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Triangle Petroleum (TPLM) Drops Earnings Miss, Despite Better Revenue & Production

By  +Follow December 10, 2013 10:57AM
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Independent upstream oil & gas firm Triangle Petroleum (TPLM) was trading nearly 6 percent lower on Tuesday after the release of its earnings statement for the period ended Oct. 31.

For the third quarter of 2013, Triangle reported earnings, excluding one-time items, of $0.18 per share, on revenue of $88.6 million. While this represented a massive year-over-year increase, with revenue up over 300 percent and earnings well ahead of Q3 2012’s loss of $0.05 per share, the results lagged EPS estimates of $0.24 per share. Revenue, however, handily beat the consensus estimate of $72 million.

Triangle petroleum managed to up production substantially from the prior-year, with volume up nearly 400 percent to 626,000 barrels of oil equivalent per day. Revenue from exploration and production were at $55.5 million, an increase of over 430 percent on the year-ago period, while operating income was $40.5 million, an increase of nearly two-thirds.

Much of the gains have been credited to the company’s RockPile Energy Services unit, with a 64 percent increase on the prior year’s revenue at $66 million, while revenues from its midstream unit, Caliber Midstream, were up 8 percent to $4 million.

Despite the very large revenue increases, the Triangle’s earnings took a hit from the operating costs necessary to increase production. Expenses for the period tallied at $71.5 million, for a year-over-year increase of some 225 percent.

As for guidance, the company expects output to continue increasing in 2014, from 7,000-8,000 barrels of oil equivalent per day to 7,500-8,500 per day. Investors sold off all the same, however, sending shares of the company down over 7 percent to $9.89.

Still, shareholders probably have little to worry about. Triangle is well-placed in some of the best shale acreage in the country, particularly in the Bakken Shale in North Dakota. The stock has advanced nearly 80 percent throughout 2013, and despite the increase in operational costs, the company’s operating margin rests at a healthy 10.70 percent.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for TPLM
Rosner Stocks
27 Aug 14 19:10:36
Rosner: TPLM Triangle Petroleum Corp. $TPLM Company http://t.co/ktO8OCwuxY
Market News
27 Aug 14 14:50:48
$TPLM: Is Triangle Petroleum (TPLM) Stock a Solid Choice Right Now? http://t.co/TEe5SAVGhq http://t.co/08XZBzTZC3
Daily Contracts
27 Aug 14 14:47:01
Real-Time feed of company contracts, original agreements and executive updates from Triangle Petroleum Corp. $TPLM http://t.co/r92O912HVC
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27 Aug 14 11:00:46
$TPLM Triangle Petroleum: A Value-Enhancing Breakup On The Horizon (TPLM) http://t.co/6d2O1ZYWWt
Daily Contracts
27 Aug 14 08:24:01
Real-Time feed of company contracts, original agreements and executive updates from Triangle Petroleum Corp. $TPLM http://t.co/r92O912HVC
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27 Aug 14 08:00:33
$TPLM Oil Companies Back in Action: Newfield Exploration (NFX), Triangle Petroleum ... http://t.co/sLZ6atwmuO
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27 Aug 14 07:00:02
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27 Aug 14 06:50:39
$TPLM: Triangle Petroleum (TPLM) Is Today's Perilous Reversal Stock http://t.co/1GNbYfQFV5 http://t.co/Lu4fmMEjkU
OWL
27 Aug 14 06:17:34
@LEGMAKERS Another good one, thx. Glad to see you still like $TPLM. Picked up some more with 10 handle recently. Will see about Rockpile.
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Triangle Petroleum Sees Large Growth in Short Interest $TPLM http://t.co/idS5dn8cmW
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RT @ZmansEnrgyBrain: $TPLM @traderstewie How's it look? Strong quarterly results coming early September <<- looks very good
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26 Aug 14 11:24:40
$TPLM @traderstewie How's it look? Strong quarterly results coming early September and details on a coming asset sale.
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$TPLM: Triangle Petroleum (TPLM) Is Today's Perilous Reversal Stock http://t.co/6NykdncQmF http://t.co/b2Wg0QTZU6
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26 Aug 14 06:44:13
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By  +Follow December 10, 2013 10:57AM
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