VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 10, 2016) – DXI Energy Inc. (TSX:DXI)(OTCQB:DXIEF) (“DXI” or the “Company”), an upstream oil and gas exploration and production company operating in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia, today announced its financial results for the three and nine month periods ended September 30, 2016.
2016 Q3 Key Financial and Operating Highlights are:
- Completed the final $353,800 tranche of a total $995,800 dual tranche private placement;
- Increased natural gas operating netbacks on a BOE basis to $2.98/BOE for the three months ended September 30, 2016 from a loss of $1.57/BOE for the comparative period ended September 30, 2015;
- Reduced expenses for the three months ended September 30, 2016 by 46% to $1,834,000 from $3,410,000 for the comparative period ended September 30, 2015; and
- Decreased the loss for the three months ended September 30, 2016 by 40% to $957,000 from $1,608,000 for the comparative period ended September 30, 2015.
CORPORATE SUMMARY – THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 | |||||||||||||
OPERATIONS | Three months ended September 30, |
Nine months ended September 30, |
|||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||
Production | |||||||||||||
Oil and natural gas liquids (bbls/d) | 102 | 385 | -74% | 244 | 320 | -24% | |||||||
Natural gas (mcf/d) | 1,698 | 1,546 | 10% | 1,780 | 1,425 | 25% | |||||||
Combined (BOE/d) | 385 | 643 | -40% | 540 | 558 | -3% | |||||||
Realized sales prices | |||||||||||||
Oil and natural gas liquids ($/bbl) | 61.47 | 52.63 | 17% | 41.17 | 55.91 | -26% | |||||||
Natural gas ($/mcf) | 2.74 | 2.28 | 20% | 2.26 | 2.38 | -5% | |||||||
Operating expenses | |||||||||||||
Oil operations ($/bbl) (1) | 30.90 | 11.74 | 163% | 17.83 | 14.89 | 20% | |||||||
Natural gas operations ($/mcf) | 1.95 | 2.47 | -21% | 2.43 | 3.15 | -23% | |||||||
Operating netback | |||||||||||||
Oil operations ($/bbl) (1) | 21.20 | 30.12 | -30% | 15.98 | 30.24 | -47% | |||||||
Natural gas operations ($/BOE) | 2.98 | -1.57 | 290% | -2.45 | -5.00 | -51% | |||||||
General and administrative expenses ($/BOE) | 12.53 | 7.25 | 73% | 8.58 | 10.71 | -20% |
Note: | |
(1) | Decline for the three months ended September 30, 2016 due to the reduction in oil production at Woodrush. Decline for the nine months ended September 30, 2016 due to decline in oil production at Woodrush combined with 26% reduction in oil prices. |
FINANCIAL (CA$ thousands, except per share) | Three months ended September 30, |
Nine months ended September 30, |
||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | |||||||
Revenue | 1,009 | 2,189 | -54% | 3,854 | 5,811 | -34% | ||||||
Royalties | 134 | 389 | -66% | 608 | 966 | -37% | ||||||
Cash flow(1) | -332 | 628 | -153% | -810 | 696 | -216% | ||||||
Cash flow per share (basic) | -0.01 | 0.02 | -143% | -0.02 | 0.02 | -208% | ||||||
Cash flow per share (diluted) | -0.01 | 0.01 | -143% | -0.02 | 0.02 | -208% | ||||||
Net income (loss) | -957 | -1,608 | -40% | -3,120 | -3,281 | -5% | ||||||
Basic ($/common share) | -0.02 | -0.04 | -51% | -0.08 | -0.09 | -12% | ||||||
Diluted ($/common share) | -0.02 | -0.04 | -51% | -0.08 | -0.09 | -12% | ||||||
Capital expenditures, net of dispositions | – | 2,641 | -100% | 477 | 4,502 | -89% | ||||||
Weighted average common shares outstanding (thousands) | ||||||||||||
Basic | 44,614 | 36,493 | 22% | 39,309 | 36,490 | 8% | ||||||
Diluted | 44,614 | 36,493 | 22% | 39,309 | 36,490 | 8% | ||||||
Debt, net of working capital | 10,584 | 11,249 | -6% |
Note: | |
(1) | “Cash flow” is a non-IFRS measure calculated by adding back settlement of decommissioning liabilities and change in operating working capital to cash flows from (used in) operating activities. See “Non-IFRS Measure” below for details. |
SUPPLEMENTAL FINANCIAL INFORMATION – NON-IFRS MEASURE | ||||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||
(CA$ thousands) | 2016 | 2015 | 2016 | 2015 | ||||
Cash flows from operating activities | (543) | 598 | 655 | 693 | ||||
Change in operating working capital | 211 | 30 | (1,465) | 3 | ||||
Cash flow | (332) | 628 | (810) | 696 |
About DXI ENERGY INC.
DXI Energy Inc. is an upstream oil and natural gas exploration and production company operating projects in Colorado’s Piceance Basin (28,164 net acres) and the Peace River Arch region in British Columbia (14,444 net acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The company is publicly traded on the Toronto Stock Exchange (TSX:DXI) and the (OTCQB:DXIEF).