Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2023
Calgary, Alberta--(Newsfile Corp. - March 8, 2024) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") has released its financial and operating results for the fourth quarter and year ended December 31, 2023. The Company's financial results are summarized as follows:
| FINANCIAL HIGHLIGHTS | Three months ended December 31 | Year ended December 31 | | |||||||||||||||
| (CA$ thousands, except as otherwise indicated) | 2023 | 2022 | % | 2023 | 2022 | % | ||||||||||||
| | ||||||||||||||||||
| Petroleum and natural gas sales | 129,000 | 152,720 | -16 | 495,580 | 613,358 | -19 | ||||||||||||
| Cash provided by operating activities | 62,477 | 63,742 | -2 | 283,224 | 306,022 | -7 | ||||||||||||
| Adjusted funds from operations (1) | 66,618 | 92,851 | -28 | 276,200 | 326,992 | -16 | ||||||||||||
| Basic ($/ common share) (1) | 0.34 | 0.48 | -29 | 1.43 | 1.71 | -16 | ||||||||||||
| Diluted ($/ common share) (1) | 0.33 | 0.47 | -30 | 1.40 | 1.67 | -16 | ||||||||||||
| | ||||||||||||||||||
| Net income and comprehensive income | 23,729 | 54,238 | -56 | 85,974 | 158,758 | -46 | ||||||||||||
| Basic ($/ common share) | 0.12 | 0.28 | -57 | 0.45 | 0.83 | -46 | ||||||||||||
| Diluted ($/ common share) | 0.12 | 0.28 | -57 | 0.44 | 0.81 | -46 | ||||||||||||
| | ||||||||||||||||||
| Capital expenditures, net of A&D (1) | 62,695 | 68,594 | -9 | 282,646 | 317,540 | -11 | ||||||||||||
| Total assets | 1,260,292 | 1,128,104 | 12 | |||||||||||||||
| Bank debt | - | 11,300 | -100 | |||||||||||||||
| Net debt (1) | 12,997 | 9,789 | 33 | |||||||||||||||
| Shareholders' equity | 1,003,663 | 901,424 | 11 | |||||||||||||||
| Return on average capital employed (%) (1)(2) | 12 | 25 | -52 | |||||||||||||||
| | ||||||||||||||||||
| Weighted average shares outstanding (000s) | ||||||||||||||||||
| Basic | 194,359 | 191,812 | 1 | 193,116 | 191,101 | 1 | ||||||||||||
| Diluted | 199,223 | 195,828 | 2 | 197,063 | 195,456 | 1 | ||||||||||||
(1) Refer to advisories regarding Non-GAAP and Other Financial Measures. | ||||||||||||||||||
Financial Statements
Kelt's audited annual consolidated financial statements and related notes for the year ended December 31, 2023 will be available to the public on SEDAR+ at www.sedarplus.ca and will also be posted on the Company's website at www.keltexploration.com on March 8, 2024.
Kelt's operating results for the fourth quarter and year ended December 31, 2023 are summarized as follows:
| OPERATIONAL HIGHLIGHTS | Three months ended December 31 | Year ended December 31 | | |||||||||||||||
| (CA$ thousands, except as otherwise indicated) | 2023 | 2022 | % | 2023 | 2022 | % | ||||||||||||
| | ||||||||||||||||||
| Average daily production | ||||||||||||||||||
| Oil (bbls/d) (2) | 8,832 | 6,416 | 38 | 7,979 | 5,640 | 41 | ||||||||||||
| NGLs (bbls/d) | 3,422 | 3,478 | -2 | 3,759 | 4,049 | -7 | ||||||||||||
| Gas (mcf/d) | 120,541 | 108,849 | 11 | 112,634 | 105,280 | 7 | ||||||||||||
| Combined (BOE/d) | 32,344 | 28,036 | 15 | 30,510 | 27,236 | 12 | ||||||||||||
| Production per million common shares (BOE/d) (1) | 166 | 146 | 14 | 158 | 143 | 10 | ||||||||||||
| | ||||||||||||||||||
| Net realized prices, before financial instruments(1) | ||||||||||||||||||
| Oil ($/bbl) (2) | 95.68 | 107.88 | -11 | 97.90 | 117.18 | -16 | ||||||||||||
| NGLs ($/bbl) | 49.79 | 60.54 | -18 | 49.27 | 67.64 | -27 | ||||||||||||
| Gas ($/mcf) | 2.75 | 6.52 | -58 | 3.08 | 6.63 | -54 | ||||||||||||
| | ||||||||||||||||||
| Operating netbacks ($/BOE) (1) | ||||||||||||||||||
| Petroleum and natural gas sales | 43.35 | 59.21 | -27 | 44.51 | 61.70 | -28 | ||||||||||||
| Cost of purchases | (1.66 | ) | (3.30 | ) | -50 | (1.50 | ) | (2.16 | ) | -31 | ||||||||
| Combined net realized price, before financial instruments(1) | 41.69 | 55.91 | -25 | 43.01 | 59.54 | -28 | ||||||||||||
| Realized gain (loss) on financial instruments | 0.09 | 1.66 | -95 | 1.35 | (5.68 | ) | 124 | |||||||||||
| Combined net realized price, after financial instruments(1) | 41.78 | 57.57 | -27 | 44.36 | 53.86 | -18 | ||||||||||||
| Royalties | (6.03 | ) | (6.15 | ) | -2 | (5.31 | ) | (6.60 | ) | -20 | ||||||||
| Production expense | (8.62 | ) | (10.90 | ) | -21 | (9.83 | ) | (10.22 | ) | -4 | ||||||||
| Transportation expense |
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