SHININGBANK ENERGY INCOME FUND $14.13 (Toronto symbol SHN.UN; SI Rating: Speculative) focuses on natural gas production in west-central Alberta.
Shiningbank’s revenues fell 25.5% in the three months ended December 31, 2006, to $107.7 million from $144.5 million a year earlier. Cash flow per unit fell 55.1%, to $0.62 from $1.38. Shiningbank’s debt is 45% of shareholders’ equity.
Shiningbank’s average daily production of 25,710 barrels of oil equivalent is weighted 24% toward oil and liquids and 76% natural gas. In the latest quarter, the company’s average realized price for oil was $56.22 U.S. and $7.19 U.S. for gas.
The trust lowered its distribution by 8%, to $0.23 from $0.25 with the August, 2006 payment. The trust is gas-weighted, so it lowered its distributions as natural gas prices fell. Even so, it paid out 98% of its cash flow as distributions in the 2006 fourth quarter. It then lowered the distribution further to $0.15 with the February payment. The trust now yields 12.7%.
Shiningbank Energy Income Fund is a buy.
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