Perhaps he took out the write-downs of assets and goodwill and losses on sale of assets and fx losses, all of which have been huge.
They pay off the senior debt with bank lines.....total debt is still the key as well as covenant.....total debt must get down to $1 billion to be manageable.
I wonder what was the loss on the sale! Yes pennies on the dollar.
I keep hearing how Tamarack stole assets from PwE and paid pennies on the dollar. PwE was fairly silent on the$91 million asset sale; guess we will find out more with the qtly results and see whether they incurred a loss on the sale.
If you want up to date info go their website and look at their June presentation. They pay a monthly divy; not all that well hedged; natural gas is a smaller % of revenue; they are growing production significantly in the Eagle Ford; and their long term debt matures well beyond 2020; and they raised $650 million of share capital in April to pay down debt. That's what I picked up from their presentation.
We will see the amount of total debt outstanding at June 30th in 2 months....$1.7-$1.9 billion, whether it is senior or bank line, it doesn't matter..still debt as they have the same covenants (interest rates may be different but who cares). What happened to Legacy frankly scares me.
Don't know how you get all your numbers. All I know is that they will pay off $400 million this qtr: beyond that any future reduction of debt depends on cash flow and more asset sales which is unknown
You quoted property plant and equipment numbers and divided it by the number of shares. PPE increased by $20 million, but debt grew by $300 million. Total assets less total liabilities or shareholders equity divided by the number of shares is a better measure of net book value per share; however, I prefer to use tangible book value excluding goodwill and other intangibles divided by the number of shares. Regardless, tangible book value is about 9.20 CAD, while the share price is less than $3 CAD. Most oil companies trade over 1 to 2 times net book value while PWE is one third. Getting debt down to a billion and being onside with the bankers will help as well as higher oil prices. GLTA
Check book value again, don't think it could possibly increase with this loss. Looking forward the 3rd and 4th qtrs though.
Area Last Count Count Change from Prior Count Date of Prior Count Change from Last Year Date of Last Year's Count
U.S. 13 March 2015 1125 -67 6 March 2015 -684 13 March 2014
Canada 13 March 2015 220 -80 6 March 2015 -302 13 March 2014
International February 2015 1275 +17
Courtesy from emunster's stockhouse posting
So production increased over 20%; typical management is following the American greed scenario....ceo's of oil companies think they must increase production and that will increase profits....that relationship is dead when all other companies do the same thing and killed $100 oil.....ceo's should hire an economist to figure out the impact of increasing production greater than annual demand growth which has averaged 1-2%. Maybe they will all learn.
My guess is $1.5 billion which should get rid of most of their intangibles. This will have no impact on debt covenants (debt to book value), but the size should scare the market. Good buying opportunity as OPEC seems to be calling a price increase in the second half. Notice no name calling in the message my fellow posters.