RMP Energy Inc. (TO: RMP.TO) detailed its second-quarter 2014 financial results on Aug. 12.
Operations totaled $48.4 million, net earnings totaled $18.3 million. Daily production averaged 12.437 barrels of oil equivalent (boe), 50% of it light oil and NGL, the company said.
Petroleum and natural gas revenue totaled $77.6 million, and of this amount, 81% consisted of crude oil and NGL. There was a $2.8 million commodity hedging loss, the company said.
Petroleum and natural gas royalties totaled $18.1 million, higher than second-quarter 2013’s $6 million, RMP said.
Operating costs decreased by 23%, to $5.26/boe in this year’s second quarter, down from second-quarter 2013’s $6.83/boe, the company said.
RMP’s net income was $18.3 million at the end of the quarter, higher than second-quarter 2013’s $5.1 million, the company said.
At the end of the quarter, there was $94.8 million in net debt, lower than the $116.2 million in net debt on Dec. 31, 2013, RMP said. Also regarding liquidity, the borrowing limit under the revolving credit facility is set at $175 million, while $91 million was drawn on the bank credit facility Aug. 11, RMP added.
Regarding the 2014 capital budget, the company forecast its total capex for the fiscal year to be about $170 million. During the rest of the fiscal year, four more net wells will be drilled, the company added. The fiscal year’s current average daily production is about 11,500 boe/d, and projected funds from operations are forecast at about $165 million, an increase of 110% from fiscal year 2013, the company said. Funds from operations and facility draws will support the capital investment program for the second half of the year, the company said.
The estimated year-end net debt should be $115 million, the company said.
Calgary, Alberta-based RMP Energy Inc. produces oil and natural gas in western Canada.
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