Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to
announce its financial and operational results for the quarter
ended March 31, 2017.
First Quarter 2017
Highlights
- Generated adjusted funds from operations of $8.2 million and
realized net earnings of $8.4 million;
- Produced an average of 8,198 barrels of oil equivalent per day
(“boe/d”) weighted 40 percent to field condensate and natural gas
liquids;
- Increased production from the Bigstone Montney by 14 percent to
7,050 boe/d compared to 6,196 boe/d in the fourth quarter of 2016,
as a result of a 33 percent or 773 barrels per day (“bbls/d”)
increase in field condensate and natural gas liquids (“NGL”)
production while natural gas volumes remained relatively
flat;
- Increased Montney field condensate and NGL yields to 130
barrels per million cubic feet (“bbls/mmcf”) in the first quarter
of 2017 compared to 99 bbls/mmcf in the fourth quarter of
2016;
- Montney field and plant condensate yield averaged 91 bbls/mmcf
or 70 percent of the total 130 bbls/mmcf of Montney liquids yield;
- Generated operating netback of $17.07 per boe before risk
management contracts, up 150 percent from $6.82 for the same period
in 2016;
- Successfully drilled four gross (2.6 net) wells as part of the
Company’s capital program and completed, tied-in and brought on
production four gross (2.5 net) Montney wells in
Bigstone;
- Continued the two rig drilling program through spring break up
that will result in an inventory of five gross (3.2 net) wells
drilled and ready for completion operations as ground conditions
improve;
- Commenced the expansion of the existing Montney field
dehydration and compression capacity at East and South
Bigstone.
Operational Highlights
|
|
Three Months Ended March 31 |
Production |
|
|
|
2017 |
2016 |
% Change |
Field
condensate (bbls/d) |
|
|
|
1,933 |
1,700 |
14 |
|
Natural
gas liquids (bbls/d) |
|
|
|
1,302 |
1,335 |
(2 |
) |
Crude oil
(bbls/d) |
|
|
|
7 |
5 |
40 |
|
Total crude oil and natural gas liquids (bbls/d) |
|
|
3,242 |
3,040 |
7 |
|
Natural gas (mcf/d) |
|
|
|
29,737 |
32,127 |
(7 |
) |
Total (boe/d) |
|
|
|
8,198 |
8,395 |
(2 |
) |
Financial Highlights ($ thousands except per
unit amounts) |
|
|
|
Three Months Ended March 31 |
|
|
|
|
2017 |
|
2016 |
|
% Change |
Crude oil and natural
gas sales |
|
|
|
25,671 |
|
17,316 |
|
48 |
|
Realized sales
price per boe |
|
|
|
34.17 |
|
30.47 |
|
12 |
|
Funds from
operations |
|
|
|
8,166 |
|
8,190 |
|
- |
|
Per boe |
|
|
|
11.08 |
|
10.72 |
|
3 |
|
Per share –
Basic and diluted |
|
|
|
0.05 |
|
0.05 |
|
- |
|
Net earnings |
|
|
|
8,352 |
|
5,259 |
|
59 |
|
Per boe |
|
|
|
11.32 |
|
6.89 |
|
64 |
|
Per share –
Basic and diluted |
|
|
|
0.05 |
|
0.03 |
|
67 |
|
Capital invested |
|
|
|
(30,297 |
) |
16,658 |
|
82 |
|
Disposition of
properties |
|
|
|
(46 |
) |
(4,583 |
) |
(99 |
) |
Net
capital invested |
|
|
|
30,251 |
|
12,075 |
|
151 |
|
|
|
March 31, 2017 |
December 31, 2016 |
% Change |
Net debt
(1) |
108,367 |
85,945 |
26 |
Total assets |
|
325,607 |
303,625 |
7 |
Shares outstanding
(000’s) |
|
|
|
|
Basic |
|
156,898 |
155,994 |
1 |
Diluted(2) |
|
182,915 |
180,752 |
1 |
(1) Defined as the sum of bank debt and
Senior Secured Notes plus (minus) the working capital deficit
(surplus) excluding the current portion of the fair value of the
financial instruments.
(2) Represents the full dilution of all
outstanding options and warrants.
MESSAGE TO SHAREHOLDERS
Delphi continues to execute the accelerated
development plan of its liquids-rich Montney property (“Bigstone
Montney”) located at Bigstone in northwest Alberta, with two
drilling rigs continuing to operate through spring break up on
separate pad locations. The Company was able to execute on its
entire planned first quarter capital program, and will be in a
position to complete five (3.2 net) additional Montney wells as wet
weather and spring break up conditions subside.
Production in the first quarter of 2017 averaged
8,198 boe/d, weighted 40 percent to field condensate and natural
gas liquids, compared to 8,395 boe/d during the first quarter of
2016. The Bigstone Montney production represented 86 percent or
7,050 boe/d of the Company’s corporate production during the first
quarter of 2017. As a result of the successful drilling program,
four gross (2.5 net) Montney wells were brought on-stream during
the quarter, increasing corporate production during April 2017 to
average approximately 10,000 boe/d. Current production capability
remains at the upper end of our 2017 annual production guidance of
9,000 to 9,500 boe/d.
The 14 percent or 854 boe/d increase in Bigstone
Montney production to 7,050 boe/d in the first quarter of 2017
compared to the fourth quarter of 2016 was largely a result of a 33
percent or 773 bbls/d increase in field condensate and natural gas
liquids production. Montney field and plant condensate yields
averaged 91 bbls/mmcf of the total 130 bbls/mmcf liquids yield.
Increased condensate yields are a result of continued frac
innovations and delineation of the Bigstone Montney westward with
the new wells being drilled.
The Company’s successful operating margin growth
is a result of the high quality Bigstone Montney asset base,
majority ownership in strategic infrastructure, firm take away
capacity and proven expertise in developing this liquids-rich
asset. The Company generated an operating netback of $17.07 per boe
before risk management contracts, up 150 percent from $6.82 per boe
during the comparative quarter of 2016.
During the first quarter of 2017, the Company
invested gross field capital of $30.3 million. Net of carry capital
costs of $9.1 million associated with the Partner Transaction
already accounted for at December 31, 2016, the program was
executed on budget. Delphi spent 78 percent of field capital on
drilling, completing and equipping four gross (2.5 net) Montney
wells at Bigstone. A pipeline loop was installed to the 7-11
facility to handle increased volumes being produced from the new
wells that are extending the Montney development westward. In
addition, the Company incurred costs to secure a 20 mmcf/d amine
processing package and compressor for its amine project scheduled
for commissioning in the first quarter of 2018.
Drilling activity on the Company’s Bigstone
Montney asset continues with operations largely complete on the
14-09-60-23W5 (“14-09”) well (62 percent working interest).
The 14-09 horizontal Montney well was drilled from spud to a total
depth of 5,908 metres in a Company record 25 days.
Innovations to the drilling program have resulted in decreased
drilling times, on this most recent well, by 14 percent compared to
the average well in 2016. These innovations will allow Delphi
to absorb service cost inflation and maintain targeted drilling
costs. A 40 stage completion liner was installed in the 2,863
metre horizontal lateral. Drilling operations continue in the
horizontal lateral at the 16-18-59-23W5 (“16-18”) well (65 percent
working interest) and are expected to be finished in the next two
weeks. The 14-09 and 16-18 wells are both the second wells
drilled from each of their respective wellsite pads.
Completion operations on these two pads in addition to the
15-09-60-23W5 well (62 percent working interest) are scheduled to
commence after spring break up utilizing the Company’s third and
fourth generation frac designs.
Adjusted funds from operations in the first
quarter of 2017 were $8.2 million or $0.05 per basic and diluted
share, unchanged from the comparative quarter of 2016. Realized
cash netbacks during the first quarter of 2017 were $11.08 per boe,
including a $(0.62) per boe loss on risk management
contracts. This compares to $10.72 per boe, including a $7.80
per boe realized gain on risk management contracts during the first
quarter of 2016. Cash costs were higher in the first quarter due to
a combination of non-recurring crown royalty, operating and general
administrative charges, as well as higher crown royalty rates as a
result of higher commodity prices, and additional pro-rated
operating costs for the scheduled SemCAMS K3 processing plant
turnaround in the second quarter of 2017.
At March 31, 2017, the Company had bank debt of
$32.0 million and a working capital deficit of $23.1 million.
Including the Senior Secured Notes, the Company had total net debt
of $108.4 million. As at March 31, 2017, Delphi had $42.2 million
(net of outstanding letters of credit) available to be drawn on its
$80 million senior credit facility.
Risk Management
The Company has approximately 22 million cubic
feet per day (“mmcf/d”), or 65% of its remainder of 2017 forecast
natural gas production hedged at an average price of CDN$4.20 per
million British thermal units (“mmbtu”) and approximately 900
bbls/d of condensate hedged at an average WTI price of CDN$66.67
per barrel. Delphi has mitigated the persistent widening of the
AECO and Station 2 basis differentials by contracting most of its
gas into the Chicago market where pricing has materially
outperformed local western Canada pricing, even with the
incremental transportation costs.
Natural Gas |
Q2 – Q4/17 |
|
2018 |
|
|
2019 |
|
Percent
Hedged * |
|
65 |
% |
|
54 |
% |
|
21 |
% |
Hedge
Price (CDN $/mmbtu) |
$ |
4.20 |
|
$ |
3.92 |
|
$ |
3.89 |
|
Crude Oil |
Q2 – Q4/17 |
|
2018 |
|
|
2019 |
|
Percent
Hedged * |
|
42 |
% |
|
14 |
% |
|
14 |
% |
Hedge
Price (WTI CDN $/bbl) |
$ |
66.67 |
|
$ |
70.00 |
|
$ |
70.00 |
|
* Based on average 2017 production of 33.5
mmcf/d of natural gas and 2,150 bbls/d of field condensate.
Outlook
The Company continues to forecast absolute and
per share growth across all measures during 2017, while maintaining
balance sheet strength. The 2017 guidance is highlighted by a
significant increase in drilling activity.
Delphi has secured the required firm service
transportation for 100 percent of forecasted 2017 natural gas
production growth. The contracted Alliance full path service to
Chicago with its incremental priority interruptible service handles
approximately 95 percent of the Company’s natural gas sales, and
together with the existing and incremental 2018 contracted firm
TCPL service, will provide the Company with firm service to handle
accelerated growth plans beyond 2017. Delphi’s Bigstone Montney
field compression and dehydration facilities are also sufficient
for the forecasted growth in 2017.
Delphi will have five (3.2 net) Montney wells
ready to complete and bring on production over the next two months
as spring break up conditions subside and has plans to drill an
additional five (3.3 net) wells during the second half of 2017.
To handle the Company’s growing production
volumes beyond 2017, Delphi is working to cost effectively expand
its existing Montney field dehydration and compression capacity at
East and South Bigstone. Delphi is well positioned to achieve
increased production, cash flow and reserve growth over the near
and long term to the benefit of all our stakeholders.
The existing Board of Directors looks forward to
the addition of Mr. Glenn A. Hamilton, Mr. Peter T. Harrison, and
Mr. Ian Wild to the Board of Directors. “Glenn, Peter and Ian bring
tremendous depth to our Board with their extensive experience in
oil and gas accounting, finance, banking and investment,” said
David J. Reid, President and CEO. “And together with the Company’s
new CFO, Mr. Mark Behrman, we have significantly strengthened our
team to continue to successfully pursue ambitious growth
plans”.
On behalf of the Board of Directors and all the
employees of Delphi, we would like to thank our shareholders for
their continued support.
CONFERENCE CALL AND WEBCAST
A conference call and webcast to review first
quarter 2017 results is scheduled for 9:00 a.m. Mountain Time
(11:00 a.m. Eastern Time) on Thursday, May 11, 2017. The
conference call number is 1-844-358-8760. A brief presentation by
David J. Reid, President and CEO and Mark D. Behrman, CFO, will be
followed by a question and answer period. The conference call
will also be broadcast live on the internet and may be accessed
through Delphi’s website at www.delphienergy.ca or by entering
http://edge.media-server.com/m/p/qmudsd6g in your web browser. A
rebroadcast will also be available on Delphi’s website or at
http://edge.media-server.com/m/p/qmudsd6g on your web browser.
This news release does not constitute an offer
to sell or a solicitation of any offer to buy the securities in the
United States. The securities offered have not been and will not be
registered under the U.S. Securities Act of 1933, as amended and
will not be offered or sold in the United States absent an
exemption from the registration requirements thereof.
The Company also announces that its Annual
General Meeting (“AGM”) will be held on Thursday, May 18, 2017 at
3:00pm (MST) in the Devonian Room at the Calgary Petroleum Club
(319 – 5 Avenue S.W.). Shareholders are encouraged to
attend.
This news release does not constitute an offer
to sell or a solicitation of any offer to buy the securities in the
United States. The securities offered have not been and will not be
registered under the U.S. Securities Act of 1933, as amended and
will not be offered or sold in the United States absent an
exemption from the registration requirements thereof.
About Delphi Energy Corp.
Delphi Energy Corp. is an industry-leading
producer of liquids-rich natural gas. The Company has
achieved top decile results through the development of our high
quality Montney property, uniquely positioned in the Deep Basin of
Bigstone, in northwest Alberta. Delphi continues to outperform key
industry players by improving operational efficiencies and growing
our dominant Bigstone land position in this world-class play.
Delphi is headquartered in Calgary, Alberta and trades on the
Toronto Stock Exchange under the symbol DEE.
Forward-Looking
Statements. This news release contains
forward-looking statements and forward-looking information within
the meaning of applicable Canadian securities laws. These
statements relate to future events or the Company’s future
performance and are based upon the Company’s internal assumptions
and expectations. All statements other than statements of
present or historical fact are forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of any of the words “expect”, “anticipate”, “continue”,
“estimate”, “may”, “will”, “should”, “believe”, "intends”,
“forecast”, “plans”, “guidance”, “budget” and similar
expressions.
More particularly and without limitation, this
release contains forward-looking statements and information
relating to petroleum and natural gas production estimates and
weighting, projected crude oil and natural gas prices, future
exchange rates, expectations as to royalty rates, expectations as
to transportation and operating costs, expectations as to general
and administrative costs and interest expense, expectations as to
capital expenditures and net debt, planned capital spending, future
liquidity and Delphi’s ability to fund ongoing capital requirements
through operating cash flows and its credit facilities, supply and
demand fundamentals for oil and gas commodities, timing and success
of development and exploitation activities, cash availability for
the financing of capital expenditures, access to third-party
infrastructure, treatment under governmental regulatory regimes and
tax laws and future environmental regulations.
Furthermore, statements relating to “reserves”
are deemed to be forward-looking statements as they involve the
implied assessment, based on certain estimates and assumptions that
the reserves described can be profitable in the future.
The forward-looking statements and information
contained in this release are based on certain key expectations and
assumptions made by Delphi. The following are certain
material assumptions on which the forward-looking statements and
information contained in this release are based: the stability of
the global and national economic environment, the stability of and
commercial acceptability of tax, royalty and regulatory regimes
applicable to Delphi, exploitation and development activities being
consistent with management’s expectations, production levels of
Delphi being consistent with management’s expectations, the absence
of significant project delays, the stability of oil and gas prices,
the absence of significant fluctuations in foreign exchange rates
and interest rates, the stability of costs of oil and gas
development and production in Western Canada, including operating
costs, the timing and size of development plans and capital
expenditures, availability of third party infrastructure for
transportation, processing or marketing of oil and natural gas
volumes, prices and availability of oilfield services and equipment
being consistent with management’s expectations, the availability
of, and competition for, among other things, pipeline capacity,
skilled personnel and drilling and related services and equipment,
results of development and exploitation activities that are
consistent with management’s expectations, weather affecting
Delphi’s ability to develop and produce as expected, contracted
parties providing goods and services on the agreed timeframes,
Delphi’s ability to manage environmental risks and hazards and the
cost of complying with environmental regulations, the accuracy of
operating cost estimates, the accurate estimation of oil and gas
reserves, future exploitation, development and production results
and Delphi’s ability to market oil and natural gas successfully to
current and new customers. Additionally, estimates as to expected
average annual production rates assume that no unexpected outages
occur in the infrastructure that the Company relies on to produce
its wells, that existing wells continue to meet production
expectations and any future wells scheduled to come on in the
coming year meet timing and production expectations.
Commodity prices used in the determination of
forecast revenues are based upon general economic conditions,
commodity supply and demand forecasts and publicly available price
forecasts. The Company continually monitors its forecast
assumptions to ensure the stakeholders are informed of material
variances from previously communicated expectations.
Financial outlook information contained in this
release about prospective results of operations, financial position
or cash flows is based on assumptions about future events,
including economic conditions and proposed courses of action, based
on management’s assessment of the relevant information currently
available. Readers are cautioned that such financial outlook
information contained in this release should not be used for
purposes other than for which it is disclosed.
Although the Company believes that the
expectations reflected in such forward-looking statements and
information are reasonable, it can give no assurance that such
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon. Since forward-looking
statements and information address future events and conditions, by
their very nature they involve inherent known and unknown risks and
uncertainties. Delphi’s actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what benefits Delphi will derive therefrom. Should one
or more of these risks or uncertainties materialize, or should
assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those currently anticipated
due to a number of factors and risks. These include, but are
not limited to, the risks associated with the oil and gas industry
in general such as operational risks in development, exploration
and production, delays or changes in plans with respect to
exploration or development projects or capital expenditures, the
uncertainty of estimates and projections relating to production
rates, costs and expenses, commodity price and exchange rate
fluctuations, marketing and transportation, environmental risks,
competition from others for scarce resources, the ability to access
sufficient capital from internal and external sources, changes in
governmental regulation of the oil and gas industry and changes in
tax, royalty and environmental legislation. Additional
information on these and other factors that could affect the
Company’s operations or financial results are included in the
Company’s most recent Annual Information Form and other reports on
file with the applicable securities regulatory authorities and may
be accessed through the SEDAR website (www.sedar.com).
Readers are cautioned that the foregoing list of
factors is not exhaustive. Furthermore, the forward-looking
statements contained in this release are made as of the date of
this release for the purpose of providing the readers with the
Company’s expectations for the coming year. The
forward-looking statements and information may not be appropriate
for other purposes. Delphi undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws. The
forward-looking statements contained in this release are expressly
qualified in their entirety by this cautionary statement.
Basis of Presentation.
For the purpose of reporting production
information, reserves and calculating unit prices and costs,
natural gas volumes have been converted to a barrel of oil
equivalent (boe) using six thousand cubic feet equal to one
barrel. A boe conversion ratio of 6:1 is based upon an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the
wellhead. This conversion conforms to the Canadian Securities
Administrators’ National Instrument 51-101 when boes are
disclosed. Boes may be misleading, particularly if used in
isolation.
As per CSA Staff Notice 51-327 initial test results and initial
production performance should be considered preliminary data and
such data is not necessarily indicative of long-term performance or
of ultimate recovery.
Non-IFRS Measures. The
release contains the terms “funds from operations”, “funds from
operations per share”, “net debt”, “net debt to funds from
operations ratio”, “operating netbacks” “cash netbacks” and
“netbacks” which are not recognized measures under IFRS. The
Company uses these measures to help evaluate its performance.
Management considers netbacks an important measure as it
demonstrates its profitability relative to current commodity prices
and costs of production. Management uses funds from operations to
analyze performance and considers it a key measure as it
demonstrates the Company’s ability to generate the cash necessary
to fund future capital investments and to repay debt. Funds from
operations is a non-IFRS measure and has been defined by the
Company as cash flow from operating activities before accretion on
long term and subordinated debt, decommissioning expenditures and
changes in non-cash working capital from operating activities. The
Company also presents funds from operations per share whereby
amounts per share are calculated using weighted average shares
outstanding consistent with the calculation of earnings per share.
Delphi’s determination of funds from operations may not be
comparable to that reported by other companies nor should it be
viewed as an alternative to cash flow from operating activities,
net earnings or other measures of financial performance calculated
in accordance with IFRS. The Company has defined net debt as
the sum of long term debt and subordinated debt plus/minus working
capital excluding the current portion of the fair value of
financial instruments. Net debt is used by management to monitor
remaining availability under its credit facilities. Net debt to
funds from operations ratio is defined as net debt to annualized
quarterly funds from operations, based on the most recently
completed quarter. This ratio is used to calculate the
Company’s compliance with its net debt to funds from operations
ratio covenant. Operating netbacks have been defined as
revenue less royalties, transportation and operating costs.
Cash netbacks have been defined as operating netbacks less interest
and general and administrative costs. Netbacks are generally
discussed and presented on a per boe basis.
Financial outlook information contained in this
release about prospective results of operations, financial position
or cash flows is based on assumptions about future events,
including economic conditions and proposed courses of action, based
on management’s assessment of the relevant information currently
available. Readers are cautioned that such financial outlook
information contained in this release should not be used for
purposes other than for which it is disclosed.
Although the Company believes that the
expectations reflected in such forward-looking statements and
information are reasonable, it can give no assurance that such
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon. Since forward-looking
statements and information address future events and conditions, by
their very nature they involve inherent known and unknown risks and
uncertainties. Delphi’s actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what benefits Delphi will derive therefrom. Should one
or more of these risks or uncertainties materialize, or should
assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those currently anticipated
due to a number of factors and risks. These include, but are
not limited to, the risks associated with the oil and gas industry
in general such as operational risks in development, exploration
and production, delays or changes in plans with respect to
exploration or development projects or capital expenditures, the
uncertainty of estimates and projections relating to production
rates, costs and expenses, commodity price and exchange rate
fluctuations, marketing and transportation, environmental risks,
competition from others for scarce resources, the ability to access
sufficient capital from internal and external sources, changes in
governmental regulation of the oil and gas industry and changes in
tax, royalty and environmental legislation. Additional
information on these and other factors that could affect the
Company’s operations or financial results are included in the
Company’s most recent Annual Information Form and other reports on
file with the applicable securities regulatory authorities and may
be accessed through the SEDAR website (www.sedar.com).
Readers are cautioned that the foregoing list of
factors is not exhaustive. Furthermore, the forward-looking
statements contained in this release are made as of the date of
this release for the purpose of providing the readers with the
Company’s expectations for the coming year. The
forward-looking statements and information may not be appropriate
for other purposes. Delphi undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws. The
forward-looking statements contained in this release are expressly
qualified in their entirety by this cautionary statement.
Basis of Presentation.
For the purpose of reporting production
information, reserves and calculating unit prices and costs,
natural gas volumes have been converted to a barrel of oil
equivalent (boe) using six thousand cubic feet equal to one
barrel. A boe conversion ratio of 6:1 is based upon an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the
wellhead. This conversion conforms with the Canadian
Securities Administrators’ National Instrument 51-101 when boes are
disclosed. Boes may be misleading, particularly if used in
isolation.
As per CSA Staff Notice 51-327 initial test
results and initial production performance should be considered
preliminary data and such data is not necessarily indicative of
long-term performance or of ultimate recovery.
For the calculation of finding, development and
acquisition costs, recycle ratio and net asset value per share,
refer to the Company’s press release of crude oil and natural gas
reserves information dated February 29, 2016.
Delphi Energy’s crude oil, natural gas and
natural gas liquid reserves information for the year ended December
31, 2015 was press released on February 29, 2016. Information
relating to reserves and reserve metrics can be found in this press
release.
FOR FURTHER INFORMATION PLEASE CONTACT:
DELPHI ENERGY CORP.
300, 500 – 4 Avenue S.W.
Calgary, Alberta
T2P 2V6
Telephone: (403) 265-6171 Facsimile: (403) 265-6207
Email: info@delphienergy.ca Website: www.delphienergy.ca
DAVID J. REID
President & CEO
MARK D. BEHRMAN
CFO