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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
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20 Dec 14 07:07:05
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19 Dec 14 22:52:41
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19 Dec 14 17:26:09
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19 Dec 14 16:03:44
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equities.com
19 Dec 14 14:08:35
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19 Dec 14 13:50:23
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19 Dec 14 13:28:55
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Time=Best Stock
19 Dec 14 12:42:37
RT @Vegastrader66: $TPLM strong into the close
Vegastrader66
19 Dec 14 12:39:41
$TPLM strong into the close
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19 Dec 14 12:38:23
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19 Dec 14 12:36:47
$TPLM last week has had some fat squeezes into close, watch here
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19 Dec 14 12:24:08
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19 Dec 14 12:21:27
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19 Dec 14 11:45:56
$TPLM going for secondary earnings breakout
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19 Dec 14 11:08:45
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James P Worthy
19 Dec 14 11:02:38
$TPLM Triangle Petroleum (TPLM) Downgraded From Buy to Hold http://t.co/KLXtiQ42NW
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19 Dec 14 10:58:32
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19 Dec 14 10:53:03
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19 Dec 14 10:03:39
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19 Dec 14 09:41:34
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Sleek Money
19 Dec 14 09:37:14
Triangle Petroleum Cut to “Market Perform” at Wells Fargo & Co. $TPLM http://t.co/85m9F2bSms
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19 Dec 14 09:10:50
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19 Dec 14 08:54:52
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19 Dec 14 07:01:38
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19 Dec 14 05:00:06
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18 Dec 14 23:56:28
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18 Dec 14 15:33:07
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18 Dec 14 15:27:28
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18 Dec 14 13:31:10
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InterCooler
18 Dec 14 11:06:25
Wells Fargo & Co. Lowers Triangle Petroleum to Market Perform $TPLM http://t.co/T6aKnUzpGc
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18 Dec 14 11:05:31
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18 Dec 14 08:19:21
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18 Dec 14 07:44:08
$TPLM good fading 25 cents/share ... ;-).
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18 Dec 14 07:29:10
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18 Dec 14 07:01:17
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Mark Frey
18 Dec 14 06:56:01
Wells Fargo downs to Market Perform: $BBG, $ECR, $EPE, $GDP, $JONE, $LPI, $OAS, $PE, $PVA, $QEP, $REN, $REXX, $TPLM, $WLL. Busy morning!
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18 Dec 14 06:52:55
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Girolamo Aloe
18 Dec 14 06:47:03
$TPLM .. what do you want to do, break out 5.14 or break down 5 ?
				
				
By  +Follow December 10, 2013 10:57AM
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