Triangle Petroleum Corporation (NYSEMKT:TPLM) Reports Strong Production And Financial Results


Dallas, Texas 12/10/2014 (FINANCIALSTRENDS) – Triangle Petroleum Corporation (NYSEMKT:TPLM) recently posted strong production increase of 80% YoY to 1,125 Mboe during 3Q15 ended October 31, 2014. The company’s consolidated revenues also increased to $174.2 million for 3Q15, increasing close to 100% from $88.5 million in 3Q14. The company reported consolidated adjusted net income of 14.9 million or $0.15 per fully diluted share during 3Q15, representing 15% YoY growth.

The company reported significant increase in its oilfield services related expenses and depreciation and amortization expenses during 3Q15, which accounted for $103.43 million out of $140.85 million in total operating expenses. Oilfield services and depreciation and amortization expenses were $47.76 million in aggregate during 3Q14 and total operating expenses were $71.38 million.

On a stand-alone basis, total revenue surged to $228.5 million, representing 23% QoQ growth. The growth was primarily driven by 41% increase in RockPile Energy Services, LLC’s stand-alone revenue to $143.8 million. E&P and Caliber segments contributed $80.1 million and $4.6 million, respectively.

Operational Highlights

At the end of third quarter, Triangle Petroleum Corporation (NYSEMKT:TPLM) reported estimated proved reserves of 57.1 Mboe, comprising 82% crude oil, 7% natural gas liquids and 11% natural gas. The estimated proved reserves increased 42% from January 31, 2014.

Triangle also reported the completion of 88 (gross) operated wells as of October 31, 2014. In addition, the company also reported economic interests in 474 (gross) non-operated wells at the end of 3Q14.

Liquidity Updates

Triangle Petroleum Corporation (NYSEMKT:TPLM) reported capital expenditures worth $456.1 million during the third quarter. The company’s cash and cash equivalents were $53.23 million and long-term debt was $544.37 million at the end of 3Q15. It certainly raises concern when compared with cash balance of $81.75 million and long-term debt of $205.06 million at the end of FY14.

Triangle also reported to have inked amendment agreements pertaining to its credit facility for TUSA and RockPile, in an effort to boost available borrowings under those facilities.

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