Pine Cliff Energy Ltd. Announces 2024 Annual Results, Filing of Disclosure Documents, Increase in Year-End Reserves, Dividend Declaration and Corporate Outlook
Pine Cliff Energy (PIFYF) has released its 2024 annual results, showing mixed financial performance. The company generated $38.0 million in adjusted funds flow for 2024, down from $58.7 million in 2023. Production averaged 23,248 Boe/d for the year, marking a 13% increase from 2023.
The company reported a net loss of $21.4 million for 2024, compared to net income of $9.1 million in 2023. Notable achievements include increased reserves, with proved plus probable (P+P) reserves reaching 94.1 MMBoe, a 5.5% increase from 2023. The net present value for P+P reserves rose by 15% to $548.1 million.
Pine Cliff declared a monthly dividend of $0.005 per share, payable March 31, 2025. The company maintains a hedged position with approximately 35% of natural gas production at $2.91/Mcf and 31% of crude oil production at US$68.92/Bbl for 2025.
Pine Cliff Energy (PIFYF) ha pubblicato i risultati annuali per il 2024, mostrando una performance finanziaria mista. L'azienda ha generato 38,0 milioni di dollari in flusso di fondi rettificato per il 2024, in calo rispetto ai 58,7 milioni di dollari del 2023. La produzione ha avuto una media di 23.248 Boe/d per l'anno, segnando un incremento del 13% rispetto al 2023.
L'azienda ha riportato una perdita netta di 21,4 milioni di dollari per il 2024, rispetto a un reddito netto di 9,1 milioni di dollari nel 2023. Tra i risultati notevoli ci sono l'aumento delle riserve, con le riserve provate più probabili (P+P) che hanno raggiunto 94,1 MMBoe, un aumento del 5,5% rispetto al 2023. Il valore attuale netto delle riserve P+P è aumentato del 15% a 548,1 milioni di dollari.
Pine Cliff ha dichiarato un dividendo mensile di 0,005 dollari per azione, pagabile il 31 marzo 2025. L'azienda mantiene una posizione coperta con circa il 35% della produzione di gas naturale a 2,91 dollari/Mcf e il 31% della produzione di petrolio greggio a 68,92 dollari/Bbl per il 2025.
Pine Cliff Energy (PIFYF) ha publicado sus resultados anuales de 2024, mostrando un desempeño financiero mixto. La compañía generó 38,0 millones de dólares en flujo de fondos ajustados para 2024, en comparación con los 58,7 millones de dólares de 2023. La producción promedió 23,248 Boe/d durante el año, marcando un aumento del 13% respecto a 2023.
La compañía reportó una pérdida neta de 21,4 millones de dólares para 2024, en comparación con un ingreso neto de 9,1 millones de dólares en 2023. Los logros notables incluyen el aumento de reservas, con reservas probadas más probables (P+P) alcanzando 94,1 MMBoe, un aumento del 5,5% desde 2023. El valor presente neto de las reservas P+P aumentó un 15% a 548,1 millones de dólares.
Pine Cliff declaró un dividendo mensual de 0,005 dólares por acción, pagadero el 31 de marzo de 2025. La compañía mantiene una posición cubierta con aproximadamente el 35% de la producción de gas natural a 2,91 dólares/Mcf y el 31% de la producción de petróleo crudo a 68,92 dólares/Bbl para 2025.
파인 클리프 에너지 (PIFYF)는 2024년 연간 실적을 발표하며 혼합된 재무 성과를 보여주었습니다. 이 회사는 2024년에 대해 3,800만 달러의 조정 자금 흐름을 생성했으며, 이는 2023년의 5,870만 달러에서 감소한 수치입니다. 연간 평균 생산량은 23,248 Boe/d로, 2023년 대비 13% 증가했습니다.
회사는 2024년에 2,140만 달러의 순손실을 보고했으며, 이는 2023년의 순이익 910만 달러와 비교됩니다. 주목할 만한 성과로는 2023년 대비 5.5% 증가한 94.1 MMBoe에 도달한 확정 및 추정(Probable) 매장량이 있습니다. P+P 매장량의 현재 순가치는 15% 증가하여 5억 4,810만 달러에 달했습니다.
파인 클리프는 주당 0.005달러의 월 배당금을 선언했으며, 2025년 3월 31일에 지급될 예정입니다. 이 회사는 2025년까지 약 35%의 천연가스 생산량을 2.91달러/Mcf, 31%의 원유 생산량을 68.92달러/Bbl로 헤지된 포지션을 유지하고 있습니다.
Pine Cliff Energy (PIFYF) a publié ses résultats annuels pour 2024, montrant une performance financière mitigée. L'entreprise a généré 38,0 millions de dollars en flux de fonds ajustés pour 2024, en baisse par rapport à 58,7 millions de dollars en 2023. La production a atteint en moyenne 23 248 Boe/d pour l'année, marquant une augmentation de 13% par rapport à 2023.
L'entreprise a déclaré une perte nette de 21,4 millions de dollars pour 2024, contre un revenu net de 9,1 millions de dollars en 2023. Les réalisations notables incluent l'augmentation des réserves, les réserves prouvées plus probables (P+P) atteignant 94,1 MMBoe, soit une augmentation de 5,5% par rapport à 2023. La valeur actuelle nette des réserves P+P a augmenté de 15% pour atteindre 548,1 millions de dollars.
Pine Cliff a déclaré un dividende mensuel de 0,005 dollar par action, payable le 31 mars 2025. L'entreprise maintient une position couverte avec environ 35% de la production de gaz naturel à 2,91 dollars/Mcf et 31% de la production de pétrole brut à 68,92 dollars/Bbl pour 2025.
Pine Cliff Energy (PIFYF) hat seine Jahresergebnisse für 2024 veröffentlicht, die eine gemischte finanzielle Leistung zeigen. Das Unternehmen erzielte 38,0 Millionen Dollar an bereinigtem Mittelzufluss für 2024, was einem Rückgang gegenüber 58,7 Millionen Dollar im Jahr 2023 entspricht. Die Produktion belief sich im Jahresdurchschnitt auf 23.248 Boe/d, was einen Anstieg von 13% im Vergleich zu 2023 bedeutet.
Das Unternehmen berichtete von einem Nettoverlust von 21,4 Millionen Dollar für 2024, verglichen mit einem Nettogewinn von 9,1 Millionen Dollar im Jahr 2023. Zu den bemerkenswerten Erfolgen gehören erhöhte Reserven, wobei die nachgewiesenen und wahrscheinlichen (P+P) Reserven 94,1 MMBoe erreichten, was einem Anstieg von 5,5% gegenüber 2023 entspricht. Der Barwert der P+P-Reserven stieg um 15% auf 548,1 Millionen Dollar.
Pine Cliff erklärte eine monatliche Dividende von 0,005 Dollar pro Aktie, zahlbar am 31. März 2025. Das Unternehmen hält eine abgesicherte Position mit etwa 35% der Erdgasproduktion zu 2,91 Dollar/Mcf und 31% der Rohölproduktion zu 68,92 Dollar/Bbl für 2025.
- Production increased 13% year-over-year to 23,248 Boe/d
- P+P reserves value increased 15% to $548.1 million
- P+P reserves volume increased 5.5% to 94.1 MMBoe
- 158% reserve replacement ratio in 2024
- Proceeds from dispositions totaled $10.5 million
- Net loss of $21.4 million in 2024 vs net income of $9.1 million in 2023
- Adjusted funds flow decreased 35% to $38.0 million from $58.7 million in 2023
- Dividends reduced to $0.07 per share in 2024 from $0.13 in 2023
- Q4 2024 adjusted funds flow declined to $8.6 million from $9.7 million in Q4 2023
Calgary, Alberta--(Newsfile Corp. - March 5, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) ("Pine Cliff" or the "Company") announces its 2024 annual results, filing of disclosure documents, year-end reserves and dividend declaration.
Q4 2024 and 2024 financial highlights include:
Generated
$8.6 million ($0.02 per basic and fully diluted per share) and$38.0 million ($0.11 per basic and per fully diluted share) of adjusted funds flow1 for the three months and year ended December 31, 2024 compared to$9.7 million ($0.03 per basic and fully diluted share) and$58.7 million ($0.17 per basic and$0.16 per fully diluted share) for the same periods in 2023;Production averaged 22,738 Boe/d2 and 23,248 Boe/d3 during the three months and year-ended December 31, 2024, representing a
6% increase and13% increase from the comparable periods in 2023;Proceeds from dispositions totaled
$10.5 million in 2024, including the sale of a non-operated working interest in underutilized gas processing infrastructure in the fourth quarter;Capital expenditures totaled
$8.9 million in 2024, including abandonment and reclamation expenditures of$6.4 million and maintenance capital of$2.5 million ;Paid dividends of
$5.4 million ($0.01 per basic and fully diluted share) and$25.6 million ($0.07 per basic and fully diluted share) during the three months and year ended December 31, 2024, compared to$11.6 million ($0.03 per basic and fully diluted share) and$46.0 million ($0.13 per basic and fully diluted share) for the same periods in 2023; andGenerated net loss of
$5.6 million ($0.02 per basic and fully diluted share) and$21.4 million ($0.06 per basic and fully diluted share) for the three months and year ended December 31, 2024, compared to net income of$0.8 million ($0.00 per basic and fully diluted share) and$9.1 million ($0.03 per basic and$0.03 per fully diluted share) for the comparable periods in 2023.
Included in the filings were Pine Cliff's annual information form ("AIF"), which includes disclosure and reports related to reserves data and other oil and gas information pursuant to National Instrument 51‐101 Standards of Disclosure for Oil and Gas Activities and its consolidated financial statements and related management's discussion and analysis for the year ended December 31, 2024.
Pine Cliff will host a webcast at 9:00 AM MDT (11:00 AM EDT) on Thursday, March 6, 2025. Participants can access the live webcast via PNE Q4 2024 and Annual Year End Results Webcast, or through the Pine Cliff website at http://www.pinecliffenergy.com. A recorded archive of the webcast will be available on the Company's website following the live webcast.
Reserve Report Highlights
Pine Cliff's independent reserve report (the "Report") was prepared by McDaniel & Associates Limited ("McDaniel") in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with the effective date of December 31, 2024.
Highlights of the Report include:
- Net present value for proved plus probable ("P+P") reserves of
$548.1 million , discounted at10% , an increase of$71.3 million , or15% , from December 31, 2023, primarily as a result of the extensions, improved recoveries and lower lease operating expenses, all offsetting the impact of lower natural gas benchmark pricing; - Pine Cliff increased its 2024 P+P reserves by 13.5 MMBoe4 prior to adjusting for 2024 production, representing a reserve replacement ratio of
158% . 15.1 MMBoe was added by extensions, improved recoveries and lower operating expenses; - Remaining P+P reserves of 94.1 MMBoe5 (
70% conventional natural gas and coal bed methane) at December 31, 2024 increased5.5% from 89.2 MMBoe6 at December 31, 2023 a result of the extensions, improved recoveries and lower lease operating expenses; and - Approximately
64% of total reserve volumes are classified as total proved reserves,36% are classified as probable reserves.
Pine Cliff's Reserves
McDaniel has used a three-consultant average price (McDaniel, GLJ & Sproule) forecast, resulting in a price forecast of
Summary of Remaining Working Interest Reserves, as of December 31, 2024
| Reserve Category | Oil1,2 | Natural Gas Liquids | Conventional Natural Gas | Coal Bed Methane | Oil Equivalent | ||||||||||
| MBbl | MBbl | MMcf | MMcf | MBoe | |||||||||||
| | |||||||||||||||
| Proved | |||||||||||||||
| Developed Producing | 3,108.1 | 6,743.0 | 217,513.4 | 16,760.5 | 48,896.8 | ||||||||||
| Undeveloped | 1,140.8 | 4,284.4 | 33,011.4 | - | 10,927.1 | ||||||||||
| Total Proved | 4,248.9 | 11,027.5 | 250,524.8 | 16,760.5 | 59,823.9 | ||||||||||
| Probable | 2,434.8 | 10,246.4 | 125,046.1 | 4,652.8 | 34,297.7 | ||||||||||
| Total Proved plus Probable | 6,683.7 | 21,273.9 | 375,570.9 | 21,413.2 | 94,121.6 |
1 Amounts may not add due to rounding.
2 Oil includes Light and Medium and Heavy Oil. Light and Medium oil represents 100 per cent of Total Proved and Proved plus Probable reserves.
Summary of Net Present Values of Future Net Revenue, Before Income Taxes, as of December 31, 2024
| Discounted at (% per year) | |||||||||||||||
| ($ millions) | |||||||||||||||
| Reserve Category1 | |||||||||||||||
| Proved | |||||||||||||||
| Developed Producing | (78.5 | ) | 216.7 | 229.8 | 206.9 | 183.4 | |||||||||
| Undeveloped | 187.2 | 108.7 | 67.2 | 43.2 | 28.2 | ||||||||||
| Total Proved | 108.7 | 325.4 | 297.0 | 250.1 | 211.5 | ||||||||||
| Probable | 645.4 | 381.3 | 251.1 | 177.4 | 131.3 | ||||||||||
| Total Proved plus Probable | 754.1 | 706.7 | 548.1 | 427.5 | 342.9 | ||||||||||
1 Amounts may not add due to rounding.
Reconciliation of Gross Reserves by Principal Product Type, as of December 31, 2024
| Reserve Reconciliation Company Gross1 | Oil2 | Natural Gas Liquids | Natural Gas3 | Oil Equivalent | ||||||||
| MBbl | MBbl | MMcf | MBoe | |||||||||
| Total Proved | ||||||||||||
| December 31, 2023 | 5,152.0 | 11,126.2 | 274,303.8 | 61,995.5 | ||||||||
| Extension | 218.7 | 1,212.5 | 7,975.9 | 2,760.5 | ||||||||
| Technical revisions | (554.3 | ) | 229.9 | 36,061.3 | 5,685.9 | |||||||
| Dispositions | - | (208.2 | ) | (990.3 | ) | (373.3 | ) | |||||
| Economic factors | (4.9 | ) | (147.6 | ) | (9,500.1 | ) | (1,735.9 | ) | ||||
| Production | (562.6 | ) | (1,185.4 | ) | (40,565.4 | ) | (8,508.9 | ) | ||||
| December 31, 2024 | 4,248.9 | 11,027.4 | 267,285.2 | 59,823.9 | ||||||||
| Total Proved plus Probable | ||||||||||||
| December 31, 2023 | 8,134.7 | 17,802.3 | 379,318.3 | 89,156.7 | ||||||||
| Extension | 289.6 | 4,693.9 | 30,130.3 | 10,005.2 | ||||||||
| Technical revisions | (1,178.9 | ) | 996.1 | 45,071.1 | 7,329.1 | |||||||
| Dispositions | - | (870.9 | ) | (4,256.8 | ) | (1,580.3 | ) | |||||
| Economic factors | 0.8 | (162.2 | ) | (12,713.5 | ) | (2,280.3 | ) | |||||
| Production | (562.6 | ) | (1,185.4 | ) | (40,565.4 | ) | (8,508.9 | ) | ||||
| December 31, 2024 | 6,683.7 | 21,273.8 | 396,984.1 | 94,121.6 |
1 Amounts may not add due to rounding.
2 Oil includes Light and Medium and Heavy Oil. Light and Medium oil represents 100 per cent of Total Proved and Proved plus Probable reserves.
3 Natural gas includes Conventional Natural Gas and Coal Bed Methane. Conventional Natural Gas represents 90 per cent Total Proved and Proved plus Probable reserves.
March Dividend
Pine Cliff has declared a regular monthly dividend of
Corporate Outlook
Against a backdrop of significant market uncertainty, Pine Cliff continues to evaluate opportunities for a strategic drilling program in the second half of 2025. In the interim, the company will maintain its low decline base production with capex limited to maintenance and reclamation spending.
Pine Cliff's AECO hedge position is approximately
Financial and Operating Results
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | | |||||||||||||||
| ( | |||||||||||||||||||
| Commodity sales (before royalty expense) | 47,083 | 45,465 | 190,118 | 188,852 | |||||||||||||||
| Cash provided by operating activities | 518 | 16,559 | 23,795 | 66,627 | |||||||||||||||
| Adjusted funds flow1 | 8,608 | 9,700 | 38,017 | 58,687 | |||||||||||||||
| Per share - Basic ($/share)1 | 0.02 | 0.03 | 0.11 | 0.17 | |||||||||||||||
| Per share - Diluted ($/share)1 | 0.02 | 0.03 | 0.11 | 0.16 | |||||||||||||||
| Net income (loss) | (5,607 | ) | 841 | (21,446 | ) | 9,121 | |||||||||||||
| Per share - Basic and Diluted ($/share) | (0.02 | ) | 0.00 | (0.06 | ) | 0.03 | |||||||||||||
| Capital expenditures | 32 | 3,616 | 2,529 | 20,966 | |||||||||||||||
| Acquisitions | 86 | 109,014 | 645 | 109,326 | |||||||||||||||
| Dispositions | (6,901 | ) | (118 | ) | (10,519 | ) | (379 | ) | |||||||||||
| Dividends | 5,371 | 11,567 | 25,597 | 46,015 | |||||||||||||||
| Per share - Basic and Diluted ($/share) | 0.01 | 0.03 | 0.07 | 0.13 | |||||||||||||||
| Net debt1 | (62,323 | ) | (71,679 | ) | (62,323 | ) | (71,679 | ) | |||||||||||
| Production (Boe/d) | 22,738 | 21,454 | 23,248 | 20,660 | |||||||||||||||
| Percent Natural Gas (%) | |||||||||||||||||||
| Weighted-average common shares outstanding (000s) | |||||||||||||||||||
| Basic | 358,086 | 355,969 | 357,375 | 354,057 | |||||||||||||||
| Diluted | 358,086 | 359,262 | 357,375 | 359,375 | |||||||||||||||
| Combined sales price ($/Boe) | 22.51 | 23.03 | 22.34 | 25.04 | |||||||||||||||
| Operating netback ($/Boe)1 | 6.31 | 6.04 | 6.67 | 8.57 | |||||||||||||||
| Corporate netback ($/Boe)1 | 4.11 | 4.91 | 4.48 | 7.77 | |||||||||||||||
| Operating netback ($ per Mcfe)1 | 1.05 | 1.01 | 1.11 | 1.43 | |||||||||||||||
| Corporate netback ($ per Mcfe)1 | 0.69 | 0.82 | 0.75 | 1.30 | |||||||||||||||
1 This is a non-GAAP measure, see "NON-GAAP Measures" for additional information.
Reader Advisories
Notes to Press Release
- See Non-GAAP Measures.
- Comprised of 108,212 Mcf/d natural gas, 3,170 Bbl/d NGLs and 1,533 Bbl/d light and medium oil.
- Comprised of 110,834 Mcf/d natural gas, 3,239 Bbl/d NGLs and 1,537 Bbl/d light and medium oil.
- Comprised of 58.2 MMcf natural gas, (0.9) MMBbls light and medium oil and 4.7 MMBbls NGLs.
- Comprised of 397.0 MMcf natural gas, 6.7 MMBbls light and medium oil and 21.3 MMBbls NGLs.
- Comprised of 379.3 MMcf of natural gas, 8.1 MMBbls light and medium oil and 17.8 MMBbls NGLs.
- Comprised of Q4 2024 sales volumes of 108,212 Mcf/d natural gas, 3,170 Bbl/d NGLs and 1,533 Bbl/d of light and medium oil.
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 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. One Mcf of natural gas is approximately 1.02 million British thermal units ("MMBtu").
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.
All amounts herein are presented in Canadian dollars unless otherwise specified. All references to $CAD or $ are to Canadian dollars and monetary references to $US are to United States dollars.
Additional Definitions
MBbl - Thousands of barrels of oil
MBoe - Thousands of barrels of oil equivalent
MMBbl - Millions of barrels of oil
MMcf - Millions of cubic feet
NON-GAAP Measures
This news release uses the terms "adjusted funds flow", "operating netbacks", "corporate netbacks" and "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 earnings, 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. Net debt is a non-GAAP measure calculated as the sum of cash, accounts receivable, investments and prepaid expenses and deposits less demand loan, term loan, and accounts payable and accrued liabilities. Operating netback is a non-GAAP measure calculated as the Company's total revenue, less royalties, 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, less general and administrative expenses and interest and bank charges, divided by the Boe production of the Company. Please refer to the 2024 annual management's discussion and analysis for additional details regarding non-GAAP measures and their calculations.
For further information, please contact:
Philip B. Hodge - President and CEO
Kristopher Zack - CFO and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: info@pinecliffenergy.com
The TSX does not accept responsibility for the accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243505
FAQ
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