Connacher Announces Q3 2016 Results

CALGARY, Nov. 23, 2016

Financial

• Q3 2016 and YTD 2016 revenue, net of royalties, decreased 45% to $31.7 million (Q3 2015 - $58.1 million) and 64% to $66.3 million (YTD 2015 - $183.2 million), respectively, due to the decline in crude oil benchmark pricing; an increase in plant-gate sales; and lower sales volumes associated with the Company's strategic decision to reduce production in the low commodity price environment
  
  
• Q3 2016 adjusted EBITDA deficit decreased to $4.1 million (Q3 2015 – deficit of $14.1 million) due to lower input costs, partially offset by lower revenue, net of royalties
  
  
• YTD 2016 adjusted EBITDA deficit increased to $45.5 million (YTD 2015 – deficit of $30.3 million) due to lower revenue, net of royalties, partially offset by lower input costs
  
  
• Q3 2016 funds used decreased to $13.1 million (Q3 2015 - funds used of $19.3 million) due to an improved adjusted EBITDA, partially offset by higher interest associated with the DIP
  
  
• YTD 2016 funds used decreased to $70.7 million (YTD 2015 - funds used of $74.0 million) due to lower interest on long-term debt as the 2018 and 2019 secured second lien notes (the "Notes") were exchanged for common shares as part of the recapitalization transaction which closed on May 8, 2015 (the "Recapitalization"), partially offset by an increased adjusted EBITDA deficit
  
  
• Q3 2016 net loss decreased to $34.3 million (Q3 2015 - net loss of $289.2 million) due to a higher adjusted EBITDA and lower depletion, depreciation, amortization, and impairment costs. Q3 2015 included an impairment charge of $242.4 million on property, plant, and equipment ("PP&E")
  
  
• YTD 2016 net loss increased to $447.1 million (YTD 2015 - net income of $13.7 million) due to a lower adjusted EBITDA and higher depletion, depreciation, amortization, and impairment costs associated with an impairment charge of $335.5 million. YTD 2015 net income included significant accounting gains associated with the Company's Recapitalization
  
  
• In Q3 2016 and YTD 2016, capital expenditures totaled $0.1 million (Q3 2015 - $1.0 million) and $2.0 million (YTD 2015 - $12.0 million), respectively, and were focused on non-discretionary maintenance capital
  
  
• Connacher closed Q3 2016 with a cash balance of $17.3 million (including restricted cash of $7.1 million) (Q4 2015 - $47.2 million)

Operational

• Q3 2016 and YTD 2016 production decreased 30% to 9,947 bbl/d (Q3 2015 - 14,258 bbl/d) and 45% to 8,095 bbl/d (YTD 2015 - 14,759 bbl/d), respectively, due to the Company's strategic decision to reduce production
  
  
• In Q3 2016 and YTD 2016, transportation and handling costs decreased 82% to $4.8 million (Q3 2015 - $26.9 million) and 66% to $23.2 million (YTD 2015 - $68.1 million), respectively, primarily due to a reduction in sales to rail-based destinations and an increase in plant-gate sales. For YTD 2016, decreased transportation and handling costs were partially offset by penalties for non-delivery incurred in the first half of 2016
  
  
• Q3 2016 and YTD 2016 blending costs decreased 44% to $9.6 million (Q3 2015 - $17.3 million) and 58% to $23.9 million (YTD 2015 - $57.5 million), respectively, primarily due to the decrease in diluent volumes required resulting from lower production volumes and reduced diluent purchase prices for both periods
  
  
• Q3 2016 and YTD 2016 production and operating expenses decreased 29% to $16.5 million (Q3 2015 - $23.4 million) and 26% to $48.7 million (YTD 2015 - $65.8 million), respectively, primarily due to lower natural gas costs and realization of operating cost reductions

Q3 2016 Financial Highlights

FINANCIAL (1)		Q3 2016	Q3 2015 ARIVA.DE Börsen-Geflüster Kurse Connacher Oil and Gas -   0,00%	YTD 2016	YTD 2015
Revenue, net of royalties		$31,711	$58,097	$66,292	$183,220
Adjusted EBITDA (2)		(4,061)	(14,115)	(45,539)	(30,300)
Net earnings (loss)		(34,296)	(289,175)	(447,088)	13,737
	Basic per share (3)	(1.21)	(10.21)	(15.78)	0.89
	Diluted per share (3)	(1.21)	(10.21)	(15.78)	0.19
Funds used (4)		(13,051)	(19,346)	(70,708)	(74,036)
Capital expenditures		116	953	1,950	12,004
Cash on hand (5)		17,336	72,898
Working capital surplus (deficiency)		(269,969)	94,883
Long-term debt		-	249,948
Shareholders' equity		77,442	580,110

Q3 2016 Operational Highlights

OPERATIONAL	Q3 2016	Q3 2015	YTD 2016	YTD 2015
Average benchmark prices
WTI (US$/bbl)	44.94	46.43	41.33	51.00
WTI ($/bbl)	58.85	61.39	54.42	64.96
Heavy oil differential (US$/bbl)	(13.50)	(13.47)	(13.68)	(13.26)
WCS ($/bbl)	41.17	43.59	36.41	48.07
$/US$ exchange rate	1.31	1.32	1.32 Werbung Mehr Nachrichten zur Connacher Oil and Gas Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Total Voting Rights 02:00 - PR Newswire BlackRock Throgmorton Trust Plc - Total Voting Rights 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59