Last C$2.25 CAD
Change Today +0.06 / 2.74%
Volume 2.9M
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cequence energy ltd (CQE) Snapshot

Open
C$2.20
Previous Close
C$2.19
Day High
C$2.26
Day Low
C$2.19
52 Week High
06/19/14 - C$3.22
52 Week Low
09/3/13 - C$1.46
Market Cap
474.7M
Average Volume 10 Days
1.5M
EPS TTM
C$0.07
Shares Outstanding
211.0M
EX-Date
--
P/E TM
34.5x
Dividend
--
Dividend Yield
--
Current Stock Chart for CEQUENCE ENERGY LTD (CQE)

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cequence energy ltd (CQE) Details

Cequence Energy Ltd. is engaged in the acquisition, exploration, development, and production of petroleum and natural gas reserves in Western Canada. The company’s principal properties are located in the Deep Basin area of Northwest Alberta; Peace River Arch area of Northwest Alberta; and Northeast British Columbia. It owns a total of approximately 566,010 gross acres of oil and natural gas leases with approximately 56% average working interest. The company was formerly known as Sabretooth Energy Ltd. and changed its name to Cequence Energy Ltd. in July 2009. Cequence Energy Ltd. was incorporated in 2000 and is based in Calgary, Canada.

Founded in 2000

cequence energy ltd (CQE) Top Compensated Officers

Chief Executive Officer, President, Non Indep...
Total Annual Compensation: C$296.4K
Chief Financial Officer, Vice President of Fi...
Total Annual Compensation: C$228.8K
Vice President of Geology
Total Annual Compensation: C$228.8K
Vice President of Land
Total Annual Compensation: C$228.8K
Vice President of Geophysics
Total Annual Compensation: C$228.8K
Compensation as of Fiscal Year 2013.

cequence energy ltd (CQE) Key Developments

Cequence Energy Ltd. Announces Executive Changes

Cequence Energy Ltd. announced the appointment of Todd Brown to the position of Chief Operating Officer. Mr. Brown is a professional engineer with excellent technical and operational experience as demonstrated in over 20 years in the oil and gas industry. Mr. Brown has held senior positions at both large and junior producers with a significant portion of his experience being at Encana where he served in a number of capacities including Asset Manager of the Haynesville project from early stage through commercial development. Upon Howard Crone's retirement, he remains a significant shareholder and will continue in his role as a Director of Cequence.

Cequence Energy Ltd. Reports Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Capital Expenditure Guidance for the Remainder of 2014 and First Quarter of 2015 and Provides Production Guidance for the First Quarter of 2015

Cequence Energy Ltd. reported earnings and production results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported production revenue of $41,219,000 against $29,803,000 for the same period last year. Comprehensive income was $8,876,000 or $0.04 per basic and diluted share against $4,170,000 or $0.02 per basic and diluted share for the same period last year. Funds flow from operations was $20,235,000 or $0.09 per diluted share against $14,831,000 or $0.07 per basic and diluted share for the same period last year. Capital expenditures were $15,957,000 against $4,723,000 for the same period last year. Second quarter funds flow from operations and net earnings increased from the prior year driven by the increase in production volumes of 14% and an increase in realized sales prices after hedging of 22% from the prior year. Capital expenditures in the second quarter were directed to the commencement of the two rig drilling program in early June, the completion of the Ansell drilling program and facilities, and the completion and tie-in of the first quarter drilling program at Simonette. For the six months, the company reported production revenue of $82,314,000 against $51,808,000 for the same period last year. Comprehensive income was $9,388,000 or $0.04 per basic and diluted share against comprehensive loss of $1,269,000 or $0.01 per basic and diluted share for the same period last year. Funds flow from operations was $43,317,000 or $0.20 per diluted share against $25,484,000 or $0.12 per basic and diluted share for the same period last year. Capital expenditures were $74,504,000 against $48,382,000 for the same period last year. Net debt as at June 30, 2014 was $136.0 million comprised of $60 million in senior notes carrying a five year term, $53 million drawn on the company's credit facility and a $22.8 million working capital deficiency. For the quarter, the company reported that natural gas production volume was 64,810 Mcf per day compared to 58,153 Mcf per day a year ago. Crude oil production volume was 985 bbls per day compared to 874 bbls per day a year ago. Natural gas liquids Natural gas liquids was 948 bbls per day compared to 639 bbls per day a year ago. Total production volume 12,735 boe per day compared to 11,205 boe per day a year ago. For the six months, the company reported that natural gas production volume was 62,368 Mcf per day compared to 52,262 Mcf per day a year ago. Crude oil production volume was 988 bbls per day compared to 742 bbls per day a year ago. Natural gas liquids Natural gas liquids was 794 bbls per day compared to 568 bbls per day a year ago. Total production volume 12,177 boe per day compared to 10,020 boe per day a year ago. The company recently announced its capital budget of $160 million, prior to dispositions, for the remainder of 2014 and the first quarter of 2015. The program is focused on Montney pad development drilling that is expected to increase capital efficiencies but will also result in longer cycle times as multiple wells are drilled on single pads prior to being completed. In total 17 gross wells are expected to be drilled including 15 Montney wells, one Dunvegan well and one Falher well. The company expects production to grow to 15,000 boe/d to exit the first quarter of 2015.

Cequence Energy Ltd. Revised Earnings and Production Guidance for the Full Year of 2014 and First Quarter Ended March 31, 2015; Provides Capital Expenditure Guidance for the Nine Months Ended March 31, 2015

Cequence Energy Ltd. provided earnings and production guidance for the full year of 2014 and first quarter ended March 31, 2015. For the year 2014, production in 2014 is now expected to average approximately 11,000 boe per day (84% natural gas and 16% oil and natural gas liquids), dropping from the previously expected 13,500 to 14,000 boe per day. Crude – WTI is expected to be USD 99.75/bbl. Natural gas – AECO is expected to be CAD 4.60/GJ. The company has increased spending plans for 2014, to USD 170 million (prior to dispositions) from USD 120 million, now that it has completed the disposition of its entire interest in its non-operated assets in the Ansell area 18,800 net acres of land, 1,600 boe per day of current production and a 49% working interest in field infrastructure. The company is forecasting a 2014 exit rate of 12,000 boe per day. For the first quarter ended March 31, 2015, the company expects average production of 13,500 BOE/d. Crude – WTI is expected to be USD 99.75/bbl. Natural gas – AECO is expected to be CAD 3.85/GJ. The company expects to maintain an active two-rig drilling program through March 2015 and increase production from the current rate of 10,400 boe per day to exit the first quarter of 2015 at 15,000 boe per day. For the year 2014, the company expects funds flow from operations to be USD 83 million. Funds flow from operations per share is expected to be USD 0.39. Net capital expenditures, including dispositions were expected to be USD 23 million. Royalties is expected to be 10%. Net debt and working capital deficiency is expected to USD 51 million. This years budget includes an estimated USD 24.1 million of capital expenditures incurred to date in 2014 on the Ansell property prior to disposition. For the first quarter ended March 31, 2015, the company expects funds flow from operations to be USD 27 million. Funds flow from operations per share is expected to be USD 0.13. Net capital expenditures, including dispositions were expected to be USD 58 million. Royalties is expected to be 8%. Net debt and working capital deficiency is expected to USD 82 million. Capital expenditures for the nine-month period beginning July 1, 2014, and ended March 31, 2015, are budgeted to be USD 160 million, prior to dispositions, and include 17 (16.3 net) wells and a facility expansion at Simonette.

 

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