This article was first published by Seeking Alpha on April 15, 2015
By Sarfaraz A. Khan. Research Asst. David Richardsons
Triangle Petroleum (NYSEMKT:TPLM) has recently released its strong fourth quarter results in which the company's total revenues increased by 83.6% from the same quarter last year to $156.9 million. Revenues from its energy services subsidiary RockPile more than doubled to $83.97 million while hydrocarbon sales climbed 27.6% to $63 million thanks to 103.4% increase in production to 14,747 barrels of oil equivalents per day (boepd). This translated into adjusted earnings of $0.06 per share, down from $0.12 per share in the same quarter last year. However, the company's revenues, earnings and production numbers were better than markets' consensus estimates. The company managed to beat revenues and earnings estimates by $0.01 per share and $3.41 million respectively.
The top and bottom-line beat was driven by significantly better than expected production. In a report emailed to me, Topeka Capital Market's analyst Gabriele Sorbara wrote that Triangle Petroleum's output was ahead of the market's consensus estimate of 12,289 boepd. On the other hand, RockPile, despite delivering strong results, could actually weigh on the company's performance.