Cash flow Birchcliff Energy Ltd.

Equities

BIR

CA0906971035

Oil & Gas Exploration and Production

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-09-17 pm EDT			5-day change	1st Jan Change
5.650 ^CAD	+1.99%		+1.62%	-2.25%

Aug. 14	Birchcliff Q2 Profit Rises 8.5% Despite Weaker Revenue and Lower Oil and Gas Prices	MT
Aug. 14	Birchcliff Energy Ltd. Declares Quarterly Dividend for the Quarter Ending September 30, 2024, Payable on September 27, 2024	CI

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Published financial data: BIRCHCLIFF ENERGY LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	606M	524M	877M	1.2B	701M
Other Revenues, Total	-	-	-	4K	-695K
Total Revenues	606M	524M	877M	1.2B	700M
Cost of Goods Sold, Total	234M	234M	261M	275M	293M
Gross Profit	372M	290M	616M	922M	407M
Selling General & Admin Expenses, Total	31.09M	27.04M	30.84M	42.41M	55.91M
Depreciation & Amortization - (IS)	214M	212M	213M	214M	227M
Impairment of Oil, Gas & Mineral Properties - (IS)	-	-	-	-	-
Other Operating Expenses	183M	97.93M	-62.36M	-209M	79.17M
Other Operating Expenses, Total	427M	337M	181M	47.69M	362M
Operating Income	-55.2M	-47.44M	435M	875M	44.93M
Interest Expense, Total	-26.6M	-27.3M	-30.47M	-15.81M	-22.54M
Interest And Investment Income	600K	-	-	-	-
Net Interest Expenses	-26M	-27.3M	-30.47M	-15.81M	-22.54M
Other Non Operating Income (Expenses)	50K	1.57M	912K	-1.43M	-5.24M
EBT, Excl. Unusual Items	-81.15M	-73.17M	405M	858M	17.15M
Gain (Loss) On Sale Of Investments	-9.05M	-6.07M	3.68M	-213K	-1.2M
Gain (Loss) On Sale Of Assets	-	4.2M	-	-	-
Other Unusual Items	-	3.8M	-	-	-
EBT, Incl. Unusual Items	-90.2M	-71.24M	409M	857M	15.95M
Income Tax Expense	-34.81M	-13.42M	94.26M	200M	6.17M
Earnings From Continuing Operations	-55.39M	-57.82M	315M	657M	9.78M
Net Income to Company	-55.39M	-57.82M	315M	657M	9.78M
Net Income - (IS)	-55.39M	-57.82M	315M	657M	9.78M
Preferred Dividend and Other Adjustments	4.19M	4.19M	4.19M	3.15M	-
Net Income to Common Incl Extra Items	-59.58M	-62.01M	310M	654M	9.78M
Net Income to Common Excl. Extra Items	-59.58M	-62.01M	310M	654M	9.78M
Per Share Items
Net EPS - Basic	-0.22	-0.23	1.17	2.46	0.04
Basic EPS - Continuing Operations	-0.22	-0.23	1.17	2.46	0.04
Basic Weighted Average Shares Outstanding	266M	266M	266M	266M	266M
Net EPS - Diluted	-0.22	-0.23	1.13	2.38	0.04
Diluted EPS - Continuing Operations	-0.22	-0.23	1.13	2.38	0.04
Diluted Weighted Average Shares Outstanding	266M	266M	274M	275M	272M
Normalized Basic EPS	-0.19	-0.17	0.95	2.02	0.04
Normalized Diluted EPS	-0.19	-0.17	0.92	1.95	0.04
Dividend Per Share	0.1	0.04	0.02	0.07	0.8
Payout Ratio	-64.29	-32.21	4.3	3.62	2.18K
Supplemental Items
EBITDA	160M	166M	649M	1.09B	273M
EBITA	-51.68M	-44.63M	438M	878M	48.63M
EBIT	-55.2M	-47.44M	435M	875M	44.93M
EBITDAR	160M	-	-	-	-
Total Revenues (As Reported)	428M	434M	942M	1.41B	624M
Effective Tax Rate - (Ratio)	38.59	18.83	23.05	23.39	38.68
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-37.88M	-16.48M	91.5M	198M	6.17M
Normalized Net Income	-50.72M	-45.73M	253M	536M	10.72M
Interest on Long-Term Debt	27.39M	28.07M	30.47M	15.81M	22.54M
Non-Cash Pension Expense	126K	144K	164K	184K	171K
Supplemental Operating Expense Items
General and Administrative Expenses	30.89M	27.04M	30.68M	42.23M	55.74M
Net Rental Expense, Total	200K	-	-	-	-
Imputed Operating Lease Interest Expense	63.89K	-	-	-	-
Imputed Operating Lease Depreciation	136K	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	3.17M	1.03M	2.43M	6.46M	-
Total Stock-Based Compensation	3.17M	1.03M	2.43M	6.46M	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	70K	60K	63K	74K	55K
Total Cash And Short Term Investments	70K	60K	63K	74K	55K
Accounts Receivable, Total	64.75M	64.69M	92.41M	125M	75.1M
Total Receivables	64.75M	64.69M	92.41M	125M	75.1M
Prepaid Expenses	4.38M	2.18M	5.73M	12.14M	23.3M
Other Current Assets, Total	-	-	69K	17.73M	3.59M
Total Current Assets	69.2M	66.93M	98.28M	155M	102M
Gross Property Plant And Equipment	3.89B	4.19B	4.42B	4.76B	5.07B
Accumulated Depreciation	-1.15B	-1.36B	-1.57B	-1.78B	-2.01B
Net Property Plant And Equipment	2.74B	2.83B	2.85B	2.97B	3.06B
Long-term Investments	4.4M	1.8M	9.46M	10.96M	10.57M
Other Long-Term Assets, Total	-	-	-	30.86M	8.33M
Total Assets	2.82B	2.9B	2.96B	3.17B	3.18B
Liabilities
Accounts Payable, Total	91.08M	95.91M	94.9M	144M	94.82M
Accrued Expenses, Total	-	-	-	-	13.85M
Current Portion of Long-Term Debt	49.84M	39.93M	38.27M	-	-
Current Portion of Leases	1.52M	1.6M	1.84M	1.91M	2.51M
Other Current Liabilities	26.95M	23.48M	16.59M	1.34M	1.39M
Total Current Liabilities	169M	161M	152M	147M	113M
Long-Term Debt	609M	731M	501M	132M	372M
Long-Term Leases	17.03M	15.43M	13.59M	11.68M	10.11M
Pension & Other Post Retirement Benefits	8.49M	9.18M	9.9M	11.17M	2.61M
Deferred Tax Liability Non Current	81.67M	65.19M	157M	355M	361M
Other Non Current Liabilities	235M	292M	210M	99.72M	92.79M
Total Liabilities	1.12B	1.27B	1.04B	757M	951M
Preferred Stock Redeemable	41.43M	41.43M	41.43M	-	-
Total Preferred Equity	41.43M	41.43M	41.43M	-	-
Common Stock, Total	1.48B	1.48B	1.46B	1.43B	1.43B
Additional Paid In Capital	84.88M	89.87M	90.92M	86.56M	105M
Retained Earnings	90.95M	17.97M	322M	895M	692M
Total Common Equity	1.65B	1.59B	1.88B	2.41B	2.23B
Total Equity	1.7B	1.63B	1.92B	2.41B	2.23B
Total Liabilities And Equity	2.82B	2.9B	2.96B	3.17B	3.18B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	266M	266M	266M	267M	269M
ECS Total Common Shares Outstanding	266M	266M	265M	266M	267M
Book Value / Share	6.22	5.96	7.09	9.07	8.33
Tangible Book Value	1.65B	1.59B	1.88B	2.41B	2.23B
Tangible Book Value Per Share	6.22	5.96	7.09	9.07	8.33
Total Debt	678M	788M	555M	146M	385M
Net Debt	678M	788M	555M	146M	385M
Debt Equivalent of Unfunded Proj. Benefit Obligation	8.49M	9.18M	9.9M	11.17M	16.46M
Debt Equivalent Oper. Leases	1.6M	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	205	205	204	219	218

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-55.39M	-57.82M	315M	657M	9.78M
Depreciation & Amortization - CF	214M	212M	213M	214M	227M
Amortization of Goodwill and Intangible Assets - (CF)	3.52M	2.82M	3.47M	3.25M	3.7M
Impairment of Oil, Gas & Mineral Properties - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	217M	215M	216M	217M	230M
Amortization of Deferred Charges, Total - (CF)	1.53M	1.23M	968K	1.45M	1.7M
(Gain) Loss From Sale Of Asset	-	-	-912K	1.43M	5.24M
(Gain) Loss on Sale of Investments - (CF)	5.55M	-2.03M	-6.4M	-1.8M	1.2M
Stock-Based Compensation (CF)	-	2.43M	2.43M	6.46M	-
Other Operating Activities, Total	163M	23.17M	9.54M	69.51M	52.92M
Change in Other Net Operating Assets	-5.15M	5.98M	-21.16M	-25.66M	19.48M
Cash from Operations	327M	188M	515M	925M	321M
Capital Expenditure	-296M	-290M	-232M	-369M	-308M
Sale of Property, Plant, and Equipment	-	12.89M	-	315K	87K
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-1.25M	-1.96M	-1.24M
Other Investing Activities, Total	4.31M	-1.87M	-13.65M	31.65M	-29.71M
Cash from Investing	-292M	-279M	-247M	-339M	-339M
Long-Term Debt Issued, Total	3.68M	121M	-	-	238M
Total Debt Issued	3.68M	121M	-	-	238M
Long-Term Debt Repaid, Total	-2.17M	-2.29M	-230M	-372M	-2.46M
Total Debt Repaid	-2.17M	-2.29M	-230M	-372M	-2.46M
Issuance of Common Stock	73K	-	12.64M	23M	7.16M
Repurchase of Common Stock	-	-596K	-31.51M	-57.21M	-11.46M
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-9.14M	-1.66M	-88.27M	-
Common Dividends Paid	-27.92M	-10.97M	-6.64M	-18.61M	-213M
Preferred Dividends Paid	-7.69M	-7.65M	-6.9M	-5.16M	-
Common & Preferred Stock Dividends Paid	-35.61M	-18.62M	-13.54M	-23.77M	-213M
Special Dividend Paid	-	-	-	-53.18M	-
Other Financing Activities, Total	-990K	-	-3.45M	-15.78M	-
Cash from Financing	-35.02M	90.47M	-268M	-587M	18.32M
Net Change in Cash	17K	-10K	3K	11K	-19K
Supplemental Items
Cash Interest Paid	25.07M	26.07M	28.8M	13.74M	20.31M
Levered Free Cash Flow	-61.23M	-115M	201M	370M	-44.28M
Unlevered Free Cash Flow	-46.13M	-99.46M	219M	379M	-31.9M
Change In Net Working Capital	-64.46M	-3.62M	39.26M	23.01M	-17.81M
Net Debt Issued / Repaid	1.51M	119M	-230M	-372M	236M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-1.24	-1.04	9.27	17.84	0.88
Return on Total Capital	-1.44	-1.24	11.12	21.74	1.09
Return On Equity %	-3.19	-3.48	17.75	30.34	0.42
Return on Common Equity	-3.52	-3.83	17.94	30.48	0.42
Margin Analysis
Gross Profit Margin %	61.37	55.33	70.26	77.01	58.08
SG&A Margin	5.13	5.16	3.52	3.54	7.99
EBITDA Margin %	26.39	31.63	74.02	90.99	39.02
EBITA Margin %	-8.52	-8.52	49.98	73.3	6.95
EBIT Margin %	-9.1	-9.05	49.59	73.03	6.42
Income From Continuing Operations Margin %	-9.14	-11.03	35.89	54.84	1.4
Net Income Margin %	-9.14	-11.03	35.89	54.84	1.4
Net Avail. For Common Margin %	-9.83	-11.83	35.41	54.58	1.4
Normalized Net Income Margin	-8.37	-8.73	28.89	44.75	1.53
Levered Free Cash Flow Margin	-10.1	-22	22.88	30.91	-6.33
Unlevered Free Cash Flow Margin	-7.61	-18.98	24.94	31.62	-4.56
Asset Turnover
Asset Turnover	0.22	0.18	0.3	0.39	0.22
Fixed Assets Turnover	0.23	0.19	0.31	0.41	0.23
Receivables Turnover (Average Receivables)	10.39	8.1	11.16	11.02	7
Short Term Liquidity
Current Ratio	0.41	0.42	0.65	1.05	0.91
Quick Ratio	0.38	0.4	0.61	0.85	0.67
Operating Cash Flow to Current Liabilities	1.93	1.17	3.4	6.29	2.85
Days Sales Outstanding (Average Receivables)	35.13	45.21	32.7	33.13	52.12
Average Days Payable Outstanding	130.66	146.2	133.51	158.22	148.41
Long Term Solvency
Total Debt/Equity	39.96	48.44	28.92	6.03	17.29
Total Debt / Total Capital	28.55	32.63	22.43	5.69	14.74
LT Debt/Equity	36.93	45.88	26.83	5.95	17.17
Long-Term Debt / Total Capital	26.39	30.91	20.81	5.62	14.64
Total Liabilities / Total Assets	39.8	43.92	35.22	23.88	29.95
EBIT / Interest Expense	-2.08	-1.74	14.27	55.34	1.99
EBITDA / Interest Expense	6.09	6.15	21.37	69.07	12.21
(EBITDA - Capex) / Interest Expense	-5.05	-4.47	13.74	45.76	-1.46
Total Debt / EBITDA	4.19	4.7	0.85	0.13	1.4
Net Debt / EBITDA	4.19	4.7	0.85	0.13	1.4
Total Debt / (EBITDA - Capex)	-5.04	-6.47	1.32	0.2	-11.71
Net Debt / (EBITDA - Capex)	-5.04	-6.47	1.32	0.2	-11.71
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.97	-13.57	67.34	36.52	-41.56
Gross Profit, 1 Yr. Growth %	-2.21	-22.08	112.48	49.62	-55.93
EBITDA, 1 Yr. Growth %	-59.67	3.62	289.74	68.14	-74.94
EBITA, 1 Yr. Growth %	-127.53	-13.65	-1.1K	100.73	-94.46
EBIT, 1 Yr. Growth %	-129.91	-14.05	-1.03K	101.18	-94.86
Earnings From Cont. Operations, 1 Yr. Growth %	-154.19	4.39	-644.22	108.73	-98.51
Net Income, 1 Yr. Growth %	-154.19	4.39	-644.22	108.73	-98.51
Normalized Net Income, 1 Yr. Growth %	-152.07	-9.83	-683.35	111.6	-98
Diluted EPS Before Extra, 1 Yr. Growth %	-160.76	4.07	-584.63	110.62	-98.46
Accounts Receivable, 1 Yr. Growth %	24.65	-0.09	42.85	35.27