TRILOGY ENERGY CORP. $3.35 (Toronto symbol TET; TSINetwork Rating: Speculative) (403-290-2900; www.trilogyenergy.com; Shares outstanding: 105.4 million; Market cap: $432.8 million; No dividends paid) owns oil and gas properties in central Alberta’s Kaybob and Grande Prairie areas. About 64% of Trilogy’s production is natural gas. The remaining 36% is oil.
In the three months ended September 30, 2015, Trilogy produced 25,090 barrels of oil equivalent a day (including gas), down 28.6% from 35,125 barrels a year earlier. However, pipeline outages cut about 2,600 barrels a day from the latest figure.
Cash flow per share fell sharply, to $0.18 from $0.69, on the production drop and lower oil and gas prices.
Trilogy is now focused on conserving cash and paying down debt while it waits for oil and gas prices to recover. It’s spending $85 million on exploration and development in 2015, down from $400 million in 2014. The company is also selling off assets to raise cash; it recently sold undeveloped lands in the Kaybob area for $110 million.
Trilogy ended the latest quarter with long-term debt of $657.2 million, or a high 152% of its currently depressed $432.8-million market cap.
The stock trades at 4.7 times the company’s cash flow per share, based on the latest quarter.
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