Triangle Petroleum: Potential Scenarios And Risks
Triangle Petroleum: Strong Quarter, Difficult Outlook
Richard Zeits • 13 Comments
Richard Zeits • 13 Comments
Thu, Jun. 30, 10:59 AM
- Triangle Petroleum (TPLM -12.3%) unit Triangle USA Petroleum files for Chapter 11 bankruptcy protection in order to facilitate a restructuring of its balance sheet.
- TPLM and its RockPile Energy Services affiliated company are not included in TUSA's Chapter 11 filing, and TPLM says it will continue to operate in ordinary course while continuing to assess its own strategic alternatives.
- TPLM also says it has adopted a tax benefits preservation plan designed to reduce the likelihood that it will experience "ownership change" under U.S. federal income tax laws.
Thu, Jun. 16, 12:19 PM
- North Dakota’s crude oil production fell by the largest amount ever for a single month, sinking 6.3% to 1.04M bbl/day in April from a revised 1.11M bbl/day in March.
- The North Dakota Department of Mineral Resources cites low crude oil prices but also windy weather throughout much of the month, which delays the fracking of wells, adding that it expects the slide to accelerate through May and into the summer.
- There are 28 drilling rigs currently active in the state, up from 27 in May which was the fewest since July 2005; at its peak, North Dakota had 218 rigs drilling in May 2012.
- Companies with a Bakken presence include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL.
Wed, May 11, 6:48 PM
- The EPA tomorrow will issue the first U.S. standards aimed at curbing methane emissions from the oil and natural gas industry, WSJ reports.
- The rules, which will affect only new oil and natural gas wells, will require companies to install technologies to monitor and limit inadvertent emitting of methane during the production and transmission process of natural gas, and require new practices such as regular inspections for leaks.
- Meanwhile, a new study says the Bakken oil-producing region of North Dakota and Montana leaks 275K tons/year of methane, a sizeable amount but less than previously believed.
- Companies with a Bakken presence include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL
Sun, May 1, 1:08 PM
- A new study finds that fracking of U.S. shale fields is causing a global surge in ethane emissions. Ethane is known to contribute to global warming and dangerous air pollution.
- Global ethane levels had been falling since the 1980s, but in 2010 a sensor in Europe picked up a surprise increase. U.S. shale fracking was thought to be the culprit. More recently, a single field in the North Dakota and Montana Bakken Formation has been found to be emitting 2% of the worldwide total.
- "Two percent might not sound like a lot, but the emissions we observed in this single region are 10 to 100 times larger than reported in inventories. They directly impact air quality across North America. And they're sufficient to explain much of the global shift in ethane concentrations," said Eric Kort, the first author of the new study published in Geophysical Research Letters.
- Ethane emissions from other U.S. fields, especially the Texas Eagle Ford, likely contributed as well, the research team says. The findings illustrate the key role of shale oil and gas production in rising ethane levels.
- Baaken stocks include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL
- Eagle Ford stocks include: APC, APA, COG, CRZO, CHK, COP, ECA, XOM, MUR, PXD
- See the full study here »
Thu, Mar. 24, 8:54 AM
- Triangle Petroleum (NYSEMKT:TPLM) says it started a process to explore strategic alternatives for its individual business units and the company as a whole.
- TPLM appoints Dominic Spencer as its new COO, and Chief Accounting Officer Douglas Griggs also will serve as its principal financial officer, as Justin Bliffen has resigned as CFO.
- The company says it does not expect the changes will impact the timing of its Form 10-K filing for FY 2016.
Tue, Feb. 9, 5:21 PM
- Standard & Poor's downgrades the junk ratings of 25 oil and gas companies on expectations of deteriorating credit quality due to low commodities prices and reduced production.
- The ratings firm, which also affirmed the ratings of an additional 20 speculative-grade E&P companies, says the ratings actions follow a revision of its price assumptions for crude oil and natural gas.
- Among companies receiving downgrades: AREX, BBG, BCEI, BBEP, CWEI, DNR, EPE, EVEP, GST, KOS, LGCY, MEMP, NOG, OAS, REN, SM, SGY, TPLM, UNT, WTI, WLL
- Last week, S&P cut the ratings of 10 U.S. oil and gas E&P companies, including investment-grade Chevron, and placed Exxon's AAA corporate rating on watch for a possible downgrade.
Dec. 8, 2015, 4:20 PM
- Triangle Petroleum (NYSEMKT:TPLM): FQ3 EPS of -$0.11 beats by $0.04.
- Revenue of $65.14M (-62.6% Y/Y) misses by $43.52M.
Dec. 7, 2015, 5:35 PM
Oct. 13, 2015, 12:45 PM
Oct. 5, 2015, 10:32 AM
- The energy sector is an early leader in today's trading even after Standard & Poor's issued negative outlooks for Exxon Mobil (XOM +0.3%) and Chevron (CVX +1.9%) after Friday's close, citing high debt levels and low energy prices.
- XOM "has substantially more debt than during the last cyclical commodity price trough in 2009, while upstream production and costs are at similar levels,” S&P said, adding that “a sustained period of lower oil and gas prices will significantly reduce the company’s operating cash flow in 2015 and 2016 from 2014 levels, resulting in rising debt balances as the company sustains its capital investments and dividends.”
- The ratings agency anticipates CVX "will outspend internally generated cash flow to fund major project capital spending and dividends."
- While S&P stopped short of credit downgrades - it held CVX’s long-term credit rating at AA and XOM’s at AAA - it did downgrade 12 others: CHK, WLL, UPL, DNR, LINE, BBG, LGCY, TPLM, ARP, CWEI, MPO, EXXI.
- Outlooks also were lowered for NOG and EVEP.
- Ratings were affirmed for COP, WPX, WTI and CRK.
Sep. 29, 2015, 12:41 PM
Sep. 18, 2015, 12:45 PM
Sep. 8, 2015, 5:38 PM
- Triangle Petroleum (NYSEMKT:TPLM): FQ2 EPS of -$0.01 beats by $0.07.
- Revenue of $109.74M (-22.7% Y/Y) misses by $15.95M.
Sep. 7, 2015, 5:35 PM
Aug. 4, 2015, 6:16 PM
- Caliber Midstream Partners, a pipeline operator owned by Triangle Petroleum (NYSEMKT:TPLM) and First Reserve, have ended a sale process after failing to fetch a high enough price, Bloomberg reports.
- Part of the reason the sale fell through is because potential buyers were nervous about the production outlook for TPLM, Caliber’s main customer, according to the report.
- Caliber reportedly was working with Credit Suisse to find a buyer, valuing itself at as much as $1B.
- TPLM owns ~28% of Caliber, which operates a network of oil and gas pipelines as well as businesses that help transport and dispose of water used in the drilling process.
Jun. 8, 2015, 5:08 PM
- Triangle Petroleum (NYSEMKT:TPLM): FQ1 EPS of -$0.09 misses by $0.05.
- Revenue of $118.29M (+18.6% Y/Y) misses by $22.03M.
Triangle Petroleum Corp. is an oil and natural gas exploration and development company currently focused on the acquisition and development of unconventional shale oil resources in the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. The company... More
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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