Calgary, Alberta--(Newsfile Corp. - August 8, 2024) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") is pleased to announce its financial and operating results for the three and six month periods ending June 30, 2024. The complete set of financial statements and management discussion and analysis are posted on and on the Company's website .
Highlights for the second quarter are as follows:
- Generated sales volumes of 11,235 boe/d in the first quarter (45% crude oil; 9% NGL's; 46% natural gas)
- Realized Adjusted Funds Flow of $9.5 million or $0.15 per basic share and $0.14 per diluted share.
- Continued with the construction of the Gilby power generation asset. Completion of this project is currently scheduled for early in the fourth quarter.
- On May 7, 2024 Journey announced its participation in a 128 section Joint Venture land block with Spartan Delta Corp. to mutually develop the Duvernay in the west shale basin. The initial working interest within the block is 37.5% Journey and 62.5% Spartan Delta Corp. The partners currently control 94 sections within the block. Two wells are currently planned for later in 2024. Journey's share of the expenditures will be funded through a combination of internally generated cash flows and proceeds from the recent convertible debenture issuance.
Financial & Operating Highlights
| | Three months ended June 30, | | | Six months ended June 30, | |
Financial ($000's except per share amounts) | | 2024 | | | 2023 | | | % change | | | 2024 | | | 2023 | | | % change | |
Sales revenue | | 50,525 | | | 53,513 | | | (6) | | | 102,623 | | | 111,956 | | | (8) | |
Net income (loss) | | (2,328) | | | (1,773) | | | 31 | | | 920 | | | 4,667 | | | (80) | |
Basic ($/share) | | (0.04) | | | (0.03) | | | 33 | | | 0.01 | | | 0.08 | | | (88) | |
Diluted ($/share) | | (0.04) | | | (0.03) | | | 33 | | | 0.01 | | | 0.07 | | | (86) | |
Adjusted Funds Flow | | 9,507 | | | 11,292 | | | (16) | | | 27,227 | | | 29,251 | | | (7) | |
Basic ($/share) | | 0.15 | | | 0.19 | | | (21) | | | 0.44 | | | 0.49 | | | (10) | |
Diluted ($/share) | | 0.14 | | | 0.17 | | | (18) | | | 0.41 | | | 0.45 | | | (9) | |
Cash flow provided by operating activities | | 8,258 | | | 12,335 | | | (33) | | | 16,252 | | | 23,796 | | | (32) | |
Basic ($/share) | | 0.13 | | | 0.20 | | | (35) | | | 0.26 | | | 0.40 | | | (35) | |
Diluted ($/share) | | 0.12 | | | 0.18 | | | (33) | | | 0.24 | | | 0.37 | | | (35) | |
Capital expenditures, including A&D | | 3,355 | | | 14,006 | | | (76) | | | 17,642 | | | 20,824 | | | (15) | |
Net debt | | 55,452 | | | 74,662 | | | (26) | | | 55,451 | | | 74,662 | | | (26) | |
| | | | | | | | | | | | | | | | | | |
Share Capital (000's) | | | | | | | | | | | | | | | | | | |
Basic, weighted average | | 61,350 | | | 60,923 | | | 1 | | | 61,350 | | | 59,545 | | | 3 | |
Basic, end of period | | 61,350 | | | 60,923 | | | 1 | | | 61,350 | | | 60,923 | | | 1 | |
Fully diluted | | 68,387 | | | 67,869 | | | 1 | | | 68,387 | | | 67,869 | | | 1 | |
| | | | | | | | | | | | | | | | | | |
Daily Sales Volumes | | | | | | | | | | | | | | | | | | |
Natural gas (Mcf/d) | | | | | | | | | | | | | | | | | | |
Conventional | | 25,910 | | | 29,946 | | | (13) | | | 26,596 | | | 30,276 | | | (12) | |
Coal bed methane | | 4,612 | | | 4,170 | | | 11 | | | 4,304 | | | 4,224 | | | 2 | |
Total natural gas volumes | | 30,522 | | | 34,116 | | | (11) | | | 30,900 | | | 34,500 | | | (10) | |
Crude oil (Bbl/d) | | | | | | | | | | | | | | | | | | |
Light/medium | | 2,799 | | | 3,306 | | | (15) | | | 3,075 | | | 3,497 | | | (12) | |
Heavy | | 2,320 | | | 2,133 | | | 9 | | | 2,227 | | | 2,091 | | | 7 | |
Total crude oil volumes | | 5,119 | | | 5,439 | | | (6) | | | 5,302 | | | 5,588 | | | (5) | |
Natural gas liquids (Bbl/d) | | 1,029 | | | 1,275 | | | (19) | | | 1,118 | | | 1,321 | | | (15) | |
Barrels of oil equivalent (boe/d) | | 11,235 | | | 12,400 | | | (9) | | | 11,570 | | | 12,659 | | | (9) | |
| | | | | | | | | | | | | | | | | | |
Average Realized Prices (excluding hedging) | | | | | | | | | | | | | | | | | | |
Natural gas ($/mcf) | | 0.97 | | | 2.43 | | | (60) | | | 1.68 | | | 2.75 | | | (39) | |
Crude Oil ($/bbl) | | 93.38 | | | 82.92 | | | 13 | | | 86.74 | | | 80.73 | | | 7 | |
Natural gas liquids ($/bbl) | | 46.12 | | | 41.20 | | | 12 | | | 46.52 | | | 45.38 | | | 3 | |
Barrels of oil equivalent ($/boe) | | 49.42 | | | 47.28 | | | 5 | | | 48.73 | | | 48.68 | | | - | |
| | | | | | | | | | | | | | | | | | |
Operating Netback ($/boe) | | | | | | | | | | | | | | | | | | |
Realized prices (excl. hedging) | | 49.42 | | | 47.42 | | | 4 | | | 48.73 | | | 48.86 | | | - | |
Royalties | | (10.05) | | | (9.77) | | | 3 | | | (9.71) | | | (10.08) | | | (4) | |
Operating expenses | | (22.91) | | | (23.41) | | | (2) | | | (20.64) | | | (21.57) | | | (4) | |
Transportation expenses | | (1.47) | | | (0.63) | | | 133 | | | (1.22) | | | (0.85) | | | 44 | |
Operating netback | | 14.99 | | | 13.61 | | | 10 | | | 17.16 | | | 16.36 | | | 5 | |
OPERATIONS
During the second quarter of 2024 Journey continued to move forward on all of its initiatives with a view to increasing free cash flow beginning in 2025 and with a long-term strategy of increasing its proved, developed, producing value on a per share basis. Journey experienced a number of one-time events that impacted the recent quarters' results, however, the medium-term outlook for the Company remains intact.
On March 20, 2024 Journey issued $38 million in convertible debentures to not only term-out certain of its debt obligations, but also to increase the 2024 capital program adding planned capital programs in Herronton and Medicine Hat. These programs were originally scheduled to add 400-500 boe/d for the second half of 2024, providing comfort in Journey's previous guidance range. These programs have now been deferred to 2025 in order to fund the working interest participation in two Duvernay wells. Since the Duvernay wells are expected to come on-stream in late 2024 they will have a positive impact on 2024 exit rates but will result in reduced annual sales volume guidance for 2024.
Total capital spending for the second quarter of 2024 was $4.7 million. These costs included continuing advancement of the power projects, injection projects in Matziwin and Medicine Hat, and decommissioning expenditures. Capital expenditures are expected to increase to $16.5 million in the third quarter, with increased capital for power projects ($7 million); the initiation of Duvernay drilling; facility debottlenecking in Cherhill; and expanding the polymer flood in Medicine Hat to new, unflooded areas.
In the second quarter of 2024, Journey had sales volumes of 11,235 boe/d (55% oil and liquids). Second quarter volumes were negatively impacted (approximately 500 boe/d) by second quarter turnarounds, road bans, and a royalty divestment. Journey completed a 4.0 (2.9 net) well program in the Medicine Hat area during the first quarter of 2024 and all wells were on-production throughout the second quarter. These new wells helped mitigate the second quarter downtimes. No additional wells were drilled in the second quarter.
The majority of the downtime in the second quarter was due to significant turnarounds in four of Journey's main producing areas. The impact from these turnarounds throughout the quarter was approximately 400 boe/d with approximately $3 million in additional operating costs charged to the Matziwin, Ante Creek, Carrot Creek, and Gilby Gas properties. Extended downtime was observed in Matziwin and Ante Creek in order to redo the internal coating on separating and treating equipment in these central batteries. These facilities are normally inspected every five years and it is unusual to encounter these issues. Journey also experienced downtime due to wet road conditions for the new Poplar Creek wells. In all of these cases stated above the downtime was weighted heavily to oil wells. The combination of lost volumes and increased operating expenditures resulted in an approximately $6 million reduction in Adjusted Funds Flow for the quarter.
At the beginning of August Journey was notified by a third party well operator that they were shutting in Journey volumes, which in turn had been going to a third party processing facility due to a dispute on processing fees. The majority of Journey's Stolberg production volumes will be impacted by this closure due to a lack of takeaway capacity for solution gas. These volumes were curtailed in late July, 2024 and are expected to reduce overall production by approximately 200 boe/d for the duration of the curtailment.
For the medium term, the primary purpose of the debenture was to extend a portion of the 2024 debt repayment obligations to 2029, thereby allowing for an expansion in exploration and development capital in 2024 and 2025 for projects including preliminary development of the Duvernay resource. Because of this financing Journey remains on track to achieve its exit rate guidance while meeting its 2024 debt repayments.
Duvernay Joint Venture
On May 7, 2024 Journey announced its participation in a 128 section joint venture land block with Spartan Delta Corp. ("Spartan") to mutually pursue the development of the Duvernay west shale basin. The initial working interest within the block is 37.5% Journey and 62.5% Spartan. The partners currently control 94 sections within the block. Two wells are planned to spud in the third quarter of 2024. Journey's share of these expenditures will be primarily funded through the convertible debenture financing, which closed in March. Initial capital expenditures for the joint venture are capped at gross amounts of $30 million and $100 million for 2024 and 2025 respectively. The cap on expenditures can be increased upon mutual agreement of both parties. The 2024 capital program is sufficient to drill, complete, equip and tie-in two wells on azimuth from a single pad.
With the revised term-out of the majority of its debt until 2029, and with future revenues from its power business, Journey is in a solid position to fund its working interest portion of this development. Journey believes it has found a quality partner in Spartan to help benefit from the economies of scale while minimizing the risk of single events on the Company's business plan. The Company's desire was to accomplish this without diluting the existing land position, while maximizing the net number on azimuth locations in the liquids window. Journey's working interest position in the joint lands is enough to support 60 net 2.5 mile on azimuth locations.
Expanding Journey's Power Business
Journey budgeted $11 million to complete the Gilby power project in 2024. Journey forecasts spending the majority of its budgeted capital for this project by October 2024. The building for the Gilby project was completed in early April and the generators have now been placed in the building. Activity is currently ramping up with an overhauling of the engines and upgrading electronic components. Journey currently forecasts completion of the Gilby project early in the fourth quarter. However, the timeline for start-up remains outside of its control due to final regulatory and transmission approvals. For this reason, Journey's current guidance contains no power revenue from Gilby in 2024.
Journey has budgeted $6.3 million for re-energizing the Mazeppa power project in 2024. Recent results of the Stage 2 cluster study were released at the end of June. Normally the cluster study would result in a payment due in July resulting in the projects moving to Phase 3. While awaiting final documentation on new legislation AESO has delayed the required payment to get to Phase 3 for new projects from July to the end of November. Journey has proactively reached out to the stakeholders involved to accelerate the required payment and move to Phase 3. These meetings are ongoing and Journey will provide further information as it becomes available.
Journey is planning to increase its power sales to the Alberta electricity grid by over 350% when the Gilby and Mazeppa projects come on-line. When the Gilby and Mazeppa power projects are on-stream, Journey will be in a position to more than offset its corporate power usage with power sales to the power grid. With all of Journey's power projects on-stream Journy's fund flow from power sales is forecast to exceed $15 million per year based upon GLJ's pricing assumptions. Journey has approximately $17 million in remaining expenditures to bring these projects on in order for the power to begin contributing meaningfully to cash flow in 2025.
FINANCIAL
Due to continued depressed natural gas prices resulting from a relatively warm winter, liquids revenues continued to account for a greater proportion of commodity revenues, becoming 95% for the second quarter. Even though realized natural gas prices declined by 59% in the second quarter of 2024 from the first quarter, overall commodity prices increased by 3% in this same period due to realized oil prices increasing by 16%. Operating costs were higher by 18% quarter over quarter in 2024 and this was mainly attributable to an additional $3.0 million in operating costs associated with turnarounds at four major facilities. Absent these incremental costs and associated production losses, operating costs would be more in line with both those experienced in the first quarter of 2024, and what Journey is projecting for the balance of the year. In the second quarter carbon taxes, property taxes and other government fees came in significantly higher than forecast. In addition to seasonally higher budgeted costs for property taxes, surface lease rentals, and AER fees, second quarter 2024 costs were negatively impacted by a $2.4 million adjustment to prior periods for carbon taxes.
On the administrative side, costs were $3.6 million for the second quarter. The increase over the first quarter was primarily due to the payment of annual bonuses during the second quarter along with a small increase in office lease costs. The $2.8 million quarterly average in G&A costs for the first half of 2024, is considered more representative of Journey's ongoing G&A on a quarterly basis.
Combining the impact of lower natural gas prices, lower sales volumes, and higher non-recurring operating and general and administrative costs, Journey recorded Adjusted Funds Flow for the second quarter of 2024 of $9.5 million as compared to $17.7 million in the first quarter. Adjusted Funds Flow per share was $0.15 on a basic weighted average basis and $0.14 on a diluted basis. Applying an average quarterly G&A burden and removing the carbon tax adjustment would have had a $3.2 million positive impact on Adjusted Funds Flow for the quarter.
Journey experienced a net loss of $2.3 million in the second quarter of 2024. Net loss per basic and diluted share was $0.04 for the second quarter. Cash flow from operations was $8.3 million in the second quarter of 2024 ($0.13 per basic share and $0.12 per diluted share).
Journey continued to be prudent with its capital spending during the second quarter as it underspent its Adjusted Funds Flows. Total capital expenditures (including decommissioning obligations) in the second quarter were $4.7 million. As a result, Journey's net debt was reduced from $60.1 million at March 31, 2024 to $55.5 million at June 30, 2024. Payment of $38 million of this debt has been extended to March of 2029, through the convertible debenture issuance that closed in March 2024.
OUTLOOK & GUIDANCE
Journey is reducing its 2024 guidance from 11,500-12,000 boe/d to 11,200-11,500 boe/d. The following factors have impacted 2024 sales volumes:
- 200-250 boe/d due to the phasing of capital expenditures substituting Duvernay drilling for Herronton and Medicine Hat drilling;
- 200 boe/d due to the impact of divestments (75 boe/d) and the unplanned shut-in of Stolberg due to a third party dispute. (50-125 boe/d); and
- 100 boe/d due to second quarter turnarounds
Adjusted Funds Flow guidance has been impacted by reduced sales volume guidance and the declining price for natural gas. Natural gas pricing has now been reduced to $1.75/mcf for 2024 resulting in a $4 million forecast reduction in Adjusted Funds Flow. Journey has hedged one-third of 2025 natural gas volumes at a price of $3.20/mcf. Although natural gas is a minor component of Journey's revenue, the difference between $1.75/mcf and $3.20/mcf is approximately $12 million per year on an annualized basis. This bodes well for 2025 revenues.
This guidance incorporates many material underlying assumptions including but not limited to:
- Forecasted commodity prices by month;
- Forecasted operating costs, including forecasted prices for power;
- Forecasted costs for the capital program and the timing of the spending; and
- Forecasted results and phasing of production additions from the capital program;
| Revised August 8, 2024 | Previous May 9, 2024 |
Annual average daily sales volumes | 11,200-11,500 boe/d (56% crude oil & NGL's) | 11,500-12,000 boe/d (55% crude oil & NGL's) |
Adjusted Funds Flow | $60 - 62 million | $70 - 73 million |
Adjusted Funds Flow per weighted average share | $0.96 - $0.99 | $1.14 - $1.19 |
Capital spending | $48 million | $51 million |
2024 ending Net Debt Net Debt to Adjusted Funds Flow ratio | $46 - $48 million 0.8x | $40 - $44 million 0.6x |
Reference commodity prices: WTI (USD $/bbl) MSW oil differentials (USD $/bbl) WCS oil differentials (USD $/bbl) AECO natural gas (CAD $/mcf) CAD/USD foreign exchange | $79.00 $4.35 $16.00 $1.75 $0.74 | $78.00 $4.50 $15.50 $2.25 $0.74 |
Notes:
- The weighting of the corporate sales volumes guidance is as follows:
- Heavy oil: 21%
- MSW crude oil: 25%
- NGL's: 9%
- Coal-bed methane natural gas: 7%
- Conventional natural gas: 38%
IMPLEMENTING A NORMAL COURSE ISSUER BID (NCIB)
Although well positioned for 2025, the overall industry sentiment remains negative and at certain times the value of Journey's shares does not accurately reflect the underlying value of the asset base and future opportunities. At times such as these, Journey's shareholders could benefit from a re-allocation of capital toward the purchase of Journey shares for cancellation. On August 8, 2024 Journey's Board of Directors approved the implementation of a Normal Course Issuer Bid ("NCIB") and Journey is in the process of completing the regulatory paperwork to implement the NCIB. Journey has not included the purchase of shares for cancellation in its guidance and will provide further information in due course as it becomes available.
Journey has embarked on a careful and prudent expansion of its business plan to grow the Company profitably. Journey has been diligently reducing indebtedness since the October 2022 acquisition while continuing to prudently invest in its future. The $38 million convertible debenture financing in March of 2024 has proven timely in light of the decline in commodity prices realized in the second quarter 2024. This capital provides the opportunity to meet near-term obligations while providing the mid-term capital that is critical for the anticipated growth in 2025.
In 2025, Journey expects forecasting higher revenues from: the power assets as they begin contributing meaningfully to cash flow; higher pricing for natural gas; an active capital program focused on volume growth; and the development of the vast Duvernay resource.
The Company's success would not be possible without the talented team at Journey, both in the office and the field. Management looks forward to updating you on Journey's progress on its development path.
About the Company
Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing water flood projects, and executing on accretive acquisitions. Journey seeks to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods. In addition, Journey is seeking to grow its power generation business. Journey currently produces approximately 4 MW of electricity and with the recently announced facility acquisitions is anticipating to expand its productive capacity to approximately 36 MW within the next year.
For further information contact:
Alex G. Verge
President and Chief Executive Officer
403-303-3232
alex.verge@journeyenergy.ca
or
Gerry Gilewicz
Chief Financial Officer
403-303-3238
gerry.gilewicz@journeyenergy.ca
Journey Energy Inc.
700, 517 - 10th Avenue SW
Calgary, AB T2R 0A8
403-294-1635
ADVISORIES
This press release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of the anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. In addition, and without limiting the generality of the foregoing, this press release contains forward-looking information regarding decline rates, anticipated netbacks, drilling inventory, estimated average drill, complete and equip and tie-in costs, anticipated potential of the Assets including, but not limited to, EOR performance and opportunities, capacity of infrastructure, potential reduction in operating costs, production guidance, total payout ratio, capital program and allocation thereof, future production, decline rates, funds flow, net debt, net debt to funds flow, exchange rates, reserve life, development and drilling plans, well economics, future cost reductions, potential growth, and the source of funding Journey's capital spending. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future.
The forward-looking information is based on certain key expectations and assumptions made by management, including expectations and assumptions concerning prevailing commodity prices and differentials, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions, including the Acquisition, the ability to market oil and natural gas successfully and the ability to access capital. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Journey can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on future operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect the operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website ().These forward looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Journeys prospective results of operations, funds flow, netbacks, debt, payout ratio well economics and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this press release was made as of the date of this press release and was provided for providing further information about Journey's anticipated future business operations. Journey disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein. Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, which involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Journey, including, without limitation, those listed under "Risk Factors" and "Forward Looking Statements" in the Annual Information Form filed on on March 28, 2024. Forward-looking information may relate to the future outlook and anticipated events or results and may include statements regarding the business strategy and plans and objectives. Particularly, forward-looking information in this press release includes, but is not limited to, information concerning Journey's drilling and other operational plans, production rates, and long-term objectives. Journey cautions investors in Journey's securities about important factors that could cause Journey's actual results to differ materially from those projected in any forward-looking statements included in this press release. Information in this press release about Journey's prospective funds flows and financial position is based on assumptions about future events, including economic conditions and courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that information regarding Journey's financial outlook should not be used for purposes other than those disclosed herein. Forward-looking information contained in this press release is based on current estimates, expectations and projections, which we believe are reasonable as of the current date. No assurance can be given that the expectations set out in the Prospectus or herein will prove to be correct and accordingly, you should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as required by applicable securities law.
Non-IFRS Measures
The Company uses the following non-IFRS measures in evaluating corporate performance. These terms do not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculation of similar measures by other companies.
(1) "Adjusted Funds Flow" is calculated by taking "cash flow provided by operating activities" from the financial statements and adding or deducting: changes in non-cash working capital; non-recurring "other" income; transaction costs; and decommissioning costs. Adjusted Funds Flow per share is calculated as Adjusted Funds Flow divided by the weighted-average number of shares outstanding in the period. Because Adjusted Funds Flow and Adjusted Funds Flow per share are not impacted by fluctuations in non-cash working capital balances, we believe these measures are more indicative of performance than the GAAP measured "cash flow generated from operating activities". In addition, Journey excludes transaction costs from the definition of Adjusted Funds Flow, as these expenses are generally in respect of capital acquisition transactions. The Company considers Adjusted Funds Flow a key performance measure as it demonstrates the Company's ability to generate funds necessary to repay debt and to fund future growth through capital investment. Journey's determination of Adjusted Funds Flow may not be comparable to that reported by other companies. Journey also presents "Adjusted Funds Flow per basic share" where per share amounts are calculated using the weighted average shares outstanding consistent with the calculation of net income (loss) per share, which per share amount is calculated under IFRS and is more fully described in the notes to the audited, year-end consolidated financial statements. The reconciliation of GAAP measured cash flow from operations to the non-GAAP metric of Adjusted Funds Flow is as follows:
| | Three months ended June 30, | | | Six months ended June 30, | |
| | 2024 | | | 2023 | | | % Change | | | 2024 | | | 2023 | | | % Change | |
Cash flow provided by operating activities | | 8,258 | | | 12,335 | | | (33) | | | 16,252 | | | 23,796 | | | (32) | |
Add (deduct): | | | | | | | | | | | | | | | | | | |
Changes in non-cash working capital | | (53) | | | (1,845) | | | (97) | | | 9,312 | | | 2,435 | | | 282 | |
Transaction costs | | - | | | - | | | - | | | 189 | | | 2 | | | 9,350 | |
Decommissioning costs | | 1,302 | | | 802 | | | 62 | | | 1,474 | | | 3,018 | | | (51) | |
Adjusted Funds Flow | | 9,507 | | | 11,292 | | | (16) | | | 27,227 | | | 29,251 | | | (7) | |
(2) "Netback(s)". The Company uses netbacks to help evaluate its performance, leverage, and liquidity; comparisons with peers; as well as to assess potential acquisitions. Management considers netbacks as a key performance measure as it demonstrates the Company's profitability relative to current commodity prices. Management also uses them in operational and capital allocation decisions. Journey uses netbacks to assess its own performance and performance in relation to its peers. These netbacks are operating, Funds Flow and net income (loss). "Operating netback" is calculated as the average sales price of the commodities sold (excluding financial hedging gains and losses), less royalties, transportation costs and operating expenses. There is no GAAP measure that is reasonably comparable to netbacks.
(3) "Net debt" is calculated by taking current assets and then subtracting accounts payable and accrued liabilities; the principal amount of term debt; other loans; and the principal amount of the contingent bank liability. Net debt is used to assess the capital efficiency, liquidity and general financial strength of the Company. In addition, net debt is used as a comparison tool to assess financial strength in relation to Journey's peers. The reconciliation of Net Debt is as follows:
| | June 30, 2024 | | | June 30, 2023 | | | % Change | | | June 30, 2024 | | | Dec. 31, 2023 | | | % Change | |
Term debt | | 28,063 | | | 43,763 | | | (36) | | | 28,063 | | | 43,763 | | | (36) | |
Convertible debentures | | 38,000 | | | - | | | - | | | 38,000 | | | - | | | - | |
Vendor-take-back debt | | - | | | 31,000 | | | (100) | | | - | | | 17,000 | | | (100) | |
Accounts payable and accrued liabilities | | 39,867 | | | 42,670 | | | (7) | | | 39,867 | | | 47,214 | | | (16) | |
Other loans | | 429 | | | 419 | | | 2 | | | 429 | | | 419 | | | 2 | |
Deduct: | | | | | | | | | | | | | | | | | | |
Cash in bank | | (18,905) | | | (9,789) | | | 93 | | | (18,905) | | | (17,715) | | | 176 | |
Accounts receivable | | (22,616) | | | (28,512) | | | (21) | | | (22,616) | | | (24,734) | | | (9) | |
Prepaid expenses | | (9,386) | | | (4,889) | | | 92 | | | (9,386) | | | (4,271) | | | 120 | |
Net debt | | 55,452 | | | 74,662 | | | (26) | | | 55,452 | | | 61,676 | | | (10) | |
(4) Journey uses "Capital Expenditures" to measure its capital investment level compared to the Company's annual budgeted capital expenditures for its organic capital program, excluding acquisitions or dispositions. The directly comparable GAAP measure to capital expenditures is cash used in investing activities. Journey then adjusts its capital expenditures for A&D activity to give a more complete analysis for its capital spending used for FD&A purposes. The capital spending for A&D proposes has been adjusted to reflect the non-cash component of the consideration paid (i.e. shares issued). The following table details the composition of capital expenditures and its reconciliation to cash flow used in investing activities:
| | Three months ended June 30, | | | Six months ended June 30, | |
| | 2024 | | | 2023 | | | % Change | | | 2024 | | | 2023 | | | % Change | |
Cash expenditures: | | | | | | | | | | | | | | | | | | |
Land and lease rentals | | 178 | | | 1,231 | | | (86) | | | 532 | | | 1,459 | | | (64) | |
Geological and geophysical | | 83 | | | 53 | | | 57 | | | 116 | | | 278 | | | (58) | |
Drilling and completions | | 676 | | | 29 | | | 2,231 | | | 7,699 | | | 2,185 | | | 252 | |
Well equipment and facilities | | 1,935 | | | 867 | | | 124 | | | 5,569 | | | 3,183 | | | 75 | |
Power generation | | 1,264 | | | 292 | | | 333 | | | 4,507 | | | 3,221 | | | 40 | |
Total capital expenditures | | 4,136 | | | 2,472 | | | 68 | | | 18,423 | | | 10,326 | | | 78 | |
PP&E acquisitions | | - | | | 11,539 | | | (100) | | | - | | | 11,539 | | | (100) | |
PP&E dispositions | | (787) | | | (5) | | | 15,640 | | | (787) | | | (1,041) | | | (24) | |
Net capital expenditures | | 3,349 | | | 14,006 | | | (76) | | | 17,636 | | | 20,824 | | | (15) | |
Other expenditures: | | | | | | | | | | | | | | | | | | |
Administrative | | 11 | | | - | | | - | | | 11 | | | - | | | - | |
ARO costs incurred (internal plus grants) | | 1,302 | | | 802 | | | 62 | | | 1,474 | | | 3,185 | | | (54) | |
Total capital expenditures | | 4,662 | | | 14,808 | | | (69) | | | 19,121 | | | 24,009 | | | (20) | |
Measurements
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
Where amounts are expressed in a barrel of oil equivalent ("boe"), or barrel of oil equivalent per day ("boe/d"), natural gas volumes have been converted to barrels of oil equivalent at nine (6) thousand cubic feet ("Mcf") to one (1) barrel. Use of the term boe may be misleading particularly if used in isolation. The boe conversion ratio of 6 Mcf to 1 barrel ("Bbl") of oil or natural gas liquids is based on an energy equivalency conversion methodology primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead. This conversion conforms to the Canadian Securities Regulators' National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
Abbreviations
The following abbreviations are used throughout these MD&A and have the ascribed meanings:
AIMCo | Alberta Investment Management Corporation |
API | American Petroleum Institute |
bbl | Barrel |
bbls | Barrels |
boe | barrels of oil equivalent (see conversion statement) |
boe/d | barrels of oil equivalent per day |
gj | Gigajoules |
GAAP | Generally Accepted Accounting Principles |
IFRS | International Financial Reporting Standards |
Mbbls | thousand barrels |
Mboe | thousand boe |
Mcf | thousand cubic feet |
Mmcf | million cubic feet |
Mmcf/d | million cubic feet per day |
MSW | Mixed sweet Alberta benchmark oil price at Edmonton Alberta |
MW | One million watts of power |
NGL's | natural gas liquids (ethane, propane, butane and condensate) |
VTB | Vendor-take-back term debt issued by Journey to Enerplus Corporation as partial payment of the purchase price for the asset acquisition on October 31, 2022 |
WCS | Western Canada Select benchmark oil price. This crude oil is heavy/sour with API gravity of 19-22 degrees and sulphur content of 1.8-3.2%. |
WTI | West Texas Intermediate benchmark Oil price. This crude oil is light/sweet with API gravity of 39.6 degrees and sulfur content of 0.24%. |
All volumes in this press release refer to the sales volumes of crude oil, natural gas and associated by-products measured at the point of sale to third-party purchasers. For natural gas, this occurs after the removal of natural gas liquids.
No securities regulatory authority has either approved or disapproved of the contents of this press release.
艾伯塔省卡爾加里--(Newsfile Corp.,2024年8月8日)——Journey Energy Inc.(多倫多證券交易所股票代碼:JOY)(OTCQX:JRNGF)(「Journey」 或 「公司」)欣然宣佈其截至2024年6月30日的三個月和六個月期間的財務和經營業績。完整的財務報表以及管理層的討論和分析已在公司網站上發佈。
第二季度的亮點如下:
- 第一季度銷售量爲11,235桶桶/日(45% 原油;9% 液化天然氣;46% 天然氣)
- 調整後已實現資金流950萬美元,合每股基本股0.15美元,攤薄後每股0.14美元。
- 繼續建設吉爾比發電資產。該項目目前計劃於第四季度初完成。
- 2024年5月7日,Journey宣佈與斯巴達三角洲公司參與一塊佔地128塊的合資地塊,共同開發西頁岩盆地的杜弗奈河。該區塊內的初始工作權益爲37.5%,Spartan Delta Corp. 62.5%。合作伙伴目前控制着該區塊內的94個路段。目前計劃在2024年晚些時候開採兩口井。Journey的支出份額將通過內部產生的現金流和最近可轉換債券發行的收益相結合來提供資金。
財務和運營亮點
| | 三個月結束了 6月30日 | | | 六個月已結束 6月30日 | |
財務(每股金額除外,000美元) | | 2024 | | | 2023 | | | % 改變 | | | 2024 | | | 2023 | | | % 改變 | |
銷售收入 | | 50,525 | | | 53,513 | | | (6) | | | 102,623 | | | 111,956 | | | (8) | |
淨收益(虧損) | | (2,328) | | | (1,773) | | | 31 | | | 920 | | | 4,667 | | | (80) | |
基本(美元/股) | | (0.04) | | | (0.03) | | | 33 | | | 0.01 | | | 0.08 | | | (88) | |
攤薄(美元/股) | | (0.04) | | | (0.03) | | | 33 | | | 0.01 | | | 0.07 | | | (86) | |
調整後的資金流 | | 9,507 | | | 11,292 | | | (16) | | | 27,227 | | | 29,251 | | | (7) | |
基本(美元/股) | | 0.15 | | | 0.19 | | | (21) | | | 0.44 | | | 0.49 | | | (10) | |
攤薄(美元/股) | | 0.14 | | | 0.17 | | | (18) | | | 0.41 | | | 0.45 | | | (9) | |
經營活動提供的現金流 | | 8,258 | | | 12,335 | | | (33) | | | 16,252 | | | 23,796 | | | (32) | |
基本(美元/股) | | 0.13 | | | 0.20 | | | (35) | | | 0.26 | | | 0.40 | | | (35) | |
攤薄(美元/股) | | 0.12 | | | 0.18 | | | (33) | | | 0.24 | | | 0.37 | | | (35) | |
資本支出,包括 A&D | | 3,355 | | | 14,006 | | | (76) | | | 17,642 | | | 20,824 | | | (15) | |
淨負債 | | 55,452 | | | 74,662 | | | (26) | | | 55,451 | | | 74,662 | | | (26) | |
| | | | | | | | | | | | | | | | | | |
股本 (000) | | | | | | | | | | | | | | | | | | |
基本、加權平均值 | | 61,350 | | | 60,923 | | | 1 | | | 61,350 | | | 59,545 | | | 3 | |
基本,期末 | | 61,350 | | | 60,923 | | | 1 | | | 61,350 | | | 60,923 | | | 1 | |
完全稀釋 | | 68,387 | | | 67,869 | | | 1 | | | 68,387 | | | 67,869 | | | 1 | |
| | | | | | | | | | | | | | | | | | |
每日銷量 | | | | | | | | | | | | | | | | | | |
天然氣 (mcf/D) | | | | | | | | | | | | | | | | | | |
常規 | | 25,910 | | | 29,946 | | | (13) | | | 26,596 | | | 30,276 | | | (12) | |
煤層甲烷 | | 4,612 | | | 4,170 | | | 11 | | | 4,304 | | | 4,224 | | | 2 | |
天然氣總量 | | 30,522 | | | 34,116 | | | (11) | | | 30,900 | | | 34,500 | | | (10) | |
原油 (bbl/d) | | | | | | | | | | | | | | | | | | |
輕/中 | | 2,799 | | | 3,306 | | | (15) | | | 3,075 | | | 3,497 | | | (12) | |
沉重的 | | 2,320 | | | 2,133 | | | 9 | | | 2,227 | | | 2,091 | | | 7 | |
原油總量 | | 5,119 | | | 5,439 | | | (6) | | | 5,302 | | | 5,588 | | | (5) | |
液化天然氣 (bbl/d) | | 1,029 | | | 1,275 | | | (19) | | | 1,118 | | | 1,321 | | | (15) | |
桶石油當量(boe/d) | | 11,235 | | | 12,400 | | | (9) | | | 11,570 | | | 12,659 | | | (9) | |
| | | | | | | | | | | | | | | | | | |
平均已實現價格(不包括套期保值) | | | | | | | | | | | | | | | | | | |
天然氣 ($/mcf) | | 0.97 | | | 2.43 | | | (60) | | | 1.68 | | | 2.75 | | | (39) | |
原油(美元/桶) | | 93.38 | | | 82.92 | | | 13 | | | 86.74 | | | 80.73 | | | 7 | |
液化天然氣(美元/桶) | | 46.12 | | | 41.20 | | | 12 | | | 46.52 | | | 45.38 | | | 3 | |
桶石油當量(美元/桶油) | | 49.42 | | | 47.28 | | | 5 | | | 48.73 | | | 48.68 | | | - | |
| | | | | | | | | | | | | | | | | | |
運營淨回報(美元/boe) | | | | | | | | | | | | | | | | | | |
已實現價格(不包括套期保值) | | 49.42 | | | 47.42 | | | 4 | | | 48.73 | | | 48.86 | | | - | |
特許權使用費 | | (10.05) | | | (9.77) | | | 3 | | | (9.71) | | | (10.08) | | | (4) | |
運營費用 | | (22.91) | | | (23.41) | | | (2) | | | (20.64) | | | (21.57) | | | (4) | |
交通費用 | | (1.47) | | | (0.63) | | | 133 | | | (1.22) | | | (0.85) | | | 44 | |
運營淨回報 | | 14.99 | | | 13.61 | | | 10 | | | 17.16 | | | 16.36 | | | 5 | |
運營
在2024年第二季度,Journey繼續推進其所有舉措,以期從2025年開始增加自由現金流,並制定長期戰略,即提高其每股已證實、已開發和創造的價值。Journey經歷了許多影響最近幾個季度的業績的一次性事件,但是,公司的中期前景保持不變。
2024年3月20日,Journey發行了3,800萬美元的可轉換債券,這不僅是爲了償還部分債務,還用於增加2024年的資本計劃,增加赫倫頓和梅迪辛哈特的計劃資本計劃。這些計劃原計劃在2024年下半年增加400-500桶桶/日,這在Journey之前的指導區間內提供了安慰。這些計劃現已推遲到2025年,以便爲兩口杜弗奈油井的營運權益參與提供資金。由於杜弗奈油井預計將於2024年底投產,它們將對2024年的退出率產生積極影響,但將導致2024年的年銷售量預期下降。
2024年第二季度的資本支出總額爲470萬美元。這些成本包括電力項目的持續推進、馬齊溫和梅迪辛哈特的注入項目以及退役支出。預計第三季度的資本支出將增加至1,650萬美元,其中將增加電力項目的資本(700萬美元);杜弗奈鑽探的啓動;切爾希爾的設施打破瓶頸;以及將梅迪辛哈特的聚合物洪水擴大到未被洪水淹沒的新地區。
2024年第二季度,Journey的銷量爲11,235桶桶/日(55%爲石油和液體)。第二季度的交易量受到第二季度週轉、道路禁令和特許權使用費撤資的負面影響(約500桶/日)。Journey在2024年第一季度完成了梅迪辛哈特地區的4.0(淨產2.9口)油井項目,所有油井在整個第二季度均投入生產。這些新油井幫助緩解了第二季度的停機時間。第二季度沒有再鑽井。
第二季度的大部分停機是由於Journey的四個主要產區的重大週轉造成的。這些週轉對整個季度的影響約爲400桶/日,向Matziwin、Ante Creek、Carrot Creek和Gilby Gas的物業收取了約300萬美元的額外運營成本。Matziwin和Ante Creek的停機時間延長了,目的是重做這些中央電池中分離和處理設備的內部塗層。這些設施通常每五年檢查一次,遇到這些問題並不常見。由於新的 Poplar Creek 油井的路況潮溼,Journey 也經歷了停機時間。在上述所有案例中,停機時間主要集中在油井上。銷量損失和運營支出增加相結合,導致本季度調整後的資金流減少了約600萬美元。
8月初,第三方油井運營商通知Journey,他們將關閉Journey的油量,而由於處理費的爭議,Journey的油氣量反過來一直流向第三方加工設施。由於缺乏溶液氣的外賣能力,Journey的Stolberg的大部分產量將受到此次關閉的影響。這些產量在2024年7月下旬被削減,預計在削減期間總產量將減少約200桶桶/日。
從中期來看,該債券的主要目的是將2024年的部分債務償還義務延長至2029年,從而允許在2024年和2025年擴大包括杜弗奈資源初步開發在內的項目的勘探和開發資本。由於這筆融資,Journey仍有望實現其退出利率指引,同時償還2024年的債務。
杜弗奈合資企業
2024年5月7日,Journey宣佈與斯巴達三角洲公司(「Spartan」)參與一塊佔地128塊的合資地塊,共同開發杜弗奈西部頁岩盆地。該區塊內的初始工作權益爲37.5%爲Journey,62.5%爲Spartan。合作伙伴目前控制着該街區內的94個區域。計劃在2024年第三季度開採兩口井。Journey在這些支出中的份額將主要通過3月份完成的可轉換債券融資提供資金。2024年和2025年,合資企業的初始資本支出總額分別上限爲3000萬美元和1億美元。經雙方同意,支出上限可以增加。2024年的資本計劃足以在單個平台上在方位角上鑽探、完成、裝備和配對兩口井。
Journey修訂了其大部分債務的期限,直至2029年,再加上電力業務的未來收入,有能力爲該開發項目中的營運權益部分提供資金。Journey認爲,它已經在Spartan找到了優質的合作伙伴,可以幫助他們從規模經濟中受益,同時最大限度地降低公司業務計劃中發生單一事件的風險。該公司的願望是在不稀釋現有陸地位置的情況下實現這一目標,同時最大限度地提高液體窗口中方位角位置的淨值。Journey 在聯合陸地上的工作利益位置足以支撐方位角 2.5 英里淨行駛 60 英里。
擴展 Journey 的電力業務
Journey的預算爲1100萬美元,用於在2024年完成吉爾比電力項目。Journey預測,到2024年10月,其大部分預算資本將用於該項目。吉爾比項目的大樓已於4月初完工,發電機現已安裝在大樓內。目前,隨着發動機的檢修和電子元件的升級,活動正在加強。Journey目前預測吉爾比項目將在第四季度初完成。但是,由於最終的監管和傳輸批准,其啓動時間表仍不在其控制範圍內。出於這個原因,Journey目前的指導方針不包含吉爾比在2024年的電力收入。
Journey已編入630萬美元的預算,用於在2024年爲Mazeppa電力項目注入活力。第二階段群集研究的最新結果已於6月底公佈。通常,集群研究將導致付款在7月到期,從而使項目進入第三階段。在等待新立法的最終文件時,AESO已將新項目進入第三階段所需的付款從7月推遲到11月底。Journey已主動聯繫相關利益相關者,以加快所需的付款並進入第三階段。這些會議仍在進行中,Journey將在獲得更多信息後提供更多信息。
Journey計劃在吉爾比和馬澤帕項目上線後,將其對艾伯塔省電網的電力銷售增加350%以上。當吉爾比和馬澤帕電力項目投產時,Journey將能夠通過向電網出售電力來抵消其企業用電量。根據GLJ的定價假設,隨着Journey的所有電力項目都在上線,預計Journy的電力銷售資金流每年將超過1500萬美元。Journey還有大約1700萬美元的剩餘支出用於啓動這些項目,以便電力在2025年開始爲現金流做出有意義的貢獻。
金融的
由於相對溫暖的冬天導致天然氣價格持續低迷,液體收入繼續佔大宗商品收入的更大比例,第二季度達到95%。儘管2024年第二季度的已實現天然氣價格比第一季度下降了59%,但由於已實現的油價上漲了16%,同期大宗商品整體價格上漲了3%。2024年,運營成本同比增長了18%,這主要是由於與四個主要設施的檢修相關的運營成本增加了300萬美元。如果沒有這些增量成本和相關的生產損失,運營成本將與2024年第一季度的運營成本以及Journey在今年剩餘時間內的預測更加一致。在第二季度,碳稅、財產稅和其他政府費用明顯高於預期。除了財產稅、地面租賃租賃和AER費的預算成本季節性增加外,2024年第二季度的成本還受到前期碳稅240萬美元調整的負面影響。
在管理方面,第二季度的成本爲360萬美元。與第一季度相比的增長主要是由於第二季度支付的年度獎金以及辦公室租賃成本的小幅增加。2024年上半年的季度平均併購成本爲280萬美元,被認爲更能代表Journey每季度正在進行的併購成本。
綜合天然氣價格下跌、銷售量減少以及非經常性運營和一般及管理成本增加的影響,Journey的2024年第二季度調整後資金流爲950萬美元,而第一季度爲1,770萬美元。調整後的每股資金流按基本加權平均值計算爲0.15美元,攤薄後每股資金流爲0.14美元。採用平均的季度併購負擔並取消碳稅調整將對本季度調整後的資金流產生320萬美元的積極影響。
Journey在2024年第二季度淨虧損230萬美元。第二季度每股基本和攤薄後每股淨虧損爲0.04美元。2024年第二季度的運營現金流爲830萬美元(基本每股0.13美元,攤薄後每股0.12美元)。
Journey繼續謹慎對待第二季度的資本支出,原因是其支出低於調整後的資金流。第二季度的資本支出總額(包括退役債務)爲470萬美元。結果,Journey的淨負債從2024年3月31日的6,010萬美元減少到2024年6月30日的5,550萬美元。通過2024年3月結束的可轉換債券發行,這筆債務中的3,800萬美元債務的償付已延長至2029年3月。
展望與指導
Journey正在將其2024年的預期從11,500-12,000桶桶/日下調至11,200-11,500桶桶/日。以下因素影響了2024年的銷量:
- 200-250 boe/d,這是由於資本支出分階段進行,以杜弗奈鑽探取代赫倫頓和梅迪辛哈特的鑽探;
- 由於撤資(75 boe/d)和Stolberg因第三方糾紛而計劃外關閉(50-125 boe/d)的影響,200 boe/d;以及
- 由於第二季度週轉,每天 100 boe/d
調整後的資金流指導受到銷量預期減少和天然氣價格下跌的影響。2024年的天然氣價格現已降至1.75美元/立方英尺,預計調整後的資金流將減少400萬美元。Journey以3.20美元/立方英尺的價格對沖了2025年天然氣銷量的三分之一。儘管天然氣只佔Journey收入的一小部分,但按年計算,每立方英尺1.75美元和3.20美元/立方英尺之間的差額約爲每年1200萬美元。這對2025年的收入來說是個好兆頭。
本指南包含許多重要的基本假設,包括但不限於:
- 按月預測的商品價格;
- 預測的運營成本,包括預測的電力價格;
- 資本計劃的預測成本和支出時機;以及
- 資本計劃產量增加的預測結果和分階段增加的產量;
| 2024 年 8 月 8 日修訂 | 上一頁:2024年5月9日 |
年平均每日銷售量 | 11,200-11,500 boe/d (56%) 原油和液化天然氣) | 11,500-12,000 boe/d (55%) 原油和液化天然氣) |
調整後的資金流 | 6000-6200萬 | 7000萬至7300萬美元 |
調整後的每股加權平均資金流 | 0.96 美元-0.99 美元 | 1.14-1.19 美元 |
資本支出 | 4,800 萬美元 | 5100 萬美元 |
2024 年末淨負債 淨負債與調整後資金流比率 | 4,600萬至4,800萬美元 0.8 倍 | 40-4,400 萬美元 0.6x |
參考大宗商品價格: 西德克薩斯中質原油(美元/桶) 城市生活垃圾機油差價(美元/桶) WCS 機油差價(美元/桶) AECO 天然氣(加元/立方英尺) 加元/美元外匯 | 79.00 美元 4.35 美元 16.00 美元 1.75 美元 0.74 美元 | 78.00 美元 4.50 美元 15.50 美元 2.25 美元 0.74 美元 |
注意事項:
- 企業銷量指導的權重如下:
- 重油:21%
- 城市生活垃圾原油:25%
- NGL:9%
- 煤層甲烷天然氣:7%
- 傳統天然氣:38%
實施普通課程發行人出價 (NCIB)
儘管爲2025年做好了準備,但整體行業情緒仍然負面,在某些時候,Journey的股票價值並不能準確反映資產基礎和未來機會的潛在價值。在這樣的時候,Journey的股東可以受益於資本的重新配置,用於購買Journey股票進行註銷。2024年8月8日,Journey董事會批准了普通課程發行人競標(「NCIB」)的實施,Journey正在完成實施NCIB的監管文件。Journey未將購買股票以供取消的內容納入其指導方針,並將在適當時候提供更多信息。
Journey已開始謹慎地擴展其業務計劃,以實現公司的盈利增長。自2022年10月收購以來,Journey一直在努力減少債務,同時繼續謹慎地投資其未來。鑑於2024年第二季度大宗商品價格的下跌,2024年3月的3,800萬美元可轉換債券融資被證明是及時的。這筆資本爲履行短期債務提供了機會,同時提供了對2025年的預期增長至關重要的中期資本。
Journey預計,到2025年,將從以下方面獲得更高的收入:電力資產開始爲現金流做出有意義的貢獻;更高的天然氣價格;側重於銷量增長的活躍資本計劃;以及龐大的杜弗奈資源的開發。
如果沒有 Journey 的優秀團隊,無論是在辦公室還是在現場,公司都不可能取得成功。管理層期待向您介紹Journey在發展道路上的最新進展。
關於本公司
Journey是一家加拿大勘探和生產公司,專注於加拿大西部的常規石油加權業務。Journey的戰略是通過在現有核心土地上鑽探、實施洪水項目和進行增值收購來擴大其生產基地。Journey力求通過應用水平鑽探的最佳實踐,並在可行的情況下應對洪水,來優化其在現有土地上的傳統油庫。此外,Journey正在尋求發展其發電業務。Journey目前的發電量約爲4兆瓦,隨着最近宣佈的設施收購,預計明年其生產能力將擴大到約36兆瓦。
欲了解更多信息,請聯繫:
亞歷克斯·G·維奇
總裁兼首席執行官
403-303-3232
alex.verge@journeyenergy.ca
要麼
Gerry Gilewicz
首席財務官
403-303-3238
gerry.gilewicz@journeyenergy.ca
旅程能源公司
700、517-西南第 10 大道
艾伯塔省卡爾加里 T2R 0A8
403-294-1635
公告
本新聞稿包含適用證券法所指的前瞻性陳述和前瞻性信息(統稱爲 「前瞻性信息」),這些信息涉及公司的計劃以及未來預期運營、管理重點、戰略、財務、經營和生產業績、行業狀況、大宗商品價格和商業機會的其他方面。此外,在不限制上述概括性的前提下,本新聞稿包含有關下降率、預期淨回值、鑽探庫存、估計的平均鑽探、完工和裝備及配套成本、資產的預期潛力,包括但不限於EOR業績和機會、基礎設施容量、運營成本的潛在降低、生產指導、總支出率、資本計劃及其分配、未來產量、下降率、資金流的前瞻性信息,淨負債,淨負債至資金流、匯率、儲量壽命、開發和鑽探計劃、油井經濟學、未來成本降低、潛在增長以及Journey資本支出的資金來源。前瞻性信息通常使用諸如 「預期」、「相信」、「項目」、「期望」、「目標」、「計劃」、「打算」 等詞語或類似詞語來暗示未來的結果,陳述將來 「可能」、「將」、「可能」 或 「將」 採取或發生的行動、事件或條件。
前瞻性信息基於管理層做出的某些關鍵預期和假設,包括對當前大宗商品價格和差異、匯率、利率、適用的特許權使用費率和稅法的預期和假設;未來產量和運營成本估計;現有和未來油井的表現;儲量和資源量;資本支出的預期時間和結果;鑽探新油井取得的成功;開採預算資本支出的充足性計劃中的活動;未來鑽探作業的時間、地點和範圍;經濟狀況和勘探和生產業務;經營結果;業績;商業前景和機會;融資、勞動力和服務的可用性和成本;競爭加劇的影響;有效整合通過收購(包括收購)獲得的資產和員工的能力、成功銷售石油和天然氣的能力以及獲得資本的能力。儘管我們認爲此類前瞻性信息所依據的預期和假設是合理的,但不應過分依賴前瞻性信息,因爲Journey無法保證這些信息將被證明是正確的。由於前瞻性信息涉及未來的事件和狀況,因此就其本質而言,它們涉及固有的風險和不確定性。實際結果、業績或成就可能與前瞻性信息所表達或暗示的結果存在重大差異,因此,無法保證前瞻性信息所預期的任何事件會發生或發生,也無法保證如果其中任何事件發生,我們將從中獲得什麼好處。管理層納入了與本新聞稿中提供的前瞻性信息相關的上述假設和風險摘要,目的是讓證券持有人更全面地了解未來的運營,此類信息可能不適用於其他目的。
請讀者注意,上述因素清單並不詳盡。有關這些因素以及其他可能影響運營或財務業績的因素的更多信息包含在向相關證券監管機構存檔的報告中,可通過SEDAR網站()訪問。這些前瞻性陳述自本新聞稿發佈之日起作出,除非適用的證券法要求,否則我們不打算或義務公開更新任何前瞻性信息,無論是由於新信息、未來事件或業績還是其他原因。
本新聞稿包含面向未來的財務信息和財務展望信息(統稱爲 「FOFI」),內容涉及Journeys的預期經營業績、資金流、淨回值、債務、派息率以及經濟學及其組成部分,所有這些都受上述段落中規定的相同假設、風險因素、限制和條件的約束。本新聞稿中包含的FOFI是截至本新聞稿發佈之日發佈的,旨在提供有關Journey未來預期業務運營的更多信息。除非適用法律要求,否則Journey不打算或義務更新或修改本新聞稿中包含的任何 FOFI,無論是由於新信息、未來事件還是其他原因。請讀者注意,本新聞稿中包含的FOFI不得用於本文披露的目的以外的其他目的。本新聞稿中非最新或歷史事實信息的信息可能構成證券法所指的前瞻性信息,其中涉及大量已知和未知的風險和不確定性,其中大多數是Journey無法控制的,包括但不限於2024年3月28日提交的年度信息表中 「風險因素」 和 「前瞻性陳述」 中列出的風險和不確定性。前瞻性信息可能與未來展望和預期事件或結果有關,可能包括有關業務戰略、計劃和目標的陳述。特別是,本新聞稿中的前瞻性信息包括但不限於有關Journey鑽探和其他運營計劃、產量和長期目標的信息。Journey提醒投資Journey證券的投資者注意一些重要因素,這些因素可能導致Journey的實際業績與本新聞稿中包含的任何前瞻性陳述中的預測存在重大差異。本新聞稿中有關Journey預期資金流和財務狀況的信息基於管理層對當前可用相關信息的評估,對未來事件的假設,包括經濟狀況和行動方針。提醒讀者,有關Journey財務前景的信息不應用於此處披露的目的以外的其他目的。本新聞稿中包含的前瞻性信息基於當前的估計、預期和預測,我們認爲截至當前日期,這些估計、預期和預測是合理的。無法保證招股說明書或此處提出的預期會被證明是正確的,因此,您不應過分重視前瞻性信息,也不應在任何其他日期依賴這些信息。儘管我們可以選擇,但除非適用的證券法要求,否則我們沒有義務也不承諾在任何特定時間更新這些信息。
非國際財務報告準則指標
公司使用以下非國際財務報告準則指標來評估公司業績。這些術語不具有《國際財務報告準則》規定的標準化含義,因此可能無法與其他公司計算的類似衡量標準進行比較。
(1) 「調整後資金流」 的計算方法是從財務報表中取出 「經營活動提供的現金流」,然後加上或扣除:非現金營運資金的變化;非經常性 「其他」 收入;交易成本;和退役成本。調整後的每股資金流計算方法是調整後的資金流除以該期間已發行股票的加權平均數。由於調整後的每股資金流和調整後的每股資金流不受非現金營運資本餘額波動的影響,我們認爲這些指標比公認會計原則衡量的 「經營活動產生的現金流」 更能說明業績。此外,Journey將交易成本排除在調整後資金流的定義之外,因爲這些費用通常與資本收購交易有關。該公司將調整後的資金流視爲一項關鍵的績效指標,因爲它表明公司有能力籌集償還債務所需的資金,並通過資本投資爲未來增長提供資金。Journey對調整後資金流的確定可能無法與其他公司報告的結果相提並論。Journey還提供了 「調整後的每股基本股資金流」,其中每股金額是使用加權平均已發行股票計算的,與每股淨收益(虧損)的計算一致,每股淨收益(虧損)金額根據國際財務報告準則計算,經審計的年終合併財務報表附註中有更全面的描述。GAAP計量運營現金流與調整後資金流的非公認會計准則指標的對賬情況如下:
| | 截至6月30日的三個月 | | | 截至6月30日的六個月 | |
| | 2024 | | | 2023 | | | % 變化 | | | 2024 | | | 2023 | | | % 變化 | |
經營活動提供的現金流 | | 8,258 | | | 12,335 | | | (33) | | | 16,252 | | | 23,796 | | | (32) | |
加(扣除): | | | | | | | | | | | | | | | | | | |
非現金營運資金的變化 | | (53) | | | (1,845) | | | (97) | | | 9,312 | | | 2,435 | | | 282 | |
交易成本 | | - | | | - | | | - | | | 189 | | | 2 | | | 9,350 | |
退役成本 | | 1,302 | | | 802 | | | 62 | | | 1,474 | | | 3,018 | | | (51) | |
調整後的資金流 | | 9,507 | | | 11,292 | | | (16) | | | 27,227 | | | 29,251 | | | (7) | |
(2) 「淨返回」。該公司使用淨回值來幫助評估其業績、槓桿率和流動性;與同行進行比較;以及評估潛在的收購。管理層將淨回值視爲關鍵績效指標,因爲它表明了公司相對於當前大宗商品價格的盈利能力。管理層還將它們用於運營和資本配置決策。Journey使用淨回值來評估其自身的表現和與同行相比的表現。這些淨回值是運營、資金流和淨收益(虧損)。「營業淨回報」 是按所售商品的平均銷售價格(不包括財務套期保值收益和虧損)減去特許權使用費、運輸成本和運營費用計算得出的。沒有任何GAAP指標可以合理地與淨回值相提並論。
(3) 「淨負債」 的計算方法是取流動資產,然後減去應付賬款和應計負債;定期債務的本金;其他貸款;以及或有銀行負債的本金。淨負債用於評估公司的資本效率、流動性和總體財務實力。此外,淨負債被用作比較工具,用於評估與Journey同行相關的財務實力。淨負債的對賬情況如下:
| | 2024年6月30日 | | | 2023年6月30日 | | | % 變化 | | | 6月30日 2024 | | | 12 月 31 日 2023 | | | % 改變 | |
定期債務 | | 28,063 | | | 43,763 | | | (36) | | | 28,063 | | | 43,763 | | | (36) | |
可轉換債券 | | 38,000 | | | - | | | - | | | 38,000 | | | - | | | - | |
供應商收回債務 | | - | | | 31,000 | | | (100) | | | - | | | 17,000 | | | (100) | |
應付賬款和應計負債 | | 39,867 | | | 42,670 | | | (7) | | | 39,867 | | | 47,214 | | | (16) | |
其他貸款 | | 429 | | | 419 | | | 2 | | | 429 | | | 419 | | | 2 | |
扣除: | | | | | | | | | | | | | | | | | | |
銀行現金 | | (18,905) | | | (9,789) | | | 93 | | | (18,905) | | | (17,715) | | | 176 | |
應收賬款 | | (22,616) | | | (28,512) | | | (21) | | | (22,616) | | | (24,734) | | | (9) | |
預付費用 | | (9,386) | | | (4,889) | | | 92 | | | (9,386) | | | (4,271) | | | 120 | |
淨負債 | | 55,452 | | | 74,662 | | | (26) | | | 55,452 | | | 61,676 | | | (10) | |
(4) Journey使用 「資本支出」 來衡量其資本投資水平與公司有機資本計劃(不包括收購或處置)的年度預算資本支出。與資本支出直接比較的GAAP指標是用於投資活動的現金。然後,Journey調整了其A&D活動的資本支出,以對用於FD&A目的的資本支出進行更完整的分析。對A&D提案的資本支出進行了調整,以反映已支付的對價(即已發行的股票)中的非現金部分。下表詳細說明了資本支出的構成及其與投資活動所用現金流的對賬:
| | 截至6月30日的三個月 | | | 截至6月30日的六個月 | |
| | 2024 | | | 2023 | | | % 改變 | | | 2024 | | | 2023 | | | % 改變 | |
現金支出: | | | | | | | | | | | | | | | | | | |
土地和租賃租金 | | 178 | | | 1,231 | | | (86) | | | 532 | | | 1,459 | | | (64) | |
地質和地球物理 | | 83 | | | 53 | | | 57 | | | 116 | | | 278 | | | (58) | |
鑽探和完井 | | 676 | | | 29 | | | 2,231 | | | 7,699 | | | 2,185 | | | 252 | |
油井設備和設施 | | 1,935 | | | 867 | | | 124 | | | 5,569 | | | 3,183 | | | 75 | |
發電 | | 1,264 | | | 292 | | | 333 | | | 4,507 | | | 3,221 | | | 40 | |
資本支出總額 | | 4,136 | | | 2,472 | | | 68 | | | 18,423 | | | 10,326 | | | 78 | |
PP&E 收購 | | - | | | 11,539 | | | (100) | | | - | | | 11,539 | | | (100) | |
PP&E 處置 | | (787) | | | (5) | | | 15,640 | | | (787) | | | (1,041) | | | (24) | |
淨資本支出 | | 3,349 | | | 14,006 | | | (76) | | | 17,636 | | | 20,824 | | | (15) | |
其他支出: | | | | | | | | | | | | | | | | | | |
行政 | | 11 | | | - | | | - | | | 11 | | | - | | | - | |
產生的ARO費用(內部加補助金) | | 1,302 | | | 802 | | | 62 | | | 1,474 | | | 3,185 | | | (54) | |
資本支出總額 | | 4,662 | | | 14,808 | | | (69) | | | 19,121 | | | 24,009 | | | (20) | |
測量
除非另有說明,否則此處包含的所有美元數字均以加元表示。
如果數量以桶石油當量(「boe」)或每天每桶石油當量(「boe/d」)表示,則天然氣的體積已轉換爲桶石油當量,即九(6)千立方英尺(「Mcf」)換算成一(1)桶的石油當量。英國央行一詞的使用可能會產生誤導,特別是如果單獨使用。英國央行6立方英尺對1桶(「Bbl」)液化石油或天然氣的轉換比率基於主要適用於燃燒器尖端的能量等效轉換方法,並不代表井口的等值值。這種轉換符合加拿大證券監管機構的國家儀器51-101——石油和天然氣活動披露標準。
縮略語
這些 MD&A 中使用了以下縮寫,其含義如下:
AimCo | 艾伯塔省投資管理公司 |
API | 美國石油學會 |
bbl | 桶 |
bbls | 桶 |
英國央行 | 桶石油當量(見換算表) |
boe/d | 每天桶石油當量 |
gj | 千兆焦耳 |
GAAP | 公認會計原則 |
國際財務報告準則 | 國際財務報告準則 |
mbbls | 千桶 |
Mboe | 千桶油 |
Mcf | 千立方英尺 |
mmcf | 百萬立方英尺 |
mmcf/D | 每天百萬立方英尺 |
MSW | 艾伯塔省埃德蒙頓的艾伯塔基準油價漲跌互 |
兆瓦 | 一百萬瓦的功率 |
NGL | 液態天然氣(乙烷、丙烷、丁烷和冷凝水) |
VTB | 2022年10月31日,Journey to Enerplus Corporation發行的供應商收購定期債務,作爲資產收購價的部分支付 |
WCS | 加拿大西部精選基準油價。這種原油是重質/酸性的,API重力爲19-22度,硫含量爲1.8-3.2%。 |
WTI | 西德克薩斯中質原油基準價格。這種原油是輕質/甜的,API重力爲39.6度,硫含量爲0.24%。 |
本新聞稿中的所有銷量均指在向第三方購買者銷售時測得的原油、天然氣和相關副產品的銷售量。對於天然氣,這種情況發生在去除液態天然氣之後。
沒有任何證券監管機構批准或不批准本新聞稿的內容。