Delphi Energy Corp. Reports Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings and Production Guidance for the Full Year 2017
For nine months, oil and natural gas revenues were $70,940,000 against $48,589,000 a year ago. Adjusted funds from operations were $23,049,000 or $0.14 per basic and diluted share against $21,745,000 or $0.14 per basic and diluted share a year ago. Net earnings were $9,189,000 or $0.05 per basic and diluted share against loss of $15,653,000 or $0.10 per basic and diluted share a year ago. Net debt as at September 30, 2017 was $105,909,000 against $124,393,000 a year ago. Capital expenditures, net of dispositions were $75,659,000 against $27,253,000 a year ago.
For the quarter, field condensate production was 2,012 bbls/d against 1,667 bbls/d a year ago. Natural gas liquids production was 1,367 bbls/d against 1,251 bbls/d a year ago. Total production was 9,313 bbls/d against 8,239 bbls/d a year ago.
For nine months, field condensate production was 1,831 bbls/d against 1,478 bbls/d a year ago. Natural gas liquids production was 1,229 bbls/d against 1,203 bbls/d a year ago. Total production was 8,002 bbls/d against 7,481 bbls/d a year ago.
Average production in 2017 is now expected to be in the range of 8,600 to 8,900 boe/d with adjusted funds from operations of $35 to $38 million. Total capital spending in the year is expected to be in the range of $105 to $110 million, slightly lower than planned, resulting in bank debt and working capital deficiency at the end of the year of $37 to $42 million.