Peyto Exploration & Development Corp. Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2014; Reaffirms Capital and Production Guidance for 2014
Aug 13 14
Peyto Exploration & Development Corp. announced unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of CAD 207,519,000 against CAD 144,614,000 a year ago. Earnings before taxes were CAD 82,888,000 against CAD 49,773,000 a year ago. Earnings for the period were CAD 62,159,000 or CAD 0.41 basic and diluted per share against CAD 37,773,000 or CAD 0.25 basic and diluted per share a year ago. Cash provided by operating activities was CAD 152,170,000 against CAD 96,700,000 a year ago. Funds from operations were CAD 161,577,000 or CAD 1.05 per share against CAD 109,987,000 or CAD 0.74 per share a year ago. Capital expenditure was CAD 151,290,000 against CAD 73,809,000 a year ago. Funds from operations in second quarter of 2014 was up 47%, due to increased production volumes and improved commodity prices. The strong financial and operating performance delivered in the quarter resulted in an annualized 19% return on equity (ROE).
For the six months, the company reported revenue of CAD 416,837,000 against CAD 277,816,000 a year ago. Earnings before taxes were CAD 165,728,000 against CAD 98,098,000 a year ago. Earnings for the period were CAD 124,288,000 or CAD 0.81 basic and diluted per share against CAD 74,179,000 or CAD 0.50 basic and diluted per share a year ago. Cash provided by operating activities was CAD 298,624,000 against CAD 189,243,000 a year ago. Funds from operations were CAD 322,362,000 or CAD 2.11 per share against CAD 212,844,000 or CAD 1.43 per share a year ago. Capital expenditure was CAD 330,668,000 against CAD 242,908,000 a year ago. Net debt was CAD 880,386,000 against CAD 746,094,000 a year ago.
For the quarter, the company reported natural gas production of 388,407 mcf/d against 310,621 mcf/d a year ago. Oil & NGL was 7,568 bbl/d against 6,374 bbl/d a year ago. Barrels of oil equivalent (boe/d @ 6:1) was 72,302 boe/d against 58,145 boe/d a year ago.
For the six months, the company reported natural gas production of 388,703 mcf/d against 303,943 mcf/d a year ago. Oil & NGL was 7,472 bbl/d against 6,109 bbl/d a year ago. Barrels of oil equivalent (boe/d @ 6:1) was 72,256 boe/d against 56,766 boe/d a year ago.
The company remains on track to meet or exceed previous guidance of CAD 625 million of capital and exit production of 81,500 boe/d.
Peyto Exploration & Development Corp. Declares Dividends for Third Quarter 2014, Payable on August 15, 2014, September 15, 2014 and October 15, 2014
Jul 15 14
Peyto Exploration & Development Corp. declared dividends, payable to shareholders of its common shares for third quarter 2014. A dividend of $0.10 per common share will be payable on August 15, 2014, September 15, 2014 and October 15, 2014 with record dates of July 31, 2014, August 31, 2014 and September 30, 2014. The ex dividend dates for the declared dividends will be July 29, 2014, August 27, 2014 and September 26, 2014 respectively.
Peyto Exploration & Development Corp. Closes Issuance of an Aggregate of CAD 50,000,000 of Senior Unsecured Notes
Jul 3 14
Peyto Exploration & Development Corp. announced that it has closed the issuance of an aggregate of CAD 50,000,000 of senior unsecured notes with New York Life Insurance and Annuity Corporation and New York Life Insurance Company. The notes have a coupon rate of 3.79% and mature in July 2022. The notes were issued by way of a private placement pursuant to a note purchase agreement and will rank equally with Peyto's obligations under its bank facility and existing note purchase agreements. Interest will be paid semi-annually in arrears. Proceeds from the notes will be used to repay a portion of Peyto's outstanding bank debt. The issuance of the senior notes expands Peyto's aggregate borrowing capacity to CAD 1.32 billion. The senior notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of the senior notes in any state, or jurisdiction in which such offer, solicitation or sale would be unlawful.