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.