Quarterly Financial Highlights

The following table highlights Twin Butte’s performance for each of the past eight quarters:

  Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014
($000, except share and per share amounts)
Average production (boe/d) 12,728 13,944 15,444 16,303 17,351 19,158 20,430 20,981 21,109
Petroleum and natural gas sales 40,780 27,847 45,162 56,577 77,318 61,713 110,219 143,088 152,566
Field netback (per boe)(1) 12.77 1.66 9.66 12.99 24.77 11.65 27.74 37.97 41.87
Operating netback (per boe)(2) 14.20 4.83 27.02 26.23 40.82 36.46 32.61 31.71 29.85
Funds flow from operations(3) 6,994 (2,980) 32,923 32,851 56,982 55,367 54,324 53,699 48,520
    Per share basic  0.02 (0.01) 0.09 0.09 0.16 0.16 0.16 0.15 0.14
    Per share diluted 0.02 (0.01) 0.09 0.09 0.16 0.16 0.16 0.15 0.14
Net income (loss) (171,852) (28,440) (249,252) (41,943) (23,290) (22,447) (84,086) 34,805 7,181
    Per share basic  (0.48) (0.08) (0.70) (0.12) (0.07) (0.06) (0.24) 0.10 0.02
    Per share diluted (0.48) (0.08) (0.70) (0.12) (0.07) (0.06) (0.24) 0.10 0.02
Capital expenditures(4) 3,463 2,763 9,402 26,583 17,012 25,042 34,128 43,884 21,724
Total assets 356,959 526,627 563,332 862,128 925,847 989,878 1,043,249 1,150,834 1,152,659
Net debt(5) 290,873 293,987 287,874 308,370 307,672 333,916 353,299 355,918 352,198
Shares (Millions), end of quarter 354.8 354.7 354.1 354.0 353.5 353.3 351.8 349.9 346.3

(1) Field netback is a non-GAAP measure calculated as the average per boe of the Company’s oil and gas sales, less royalties, operating and transportation expenses.
(2) Operating netback is a non-GAAP measure calculated as the average per boe of the Company’s oil and gas sales and cash gains or losses on financial derivatives, less royalties, operating and transportation expenses.
(3) Funds flow from operations and funds flow from operations netback are non-GAAP measures that represent the total and the average per boe, respectively, of cash provided by operating activities, before adjusting for changes in non-cash working capital items and expenditures on decommissioning liabilities.
(4) Capital expenditures are a non-GAAP measure, calculated as the purchase or sale price of an asset, plus development capital expenditures added to PP&E. Corporate acquisitions are excluded from this measure.
(5) Net debt is a non-GAAP measure, representing the total of bank indebtedness, accounts payable and accrued liabilities, and cash dividend payable, less accounts receivable, deposits and prepaids. Net debt excludes financial derivatives.

print email