August 08, 2024 6:43 PM EDT | Source: Pine Cliff Energy Ltd.
Calgary, Alberta–Pine Cliff Energy Ltd. announces its second quarter 2024 financial and operating results and guidance update.
Second Quarter 2024 Results
- Generated $10.8 million and $21.3 million of adjusted funds flow for the three and six months ended June 30, 2024, respectively.
- Production averaged 23,688 Boe/d and 23,776 Boe/d for the three and six months ended June 30, 2024.
- Paid dividends of $5.4 million and $14.9 million during the three and six months ended June 30, 2024.
- Capital expenditures totaled $1.0 million and $1.6 million for the three and six months ended June 30, 2024.
- Generated a net loss of $4.1 million and $8.9 million for the three and six months ended June 30, 2024.
Pine Cliff will host a webcast on Friday, August 9th, 2024, at 9:00 AM MDT (11:00 PM EDT).
Guidance Update
Production in the second quarter was down slightly from the first quarter due to maintenance-related outages and reduced well optimizations. The 2024 capital budget remains unchanged at $17.5 million.
Pine Cliff has reduced its 2024 production guidance to 23,250 – 23,750 Boe/d from 24,000 – 25,000 Boe/d.
Pine Cliff continues to hedge its natural gas and crude oil production to protect cash flow.
Financial and Operating Results
– Financial and operating results for the three and six months ended June 30, 2024, are available in the table provided.
About Pine Cliff
Pine Cliff Energy Ltd. is focused on creating shareholder value through the acquisition, development, and operation of long-life assets. More information about Pine Cliff can be found on the Company’s website.
Reader Advisories
– Reader advisories and cautionary statements regarding forward-looking information are provided in the press release.
Notes to Press Release
– Further information and notes related to the press release are outlined in the document.
NON-GAAP Measures
– Non-GAAP measures such as adjusted funds flow, free funds flow, and netbacks are used by the company to evaluate its performance and liquidity.
