Peyto Reports Q1 2015 Results and Improves Low Cost Advantage
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/06/15 -- Peyto Exploration & Development Corp. (TSX: PEY) ("Peyto" or the "Company") is pleased to present its operating and financial results for the first quarter of the 2015 fiscal year. Record low cash costs and improvements in capital efficiency combined for a 79% operating margin (1) and a 24% profit margin (2). Additional highlights included:
First Quarter 2015 in Review
The first quarter of 2015 was another active quarter for Peyto. Drilling activity started off slowly to allow for service cost reductions to take effect but was quickly ramped up to full capacity with 8 drilling rigs running at the end of the quarter. With significantly lower commodity prices, all focus was on lowering costs. On a per meter basis, drilling and completion costs were down 11% and 18% from the previous year, effectively reducing the cost to add new production in the quarter to less than $14,000/boe/d, resulting in a trailing twelve month capital efficiency of $15,800/boe/d. Record low cash costs were achieved in the quarter which helped offset the reduction in realized commodity prices. In addition to transportation curtailments that prevented 2,350 boe/d from being sold in the quarter, production was further impacted by 500 boe/d as Peyto rejected propane recoveries due to low propane prices. This move, however, which left the liquid propane in the sales gas, increased revenues in the quarter and helps illustrate the importance of operating and controlling processing facilities. Subsequent to the end of the quarter, additional equity and term debt issuances further strengthened Peyto's balance sheet and increased unused borrowing capacity to $520 million which can be used to be opportunistic in this current commodity downturn. Despite the significant drop in commodity prices, the strong financial and operating performance delivered in the quarter resulted in an annualized 12% Return on Equity (ROE) and 9% Return on Capital Employed (ROCE).
Exploration & Development
Peyto's first quarter 2015 activity was concentrated in the Spirit River group of formations including the Notikewin, Falher and Wilrich formations, and within the Greater Sundance area where both cost savings could be realized and transportation restrictions minimized. A total of 31 wells were drilled across the land base, similar to Q1 2014, targeting sweet, liquids rich natural gas resource plays, as shown in the following table:
Both the average depth and lateral length of Peyto's horizontal wells continued to increase in Q1 2015, as the Company attempts to develop more resource with each wellbore. At the same time, drilling costs per meter were 11% lower while completion costs per meter were 18% lower as service cost reductions were realized. The following table illustrates the ongoing efficiency gains which should contribute to lower development costs and ultimately greater returns:
Capital Expenditures
During the first quarter of 2015, Peyto spent $70 million to drill 31 gross (30.75 net) horizontal wells and $42.5 million completing 27 gross (27 net) wells. Wellsite equipment and tie-ins accounted for $7.2 million, while a total of $11.6 million was invested in pipelines and facilities. A 12 km, 10" pipeline was installed in Ansell which twinned an existing trunk line to the Swanson plant and allowed for increased development of the Ansell Falher play. As well, progress continued on the 40 mmcf/d Swanson gas plant expansion which is scheduled to begin in June and projected to startup in Q3. Peyto invested $3 million into three small acquisitions in the Minehead, Pedley and Ansell areas for new undeveloped opportunities as well as $0.8 million for the purchase of 14 new sections of crown rights at an average cost of $90/acre. Approximately 167 km2 of new 3-D seismic was acquired in the quarter, along with the purchase of 117 km2 of industry data, in order to evaluate prospects in the Ansell, Brazeau, Minehead and North Kakwa areas. Seismic purchases totaled $3.3 million in Q1 2015.
By the end of the quarter, the 24 gross (24 net) wells that were brought onstream were contributing 17,270 boe/d to the quarter end exit rate of 85,000 boe/d.
Commodity Prices
The winter of 2014/15 was a combination of record breaking cold across the eastern side of North America and record breaking warmth across the western side of North America. The blended result was that approximately 29% less gas was withdrawn from US storage inventories during the heating season than the prior year. That reduced consumption, combined with increased US and Canadian supply, caused natural gas prices to fall. AECO (Alberta) daily natural gas prices, which averaged $4.04/GJ during the summer season (Apr-Oct 2014), fell 36% to $2.59/GJ by March 2015, or the end of the winter season.
The average first quarter 2015 Alberta (AECO) daily natural gas price was $2.60/GJ down over 51% from $5.36/GJ in Q1 2014, while the average AECO monthly price was $2.80/GJ down 38% from $4.51/GJ a year prior. As Peyto had committed 89% of its production to the monthly price, Peyto realized a volume weighted average natural gas price of $2.75/GJ or $3.16/mcf, prior to a $0.81/mcf hedging gain.
As a result of the Company's hedging strategy, approximately 65% of Peyto's natural gas production received a fixed price of $3.88/GJ from hedges that were put in place over the previous 24 months, while the balance received the blended daily and monthly price of $2.75/GJ, resulting in an after-hedge price of $3.48/GJ or $3.97/mcf.
Peyto realized an oil and natural gas liquids price of $37.03/bbl in Q1 2015 for its blend of condensate, pentane, butane and propane, which represented 70% of the $52.72/bbl average Canadian Light Sweet posted price, as shown in the following table.
Commodity Prices by Component
Financial Results
Combining realized natural gas and liquids prices, Peyto's unhedged revenues totaled $3.43/mcfe ($4.17/mcfe including hedging gains). Royalties of $0.18/mcfe, operating costs of $0.32/mcfe, transportation costs of $0.15/mcfe, G&A of $0.04/mcfe and interest costs of $0.20/mcfe, all combined for total cash costs of $0.89/mcfe ($5.34/boe). These industry leading total cash costs, when deducted from realized revenues, resulted in a cash netback of $3.28/mcfe or a 79% operating margin. Operating costs were 19% lower due to lower chemical and power costs and are expected to remain lower throughout 2015.
Depletion, depreciation and amortization charges of $1.83/mcfe, along with a provision for deferred tax and market based bonus payments reduced the cash netback to earnings of $1.01/mcfe, or a 24% profit margin, which funded dividends of $1.15/mcfe.
Subsequent to the end of the quarter, on April 16, 2015, Peyto announced it had closed a bought deal offering of common shares. Pursuant to the offering, the Company issued 5,037,000 common shares (including 657,000 common shares issued pursuant to the exercise in full of the over-allotment option granted to the underwriters) at a price of $34.25 per common share, for total gross proceeds of approximately $172.5 million.
In addition, on May 1, 2015, Peyto announced it had issued CND $100 million of senior unsecured notes pursuant to a note purchase agreement. The notes have a coupon rate of 4.26% and mature on May 1, 2025. As the notes rank equally with Peyto's obligations under its bank facility and existing senior unsecured notes, Peyto's aggregate borrowing capacity increased by $100 million to $1.42 billion.
Marketing
Peyto's practice of layering in future sales in the form of fixed price swaps, and thus smoothing out the volatility in gas prices, continued throughout the quarter. The following table summarizes the remaining hedged volumes and prices for the upcoming years as of May 6, 2015.
Activity Update
Daily production currently ranges from 86,000 to 87,000 boe/d with ongoing TCPL curtailments still restricting approximately 1,000 boe/d of capability. Along the Alberta Deep Basin corridor, TCPL is holding producers to contracted firm transportation levels plus 20% of nominated interruptible levels for the near future. In addition, there are several more scheduled outages in Q2 2015 that will likely restrict production to firm transportation levels only, similar to those experienced in Q1 2015. TCPL has indicated that service is expected to return to normal levels by Q3 2015.
The Company's capital investment program continues to yield impressive operating performance and profitable results. Drilling performance continues to improve while average well costs are approximately 15% lower than like wells drilled and completed a year ago. In aggregate, the new 2015 wells are currently contributing over 21,000 boe/d to total Company production and are meeting return expectations.
Peyto has six rigs currently drilling during this breakup period while the remaining rigs are idle and will resume operations after road bans are lifted in late May. The Company has additional rigs under consideration to add to the fleet to increase it to 10 rigs after breakup. Breakup conditions have thus far been favourable for ongoing activity while still realizing the 10% to 20% service cost reductions that have resulted from the reduced industry activity. To the end of April, an additional 9 gross (8.1 net wells) have been spud and 10 wells (9.25 net) have been completed.
The Swanson Gas Plant expansion is on schedule for a Q3 start-up. Two compressors will be incorporated into the facility this year adding 40 MMcf/d of capacity and taking the facility up to 105 MMcf/d of total capacity. Excess processing capacity will also be in place in order to accommodate two more compressors in the future. Peyto plans to fill this expansion with planned drilling in the Ansell area in combination with the recently installed pipeline loop.
The Brazeau Plant will be expanded by 10 MMcf/d to 50 MMcf/d immediately after breakup with the installation of a fifth compressor that is ready to move to the site. An additional expansion is envisioned for the end of the year or early 2016 as post-breakup drilling follows up on several highly successful pre-breakup Wilrich wells. Compression installations are also ready for Wildhay and Oldman North for the latter part of 2015 in response to successful pre-breakup drilling in those areas.
Peyto is keeping with its historic strategy of investing in owned and operated facility infrastructure which allows the Company to maintain its industry leading low costs, ensures production growth is realized in a timely fashion, gives Peyto the ability to modify operational parameters to maximize revenue, and creates significant barriers to entry for competitors.
2015 Budget
Peyto's original 2015 budget of $700 to $750 million, announced November 12, 2014, has been revised to reflect the dramatic changes in industry service costs. The revised budget, which involves exactly the same amount of activity as the original budget, is expected to range between $575 to $625 million. The capital program involves drilling between 120 and 130 gross wells (at approximately 95% average working interest) utilizing 9 to 10 drilling rigs, with 6 to 7 rigs active throughout the entire second quarter.
As before, the 2015 drilling locations will be selected from Peyto's internal inventory of over 1,900 Deep Basin locations and are expected to add between 41,000 and 45,000 boe/d of new production for a cost of approximately $14,000/boe/d. A portion of this new production will offset Peyto's forecast 35% decline, while a portion will grow overall production to an expected 2015 exit level between 96,000 boe/d and 100,000 boe/d.
As always, maximizing the return on the invested capital and minimizing the risks will be the Company's primary objective with the 2015 capital program. Achieving growth, regardless of how spectacular, without profit or return has no appeal to Peyto.
Outlook
Peyto remains committed to its counter cyclical investment strategy which takes advantage of lower costs and reduced industry activity to deliver superior returns and uniquely profitable growth to shareholders. The Company's industry leading low costs are a key component to this strategy, along with a large inventory of low risk, repeatable drilling prospects. While, the current commodity price environment is challenging the economics of even the most profitable companies in the best resource plays in North America, Peyto is ensuring its opportunities remain profitable by focusing on cost control and execution efficiency.
Conference Call and Webcast
A conference call will be held with the senior management of Peyto to answer questions with respect to the 2015 first quarter financial results on Thursday, May 7th, 2015, at 9:00 a.m. Mountain Daylight Time (MDT), or 11:00 a.m. Eastern Daylight Time (EDT). To participate, please call 1-416-340-2218 (Toronto area) or 1-866-223-7781 for all other participants. Shareholders and interested investors are encouraged to ask questions about Peyto and its most recent results. Alternatively, questions can be submitted to or by calling Jim Grant, Investor Awareness at (403) 451-4102.
The conference call will also be available on replay by calling 1-905-694-9451 (Toronto area) or 1-800-408-3053 for all other parties, using passcode 7866395. The replay will be available at 11:00 a.m. MDT, 1:00 p.m. EDT Thursday, May 7th, 2015 until midnight EDT on Thursday, May 14th, 2015. The conference call can also be accessed through the internet at . After this time the conference call will be archived on the Peyto Exploration & Development website at .
Management's Discussion and Analysis
A copy of the first quarter report to shareholders, including the MD&A, audited financial statements and related notes, is available at and will be filed at SEDAR, at a later date.
Annual General Meeting
Peyto's Annual General Meeting of Shareholders is scheduled for 3:00 p.m. on Tuesday, May 12, 2015 at Livingston Place Conference Centre, +15 level, 222-3rd Avenue SW, Calgary, Alberta.
Shareholders are encouraged to visit the Peyto website at where there is a wealth of information designed to inform and educate investors. A monthly President's Report can also be found on the website which follows the progress of the capital program and the ensuing production growth, along with video and audio commentary from Peyto's senior management.
Darren Gee
President and CEO
May 6, 2015
Certain information set forth in this document and Management's Discussion and Analysis, including management's assessment of Peyto's future plans and operations, capital expenditures and capital efficiencies, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties' control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peyto's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Peyto will derive there from. In addition, Peyto is providing future oriented financial information set out in this press release for the purposes of providing clarity with respect to Peyto's strategic direction and readers are cautioned that this information may not be appropriate for any other purpose. Other than is required pursuant to applicable securities law, Peyto does not undertake to update forward looking statements at any particular time.
See accompanying notes to the financial statements.
Approved by the Board of Directors
Peyto Exploration & Development Corp. ("Peyto" or the "Company") is a Calgary based oil and natural gas company. Peyto conducts exploration, development and production activities in Canada. Peyto is incorporated and domiciled in the Province of Alberta, Canada. The address of its registered office is 1500, 250 - 2nd Street SW, Calgary, Alberta, Canada, T2P 0C1.
These financial statements were approved and authorized for issuance by the Audit Committee of Peyto on May 5, 2015.
The condensed financial statements have been prepared by management and reported in Canadian dollars in accordance with International Accounting Standard ("IAS") 34, "Interim Financial Reporting". These condensed financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company's financial statements as at and for the years ended December 31, 2014 and 2013.
Significant Accounting Policies
(a) Significant Accounting Judgments, Estimates and Assumptions
The timely preparation of the condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies, if any, as at the date of the financial statements and the reported amounts of revenue and expenses during the period. By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the condensed financial statements.
Except as disclosed below, all accounting policies and methods of computation followed in the preparation of these financial statements are the same as those disclosed in Note 2 of Peyto's financial statements as at and for the years ended December 31, 2014 and 2013.
(b) Recent Accounting Pronouncements
Certain new standards, interpretations, amendments and improvements to existing standards were issued by the International Accounting Standards Board (IASB) or International Financial Reporting Interpretations Committee (IFRIC) that are mandatory for accounting periods beginning January 1, 2014 or later periods. The affected standards are consistent with those disclosed in Peyto's financial statements as at and for the years ended December 31, 2014 and 2013.
Standards issued but not yet effective
In July 2014, the IASB completed the final elements of IFRS 9 "Financial Instruments." The Standard supersedes earlier versions of IFRS 9 and completes the IASB's project to replace IAS 39 "Financial Instruments: Recognition and Measurement." IFRS 9, as amended, includes a principle-based approach for classification and measurement of financial assets, a single 'expected loss' impairment model and a substantially-reformed approach to hedge accounting. The Standard will come into effect for annual periods beginning on or after January 1, 2018, with earlier adoption permitted. IFRS 9 will be applied by Peyto on January 1, 2018 and the Company is currently evaluating the impact of the standard on its financial statements.
In May 2014, the IASB issued IFRS 15 "Revenue from Contracts with Customers," which replaces IAS 18 "Revenue," IAS 11 "Construction Contracts," and related interpretations. The standard is required to be adopted either retrospectively or using a modified transition approach for fiscal years beginning on or after January 1, 2017, with earlier adoption permitted. IFRS 15 will be applied by Peyto on January 1, 2018 and the Company is currently evaluating the impact of the standard on Peyto's financial statements.
During the period ended March 31, 2015, Peyto capitalized $2.0 million (2014 - $2.8 million) of general and administrative expense directly attributable to production and development activities.
As at March 31, 2015, The Company has a syndicated $1.0 billion extendible unsecured revolving credit facility with a stated term date of April 26, 2017. The bank facility is made up of a $30 million working capital sub-tranche and a $970 million production line. The facilities are available on a revolving basis for a three year period. Borrowings under the facility bear interest at Canadian bank prime or US base rate, or, at Peyto's option, Canadian dollar bankers' acceptances or US dollar LIBOR loan rates, plus applicable margin and stamping fees. The total stamping fees range between 50 basis points and 215 basis points on Canadian bank prime and US base rate borrowings and between 150 basis points and 315 basis points on Canadian dollar bankers' acceptance and US dollar LIBOR borrowings. The undrawn portion of the facility is subject to a standby fee in the range of 30 to 63 basis points.
Peyto is subject to the following financial covenants as defined in the credit facility and note purchase agreements:
Peyto is in compliance with all financial covenants at March 31, 2015.
Total interest expense for the period ended March 31, 2015 was $8.9 million (2014 - $8.7 million) and the average borrowing rate for the period was 3.6% (2014 - 4.4%).
Peyto makes provision for the future cost of decommissioning wells, pipelines and facilities on a discounted basis based on the commissioning of these assets.
The decommissioning provision represents the present value of the decommissioning costs related to the above infrastructure, which are expected to be incurred over the economic life of the assets. The provisions have been based on Peyto's internal estimates of the cost of decommissioning, the discount rate, the inflation rate and the economic life of the infrastructure. Assumptions, based on the current economic environment, have been made which management believes are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual decommissioning costs will ultimately depend upon the future market prices for the necessary decommissioning work required which will reflect market conditions at the relevant time. Furthermore, the timing of the decommissioning is likely to depend on when production activities ceases to be economically viable. This in turn will depend and be directly related to the current and future commodity prices, which are inherently uncertain.
The following table reconciles the change in decommissioning provision:
Peyto has estimated the net present value of its total decommissioning provision to be $116.3 million as at March 31, 2015 ($100.8 million at December 31, 2014) based on a total future undiscounted liability of $221.6 million ($178.5 million at December 31, 2014). At March 31, 2015 management estimates that these payments are expected to be made over the next 50 years with the majority of payments being made in years 2040 to 2064. The Bank of Canada's long term bond rate of 1.99 per cent (2.33 per cent at December 31, 2014) and an inflation rate of two per cent (2.0 per cent at December 31, 2014) were used to calculate the present value of the decommissioning provision.
Authorized: Unlimited number of voting common shares
Issued and Outstanding
On December 31, 2014, Peyto completed a private placement of 168,920 common shares to employees and consultants for net proceeds of $5.6 million ($33.30 per share). These common shares were issued January 7, 2015.
On March 25, 2015, Peyto completed a private placement of 61,545 common shares to employees and consultants for net proceeds of $2.1 million ($34.25 per common share).
Per share amounts
Earnings per share or unit have been calculated based upon the weighted average number of common shares outstanding for the period ended March 31, 2015 of 153,852,570 (2014 - 151,826,431). There are no dilutive instruments outstanding.
Dividends
During the period ended March 31, 2015, Peyto declared and paid dividends of $0.33 per common share or $0.11 per common share per month, totaling $50.8 million (2014 - $0.24 or $0.08 per common share per month, $36.5 million).
Comprehensive income
Comprehensive income consists of earnings and other comprehensive income ("OCI"). OCI comprises the change in the fair value of the effective portion of the derivatives used as hedging items in a cash flow hedge. "Accumulated other comprehensive income" is an equity category comprised of the cumulative amounts of OCI.
Accumulated hedging gains and losses
Gains and losses from cash flow hedges are accumulated until settled. These outstanding hedging contracts are recognized in earnings on settlement with gains and losses being recognized as a component of net revenue. Further information on these contracts is set out in Note 8.
Peyto awards performance based compensation to employees annually. The performance based compensation is comprised of reserve and market value based components.
Reserve based component
The reserves value based component is 4% of the incremental increase in value, if any, as adjusted to reflect changes in debt, equity, dividends, general and administrative costs and interest, of proved producing reserves calculated using a constant price at December 31 of the current year and a discount rate of 8%.
Market based component
Under the market based component, rights with a three year vesting period are allocated to employees. The number of rights outstanding at any time is not to exceed 6% of the total number of common shares outstanding. At December 31 of each year, all vested rights are automatically cancelled and, if applicable, paid out in cash. Compensation is calculated as the number of vested rights multiplied by the total of the market appreciation (over the price at the date of grant) and associated dividends of a common share for that period.
The fair values were calculated using a Black-Scholes valuation model. The principal inputs to the option valuation model were:
Financial instrument classification and measurement
Financial instruments of the Company carried on the condensed balance sheet are carried at amortized cost with the exception of cash and financial derivative instruments, specifically fixed price contracts, which are carried at fair value. There are no significant differences between the carrying amount of financial instruments and their estimated fair values as at March 31, 2015.
The Company's areas of financial risk management and risks related to financial instruments remained unchanged from December 31, 2014.
The fair value of the Company's cash and financial derivative instruments are quoted in active markets. The Company classifies the fair value of these transactions according to the following hierarchy.
The Company's cash and financial derivative instruments have been assessed on the fair value hierarchy described above and classified as Level 1.
Fair values of financial assets and liabilities
The Company's financial instruments include cash, accounts receivable, financial derivative instruments, due from private placement, current liabilities, provision for future performance based compensation and long term debt. At March 31, 2015 cash and financial derivative instruments are carried at fair value. Accounts receivable, due from private placement, current liabilities and provision for future performance based compensation approximate their fair value due to their short term nature. The carrying value of the long term debt approximates its fair value due to the floating rate of interest charged under the credit facility.
Commodity price risk management
Peyto uses derivative instruments to reduce its exposure to fluctuations in commodity prices. Peyto considers all of these transactions to be effective economic hedges for accounting purposes.
Following is a summary of all risk management contracts in place as at March 31, 2015:
As at March 31, 2015, Peyto had committed to the future sale of 136,940,000 gigajoules (GJ) of natural gas at an average price of $3.34 per GJ or $3.84 per mcf. Had these contracts been closed on March 31, 2015, Peyto would have realized a gain in the amount of $80.0 million. If the AECO gas price on March 31, 2015 were to increase by $1/GJ, the unrealized loss would increase by approximately $136.9 million. An opposite change in commodity prices rates would result in an opposite impact on other comprehensive income.
Subsequent to March 31, 2015 Peyto entered into the following contracts:
Certain directors of Peyto are considered to have significant influence over other reporting entities that Peyto engages in transactions with. Such services are provided in the normal course of business and at market rates. These directors are not involved in the day to day operational decision making of the Company. Peyto is considered to be related to the following companies because of the foregoing:
Following is a summary of Peyto's contractual obligations and commitments as at March 31, 2015.
On October 31, 2013, Peyto was named as a party to a statement of claim received with respect to transactions between Poseidon Concepts Corp. and Open Range Energy Corp. The allegations against New Open Range contained in the claim described above are based on factual matters that pre-existed the Company's acquisition of New Open Range. The Company has not yet been required to defend this action. If it is required to defend the action, the Company intends to aggressively protect its interests and the interests of its Shareholders and will seek all available legal remedies in defending the actions.
On April 16, 2015, Peyto closed an offering for 5,037,000 common shares at a price of $34.25 per common share, receiving net proceeds of $165.6 million.
On May 1, 2015, Peyto closed an issuance of CDN $100 million of senior unsecured notes. The notes will be issued by way of private placement pursuant to a note purchase agreement and will rank equally with Peyto's obligations under its bank facility and existing note purchase and private shelf agreement. The notes have a coupon rate of 4.26% and mature in May 2025. Interest will be paid semi-annually in arrears.
Officers
Contacts:
Peyto Energy Trust
Darren Gee
President and CEO
403.261.6081
403.451.4100 (FAX)
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Datum: 06.05.2015 - 21:11 Uhr
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