Pacific Exploration and Production Corp reports 145% Net Income growth while 50.0% Revenue decline
15.03.2017 • About Pacific Exploration and Production Corp (
$PRE) • By InTwits
Pacific Exploration and Production Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Pacific Exploration and Production Corp is a company in decline: FY2016 revenue growth was -50.0%, 5 years revenue CAGR was -16.0%
- EBITDA Margin is declining: in FY2016 vs. -137.4% in FY2015 vs. 51.1% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pacific Exploration and Production Corp ($PRE) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,885 | 4,627 | 4,950 | 2,825 | 1,412 | -50.0% |
| Gross Profit | 2,298 | 2,904 | 2,924 | 1,369 | | -100.0% |
| SG&A | 278 | 337 | 361 | 221 | | -100.0% |
| EBITDA | 1,987 | 2,504 | 848 | -3,882 | | |
| Net Income | 528 | 426 | -1,310 | -5,462 | 2,449 | |
Balance Sheet
|
|---|
| Cash | 244 | 633 | 334 | 343 | | -100.0% |
| Short Term Debt | 28 | 571 | 339 | 5,391 | | -100.0% |
| Long Term Debt | 1,260 | 3,866 | 4,366 | 23 | | -100.0% |
Cash flow
|
|---|
| Capex | 1,512 | 2,151 | 2,473 | 649 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 14.9% | 19.1% | 7.0% | -42.9% | -50.0% | |
| EBITDA growth | 4.7% | 26.0% | -66.1% | -557.5% | | |
| Gross Margin | 59.2% | 62.8% | 59.1% | 48.5% | | -48.5% |
| EBITDA Margin | 51.1% | 54.1% | 17.1% | -137.4% | 0.0% | 137.4% |
| Net Income Margin | 13.6% | 9.2% | -26.5% | -193.4% | 173.4% | 366.8% |
| SG&A, % of revenue | 7.2% | 7.3% | 7.3% | 7.8% | | -7.8% |
| CAPEX, % of revenue | 38.9% | 46.5% | 50.0% | 23.0% | | -23.0% |
| ROIC | 20.1% | 15.3% | -9.2% | -103.6% | | 103.6% |
| ROE | 15.3% | 10.4% | -39.3% | | | 0.0% |
| Net Debt/EBITDA | 0.5x | 1.5x | 5.2x | | | 0.0x |
Pacific Exploration and Production Corp ($PRE) key quoterly financial indicators
| mln. $ | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 457 | 376 | 309 | 270 | -42.9% | -46.4% | -53.9% | -58.6% |
| Net Income | -901 | -119 | -557 | 4,025 | | | | |
Balance Sheet
|
|---|
Ratios
|
|---|
| Net Income Margin | -197.2% | -31.5% | -180.5% | 1,491.9% | -106.9% | 0.7% | -88.3% | 2,089.5% |
Revenue and profitability
Pacific Exploration and Production Corp's Revenue dropped on 50.0%. Revenue decline showed acceleration in FY16Q4 - it was 58.6% YoY.
Net Income marign surged on 367 pp from -193% to 173% in FY2016.
Management team
The company's CEO Barry B Larson is a founder and has spent 1 year at the company. Pacific Exploration and Production Corp's CFO is Camilo Mcallister. Camilo Mcallister has 2 years tenure at the company.
Appendix 1: Peers in Energy
Below we provide Pacific Exploration and Production Corp benchmarking against other companies in Energy industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($OXC) | | | | -18.4% | 141.2% |
| Seven Generations Energy Ltd ($VII) | | 115.7% | 340.2% | 39.0% | 94.4% |
| Athabasca Oil Corp ($ATH) | | 342.7% | 5.5% | -22.9% | 73.1% |
| Painted Pony Petroleum Ltd ($PPY) | | 41.3% | 56.0% | -42.5% | 60.7% |
| ONEnergy Inc ($OEG) | | | 6,002.6% | 231.5% | 57.4% |
| |
|---|
| Median (116 companies) | | 15.4% | 17.0% | -27.7% | -18.0% |
|---|
| Pacific Exploration and Production Corp ($PRE) | | 19.1% | 7.0% | -42.9% | -50.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Americas Petrogas Inc ($BOE) | 77.1% | 43.3% | -34.3% | 121.1% | |
| TransAlta Renewables Inc ($RNW) | | 94.4% | 94.5% | 94.5% | 91.1% |
| Serinus Energy Inc ($SEN) | 80.5% | 76.5% | 86.8% | 88.5% | |
| Advantage Oil & Gas Ltd ($AAV) | 62.0% | 84.5% | 92.5% | 88.5% | 90.3% |
| Polaris Infrastructure Inc ($PIF) | 39.9% | 33.6% | 32.0% | 86.7% | 88.6% |
| |
|---|
| Median (114 companies) | 32.0% | 32.1% | 32.2% | 33.6% | 32.0% |
|---|
| Pacific Exploration and Production Corp ($PRE) | 59.2% | 62.8% | 59.1% | 48.5% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Granite Oil Corp ($GXO) | 59.4% | 64.5% | 70.8% | 201.9% | |
| Perpetual Energy Inc ($PMT) | 35.5% | 70.7% | 58.0% | 110.3% | |
| Petro Rio SA ($PRJ) | -4,809.7% | -6,899.7% | 28.2% | 90.7% | |
| Peyto Exploration & Development Corp ($PEY) | 86.1% | 83.2% | 86.3% | 84.6% | 80.7% |
| Innergex Renewable Energy Inc ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| |
|---|
| Median (128 companies) | 25.3% | 34.1% | 28.9% | 9.0% | 28.2% |
|---|
| Pacific Exploration and Production Corp ($PRE) | 51.1% | 54.1% | 17.1% | -137.4% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($OXC) | | | 1,997.8% | 712.8% | |
| WesternZagros Resources Ltd ($WZR) | | | | 385.6% | |
| Athabasca Oil Corp ($ATH) | 2,426.4% | 596.6% | 504.7% | 315.2% | 83.7% |
| TORC Oil & Gas Ltd ($TOG) | 453.8% | 466.9% | 104.5% | 229.4% | 76.3% |
| Seven Generations Energy Ltd ($VII) | 452.8% | 513.1% | 227.4% | 191.2% | 73.5% |
| |
|---|
| Median (129 companies) | 43.8% | 39.0% | 45.0% | 28.1% | 23.0% |
|---|
| Pacific Exploration and Production Corp ($PRE) | 38.9% | 46.5% | 50.0% | 23.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Enerplus Corp ($ERF) | -17.3% | 10.2% | 11.5% | -55.5% | 16.3% |
| Whitecap Resources Inc ($WCP) | 7.1% | 8.1% | 9.6% | -10.6% | 10.1% |
| Ecopetrol SA ($ECP) | 29.3% | 24.4% | 16.5% | 3.0% | 9.6% |
| Parkland Fuel Corp ($PKI) | 22.3% | 23.3% | 9.9% | 7.8% | 8.6% |
| Inter Pipeline Ltd ($IPL) | 9.5% | 8.0% | 7.5% | 9.6% | 8.5% |
| |
|---|
| Median (128 companies) | 3.6% | 5.4% | 5.7% | -8.2% | -1.9% |
|---|
| Pacific Exploration and Production Corp ($PRE) | 20.1% | 15.3% | -9.2% | -103.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| BlackPearl Resources Inc ($PXX) | -0.2x | -0.1x | 0.2x | 3,726.1x | -0.2x |
| Paramount Resources Ltd ($POU) | 14.6x | 23.9x | 8.9x | 421.5x | -5.8x |
| Precision Drilling Corp ($PD) | 2.2x | 1.9x | 2.0x | 68.4x | 7.6x |
| Trican Well Service Ltd ($TCW) | 2.5x | 3.4x | 2.9x | 31.4x | |
| Trilogy Energy Corp ($TET) | 2.6x | 1.8x | 2.3x | 25.5x | 7.3x |
| |
|---|
| Median (79 companies) | 1.6x | 1.4x | 1.4x | 2.6x | 2.7x |
|---|
