Bellatrix Exploration Ltd. Announces Expansion Plans for the Year 2015 and 2016
Nov 4 14
Bellatrix Exploration Ltd. has announced an initial $450 million net capital budget for 2015. The focus next year will remain on execution of strategic priorities including key infrastructure projects and construction of Phase 1 of 110 mmcf-per-day deep cut gas plant at Alder Flats, which remains on schedule and on budget, with an expected in-service date of July 1, 2015. The infrastructure investments made through 2014 and into 2015 are expected to provide improved operational reliability and reduced impacts from third-party facility downtime, provide increased revenue and netback contribution from higher liquids extraction of the company's natural gas streams, and continue to reduce Bellatrixs already low operating cost profile. Given its superior liquids extraction capability and reductions to operating costs, the proposed Alder Flats deep cut plant has an estimated payback period of two years. Despite this relatively quick payback, it also provides significant strategic value, and anchors long-term development of multibillion-dollar inventory of low risk development well locations. Near-term catalysts include the completion of strategic infrastructure projects expected to be onstream in December. This includes both the addition of booster compression at the company's 13-5 compressor station, and the construction of the Twin Rivers pipeline. These projects in combination are expected to increase gross processing capability of approximately 30 to 40 mmcf per day, representing potential increased processing capability net to Bellatrix of approximately 3,000 to 4,000 boe per day, based on forecast working interest volumes. Additionally, construction and tie-in of new pipelines early in the second quarter of 2015, and additional liquids handling capability at an existing third-party gas plant in mid-2015 is expected to provide further gross processing capability of approximately 60 mmcf per day. Finally, the two phases of Bellatrixs proposed Alder Flats deep cut gas plant is anticipated to add 110 mmcf per day capacity by July 2015, expanding to 220 mmcf per day total by April 2016. In combination, these strategic endeavors provide for potential volume growth and total processing capability net to Bellatrixs working interest of over 80,000 boe per day by mid-2016.
Bellatrix Exploration Ltd. Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 4 14
Bellatrix Exploration Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of CAD 137,411,000 against CAD 68,329,000 a year ago. Funds flow from operations was CAD 60,341,000 or CAD 0.31 per diluted share against CAD 30,002,000, or CAD 0.25 per diluted share a year ago. Cash flow from operating activities was CAD 60,006,000, CAD 0.31 per diluted share against CAD 25,295,000, CAD 0.22 per diluted share a year ago. Net profit was CAD 44,874,000 against CAD 29,453,000 a year ago. Diluted earnings per share were CAD 0.23 against CAD 0.25 a year ago. Capital expenditures were CAD 167,790,000 against CAD 49,452,000 a year ago. Total net debt was CAD 470,117,000 against CAD 218,207,000 a year ago.
For the nine months, the company reported revenue of CAD 453,307,000 against CAD 208,436,000 a year ago. Funds flow from operations was CAD 208,996,000 or CD 1.14 per diluted share against CAD 104,110,000, or CAD 0.89 per diluted share a year ago. Cash flow from operating activities was CAD 204,369,000, CAD 1.12 per diluted share against CAD 90,433,000, or CAD 0.77 per diluted share a year ago. Net profit was CAD 108,293,000 against CAD 49,480,000 a year ago. Diluted earnings per share were CAD 0.59 against CAD 0.43 a year ago. Capital expenditures were CAD 457,982,000 against CAD 187,766,000 a year ago. Total net debt was CAD 470,117,000 against CAD 218,207,000 a year ago.
For the quarter, the company reported crude oil, condensate and NGLs of 11,631 bbl per day against 6,188 bbl per day a year ago. Natural gas was 157,244 mcf per day against 93,982 mcf per day a year ago. Total oil equivalent was 37,838 boe per day against 21,852 boe per day a year ago.
For the nine months, the company reported crude oil, condensate and NGLs of 12,222 bbl per day against 6,126 bbl per day a year ago. Natural gas was 145,190 mcf per day against 89,891 mcf per day a year ago. Total oil equivalent was 36,420 boe per day against 21,108 boe per day a year ago.
Bellatrix Exploration Appoints Steve G. Toth as Vice President, Investor Relations, Effective October 23, 2014
Oct 22 14
Bellatrix Exploration Ltd. announced the appointment of Steve G. Toth as Vice President, Investor Relations effective October 23, 2014. Mr. Toth is a senior financial analyst and joins Bellatrix from a leading global wealth management and investment firm, where he most recently held the position of Director, Oil & Gas Equity Research Analyst. Prior thereto, Mr. Toth worked for financial institutions, within both the buy-side and sell-side areas of its business.