July 12, 2014 2:51 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Barrick Energy Inc.

Company Overview

Barrick Energy Inc. operates as an oil and gas development and production company in Canada. It primarily holds interests in the light oil weighted properties located at Sturgeon Lake near Valleyview, and Peace River Arch region near Grand Prairie, Alberta. The company was formerly known as Cadence Energy Inc. The company is headquartered in Calgary, Canada. Barrick. As of July 31, 2013, Barrick Energy Inc. operates as a subsidiary of Canadian Natural Resources Limited.

530-8th Avenue SW

Suite 1100

Calgary, AB T2P 3S8

Canada

Phone:

403-290-3400

Fax:

403-290-3447

Key Executives for Barrick Energy Inc.

Chief Executive Officer
Age: 58
Acting Chief Financial Officer and Controller
Chief Operating Officer and Vice President of Production and Operations
Vice President of Corporate Development
Compensation as of Fiscal Year 2014.

Barrick Energy Inc. Key Developments

Barrick Energy Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Announces Production Results for the Second Quarter and Six Months Ended June 30, 2012; Maintains Production Guidance for 2012; Provides Capital Expenditure Guidance for 2012

Barrick Energy Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company's earnings were $0.75 billion or $0.75 per diluted share compared to $1.16 billion or $1.16 per diluted share in the same prior year quarter. Net adjusting items in the quarter totaled $34 million and significant components of this include: $29 million in tax adjustments related to a rate change in Canada and a foreign income tax assessment; $25 million in asset impairment charges (primarily related to available-for-sale investments); $17 million in unrealized foreign currency translation losses; $12 million in severance costs. Second quarter 2012 adjusted net earnings were $0.78 billion or $0.78 per diluted share compared to $1.12 billion or $1.12 per diluted share in the same prior year period. The lower net earnings and adjusted net earnings primarily reflect higher cost of sales for gold and copper, lower gold sales volumes and lower realized copper prices, partially offset by higher realized gold prices, higher copper sales volumes and lower income tax expense. Operating cash flow and adjusted operating cash flow of $0.76 billion for the quarter compare to operating cash flow of $0.75 billion and adjusted operating cash flow of $0.94 billion, respectively, in the second quarter of 2011. The higher operating cash flow primarily reflects a decrease in net working capital outflows and income tax payments, as well as the impact of one-time acquisition related costs on operating cash flow in the second quarter of 2011, partially offset by lower net earnings. EBITDA for the second quarter was $1.51 billion compared to $2.09 billion in the same prior year period, reflecting the same factors affecting net earnings, except for income tax expense. Revenue was $3,278 million against $3,416 million a year ago. Income before income taxes was $1,065 million against $1,730 million a year ago. Net cash provided by operating activities was $763 million against $750 million a year ago. Property, plant and equipment, capital expenditures was $1,582 million against $1,068 million a year ago. Return on equity was 13% against 21% a year ago. For the six months period, the company reported revenue was $6,922 million against $6,503 million a year ago. Income before income taxes was $2,633 million against $3,239 million a year ago. Net income attributable to equity holders of Barrick Gold Corporation was $1,779 million or $1.78 per diluted share against $2,160 million or $2.16 per diluted share a year ago. Net cash provided by operating activities was $2,035 million against $2,189 million a year ago. Property, plant and equipment, capital expenditures was $2,897 million against $2,139 million a year ago. Return on equity was 16% against 21% a year ago. Adjusted net earnings were $1,870 million against $2,121 million a year ago. EBITDA was $3,511 million against $3,918 million a year ago. Adjusted operating cash flow was $2,137 million against $2,377 million a year ago. Net debt was $11,354 million. For the quarter, the company announced the gold and copper production of 1.74 million ounces and 109 million pounds, respectively For the six months period, the company reported gold production of 3.623 million ounces and 3.934 ounces a year ago. Copper production was 226 million ounces and 168 ounces a year ago. Expected gold production for 2012 continues to be in the range of 7.3-7.8 million ounces. Expected copper production for 2012 has been adjusted to 460-500 million pounds, primarily reflecting lower than expected production from Lumwana, and C1 cash costs are expected to be $2.10-$2.30 per pound. In light of the current economic environment and Barrick's increased rigor on disciplined capital allocation, the company has determined that various pipeline projects do not currently meet its investment hurdles. As a result, gold and copper production base is now expected to be 8+ million ounces by 2015 and 600+ million pounds by 2013, respectively, representing a high quality and profitable core from which to expand further. Total capital expenditures for 2012 are now anticipated to be $6.0-$6.3 billion.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
July 23, 2013
--
Merger/Acquisition
July 23, 2013
Barrick Energy Inc., Certain Assets
 

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