Calgary, Alberta--(Newsfile Corp. - August 8, 2024) - Pine Cliff Energy Ltd. (TSX: PNE) ("Pine Cliff" or the "Company") announces its second quarter 2024 financial and operating results and guidance update.
Second Quarter 2024 Results
- Generated $10.8 million ($0.03 per basic and fully diluted share) and $21.3 million ($0.06 per basic and fully diluted share) of adjusted funds flow1 for the three and six months ended June 30, 2024, compared to $12.0 million ($0.03 per basic and fully diluted share) and $31.9 million ($0.09 per basic and fully diluted share) for the comparable periods in 2023;
- Production averaged 23,688 Boe/d2 and 23,776 Boe/d3 for the three and six months ended June 30, 2024, 17% and 19% higher than the comparable periods in 2023;
- Paid dividends of $5.4 million ($0.02 per basic and fully diluted share) and $14.9 million ($0.04 per basic and fully diluted share) during the three and six months ended June 30, 2024, compared to $11.5 million ($0.03 per basic and fully diluted share) and $22.9 million ($0.06 per basic and fully diluted share) during the comparable periods in 2023;
- Capital expenditures totaled $1.0 million and $1.6 million for the three and six months ended June 30, 2024, compared to $8.2 million and $12.6 million for the comparable periods in 2023; and
- Generated a net loss of $4.1 million ($0.01 per share basic and fully diluted) and $8.9 million ($0.03 per share basic and fully diluted) for the three and six months ended June 30, 2024 vs a net loss of $0.9 million for the second quarter last year and net income of $4.0 million ($0.01 per share basic and fully diluted) for the six months ended June 30 2023.
Pine Cliff will host a webcast at 9:00 AM MDT (11:00 PM EDT) on Friday August 9th, 2024. Participants can access the live webcast via (audio of webcast can be accessed via 1-877-407-8819, passcode 86286) or through the links provided on the Company's website. A recorded archive will be available on the Company's website following the live webcast.
Guidance Update
Production in the second quarter was down slightly from the first quarter due to extended maintenance-related outages at third party facilities and reduced well optimizations in response to weak gas prices. Capital expenditures of $1.0 million in the second quarter were limited to facilities and maintenance capital, bringing total capital expenditures to $1.6 million in the first half of 2024. The 2024 capital budget of $17.5 million is unchanged, which includes $7.0 million of development spending, which may be deferred until 2025.
With the deferred capital spending and additional third-party outages scheduled for the fall, Pine Cliff has reduced 2024 production guidance to 23,250 - 23,750 Boe/d4 from 24,000 - 25,000 Boe/d4. The production mix is unchanged, with liquids production expected to account for approximately 21%4 of total volumes in 2024.
Pine Cliff continues to use physical hedging as part of its ongoing marketing strategy to help protect cash flow. Approximately 45% of gross natural gas production5 has been hedged at an average price of $2.87/Mcf through the second half of 2024. Approximately 55% of gross crude oil production5 has been hedged at $100.18/Bbl for the same period.
Financial and Operating Results
|
| Three months ended June 30, 2024 |
|
| Six months ended June 30, 2024 | |
($000s, unless otherwise indicated) |
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 | |
Commodity sales (before royalty expense) |
| 48,323
| |
| 42,272
| |
| 99,622
| |
| 95,211 | |
Cash provided by operating activities |
| 5,692
| |
| 12,504
| |
| 15,219
| |
| 34,830 | |
Adjusted funds flow1 |
| 10,780
| |
| 12,040
| |
| 21,278
| |
| 31,864
| |
Per share - Basic ($/share)1 |
| 0.03
| |
| 0.03
| |
| 0.06
| |
| 0.09
| |
Per share - Diluted ($/share)1 |
| 0.03
| |
| 0.03
| |
| 0.06
| |
| 0.09
| |
Net income (loss) |
| (4,095) | |
| (942) | |
| (8,953) | |
| 4,043
| |
Per share - Basic ($/share) |
| (0.01) | |
| (0.00) | |
| (0.03) | |
| 0.01
| |
Per share - Diluted ($/share) |
| (0.01) | |
| (0.00) | |
| (0.03) | |
| 0.01
| |
Capital expenditures |
| 1,037
| |
| 8,193
| |
| 1,596
| |
| 12,635
| |
Dividends |
| 5,357
| |
| 11,478
| |
| 14,856
| |
| 22,891
| |
Per share - Basic ($/share) |
| 0.02
| |
| 0.03
| |
| 0.04
| |
| 0.06
| |
Per share - Diluted ($/share) |
| 0.02
| |
| 0.03
| |
| 0.04
| |
| 0.06
| |
Positive net cash (net debt)1 |
| (68,647) | |
| 49,301
| |
| (68,647) | |
| 49,301
| |
Production (Boe/d) |
| 23,688
| |
| 20,198
| |
| 23,776
| |
| 20,137
| |
Percent Natural Gas (%) |
| 79%
| |
| 87%
| |
| 79%
| |
| 87%
| |
Weighted-average common shares outstanding (000s)
|
|
|
| |
|
| |
| | |
Basic |
| 355,281
| |
| 353,216
| |
| 354,923
| |
| 352,245
| |
Diluted |
| 355,281
| |
| 353,216
| |
| 354,923
| |
| 359,538
| |
Combined sales price ($/Boe) |
| 22.42
| |
| 23.00
| |
| 23.02
| |
| 26.12
| |
Operating netback ($/Boe)1 |
| 7.14
| |
| 7.11
| |
| 7.22
| |
| 9.39
| |
Corporate netback ($/Boe)1 |
| 5.01
| |
| 6.55
| |
| 4.92
| |
| 8.74
| |
Operating netback ($ per Mcfe)1 |
| 1.19
| |
| 1.19
| |
| 1.20
| |
| 1.57
| |
Corporate netback ($ per Mcfe)1 |
| 0.84
| |
| 1.09
| |
| 0.82
| |
| 1.46 | |
1 This is a non-GAAP measure, see "NON-GAAP Measures" for additional information.
About Pine Cliff
Pine Cliff is a natural gas and oil company with a long-term view of creating shareholder value. Pine Cliff's current focus is on acquiring, developing, and operating long life assets that generate significant free funds flow that allows for capital to be returned to shareholders in the form of a dividend. Further information relating to Pine Cliff may be found on as well as on Pine Cliff's website at .
For further information, please contact:
Philip B. Hodge - President and CEO
Kristopher B. Zack - CFO and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: info@pinecliffenergy.com
Reader Advisories
Notes to Press Release
- See Non-GAAP Measures.
- Comprised of 112,531 Mcf/d natural gas, 3,334 Bbl/d NGLs and 1,599 Bbl/d light and medium oil.
- Comprised of 113,076 Mcf/d natural gas, 3,343 Bbl/d NGLs and 1,587 Bbl/d light and medium oil.
- Comprised of approximately 79% natural gas, 14% NGLs and 7% light and medium oil.
- Percentage hedged based on the mid-point of 2024 guidance range of 23,250 - 23,750 Boe/d.
Cautionary Statements
Certain statements contained in this news release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this news release includes, but is not limited to: future capital expenditures, including the amount and nature thereof; future acquisition opportunities including Pine Cliff's ability to execute on those opportunities; future drilling opportunities and Pine Cliff's ability to generate reserves and production from the undrilled locations; oil and natural gas prices and demand; expansion and other development trends of the oil and natural gas industry; business strategy and guidance; expansion and growth of our business and operations; maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; risks; Pine Cliff's ability to generate adjusted funds flow; Pine Cliff's ability to generate free funds flow; Pine Cliff's ability to pay a dividend; and other such matters.
All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash provided by operating activities to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive.
Actual results, performance or achievements could differ materially from those expressed in, or implied by, this 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 including the reduction in municipal taxes and surface land rentals, or if any of them do, what benefits will be derived there from. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Natural gas liquids and oil volumes are recorded in barrels of oil ("Bbl") and are converted to a thousand cubic feet equivalent ("Mcfe") using a ratio of one (1) Bbl to six (6) thousand cubic feet. Natural gas volumes recorded in thousand cubic feet ("Mcf") are converted to barrels of oil equivalent ("Boe") using the ratio of six (6) thousand cubic feet to one (1) Bbl. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The terms Boe or Mcfe may be misleading, particularly if used in isolation.
Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
NON-GAAP Measures
This press release uses the terms "adjusted funds flow", "free funds flow", "operating netbacks", "corporate netbacks" and "positive net cash/net debt" which are not recognized under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. These measures should not be considered as an alternative to, or more meaningful than, IFRS measures including net income (loss), cash provided by operating activities, or total liabilities. The Company uses these measures to evaluate its performance, leverage and liquidity. Adjusted funds flow is a non-Generally Accepted Accounting Principles ("non-GAAP") measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital, and decommissioning obligations settled. Positive net cash/net debt is a non-GAAP measure calculated as the sum of accounts receivables, cash, investments and prepaid expenses and deposits, less accounts payables and accrued liabilities, and debt. Operating netback is a non-GAAP measure calculated as the Company's total revenue, less royalties, net operating expenses and transportation expenses, divided by the Boe production of the Company. Corporate netback is a non-GAAP measure calculated as the Company's operating netback, plus interest income, less G&A and interest expense, divided by the Boe production of the Company. Please refer to the Annual Report for additional details regarding non-GAAP measures and their calculation.
The TSX does not accept responsibility for the accuracy of this release.
阿尔伯塔,卡尔加里(Newsfile Corp.-2024年8月8日)- Pine Cliff Energy Ltd.(TSX:PNE)(“Pine Cliff”或“公司”)宣布其2024年第二季度财务,营运结果和指导更新。
2024年第二季度业绩:
- 2024年6月30日结束的三个月和六个月分别生成了1080万美元(每股基本和全 diluted份额0.03美元)和2130万美元(每股基本和全 diluted份额0.06美元)的调整资金流,相比2023年同期的1200万美元(每股基本和全 diluted份额0.03美元)和3190万美元(每股基本和全 diluted份额0.09美元);所有基金类型。
- 2024年6月30日结束的三个月和六个月的平均产量分别为23,688个桶当量/日2和23,776个桶当量/日3,分别比2023年同期高17%和19%;所有基金类型。
- 在2024年6月30日结束的三个月和六个月期间,分别派发了540万美元(每股基本和全 diluted份额0.02美元)和1490万美元(每股基本和全 diluted份额0.04美元)的股息,而在2023年同期分别派发了1150万美元(每股基本和全 diluted份额0.03美元)和2290万美元(每股基本和全 diluted份额0.06美元);所有基金类型。
- 在2024年6月30日结束的三个月和六个月期间,资本支出总计100万美元和160万美元,而在2023年同期分别为820万美元和1260万美元;所有基金类型。
- 2024年6月30日结束的三个月和六个月期间,净亏损分别为410万美元(每股基本和全 diluted份额0.01美元)和890万美元(每股基本和全 diluted份额0.03美元),而去年第二季度的净亏损为90万美元,2013年6月30日结束的六个月期间的净收入为400万美元(每股基本和全 diluted份额0.01美元);净利润。
Pine Cliff将于2024年8月9日星期五上午9:00 MDt(东部标准时间晚上11:00)举行网络研讨会。参与者可以通过(可以通过1-877-407-8819的网络研讨会音频访问,密码为86286)或通过公司网站提供的链接访问现场网络研讨会。现场网络研讨会后,将在公司网站上提供记录的存档。
指引更新
由于第三方设施的维护中断以及响应燃料币价格低迷而减少的井优化,第二季度的产量略低于第一季度。第二季度的资本支出仅限于设备和维护资金,使前半年的总资本支出达到160万美元。2024年的资本预算为1750万美元,其中包括700万美元的开发支出,可能推迟到2025年。
随着推迟到秋季的资本支出和额外的第三方中断计划,Pine Cliff将2024年的产量预测下调至23,250-23,750个桶当量/日4,而不是24,000-250,000个桶当量/日4。生产组合不变,在2024年预计粘性生产将占总体积的约21%4。
Pine Cliff继续使用实物对冲作为其持续的营销策略,以帮助保护现金流。在2024年下半年,大约45%的原始天然气产量5以每立方英尺2.87美元的平均价格锁定,大约55%的原始WTI原油产量5以100.18美元/桶的价格锁定。
财务和营运业绩
|
| 三个月的结束时间 2024年6月30日 |
|
| 截至2022年6月30日的六个月 2024年6月30日。 | |
(千美元,除非另有说明) |
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 | |
商品销售(扣除特让费用) |
| 48,323
| |
| 42,272
| |
| 99,622
| |
| 95,211 | |
经营活动产生的现金流量 |
| 5,692
| |
| 12,504
| |
| 15,219
| |
| 34,830 | |
调整后的资金流 |
| 10,780
| |
| 12,040
| |
| 21,278
| |
| 31,864
| |
每股基本(美元/股)1 |
| 0.03
| |
| 0.03
| |
| 0.06
| |
| 0.09
| |
每股稀释(美元/股)1 |
| 0.03
| |
| 0.03
| |
| 0.06
| |
| 0.09
| |
净利润(损失) |
| (4,095) | |
| (942) | |
| (8,953) | |
| 4,043
| |
每股基本(美元/股) |
| (0.01) | |
| (0.00) | |
| (0.03) | |
| 0.01
| |
每股稀释(美元/股) |
| (0.01) | |
| (0.00) | |
| (0.03) | |
| 0.01
| |
资本支出 |
| 1,037
| |
| 8,193
| |
| 1,596
| |
| 12,635
| |
股息 |
| 5,357
| |
| 11,478
| |
| 14,856
| |
| 22,891
| |
每股基本(美元/股) |
| 0.02
| |
| 0.03
| |
| 0.04。
| |
| 0.06
| |
每股稀释后(美元/股) |
| 0.02
| |
| 0.03
| |
| 0.04。
| |
| 0.06
| |
正净现金(净债务)1 |
| (68,647) | |
| 49,301
| |
| (68,647) | |
| 49,301
| |
产量(波当量/日) |
| 23,688
| |
| 20,198
| |
| 23,776
| |
| 20,137
| |
天然气百分比(%) |
| 79%
| |
| 87%
| |
| 79%
| |
| 87%
| |
加权平均每股普通股股数(000)
|
|
|
| |
|
| |
| | |
基本 |
| 355,281
| |
| 353,216
| |
| 354,923
| |
| 352,245
| |
稀释 |
| 355,281
| |
| 353,216
| |
| 354,923
| |
| 359,538
| |
综合销售价格(美元/ Boe) |
| 22.42
| |
| 23.00
| |
| 23.02
| |
| 26.12
| |
营业净back(美元/ Boe)1 |
| 7.14
| |
| 7.11
| |
| 7.22
| |
| 9.39
| |
企业净back(美元/ Boe)1 |
| 5.01
| |
| 6.55
| |
| 4.92
| |
| 8.74
| |
营业净back(每Mcfe美元1) |
| 1.19
| |
| 1.19
| |
| 1.20
| |
| 1.57
| |
企业净back(每Mcfe美元1) |
| 0.84
| |
| 1.09
| |
| 0.82
| |
| 1.46 | |
1 这是一种非GAAP度量标准,请参见“非GAAP度量标准”了解更多信息。
关于Pine Cliff
Pine Cliff是一家以天然气和石油为主的公司,长期致力于创造股东价值。 Pine Cliff目前专注于收购,开发和运营能够产生重要自由资金流的长寿命资产,以便将资本以股息形式返还给股东。 有关Pine Cliff的更多信息可在及Pine Cliff的网站上找到。
如需更多信息,请联系:
Philip B. Hodge - 总裁兼首席执行官
克里斯托弗·B·扎克 - CFO和公司秘书
电话:(403)269-2289
传真:(403)265-7488
电子邮件:info@pinecliffenergy.com
读者注意事项
新闻稿附注
- 请参见非GAAP度量标准。
- 包括112,531 Mcf / d天然气,3,334 Bbl / d NGL和1,599 Bbl / d轻质和中质油。
- 由113,076 Mcf/d天然气,3,343 Bbl/d天然气液体及1,587 Bbl/d轻质和中质油组成。
- 大约由79%的天然气,14%的天然气液体和7%的轻质和中质油组成。
- 按照2024年指导范围的中点,套保比例为23,250-23,750 Boe/d。
警示声明
本新闻稿所含的某些陈述包括包含诸如“预计”、“能力”、“应该”、“期望”、“寻求”、“可能”、“打算”、“可能”、“相似”等字样的陈述,涉及非历史事实的事项的陈述,以及我们关于发展、成果和未来发生或可能发生的事项的信念、意图和预期的陈述,构成适用于适用的加拿大证券立法的“前瞻性信息”,并基于我们从我们的经验和感知中得出的一定假设和分析。本新闻稿中的前瞻性信息包括但不限于:未来的资本支出,包括其金额和性质;未来收购机会,包括Pine Cliff能否执行这些机会;未来的钻井机会以及Pine Cliff从未钻井地点产生储量和产量的能力;油气价格和需求;石油和天然气行业的扩张和其他发展趋势;业务战略和指导;我们业务和运营的扩张和增长;维护现有客户、供应商和合作伙伴关系;供应渠道;会计政策;风险; Pine Cliff能否产生调整后的资金流量; Pine Cliff能否产生自由资金流量; Pine Cliff能否支付股息;以及其他类似的问题。
所有此类前瞻性信息都基于我们根据我们对历史趋势、当前情况和预期未来发展的体验和认知所作的某些假设和分析。风险、不确定性和假设很难预测,可能会影响运营,包括但不限于:外汇波动;设备和劳动力短缺和通货膨胀成本;一般经济条件;行业条件;适用的环境、税收和其他法律和法规的变化以及这些法律和法规被如何解释和执行;石油和天然气公司筹集资金的能力;天气条件对运营和设施的影响;操作风险的存在;石油和天然气价格的波动性;石油和天然气产品的供应和需求;在产生足够的通过运营活动提供的现金以满足当前和未来义务的能力中固有的风险;增加的竞争;股市波动性;我们可以利用的机会;以及其他因素,其中许多因素超出我们的控制范围。所述因素并非详尽无遗的。
实际结果、绩效或成果可能与本前瞻性信息所表达的不同,因此无法确保前瞻性信息所预期的任何事件都会发生或出现,包括降低市政税和地表租金的内容以及从中获得的任何效益。 除法律要求外,Pine Cliff否认任何意图或义务更新或修改任何前瞻性信息,不论是基于新信息、未来事件还是其他原因。
天然气液体和油的容积以桶("Bbl")为单位记录,并使用比率1个Bbl:6,000个立方英尺等效物("Mcfe")进行转换。 含量记录在千立方英尺("Mcf")中的天然气则使用6,000立方英尺:1个Bbl的比率转换为等量的石油桶("Boe")。该转换比率基于主要在燃烧器尖端的能量等效性,不代表井口的价值等效性。若仅使用Boe或Mcfe这类术语,可能会产生误导。
由于基于当前原油价格与天然气的价值比率显著不同于能源价值等效性,因此使用6:1为基础的转换可能会以估值方式误导。
本新闻稿中所含的前瞻性信息受到本警告声明的明确限制。
非依据国际财务报告准则("IFRS")认可的指标,可能与其他公司提出的类似指标不可比。这些指标不应视为比IFRS指标,例如净收入(亏损)、营业活动提供的现金、总负债,更具意义。公司使用这些指标来评估其业绩、杠杆和流动性。调整后的资金流量是一项非普遍会计原则("非GAAP")指标,它表示经营活动提供的现金的总额,在调整非现金营运资本变化和清算压降义务之前。正净现金/净债务是一个非GAAP指标,计算公式为应收账款、现金、投资及预付费用和存款预付款等的总和,扣除应付账款和应计费用以及负债。运营净收益是一种非GAAP指标,计算式为公司的总收入减去特许权使用费、净营运费用和运输费用,由公司的Boe产量除以。公司净收益是一种非GAAP指标,计算公式为公司的运营净收益加上利息收入,减去G&A和利息费用,由公司的Boe产量除以。 有关非GAAP指标及其计算方法的更多详细信息,请参阅年报。
本新闻稿使用“调整后的资金流量”、“自由资金流量”、“运营净收益”、“企业净收益”和“正净现金/净债务”等术语,这些术语不符合国际财务报告准则("IFRS")并且可能与其他公司提出的类似指标不可比较。 这些措施不应被视为比IFRS措施更具意义或更具意义。公司使用这些措施来评估其业绩、杠杆和流动性。 调整后的资金流量是一项非通用会计准则("非GAAP")措施,它表示经营活动提供的现金的总额,在调整非现金营运资本变化和清算压降义务之前。 正净现金/净债务是一项非GAAP措施,计算公式为应收账款、现金、投资和预付费用和存款预付款等的总和,减去应付账款和应计费用以及负债。 运营净返利是一种非GAAP措施,计算公式为公司的总收入,减去转让费和运输费用,公司的Boe产量。 企业净回报是一种非GAAP指标,计算公式为公司的营业净收益加上利息收入,减去G&A和利息费用,由公司的Boe产量除以。 请参阅年报,以获取有关非GAAP措施和其计算方法的其他详细信息。
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