Pine Cliff Energy Ltd. Announces Second Quarter 2024 Results and Guidance Update
Pine Cliff Energy (TSX: PNE) has released its second quarter 2024 financial and operating results, along with a guidance update. The company generated $10.8 million in adjusted funds flow for Q2 2024, down from $12.0 million in Q2 2023. Production averaged 23,688 Boe/d, a 17% increase from the same period last year. Pine Cliff paid dividends of $5.4 million ($0.02 per share) in Q2 2024, compared to $11.5 million ($0.03 per share) in Q2 2023.
The company reported a net loss of $4.1 million for Q2 2024, compared to a net loss of $0.9 million in Q2 2023. Pine Cliff has reduced its 2024 production guidance to 23,250 - 23,750 Boe/d from the previous 24,000 - 25,000 Boe/d due to maintenance-related outages and weak gas prices. The company has hedged approximately 45% of its gross natural gas production and 55% of its gross crude oil production for the second half of 2024.
Pine Cliff Energy (TSX: PNE) ha pubblicato i risultati finanziari e operativi del secondo trimestre 2024, insieme a un aggiornamento delle previsioni. L'azienda ha generato 10,8 milioni di dollari in flusso di fondi rettificato per il Q2 2024, in calo rispetto ai 12,0 milioni di dollari nel Q2 2023. La produzione ha avuto una media di 23.688 Boe/g, con un incremento del 17% rispetto allo stesso periodo dell'anno scorso. Pine Cliff ha distribuito dividendi per 5,4 milioni di dollari (0,02 dollari per azione) nel Q2 2024, rispetto agli 11,5 milioni di dollari (0,03 dollari per azione) nel Q2 2023.
L'azienda ha registrato una perdita netta di 4,1 milioni di dollari per il Q2 2024, rispetto a una perdita netta di 0,9 milioni di dollari nel Q2 2023. Pine Cliff ha rivisto al ribasso le previsioni di produzione per il 2024 a 23.250 - 23.750 Boe/g rispetto ai precedenti 24.000 - 25.000 Boe/g a causa di fermate legate alla manutenzione e ai deboli prezzi del gas. L'azienda ha coperto circa il 45% della sua produzione di gas naturale lordo e il 55% della produzione di petrolio greggio lordo per la seconda metà del 2024.
Pine Cliff Energy (TSX: PNE) ha publicado sus resultados financieros y operativos del segundo trimestre de 2024, junto con una actualización de pronósticos. La compañía generó 10.8 millones de dólares en flujo de fondos ajustado para el Q2 2024, una disminución frente a los 12.0 millones de dólares en el Q2 2023. La producción promedió 23,688 Boe/d, un aumento del 17% en comparación con el mismo período del año anterior. Pine Cliff pagó dividendos de 5.4 millones de dólares (0.02 dólares por acción) en el Q2 2024, en comparación con 11.5 millones de dólares (0.03 dólares por acción) en el Q2 2023.
La compañía reportó una pérdida neta de 4.1 millones de dólares para el Q2 2024, en comparación con una pérdida neta de 0.9 millones de dólares en el Q2 2023. Pine Cliff ha reducido su guía de producción para 2024 a 23,250 - 23,750 Boe/d desde la anterior de 24,000 - 25,000 Boe/d debido a paradas relacionadas con el mantenimiento y a los bajos precios del gas. La empresa ha cubierto aproximadamente el 45% de su producción de gas natural bruto y el 55% de su producción de petróleo crudo bruto para la segunda mitad de 2024.
파인 클리프 에너지 (TSX: PNE)는 2024년 2분기 재무 및 운영 결과와 함께 가이던스 업데이트를 발표했습니다. 회사는 2024년 2분기에 1,080만 달러의 조정된 자금 흐름을 생성했으며, 이는 2023년 2분기의 1,200만 달러에서 감소한 수치입니다. 생산은 평균 23,688 Boe/d로, 작년 같은 기간 대비 17% 증가했습니다. 파인 클리프는 2024년 2분기에 540만 달러 (주당 0.02 달러)의 배당금을 지급했으며, 이는 2023년 2분기의 1,150만 달러 (주당 0.03 달러)와 비교됩니다.
회사는 2024년 2분기에 410만 달러의 순손실을 보고했으며, 이는 2023년 2분기의 90만 달러의 순손실과 비교됩니다. 파인 클리프는 유지보수로 인한 가동 중단 및 낮은 가스 가격으로 인해 2024년 생산 전망을 23,250 - 23,750 Boe/d에서 이전의 24,000 - 25,000 Boe/d로 하향 조정했습니다. 회사는 2024년 하반기의 총 천연가스 생산량의 약 45%와 총 원유 생산량의 55%를 헤지했습니다.
Pine Cliff Energy (TSX: PNE) a publié ses résultats financiers et opérationnels pour le deuxième trimestre 2024, ainsi qu'une mise à jour des prévisions. L'entreprise a généré 10,8 millions de dollars de flux de fonds ajusté pour le T2 2024, en baisse par rapport à 12,0 millions de dollars au T2 2023. La production a atteint en moyenne 23 688 Boe/j, soit une augmentation de 17 % par rapport à la même période l'année dernière. Pine Cliff a versé des dividendes de 5,4 millions de dollars (0,02 dollar par action) au T2 2024, contre 11,5 millions de dollars (0,03 dollar par action) au T2 2023.
L'entreprise a rapporté une perte nette de 4,1 millions de dollars pour le T2 2024, contre une perte nette de 0,9 million de dollars au T2 2023. Pine Cliff a réduit ses prévisions de production pour 2024 à 23 250 - 23 750 Boe/j, contre les précédentes prévisions de 24 000 - 25 000 Boe/j en raison de pannes liées à l'entretien et de faibles prix du gaz. L'entreprise a couvert environ 45 % de sa production de gaz naturel brut et 55 % de sa production de pétrole brut pour la seconde moitié de 2024.
Pine Cliff Energy (TSX: PNE) hat seine finanziellen und operativen Ergebnisse für das zweite Quartal 2024 sowie ein Update zur Prognose veröffentlicht. Das Unternehmen generierte 10,8 Millionen Dollar an bereinigtem Mittelzufluss für Q2 2024, ein Rückgang von 12,0 Millionen Dollar im Q2 2023. Die Produktion belief sich im Durchschnitt auf 23.688 Boe/d, was einem Anstieg von 17 % gegenüber dem gleichen Zeitraum des Vorjahres entspricht. Pine Cliff zahlte im Q2 2024 Dividenden von 5,4 Millionen Dollar (0,02 Dollar pro Aktie), verglichen mit 11,5 Millionen Dollar (0,03 Dollar pro Aktie) im Q2 2023.
Das Unternehmen meldete einen Nettoverlust von 4,1 Millionen Dollar für Q2 2024, verglichen mit einem Nettoverlust von 0,9 Millionen Dollar im Q2 2023. Pine Cliff hat seine Produzentenprognose für 2024 auf 23.250 - 23.750 Boe/d von zuvor 24.000 - 25.000 Boe/d aufgrund von wartungsbedingten Ausfällen und schwachen Gaspreisen gesenkt. Das Unternehmen hat etwa 45 % seiner gesamten Erdgasproduktion und 55 % seiner gesamten Rohölproduktion für die zweite Jahreshälfte 2024 abgesichert.
- Production increased by 17% to 23,688 Boe/d in Q2 2024 compared to Q2 2023
- Capital expenditures decreased to $1.0 million in Q2 2024 from $8.2 million in Q2 2023
- Hedged 45% of gross natural gas production at $2.87/Mcf and 55% of gross crude oil production at $100.18/Bbl for H2 2024
- Adjusted funds flow decreased to $10.8 million in Q2 2024 from $12.0 million in Q2 2023
- Net loss increased to $4.1 million in Q2 2024 from $0.9 million in Q2 2023
- Reduced 2024 production guidance to 23,250 - 23,750 Boe/d from previous 24,000 - 25,000 Boe/d
- Dividends paid decreased to $5.4 million in Q2 2024 from $11.5 million in Q2 2023
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% and19% 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 ($0.01 per share basic and fully diluted) for the six months ended June 30 2023.
Pine Cliff will host a webcast at 9:00 AM MDT (11:00 PM EDT) on Friday August 9th, 2024. Participants can access the live webcast via https://www.gowebcasting.com/13423 (audio of webcast can be accessed via 1-877-407-8819, passcode 86286) or through the links provided on the Company's website. A recorded archive will be available on the Company's website following the live webcast.
Guidance Update
Production in the second quarter was down slightly from the first quarter due to extended maintenance-related outages at third party facilities and reduced well optimizations in response to weak gas prices. Capital expenditures of
With the deferred capital spending and additional third-party outages scheduled for the fall, Pine Cliff has reduced 2024 production guidance to 23,250 - 23,750 Boe/d4 from 24,000 - 25,000 Boe/d4. The production mix is unchanged, with liquids production expected to account for approximately
Pine Cliff continues to use physical hedging as part of its ongoing marketing strategy to help protect cash flow. Approximately
Financial and Operating Results
| Three months ended June 30, 2024 | Six months ended June 30, 2024 | |||||||||||
| ( | 2024 | 2023 | 2024 | 2023 | ||||||||
| Commodity sales (before royalty expense) | 48,323 | 42,272 | 99,622 | 95,211 | ||||||||
| Cash provided by operating activities | 5,692 | 12,504 | 15,219 | 34,830 | ||||||||
| Adjusted funds flow1 | 10,780 | 12,040 | 21,278 | 31,864 | ||||||||
| Per share - Basic ($/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 ($/share) | 0.02 | 0.03 | 0.04 | 0.06 | ||||||||
| Positive net cash (net debt)1 | (68,647 | ) | 49,301 | (68,647 | ) | 49,301 | ||||||
| Production (Boe/d) | 23,688 | 20,198 | 23,776 | 20,137 | ||||||||
| Percent Natural Gas (%) | ||||||||||||
| Weighted-average common shares outstanding (000s) | ||||||||||||
| Basic | 355,281 | 353,216 | 354,923 | 352,245 | ||||||||
| Diluted | 355,281 | 353,216 | 354,923 | 359,538 | ||||||||
| Combined sales price ($/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 www.sedarplus.ca as well as on Pine Cliff's website at www.pinecliffenergy.com.
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 and7% 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219348
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