250 boe per day compared to 21,815 boe per day a year ago.
The Board of Directors of the company has approved a reduction to the monthly dividend to $0.003 per share effective with the August dividend payable on September 15, 2015. This dividend reduction from $0.12 to $0.036 per share on an annual basis will help ensure improved balance sheet and capital program flexibility during this low price period in the commodity cycle.