Quarterly / Earnings Reports | Debt | Second Quarter (2Q) Update | Production Rates | Capital Markets
Parallel Energy Trust Continues Seeking Debt Reduction
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Parallel Energy Trust has announced its financial and operating results for the three months ended June 30, 2015.
Strategic Alternative Process
- As previously disclosed, in April 2015 Parallel's Board of Directors announced a strategic alternatives process to explore alternatives to reduce indebtedness and maximize unitholder value. The strategic alternatives process is ongoing; however, there can be no assurances that this process will result in an acceptable transaction of any form.
Second Quarter 2015 Financial and Operating Highlights
- Recorded average daily production of 6,709 boe/day (66 per cent natural gas liquids and condensate). Second quarter production levels were negatively impacted by an unexpected outage at a third-party processing facility serving the Carson operating area.
- Realized an average sales price (prior to hedging) of US$21.97, reflecting the continued weak commodity price environment in 2015.
- Generated funds from operations of $2.4 million ($0.04 per basic unit).
- Recorded a net impairment of $94.1 million on Parallel's oil and gas assets as a result of impairment tests performed in the second quarter.
- Reduced bank debt by approximately US$0.9 million. This resulted in total bank debt of US$157.7 million drawn against the Trust's credit facility of US$165.0 million.
Production Update
- Based on field data, Parallel recorded average daily production of approximately 6,900 boe/day in July of 2015. Parallel's year-to-date average daily production is approximately 6,700 boe/day, slightly below the Trust's full year production guidance; however, based on expected production levels in the second half of 2015, the Trust is reconfirming its full year production guidance of 6,800 boe/day.
Bank Facility
- The revolving period of the Trust's credit facility expires on September 30, 2015. The Trust has requested an extension of the revolving period and renewal of the US$165 million credit facility amount. There can be no assurances that the credit facility will continue to be available for the same amount or on the same or similar terms and conditions.
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