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TransGlobe Energy's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Earnings for the first six months of the year were $41.1 million. On a diluted basis the company posted a second quarter and six months earnings per share of $0.25 and $0.50 respectively. The average price received for all our sales in Q2 is $95.84 a barrel, that’s down 9% from Q2 2011 and the average price received for oil sales in the first six months was $100.28 which is essentially unchanged from the same period in 2011 which is $101.46. As a percentage of Brent, the oil prices fees was approximately 88% thus far in 2012 versus 90% in 2011. This is principally due to a lower price being received for West Bakr crude and lower Yemen production which received near Brent pricing. We continue to achieve very strong after tax operating netbacks of $26.49 in the quarter and $27.02 for the first six months ended June 30 th. These figures are down fromQ2 2011 at $31.82 and for the first six months of 2011 at $30.32. This is chiefly as a result of 80% of our traction [ph] growth in Egypt coming from West Bakr which achieved a lower price and has a lower sharing profit oil than the West Gharib PSC and also due to the fact that S-1 production was shut in for the entire first half of 2012.

During the quarter we collected $41.4 million in accounts receivable bringing our year, our first six months total to $56.9 million, $29.5 million of that amount was collected through a half tanker listing which was done in March and collected in April. We now have a full tanker listing schedule for the fourth quarter and subsequent to the end of the second quarter we’ve collected an additional $12.2 million. During the quarter we spent $37.5 million on capital expenditures which include the acquisitions of the subsidiary holding companies that own the interest in the South Alamein and South Mariut PSCs.

Read the rest of this transcript for free on seekingalpha.com

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