Upstream energy firm Triangle Petroleum Corporation has issued an update on fiscal 2014 and fourth-quarter fiscal 2014, both of which end on Jan 31, 2014.
Triangle Petroleum reveals that its estimated daily production for the fiscal year stands at roughly 5,286 barrels of oil equivalent per day (Boe/d). Also, the projected fourth quarter output is 7,254 Boe/d. Triangle Petroleum added that its projected net proved reserve, as of Jan 31, 2014, is pegged at 40,300 thousand barrels of oil equivalent (Mboe), reflecting an improvement from the previous year. Total estimated cash estimate is about $82.0 million, as of fiscal 2014-end, while the company has likely drawn roughly $205.0 million under its credit facility.
Moreover, the expected oil equivalent price realization in FY 2014 is $83.22 per Boe, while price realization during the fourth quarter is forecasted at $73.98 per Boe. Additionally, the estimated lease operating expenses during fourth quarter and fiscal 2014 are $7.44 per Boe and $7.49 per Boe, respectively.
Triangle Petroleum is anticipated to post fourth quarter and fiscal year 2014 results on Apr 14, 2014, after the closing bell. The Zacks Consensus Estimate for Triangle Petroleum’s fourth-quarter fiscal 2014 earnings is pegged at 11 cents per share.
CO-based Triangle Petroleum currently retains a Zacks Rank #4 (Sell), implying that it is expected to underperform the broader U.S. equity market over the next one to three months.
Meanwhile, one can look at better-ranked players in the energy sector like Valero Energy Corporation (VLO - Free Report) , Range Resources Corporation (RRC - Free Report) and Helmerich & Payne Inc. (HP - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy).