Peru-Focused BPZ Resources Is On The Verge Of A Turnaround; Has 40%-Plus Upside
- BPZ Resources has developed only a fraction of its properties.
- The company has a disappointing track record but is eyeing a turnaround on the back of higher production.
- The company has already given the first solid evidence of a turnaround, is nearing profitability by Q1-2015.
BPZ Resources: Positive Operational Update - Time To Buy?
Sun, Jan. 4, 3:49 PM
- The following stocks were the Russell 2000's worst performers in 2014:
- KWK -93.5%. WLT -91.7%. AMZG -89.5%. PHMD -88.2%. EXXI -88%. RGDO -86.8%. REN -85.4%. HERO -84.7%. EOX -84.3%. MCP -94.3%. CVEO -84.2%. BPZ -84.1%. FWM -82.6%. MILL -82.2%. NADL -81.6%. VRNG -81.4%. CYTX -81%. SALT -80.5%. PRKR -80%. MBII -79.7%. NTLS -79.2%. COVS -78.9%. KEG -78.9%. MM 78 MPO -77%. ANR -76.6%. EXEL -76.5%. SZYM -76.3%. CONN -76.2%. ANV -75.5%. GALT -75.5%. ZQK -74.8%. ARO -74.5%. REXX -74.1%. GDP -74%. FUEL -73.8%. QRHC -73.7%. VTG -73.4%. RLOC -73%. XONE -72.2%.
Dec. 3, 2014, 2:36 PM
- BPZ Resources (BPZ -29.6%) says it has hired advisers and formed a special Board committee to assist with analyzing various strategic alternatives and addressing its liquidity and capital structure.
- BPZ is downgraded to Sell from Buy at Wunderlich, saying there is no way to reasonably forecast how the search for strategic alternatives will unfold or how long the process could take.
Nov. 6, 2014, 6:55 PM
Nov. 5, 2014, 5:35 PM
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Oct. 17, 2014, 12:13 PM
- BPZ Energy (BPZ -3.8%) says it has withdrawn a private placement of $150M in senior secured notes due 2019 due to adverse market conditions.
- BPZ says the company's ~$79M cash position at the end of Q3, continued production and cash flow growth this year has given it confidence that it would obtain necessary financing in a timely manner.
Sep. 23, 2014, 12:17 PM
- In an operations update, BPZ Energy (BPZ -1.5%) says that while it foresees lower Q3 production rates at Block Z-1, it expects output from new wells and improved rates resulting from its gas lift program will allow for improved levels of production and cash flow at year's end.
- Brean Capital reiterates its Buy rating and $4 price target even as it cut its FY 2014 production expectations to 2,690 boe/day vs. its earlier outlook for 3.1K boe/day after BPZ says overall production so far in Q3 averaged 2,387 boe/day.
Aug. 7, 2014, 4:33 PM
Aug. 6, 2014, 5:35 PM
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May. 8, 2014, 5:05 PM
May. 7, 2014, 5:35 PM
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Mar. 7, 2014, 11:33 AM
- BPZ Resources (BPZ +0.2%) is reiterated with a Buy rating and $6 price target at Wunderlich, which views recent test results at BPZ's Albacora A-19D well as positive news.
- The well tested at 2,106 bbl/day, in-line with the first new well A-18D, which tested at a 24-hour initial rate of 2,250 bbl/day, which the firm says shows the Albacora field is delivering consistent flow rate and the reservoir is behaving predictably.
- Q4 results were roughly in-line but the firm notes a big improvement in cost structure, as cash costs came in at $33/bbl vs. expectations of $54/bbl, and cash margin was $67/bbl vs. $33/bbl actual; the firm says BPZ could start going earnings-positive before Q1 2015 if the trend continues and stabilizes.
Mar. 6, 2014, 6:38 PM
Mar. 6, 2014, 12:10 AM
Mar. 5, 2014, 5:35 PM
Feb. 12, 2014, 3:49 PM
- Shares of BPZ Resources (BPZ +3.4%) are strong after the company announced new production from its CX15-2D well offshore Peru.
- The block is producing a total of 5,425 bbl/day from the Corvina and neighboring Albacora fields, where BPZ is operator with a 51% stake and Pacific Rubiales (PEGFF) holds 49%.
- The well extends a "positive well streak" for BPZ, Global Hunter analysts say.
- Also, BPZ plans $86M in capital spending for 2014, $71M to be directed offshore.
Jan. 8, 2014, 11:36 AM
- BPZ Energy (BPZ +13.1%) shares are surging after the producer of oil in Peru and Ecuador reported progress in its onshore an offshore drilling projects.
- The first development well at the Albacora offshore field was completed Dec. 23 and has produced an average of ~2,100 bbl/day; total average output for the last seven days at Block Z-1 of ~4,900 bbl/day, with 53% coming from Albacora and the remainder from the Corvina field.
- Commencement of the back to back three-well onshore exploration campaign at onshore block XXIII began Jan. 5.
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