PHX Energy Services Corp. ("PHX Energy") (TSX:PHX) achieved record levels of
revenue, operating days, EBITDA, and funds from operations for a second quarter.
For the three-month period ended June 30, 2014, the Corporation generated
consolidated revenue of $100.5 million as compared to $65.5 million in the
2013-period; a 53 percent increase. In addition, despite the usual effects of
spring break-up in Canada, the level of the Corporation's profitability
increased. EBITDA of $7.8 million was achieved in the second quarter of 2014
compared to $0.4 million in the 2013-period. As a percentage of revenue, EBITDA
was 8 percent in the 2014-quarter compared to 1 percent in the corresponding
2013-quarter. This level of EBITDA was primarily the result of solid activity
growth and improved profitability realized in the US. In addition, margins were
positively impacted by the ongoing strategy to implement cost reduction
initiatives, continuously improve reliability, and gain operational efficiencies
related to the utilization of PHX Energy's technologies.
All-time record quarterly revenue and operating days were attained in the US and
as a percentage of the 2014-quarter's consolidated revenue, this segment
represented 66 percent as compared to 62 percent in the 2013-quarter. Albania
also achieved the highest level of quarterly revenue and operating days in its
history, and the international segment represented 13 percent of consolidated
revenue in the second quarter of 2014 (2013 - 20 percent). The Canadian segment
in the second quarter of 2014 achieved new quarterly revenue and operating day
milestones.
PHX Energy has increased its 2014 capital expenditure budget from $63.3 million
to $76.4 million, in light of strong growth realized and anticipated future
activity levels. During the second quarter of 2014, $11.1 million in capital
expenditures were incurred, and an additional $26.1 million is currently on
order and is expected to be received within the remainder of 2014.
In the 2014-quarter, the Corporation paid dividends of $7.3 million or $0.21 per
share. As at June 30, 2014, PHX Energy had long-term debt of $90.3 million and
working capital of $77.8 million.
During the second quarter of 2014, PHX Energy's job capacity increased by 5
concurrent jobs to 212 through the addition of 5 E-360 electromagnetic ("EM")
measurement while drilling ("MWD") systems. As at June 30, 2014, the
Corporation's MWD fleet consisted of 140 P-360 positive pulse MWD systems and 72
E-360 EM MWD systems. Of these, 100 MWD systems were deployed in Canada, 94 in
the US, 9 in Russia, 6 in Albania, and 3 in Peru. The process of closing the
Peruvian operations is still in progress and assets are being re-allocated to
other locations. In addition, during the second quarter of 2014, the Corporation
ceased all activities in Colombia and initiated the closure of its Colombian
entity. All assets have been transferred to North America to support the
increased drilling activities.
During the remainder of the year, the Corporation expects to add 12 P-360 and 2
E-360 MWD systems. As a result, by the end of 2014 the Corporation expects to
have a fleet of 226 MWD systems, which would be comprised of 152 P-360 MWD
systems and 74 E-360 MWD systems. In addition, the Corporation expects to
increase its worldwide resistivity while drilling ("RWD") job capacity from 17
at the end of the second quarter to 18 by the end of 2014.
Financial Highlights
(Stated in thousands of dollars except per share amounts, percentages and shares
outstanding)
Three-month periods ended June Six-month periods ended June
30, 30,
% %
2014 2013 Change 2014 2013 Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Operating
Results (unaudited) (unaudited) (unaudited) (unaudited)
Revenue 100,484 65,483 53 229,615 158,150 45
Net earnings
(loss) (1,062) (4,735) 78 7,751 3,571 117
Earnings
(Loss) per
share -
diluted (0.03) (0.16) 81 0.22 0.13 69
EBITDA (1) 7,809 367 n.m. 29,080 18,696 56
EBITDA per
share -
diluted (1) 0.22 0.01 n.m. 0.83 0.66 26
---------------------------------------------------------------------------
Cash Flow
Cash flows
from
operating
activities 11,629 11,942 (3) 19,400 25,244 (23)
Funds from
operations
(1) 6,504 872 646 27,019 17,606 53
Funds from
operations
per share -
diluted (1) 0.18 0.03 500 0.77 0.62 24
Dividends
paid 7,258 5,120 42 14,452 10,206 42
Dividends per
share (2) 0.21 0.18 17 0.42 0.36 17
Capital
expenditures 11,069 8,134 36 24,525 21,629 13
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Financial
Position June 30, Dec 31,
(unaudited) '14 '13
Working
capital 77,771 66,580 17
Long-term
debt 90,273 70,208 29
Shareholders'
equity 198,999 198,477 -
Common shares
outstanding 34,978,646 34,218,974 2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
n.m. - not meaningful
(1) Refer to non-GAAP measures section.
(2) Dividends paid by the Corporation on a per share basis in the period.
Non-GAAP Measures
PHX Energy uses certain performance measures throughout this document that are
not recognizable under Canadian generally accepted accounting principles
("GAAP"). These performance measures include earnings before interest, taxes,
depreciation and amortization ("EBITDA"), EBITDA per share, funds from
operations, funds from operations per share and senior debt to EBITDA ratio.
Management believes that these measures provide supplemental financial
information that is useful in the evaluation of the Corporation's operations and
are commonly used by other oil and natural gas service companies. Investors
should be cautioned, however, that these measures should not be construed as
alternatives to measures determined in accordance with GAAP as an indicator of
PHX Energy's performance. The Corporation's method of calculating these measures
may differ from that of other organizations, and accordingly, these may not be
comparable. Please refer to the non-GAAP measures section.
Cautionary Statement Regarding Forward-Looking Information and Statements
This document contains certain forward-looking information and statements within
the meaning of applicable securities laws. The use of "expect", "anticipate",
"continue", "estimate", "objective", "ongoing", "may", "will", "project",
"could", "should", "can", "believe", "plans", "intends", "strategy" and similar
expressions are intended to identify forward-looking information or statements.
The forward-looking information and statements included in this document are not
guarantees of future performance and should not be unduly relied upon. These
statements and information involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements and information. The
Corporation believes the expectations reflected in such forward-looking
statements and information are reasonable, but no assurance can be given that
these expectations will prove to be correct. Such forward-looking statements and
information included in this document should not be unduly relied upon. These
forward-looking statements and information speak only as of the date of this
document.
In particular, forward-looking information and statements contained in this
document include, without limitation, the projected capital expenditure budget
and how this budget will be funded, the anticipated equipment additions, the
expected combined Canadian federal and provincial tax rate, the efforts underway
to expand the European business, the expected deployment of EDR technologies in
Russia, and the Corporation' assessment of outstanding litigation in the United
States.
The above are stated under the headings: "Overall Performance.", "Operating
Costs and Expenses", "Segmented Information", "Capital Resources", and
"Contingent Liability". Furthermore, all information contained within the
Outlook section of this document contains forward-looking statements.
In addition to other material factors, expectations and assumptions which may be
identified in this document and other continuous disclosure documents of the
Corporation referenced herein, assumptions have been made in respect of such
forward-looking statements and information regarding, among other things: the
Corporation will continue to conduct its operations in a manner consistent with
past operations; the general continuance of current industry conditions;
anticipated financial performance, business prospects, impact of competition,
strategies, the general stability of the economic and political environment in
which the Corporation operates; exchange and interest rates; tax laws; the
sufficiency of budgeted capital expenditures in carrying out planned activities;
the availability and cost of labour and services and the adequacy of cash flow;
debt and ability to obtain financing on acceptable terms to fund its planned
expenditures, which are subject to change based on commodity prices; market
conditions and future oil and natural gas prices; and potential timing delays.
Although Management considers these material factors, expectations and
assumptions to be reasonable based on information currently available to it, no
assurance can be given that they will prove to be correct.
Readers are cautioned that the foregoing lists of factors are not exhaustive.
Additional information on these and other factors that could affect the
Corporation's operations and financial results are included in reports on file
with the Canadian Securities Regulatory Authorities and may be accessed through
the SEDAR website (www.sedar.com) or at the Corporation's website. The
forward-looking statements and information contained in this document are
expressly qualified by this cautionary statement. The Corporation does not
undertake any obligation to publicly update or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.
Revenue
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 % Change 2014 2013 % Change
---------------------------------------------------------------------
---------------------------------------------------------------------
Revenue 100,484 65,483 53 229,615 158,150 45
---------------------------------------------------------------------
---------------------------------------------------------------------
Due primarily to remarkable growth realized in Canada and the US, PHX Energy
generated a record level of consolidated revenue for a second quarter. This also
represented the fourth highest level of quarterly revenue that the Corporation
has achieved in its history. Consolidated revenue for the three-month period
ended June 30, 2014 was $100.5 million compared to $65.5 million in the
comparable 2013-quarter; an increase of 53 percent. US and international revenue
as a percentage of total consolidated revenue were 66 and 13 percent,
respectively, for the 2014-quarter as compared to 62 and 20 percent in 2013.
Consolidated operating days increased by 36 percent to a second quarter record
of 7,100 days in 2014 as compared to 5,236 days in the 2013-quarter. Average
consolidated day rates for the three-month period ended June 30, 2014, excluding
the motor rental division in the US and the electronic drilling recorder ("EDR")
business, increased to $13,501, which is 11 percent higher than the day rates of
$12,169 in the second quarter of 2013.
During the 2014-quarter, the Canadian industry continued to predominantly
utilize horizontal and directional drilling technologies, which represented
approximately 96 percent of total industry drilling days in the second quarter
of 2014 (2013 - 95 percent). In the US, horizontal and directional activity
levels increased to represent 79 percent of the rigs running per day in the
2014-quarter (2013 - 74 percent). (Sources: Daily Oil Bulletin and Baker Hughes)
The utilization of pad drilling is increasing in the North American market and
this trend adds to the greater demand for horizontal and directional drilling
services.
For the six-month period ended June 30, 2014, consolidated revenue increased by
45 percent to $229.6 million from $158.2 million for the comparable 2013-period.
There were 17,268 consolidated operating days in the six-month period ended June
30, 2014, which is 31 percent higher than the 13,216 days reported in 2013.
Operating Costs and Expenses
(Stated in thousands of dollars except percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
% %
2014 2013 Change 2014 2013 Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Direct costs 86,333 62,051 39 186,977 133,017 41
Depreciation &
amortization (included
in direct costs) 7,480 6,024 24 14,931 11,854 26
Gross profit as
percentage of revenue
excluding depreciation &
amortization 22 14 25 23
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Direct costs are comprised of field and shop expenses, and include depreciation
and amortization on the Corporation's equipment. Excluding depreciation and
amortization, gross profit as a percentage of revenue increased to 22 percent
for the three-month period ended June 30, 2014 as compared to 14 percent in the
comparable 2013-period. For the six-month period ended June 30, 2014, gross
profit as a percentage of revenue, excluding depreciation and amortization, was
25 percent as compared to 23 percent in 2013.
Margins improved in the three and six-month periods ended June 30, 2014 mainly
due to:
-- higher activity levels and average day rates in the US during the 2014-
quarter, and
-- the strategies put in place to implement cost reduction initiatives,
continuously improve reliability, and gain operational efficiencies in
the utilization of PHX Energy's technologies.
For the three-month period ended June 30, 2014, the Corporation's third party
equipment rentals were 4 percent of consolidated revenue, which is the same
percentage as in the corresponding 2013-quarter.
Depreciation and amortization for the three-month period ended June 30, 2014
increased by 24 percent to $7.5 million as compared to $6.0 million in the
2013-quarter. The increase is the result of the Corporation's high level of
capital expenditures in 2013 and 2014.
(Stated in thousands of dollars except percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 % Change 2014 2013 % Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Selling, general &
administrative
("SG&A") costs 14,523 8,444 72 29,128 18,929 54
Equity-settled
share-based
payments (included
in SG&A costs) 204 203 - 414 530 (22)
SG&A costs excluding
equity-settled
share-based
payments as a
percentage of
revenue 14 13 13 12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SG&A costs for the three-month period ended June 30, 2014 increased by 72
percent to $14.5 million as compared to $8.4 million in 2013. Included in SG&A
costs for both the 2014 and 2013-quarter are share-based payments of $0.2
million. Excluding these costs, SG&A costs as a percentage of consolidated
revenue for the three-month periods ended June 30, 2014 and 2013 were 14 percent
and 13 percent, respectively.
For the six-month period ended June 30, 2014, SG&A costs increased by 54 percent
to $29.1 million as compared to $18.9 million in 2013. Excluding share-based
payments of $0.4 million in the 2014 six-month period and $0.5 million in the
corresponding 2013-period, SG&A costs as a percentage of consolidated revenue
were 13 percent and 12 percent, respectively.
The increase in SG&A costs in both 2014-periods is mainly due to higher payroll
and marketing related costs associated with overall increased activity, costs
related to closing the Colombian operations, and increased compensation expenses
relating to the re-valuation of share-based cash-settled retention awards.
Share-based payments relate to the amortization of the fair values of issued
options of the Corporation using the Black-Scholes model. In the three-month
period ended June 30, 2014, share-based payments were relatively the same as
those in the corresponding 2013-quarter, however, share-based payments decreased
by 22 percent in the six-month period ending June 30, 2014 as compared to the
corresponding 2013-period. The decrease is mainly due to the Corporation's
increased utilization of retention awards in rewarding employees. Share-based
cash-settled retention awards are measured at fair value, and in the
2014-quarter, the related compensation expense recognized by PHX Energy
increased to $2.0 million as compared to $0.7 million in the 2013-quarter. The
increase is primarily due to the greater number of retention awards granted in
2014 and the second half of 2013, and the re-valuation of the retention awards
based on the increase in PHX Energy's stock price from $13.23 as at March 31,
2014 to $16.58 as at June 30, 2014.
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 % Change 2014 2013 % Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Research &
development expense 660 456 45 1,497 992 51
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Research and development (R&D) expenditures charged to net earnings during the
three-month periods ended June 30, 2014 and 2013 were $0.7 million and $0.5
million, respectively. During both the 2014 and 2013-quarter, none of the R&D
expenditures were capitalized as development costs.
For the six-month period ended June 30, 2014 and 2013, R&D expenditures of $1.5
million and $1.0 million, respectively, were incurred. During both periods, no
R&D expenditures were capitalized as development costs.
The increase in R&D expenditures in both 2014-periods is mainly attributable to
initiatives in the Stream Services division.
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 % Change 2014 2013 % Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Finance expense 862 1,181 (27) 1,892 2,275 (17)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Finance expenses relate to interest charges on the Corporation's long-term and
short-term bank facilities. Finance charges decreased to $0.9 million in the
second quarter of 2014 from $1.2 million in the 2013-quarter, and in the
six-month period ended June 30, 2014 decreased to $1.9 million from $2.3 million
in 2013. The decrease in both periods was primarily due to the lower amount of
borrowings outstanding during the three and six-month periods ended June 30,
2014.
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 % Change 2014 2013 % Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Gains on disposition
of drilling
equipment 1,599 292 448 3,263 2,633 24
Provision for bad
debts (256) - n.m. (735) - n.m.
Foreign exchange
gains (losses) 18 (34) 153 (392) (337) 16
---------------------------------------------------------------------------
Other income 1,361 258 2,136 2,296
---------------------------------------------------------------------------
---------------------------------------------------------------------------
n.m. - not meaningful
For the three and six-month periods ended June 30, 2014, other income is mainly
represented by gains on disposition of drilling equipment of $1.6 million (2013
- $292,000) and $3.3 million (2013 - $2.6 million), respectively. The
dispositions of drilling equipment relate primarily to equipment lost in well
bores that are uncontrollable in nature. The gain reported is net of any asset
retirements that are made before the end of the equipment's useful life and
self-insured down hole equipment losses, if any. Gains typically result from
insurance programs undertaken whereby proceeds for the lost equipment are at
current replacement values, which are higher than the respective equipment's
book value. In both 2014-periods, there was a higher occurrence of losses
compared to the corresponding 2013-periods.
Offsetting other income for the three and six-month periods ended June 30, 2014
is a provision for bad debts of $0.3 million (2013 - nil) and $0.7 million (2013
- nil), respectively, that relate primarily to Russian receivables. Foreign
exchange losses of $0.4 million in the six-month period ended June 30, 2014
resulted mainly from re-valuation losses on US-denominated payables in Canada
and the devaluation of Albania LEK against the Canadian currency.
(Stated in thousands of dollars, except percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 2014 2013
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Provision for
(Recovery of) income
taxes 529 (2,103) 4,506 996
Effective tax rates n.m. 31% 37% 22%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
n.m. - not meaningful
The provision for income taxes for the three-month period ended June 30, 2014
was $0.5 million as compared to a recovery of income taxes of $2.1 million in
the 2013-quarter. For the six-month period ended June 30, 2014, the provision
for income taxes was $4.5 million as compared to $1.0 million in 2013. The
expected combined Canadian federal and provincial tax rate for 2014 is 25
percent. The effective tax rate in the 2014 six-month period is higher than the
expected rate mainly due to profitability in the US where the Corporation is
subject to higher tax rates and non-recognition of deferred tax assets for
foreign losses.
(Stated in thousands of dollars except per share amounts and percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 % Change 2014 2013 % Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net earnings (loss) (1,062) (4,735) 78 7,751 3,571 117
Earnings (Loss) per
share - diluted (0.03) (0.16) 81 0.22 0.13 69
EBITDA 7,809 367 n.m. 29,080 18,696 56
EBITDA per share -
diluted 0.22 0.01 n.m. 0.83 0.66 26
EBITDA as a
percentage of
revenue 8 1 13 12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
n.m. - not meaningful
The Corporation's level of net earnings and EBITDA for the three and six-month
periods ended June 30, 2014 have both increased primarily due to strong activity
levels realized in Canada and the US and improved profitability achieved
particularly in the US. EBITDA as a percentage of revenue for the three and
six-month periods ended June 30, 2014 was 8 and 13 percent, respectively (2013 -
1 percent and 12 percent). Included in the earnings for the 2014-quarter and
2014 six-month period were losses of $1.2 million and $1.9 million,
respectively, from the EDR division (2013 - losses of $0.4 million and $0.7
million).
Segmented Information:
The Corporation reports three operating segments on a geographical basis
throughout the Canadian provinces of Alberta, Saskatchewan, British Columbia,
and Manitoba; throughout the Gulf Coast, Northeast and Rocky Mountain regions of
the US; and internationally, mainly in Albania and Russia.
Canada
(Stated in thousands of dollars, except percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 % Change 2014 2013 % Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Revenue 21,618 12,327 75 80,249 56,675 42
Reportable segment
profit (loss)
before tax (6,701) (4,052) (65) 3,106 8,974 (65)
Reportable segment
profit (loss)
before tax as a
percentage of
revenue n.m. n.m. 4 16
---------------------------------------------------------------------------
---------------------------------------------------------------------------
n.m. - not meaningful
PHX Energy's Canadian operations generated all-time record revenue for a second
quarter. Canadian revenue for the three-month period ended June 30, 2014
increased by 75 percent to $21.6 million from $12.3 million in the corresponding
2013-period. The Corporation's efforts to build and maintain a well-diversified
customer base are continuing to yield successes for the Corporation and as a
result, Canadian activity levels were strong for a second quarter with operating
days increasing by 70 percent to a second quarter record of 1,819 days (2013 -
1,071 days). In comparison, total industry horizontal and directional drilling
activity, as measured by drilling days, increased by 33 percent in the
2014-quarter to 18,381 days, compared to 13,772 days in the 2013-period.
(Source: Daily Oil Bulletin) Average day rates, excluding EDR revenue of $1.5
million, decreased by 5 percent to $11,066 in the 2014-quarter from $11,510 in
the 2013-quarter.
In the second quarter of 2014, PHX Energy's oil well drilling activity (as
measured by operating days) represented approximately 69 percent of its overall
Canadian activity; a slight decrease from the 70 percent represented in the
2013-quarter. During the 2014-quarter, PHX Energy continued to have a very
strong presence in the Montney area, and additionally was active in the
Shaunavon, Lloydminster, and Elkton areas.
For the six-month period ended June 30, 2014, PHX Energy's Canadian revenue
increased by 42 percent to $80.2 million from $56.7 million in the comparable
2013-period. The Corporation's operating days increased by 34 percent to 7,055
days in the 2014 six-month period from 5,268 days in the 2013-period. In
comparison, for the six-month period ended June 30, 2014, the number of
horizontal and directional drilling days realized in the Canadian industry
increased by 11 percent to 56,076 days as compared to 50,710 days in 2013.
In the first half of 2014, PHX Energy experienced increased activity in liquids
rich natural gas as oil well drilling activity (as measured by operating days)
decreased to represent 61 percent of PHX Energy's Canadian activity as compared
to 80 percent in 2013.
Reportable segment loss before tax for the second quarter of 2014 increased to
$6.7 million from $4.1 million in the 2013-quarter. Included in the Canadian
segment's losses in the 2014-quarter was a loss of $1.9 million from the EDR
division. For the six-month period ended June 30, 2014, reportable segment
profit before tax decreased by 65 percent to $3.1 million (4 percent of revenue)
from $9.0 million (16 percent of revenue) in 2013. Lower profitability during
the 2014 six-month period was generally due to increased field personnel costs,
higher MWD system repair costs, and greater third party equipment rentals
experienced in the first quarter of 2014. In addition, included in the Canadian
segment's losses in the 2014 six-month period was a loss of $2.6 million from
the EDR division.
United States
(Stated in thousands of dollars, except percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 % Change 2014 2013 % Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Revenue 65,866 40,295 63 123,308 79,678 55
Reportable segment
profit (loss) before
tax 6,547 (2,526) 359 11,611 (2,562) 553
Reportable segment
profit (loss) before
tax as a percentage
of revenue 10 n.m. 9 n.m.
---------------------------------------------------------------------------
---------------------------------------------------------------------------
n.m. - not meaningful
In the second quarter 2014, PHX Energy's US operations continued to reach new
revenue and profitability milestones. For the three-month period ended June 30,
2014, the segment's revenue was an all-time record at $65.9 million, which is 63
percent higher than the revenue of $40.3 million in the 2013-period. PHX
Energy's US operating days also increased by 35 percent from 3,233 days in the
2013-quarter to 4,375 days in the 2014-quarter, which is the highest quarterly
level of activity the Corporation has achieved in the US. In addition, average
day rates, excluding the motor rental division in Midland, Texas and the Rocky
Mountain region, increased by 20 percent in the 2014-quarter to $14,340 compared
to $11,921 in the 2013-quarter. This increase is partially due to favorable
movements in the US-Canadian currency exchange rates. The strong trend in
activity growth and improved overall day rates generally resulted from ongoing
marketing efforts that helped expand the customer base in all US operating
regions combined with a continued focus on reliability and superior performance.
During the second quarter of 2014, Phoenix USA remained active in the Permian,
Eagle Ford, Bakken, Mississippian/Woodford, Marcellus, Niobrara and Utica
basins. In addition, the motor rental business realized strong growth during the
quarter as it expanded to and gained momentum in the Rocky Mountain region.
In the 2014-quarter, the utilization of horizontal and directional drilling
techniques in the US industry increased by 12 percent to 1,458 rigs, based on
the average number of horizontal and directional rigs running on a daily basis,
which represented approximately 79 percent of overall industry activity. This
compared to 1,306 horizontal and directional rigs running on a daily basis in
the 2013-quarter, approximately 74 percent of overall industry activity.
(Source: Baker Hughes) This is a positive industry trend that is favorable for
the Corporation. For the three-month period ended June 30, 2014, oil well
drilling, as measured by drilling days, increased to approximately 79 percent of
Phoenix USA's overall activity, compared to 68 percent in the 2013-period.
US revenue for the six-month period ended June 30, 2014 increased by 55 percent
to $123.3 million from $79.7 million in the comparable 2013-period. The
Corporation's US operating days also increased by approximately 30 percent to
8,285 days in the six-month period ended June 30, 2014 from 6,364 days in 2013.
In comparison, US industry activity, as measured by the average number of
horizontal and directional rigs running on a daily basis, increased by 9 percent
in the first half of 2014 to 1,424 rigs as compared to 1,311 rigs in the
comparable 2013-period. (Source: Baker Hughes)
Reportable segment profit before tax for the second quarter of 2014 increased to
$6.5 million (10 percent of revenue) from a loss of $2.5 million in the
2013-quarter. For the six-month period ended June 30, 2014, reportable segment
profit before tax increased to $11.6 million (9 percent of revenue) from a loss
of $2.6 million in 2013. Profitability in both 2014-periods was largely the
result of strong activity growth, improved overall day rates, and ongoing focus
on cost control and operational efficiencies.
International
(Stated in thousands of dollars, except percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013% Change 2014 2013 % Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Revenue 13,000 12,861 1 26,058 21,797 20
Reportable segment
profit before tax 2,683 3,322 (19) 5,291 4,376 21
Reportable segment
profit before tax as
a percentage of
revenue 21 26 20 20
---------------------------------------------------------------------------
---------------------------------------------------------------------------
For the three-month period ended June 30, 2014, the Corporation's international
revenue was relatively stable at $13.0 million compared to $12.9 million in the
2013-period. International operating days decreased slightly by 3 percent from
932 days in the 2013-quarter to 906 days in the 2014-quarter. The Corporation
generated 13 percent of its consolidated revenue from international operations
in the 2014-quarter compared to 20 percent in the 2013-quarter.
For the six-month period ended June 30, 2014, revenue increased by 20 percent to
$26.1 million as compared to $21.8 million in 2013. Operating days for the same
period grew by 22 percent from 1,584 days in 2013 to 1,927 days in 2014.
In the 2014-quarter, Phoenix Albania's operations achieved record revenue and
activity levels for any quarter. For the three-month period ended June 30, 2014,
Phoenix Albania's activity grew by 23 percent while revenue increased by 18
percent compared to the corresponding 2013-period. This growth was primarily
propelled by the addition of a rig in March 2014 for an existing client and a
rig in May 2014 for a new client. With these additional rigs, both the
directional drilling and EDR division are actively providing services on 7 rigs
in the country. The Corporation continues to expand its local content as
operation grows and presently has a 7 job capacity in Albania. Efforts are
underway to build on the strong foundation in this region by expanding the
European business beyond the Albanian borders.
In the second quarter of 2014, Phoenix Russia's operating days decreased by 10
percent and revenue decreased by 12 percent as compared to the 2013-period.
During the quarter, the Corporation's activities in Russia were negatively
affected by a major client's efforts to re-organize their operations, however,
the impact of this was eased by Phoenix Russia's ability to add new clients to
diversify its operations. In addition, the Corporation opened a satellite office
in Ufa, Southern Russia, to expand operations in the Orenburg, Samara, and
Buzluk regions, which offer improved pricing and high levels of drilling
activity with key target clients. The Corporation has a job capacity of 17 in
Russia and expects to deploy EDR systems in the country during the 2014-year.
PHX Energy continues to monitor the geopolitical situation with respect to
existing Russian sanctions. No disruptions to the business have occurred to
date, and efforts to mitigate the risk of sanctions include a continued focus on
local content, which currently represents 98 percent of total number of staff.
In May 2014, PHX Energy ceased all activities in Colombia and initiated the
closure of the business. All assets have been transferred out of the country to
support increased drilling activities in North America.
For the three-month period ended June 30, 2014, reportable segment profit before
tax was $2.7 million (21 percent of revenue), a decrease of 19 percent compared
to $3.3 million (26 percent of revenue) in the corresponding 2013-period.
International operations' profitability during the quarter was negatively
affected by weaker activity levels in Russia and costs associated with closing
down the operations in Colombia. Reportable segment profit for the six-month
period ended June 30, 2014 was $5.3 million (20 percent of revenue) as compared
to $4.4 million (20 percent of revenue) in 2013; a 21 percent increase.
Investing Activities
Net cash used in investing activities for the three-month period ended June 30,
2014 was $10.7 million as compared to $20.1 million in 2013. In the second
quarter of 2014, PHX Energy added $6.8 million, net, in capital equipment (2013
- $6.4 million). The capital equipment amounts are net of proceeds from the
involuntary disposal of drilling equipment in well bores of $4.3 million (2013 -
$1.7 million). The quarterly 2014 expenditures included:
-- $5.3 million in MWD systems and spare components;
-- $2.6 million in down hole performance drilling motors;
-- $1.7 million in EDR systems and spare components;
-- $0.6 million in machinery and equipment; and
-- $0.9 million in other assets, including $0.3 million in non-magnetic
drill collars.
The capital expenditure program undertaken in the period was financed mainly
from cash flows from operations.
During the 2014-quarter, the Corporation spent $0.4 million in development
costs. The change in non-cash working capital balances of $3.5 million (use of
cash) for the three-month period ended June 30, 2014, relates to the net change
in the Corporation's trade payables that are associated with the acquisition of
capital assets. This compares to $6.9 million (use of cash) for the three-month
period ended June 30, 2013.
Financing Activities
The Corporation reported cash flows used in financing activities of $1.2 million
in the three-month period ended June 30, 2014 as compared to cash flows from
financing activities of $9.2 million in the 2013-period. In the 2014-quarter:
-- the Corporation paid dividends of $7.3 million to shareholders, or $0.21
per share; and
-- through its option and DRIP program the Corporation received cash
proceeds of $6.1 million from exercised options and reinvested dividends
to acquire 596,846 common shares of the Corporation.
Capital Resources
As at June 30, 2014, the Corporation has access to a $10.0 million operating
facility. The facility bears interest based primarily on the Corporation's
senior debt to EBITDA ratio, as defined in the agreement. At the Corporation's
option, interest is at the bank's prime rate plus a margin that ranges from a
minimum of 0.75 percent to a maximum of 2 percent, or the bank's bankers'
acceptance rate plus a margin that ranges from a minimum of 1.75 percent to a
maximum of 3 percent. As of June 30, 2014, the Corporation had nil drawn on this
facility.
As at June 30, 2014, the Corporation also has access to a $95.0 million
syndicated facility and a US$25.0 million operating facility in the US. The
facilities bear interest at the same rates disclosed above. The syndicated
facility and the US operating facility mature on September 5, 2016. As at June
30, 2014, $70.0 million was drawn on the syndicated facility and US$19.0 million
was drawn on the US operating facility.
All credit facilities are secured by a general security agreement over all
assets of the Corporation located in Canada and the US. As at June 30, 2014, the
Corporation was in compliance with all of its bank debt covenants.
Cash Requirements for Capital Expenditures
Historically, the Corporation has financed its capital expenditures and
acquisitions through cash flows from operating activities, debt and equity. The
2014 capital budget was increased to $76.4 million from the $63.3 million
announced in the first quarter of 2014, subject to further quarterly review of
the Board of Directors. These planned expenditures are expected to be financed
from a combination of one or more of the following, cash flow from operations,
the Corporation's unused credit facilities or equity, if necessary. However, if
a sustained period of market uncertainty and financial market volatility
persists in 2014, the Corporation's activity levels, cash flows and access to
credit may be negatively impacted, and the expenditure level would be reduced
accordingly. Conversely, if future growth opportunities present themselves, the
Corporation would look at expanding this planned capital expenditure amount.
Contingent Liability
The Corporation's wholly-owned subsidiary, Phoenix Technology Services USA Inc.
("Phoenix USA"), has been named in a legal action in Houston, Texas commenced by
a former employee (the "Claimant") alleging that he was improperly classified as
exempt under the Fair Labour Standards Act and therefore entitled to unpaid
overtime. Legal actions involving similar alleged violations have been filed in
the United States against a number of other drilling companies. The Claimant
asserts that he will seek to have the action certified as a collective action
which may result in additional employees or former employees of Phoenix USA
joining the action. Phoenix USA has filed a defense to the action and intends to
vigorously defend the same including, without limitation, any motion which may
be brought for certification. Based upon a preliminary assessment of information
available and certain assumptions the Corporation believes to be reasonable at
this time, PHX Energy believes it has a number of defenses to the claims
asserted and the action is not currently believed to be material to the
Corporation. The Corporation does not undertake any obligation to update
publicly the status of the action whether as a result of new information, future
events or otherwise, except as may be expressly required by applicable
securities laws or the situation otherwise warrants.
Outlook
In the second quarter of 2014, PHX Energy set quarter-over-quarter records for
consolidated revenue, operating days, funds from operations and EBITDA and as a
result of increased activity levels the Corporation's team of personnel,
operational resources and asset base also expanded. The Corporation is extremely
proud of these new milestones despite an expected slower activity period due to
spring break-up in Canada.
The industry has experienced many positive technical changes in the last year
and PHX Energy believes these are just the beginning of numerous step changes
that will transform operators' demands and drilling practices. PHX Energy is
currently equipping itself to be at the forefront as a service leader by
expanding its optimization services and developing advanced technologies that
offer greater performance.
Spring break-up in Canada reduced activity in April and May and through the
majority of June, however, the increased utilization of pad drilling was a
positive trend during this slower period. Pad drilling presents numerous
advantages to both operators and service providers, such as PHX Energy,
including a shorter time required to move the rig which improves equipment
utilization. PHX Energy was a direct benefactor of this trend in the second
quarter and expects pad drilling to create a positive upside in future quarters
and break-up periods.
Activity levels in all key operating basins in the US market experienced growth,
including the Marcellus in the Northeast region where improved natural gas
prices made drilling more economical for PHX Energy's clients. As it was spring
break-up in Canada, many of the Corporation's assets, including guidance systems
and performance drilling motors, were transferred to the Corporation's key
operating areas in the US to meet demands.
Internationally, PHX Energy's client base is diversifying in both Albania and
Russia. In Albania this diversification lead to new records being achieved and
the Corporation believes this upward trend will continue. The Corporation's
outlook for Russia is also positive, despite a decline in an existing client's
activity during the second quarter. Many of the newly awarded contracts are set
to commence in the later part of the year and PHX Energy plans to expand its
service offering to a new drilling region in Russia.
With each of its geographical operating regions expanding, PHX Energy has once
again increased its capital expenditure budget. These expenditures in the
remainder of 2014 will be dedicated to replenishing the Canadian fleet in
addition to adding new capacity to support forecasted growth. Due to delivery
timelines for this equipment, it is likely that third party rental costs will be
incurred in upcoming quarters.
The Corporation has established an impressive track record for growth, which can
be attributed to the efforts of its over 1,100 employees. Since the first
quarter of 2010, record revenues quarter-over-quarter have been achieved and
operating days have continued to set quarterly records since the fourth quarter
of 2012; often boasting double digit growth percentages. PHX Energy has
implemented strategies to improve margins, such as increasing the number of
value added technologies in its service offering, diversifying its lines of
business into higher margin services like the data management sector, and
undertaking numerous internal efficiency initiatives, all of which are beginning
to make an impact on our results.
PHX Energy believes that operational and financial records will continue to be
achieved in the future and that the remainder of 2014 will be defined by robust
growth.
John Hooks, Chairman of the Board, President and Chief Executive Officer
July 30, 2014
Non-GAAP Measures
1) EBITDA
EBITDA, defined as earnings before interest, taxes, depreciation and
amortization, is not a financial measure that is recognized under GAAP. However,
Management believes that EBITDA provides supplemental information to net
earnings that is useful in evaluating the Corporation's operations before
considering how it was financed or taxed in various countries. Investors should
be cautioned, however, that EBITDA should not be construed as an alternative
measure to net earnings determined in accordance with GAAP. PHX Energy's method
of calculating EBITDA may differ from that of other organizations and,
accordingly, its EBITDA may not be comparable to that of other companies.
The following is a reconciliation of net earnings to EBITDA:
(Stated in thousands of dollars)
Three-month periods Six-month periods
ended June 30, ended June 30,
2014 2013 2014 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings (loss) (1,062) (4,735) 7,751 3,571
Add:
Depreciation and amortization 7,480 6,024 14,931 11,854
Provision for (Recovery of)
income taxes 529 (2,103) 4,506 996
Finance expense 862 1,181 1,892 2,275
----------------------------------------------------------------------------
EBITDA as reported 7,809 367 29,080 18,696
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA per share - diluted is calculated using the treasury stock method whereby
deemed proceeds on the exercise of the share options are used to reacquire
common shares at an average share price. The calculation of EBITDA per share on
a dilutive basis does not include anti-dilutive options.
2) Funds from Operations
Funds from operations is defined as cash flows generated from operating
activities before changes in non-cash working capital. This is not a measure
recognized under GAAP. Management uses funds from operations as an indication of
the Corporation's ability to generate funds from its operations before
considering changes in working capital balances. Investors should be cautioned,
however, that this financial measure should not be construed as an alternative
measure to cash flows from operating activities determined in accordance with
GAAP. PHX Energy's method of calculating funds from operations may differ from
that of other organizations and, accordingly, it may not be comparable to that
of other companies.
The following is a reconciliation of cash flows from operating activities to
funds from operations:
(Stated in thousands of dollars)
Three-month periods Six-month periods
ended June 30, ended June 30,
2014 2013 2014 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flows from operating
activities 11,629 11,942 19,400 25,244
Add:
Changes in non-cash working
capital (6,505) (12,216) 5,118 (10,237)
Interest paid 893 606 1,628 1,878
Income taxes paid 487 540 873 721
----------------------------------------------------------------------------
Funds from operations 6,504 872 27,019 17,606
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Funds from operations per share - diluted is calculated using the treasury stock
method whereby deemed proceeds on the exercise of the share options are used to
reacquire common shares at an average share price. The calculation of funds from
operations per share on a dilutive basis does not include anti-dilutive options.
3) Senior Debt to EBITDA Ratio
Senior debt is represented by loans and borrowings. EBITDA, for purposes of the
calculation of this covenant ratio, is represented by EBITDA as defined in
Non-GAAP Measures above and adding share-based payments less interest and income
taxes paid.
About PHX Energy Services Corp.
The Corporation, through its directional drilling subsidiary entities, provides
horizontal and directional drilling technology and services to oil and natural
gas producing companies in Canada, the US, Albania, and Russia. PHX Energy
develops and manufactures its E-360 EM and P-360 positive pulse MWD technologies
that are made available for internal operational use. In addition, as the result
of an acquisition completed in November 2013, PHX Energy provides EDR technology
and services, through Stream Services (formerly RigManager Services).
PHX Energy's Canadian directional drilling operations are conducted through
Phoenix Technology Services LP. The Corporation maintains its corporate head
office, research and development, Canadian sales, service and operational
centres in Calgary, Alberta. In addition, PHX Energy has a facility in Estevan,
Saskatchewan. PHX Energy's US operations, conducted through the Corporation's
wholly-owned subsidiary, Phoenix Technology Services USA Inc. ("Phoenix USA"),
is headquartered in Houston, Texas. Phoenix USA has sales and service facilities
in Houston, Texas; Traverse City, Michigan; Casper, Wyoming; Denver, Colorado;
Fort Worth, Texas; Midland, Texas; Buckhannon, West Virginia; Pittsburgh,
Pennsylvania; and Oklahoma City, Oklahoma. Internationally, PHX Energy has sales
offices and service facilities in Albania and Russia, and an administrative
office in Nicosia, Cyprus.
PHX Energy markets its EDR technology and services in Canada through its newly
rebranded division, Stream Services which has offices and an operations center
in Calgary, Alberta. EDR technology is marketed worldwide outside Canada through
its wholly-owned subsidiary Stream Services International Inc. (formerly
RigManager International Inc.); mainly in Albania and Mexico.
Consolidated Statements of Financial Position
(unaudited)
June 30, 2014 December 31, 2013
----------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 9,038,538 $ 5,663,880
Trade and other receivables 93,584,779 97,660,559
Inventories 31,115,503 30,024,019
Prepaid expenses 5,353,419 2,913,514
----------------------------------------------------------------------------
Total current assets 139,092,239 136,261,972
Non-current assets:
Drilling and other equipment 170,980,225 165,771,615
Goodwill 31,229,756 31,229,756
Intangible assets 24,394,797 17,113,924
----------------------------------------------------------------------------
Total non-current assets 226,604,778 214,115,295
----------------------------------------------------------------------------
Total assets $ 365,697,017 $ 350,377,267
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade and other payables $ 56,677,014 $ 64,815,732
Dividends payable 2,448,505 2,239,910
Current tax liabilities 1,871,567 2,410,198
Current portion of finance leases 324,553 215,697
----------------------------------------------------------------------------
Total current liabilities 61,321,639 69,681,537
Non-current liabilities:
Loans and borrowings 90,273,000 70,208,400
Deferred tax liabilities 13,203,859 9,833,710
Deferred income 1,900,001 1,966,667
Finance leases - 209,935
----------------------------------------------------------------------------
Total non-current liabilities 105,376,860 82,218,712
Equity:
Share capital 175,468,608 165,451,599
Contributed surplus 4,454,219 6,361,710
Retained earnings 17,374,567 24,284,690
Accumulated other comprehensive
income 1,701,124 2,379,019
----------------------------------------------------------------------------
Total equity 198,998,518 198,477,018
----------------------------------------------------------------------------
Total liabilities and equity $ 365,697,017$ 350,377,267
----------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income
(unaudited)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 2014 2013
----------------------------------------------------------------------------
Revenue $100,484,150 $ 65,482,975 $229,614,660 $158,149,790
Direct costs 86,333,058 62,051,464 186,976,870 133,017,023
----------------------------------------------------------------------------
Gross profit 14,151,092 3,431,511 42,637,790 25,132,767
----------------------------------------------------------------------------
Expenses:
Selling, general
and administrative
expenses 14,523,261 8,443,769 29,127,887 18,928,599
Research and
development
expenses 660,226 456,068 1,497,470 991,981
Finance expense 861,744 1,181,287 1,892,041 2,274,914
Other income (1,360,839) (257,647) (2,136,085) (2,296,483)
----------------------------------------------------------------------------
14,684,392 9,823,477 30,381,313 19,899,011
Share of loss of
equity-accounted
investee (net of
tax) - 446,514 - 666,568
----------------------------------------------------------------------------
Earnings (Loss)
before income taxes (533,300) (6,838,480) 12,256,477 4,567,188
----------------------------------------------------------------------------
Provision for
(Recovery of)
income taxes
Current 1,926,514 833,711 2,586,179 2,628,702
Deferred (1,397,394) (2,937,048) 1,919,616 (1,632,216)
----------------------------------------------------------------------------
529,120 (2,103,337) 4,505,795 996,486
----------------------------------------------------------------------------
Net earnings (loss) (1,062,420) (4,735,143) 7,750,682 3,570,702
----------------------------------------------------------------------------
Other comprehensive
income
Foreign currency
translation (2,103,649) 830,863 (677,895) 2,295,633
----------------------------------------------------------------------------
Total comprehensive
income (loss) for
the period $ (3,166,069) $ (3,904,280) $ 7,072,787 $ 5,866,335
----------------------------------------------------------------------------
Earnings (Loss) per
share - basic $ (0.03) $ (0.16) $ 0.22 $ 0.13
Earnings (Loss) per
share - diluted $ (0.03) $ (0.16) $ 0.22 $ 0.13
----------------------------------------------------------------------------
Consolidated Statements of Cash Flows
(unaudited)
Three-month periods ended Six-month periods ended
June 30, June 30,
2014 2013 2014 2013
----------------------------------------------------------------------------
Cash flows from
operating
activities:
Net earnings (loss) $ (1,062,420) $ (4,735,143) $ 7,750,682 $ 3,570,702
Adjustments for:
Depreciation and
amortization 7,480,099 6,024,210 14,931,171 11,853,819
Provision for
(Recovery of)
income taxes 529,120 (2,103,337) 4,505,795 996,486
Unrealized foreign
exchange loss
(gain) (131,792) 148,237 120,041 346,690
Gain on disposition
of drilling
equipment (1,599,176) (292,163) (3,263,325) (2,632,698)
Equity-settled
share-based
payments 204,092 202,730 414,084 529,767
Finance expense 861,744 1,181,287 1,892,041 2,274,914
Provision for bad
debts 255,559 - 735,098 -
Amortization of
deferred income (33,333) - (66,666) -
Share of loss of
equity-accounted
investee - 446,514 - 666,568
Change in non-cash
working capital 6,504,853 12,215,708 (5,118,215) 10,236,550
----------------------------------------------------------------------------
Cash generated from
operating
activities 13,008,746 13,088,043 21,900,706 27,842,798
Interest paid (892,311) (605,918) (1,627,474) (1,877,732)
Income taxes paid (487,112) (540,107) (873,433) (720,859)
----------------------------------------------------------------------------
Net cash from
operating
activities 11,629,323 11,942,018 19,399,799 25,244,207
----------------------------------------------------------------------------
Cash flows from
investing
activities:
Proceeds on
disposition of
drilling equipment 4,293,890 1,686,595 7,405,486 5,283,563
Acquisition of
drilling and other
equipment (11,069,061) (8,133,626) (24,525,334) (21,628,872)
Acquisition of
intangible assets (436,544) (3,759,200) (7,884,816) (3,759,200)
Investment in
equity-accounted
investee - (3,000,000) - (3,200,000)
Change in non-cash
working capital (3,451,293) (6,925,943) (4,162,605) (10,926,303)
----------------------------------------------------------------------------
Net cash used in
investing
activities (10,663,008) (20,132,174) (29,167,269) (34,230,812)
----------------------------------------------------------------------------
Cash flows from
financing
activities:
Proceeds from
issuance of share
capital 6,072,119 2,270,116 7,695,434 3,331,992
Dividends paid to
shareholders (7,257,519) (5,120,280) (14,452,227) (10,205,718)
Proceeds on loans
and borrowings - 10,221,500 20,000,000 15,208,000
Payments under
finance leases (49,047) - (101,079) -
Proceeds on
operating facility - 1,860,518 - 3,627,704
----------------------------------------------------------------------------
Net cash from (used
in) financing
activities (1,234,447) 9,231,854 13,142,128 11,961,978
----------------------------------------------------------------------------
Net increase
(decrease) in cash
and cash
equivalents (268,132) 1,041,698 3,374,658 2,975,373
Cash and cash
equivalents,
beginning of period 9,306,670 6,263,644 5,663,880 4,329,969
----------------------------------------------------------------------------
Cash and cash
equivalents, end of
period $ 9,038,538 $ 7,305,342 $ 9,038,538 $ 7,305,342
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
PHX Energy Services Corp.
John Hooks
President and CEO
403-543-4466
PHX Energy Services Corp.
Cameron Ritchie
Senior Vice President Finance and CFO
403-543-4466
www.phxtech.com
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