Pine Cliff Energy Ltd.

 
Array
(
    [symbol] => PNE
    [exchange] => TSX Exchange
    [compname] => PINE CLIFF ENERGY LTD
    [date] => Dec 3, 2021
    [time] => 15:46 ET
    [open] => 0.65
    [high] => 0.65
    [low] => 0.61
    [last] => 0.61
    [tick] => Down
    [img] => 
    [pclose] => 0.64
    [price_change] => -0.03
    [per_change] => -4.688%
    [volume] => 248,000
    [yearlow] => N/A
    [yearhigh] => N/A
    [bidprice] => 0.60
    [askprice] => 0.62
    [bidsize] => 7000
    [asksize] => 7500
)
TSX Exchange (PNE) $0.61 Change -0.03 | -4.688%

Financial Highlights

Annual Highlights
As at and for the year ended
($000s, unless otherwise indicated)(1)		 December 31, 2020 December 31, 2019
December 31, 2018
FINANCIAL
Commodity sales 103,170 105,006 107,385
Total Revenue 96,897 99,431 100,063
Cash flow from operating activities 8,787 15,536 8,616
Adjusted funds flow(2) 8,729 5,879 10,513
     Per share - basic and diluted ($/share) 0.03 0.02 0.03
Earnings (loss) (50,107) (56,430) (72,719)
     Per share - basic and diluted ($/share) (0.15) (0.18) (0.24)
Total assets 288,899 323,735 354,215
Total non-current financial liabilities 62,816 63,308 60,280
Total liabilities 326,216 313,225 293,241
Capital expenditures 7,517 8,379 10,665
Acquisitions, after adjustments (6) 8,801 307
Capital dispositions, proceeds (829) (1,542) (285)
Net debt(3) 63,050 64,038 56,819
OPERATIONS      
Production      
     Natural gas (Mcf/d) 104,277 105,725 111,110
     Crude oil (Bbls/d) 1,187 1,114 940
     Natural gas liquids (Bbls/d) 439 407 226
     Total (Boe/d) 19,006 19,142 19,684
     Total (Mcfe/d) 114,036 114,852 118,104
Netback ($/Boe)      
     Operating netback(4) 2.72 2.25 2.68
     Corporate netback (5) 1.26 0.84 1.47
Netback ($/Mcfe)      
   Operating netback(4) 0.45 0.38 0.45
   Corporate netback (5) 0.21 0.14 0.25

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in
non‐cash working capital, and decommissioning obligations settled.
(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related
party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the
Company for the period.
(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and
bank charges plus finance and dividend income, divided by the Boe production of the Company.

Quarterly Highlights

2021

($000s, unless otherwise indicated) Q3 Q2 Q1  
FINANCIAL(1)        
Commodity sales (before royalty expense) 39,890 34,163 35,519  
Cash flow from operating activities 12,411 8,171 8,471  
Adjusted funds flow (2) 13,333 9,494 10,000  
       Per share - Basic and Diluted ($/share) (2) 0.04 0.03 0.03  
       Per share - Basic and Diluted ($/share) (2) 0.04 0.03 0.03  
Earnings (loss) 2,323 (744) (680)  
       Per share - Basic ($/share) 0.01 (0.00) (0.00)  
       Per share - Diluted ($/share) 0.01 (0.00) (0.00)  
Capital expenditures 8,903 1,556 368  
Net Debt (2) 41,413 45,292 53,122  
Weighted-average common shares outstanding
(000s) - Basic		 337,921 336,802 335,556  
Weighted-average common shares outstanding
(000s) - Diluted		 346,732 336,802 335,556  
OPERATIONS        
Production        
       Natural gas (Mcf/d) 100,462 99,528 99,267  
       Natural gas liquids (Bbls/d) 1,178 1,166 1,400  
       Crude oil (Bbls/d) 394 341 362  
Total (Boe/d) 18,316 18,095 18,307  
Realized commodity sales prices        
       Natural gas ($/Mcf) 3.43 3.03 3.14  
       Natural gas liquids ($/Boe) 50.53 42.83 43.87  
       Crude Oil ($/Bbl) 74.94 69.90 60.09  
Combined ($/Boe) 23.67 20.75 21.56  
Netback ($/Boe)        
       Commodity sales 23.67 20.75 21.56  
       Processing and gathering expenses 0.57 0.60 0.56  
       Royalty expense (2.43) (2.28) (2.00)  
       Transportation expenses (1.36) (1.37) (1.34)  
       Operating expenses (11.23) (10.20) (10.90)  
Operating netback ($/Boe)(2) 9.22 7.50 7.88  
       General and administrative (0.60) (0.93) (1.04)  
       Interest and bank charges (0.70) (0.80) (0.79)  
Corporate netback ($/Boe) (2) 7.92 5.77 6.05  
Operating netback ($ per Mcfe) (2) 1.54 1.25 1.31  
Corporate netback ($ per Mcfe) (2) 1.32 0.96 1.01  

(1) Includes results for acquisitions and excludes results for disposition from the closing date.
(2) This is a non-GAAP measure, see “NON-GAAP MEASURES” for additional information in the annual and interim filings.

2020


($000s, unless otherwise indicated)  
 		 Q4 Q3 Q2 Q1
FINANCIAL(1)        
Commodity sales (before royalty expense) 31,292 24,744 21,693 25,441
Cash flow from operating activities 2,666 3,945 539 1,637
Adjusted funds flow (2) 7,996 809 (1,229) 1,153
       Per share - Basic and Diluted ($/share) (2) - - - -
Earnings (loss) (3,822) (12,110) (14,164) (20,011)
      Per share - Basic and Diluted ($/share) (0.01) (0.04) (0.04) (0.06)
Capital expenditures 1,307 2,213 2,175 1,822
Net Debt (2) 63,050 69,312 69,273 65,532
Weighted-average common shares outstanding
(000s) - Basic and diluted		 335,284 330,230 327,784 327,784
OPERATIONS        
Production        
      Natural gas (Mcf/d) 104,788 103,304 104,611 104,412
      Natural gas liquids (Bbls/d) 1,270 1,171 1,075 1,231
      Crude oil (Bbls/d) 395 367 458 536
Total (Boe/d) 19,130 18,755 18,968 19,169
Realized commodity sales prices        
     Natural gas ($/Mcf) 2.73 2.18 2.03 2.19
     Natural gas liquids ($/Boe) 28.89 25.07 14.56 22.69
     Crude Oil ($/Bbl) 43.46 40.54 22.10 43.47
Combined ($/Boe) 17.78 14.34 12.57 14.58
Netback ($/Boe)        
     Commodity sales 17.78 14.34 12.57 14.58
     Royalty expense (1.34) (0.67) (0.59) (1.00)
     Transportation expenses (1.26) (1.28) (1.37) (1.36)
Net operating expenses (9.10) (10.49) (10.02) (9.97)
Operating netback ($/Boe)(2) 6.08 1.90 0.59 2.25
    General and administrative (0.76) (0.68) (0.58) (0.85)
    Interest and bank charges, net of dividend income (0.77) (0.75) (0.72) (0.75)
Corporate netback ($/Boe) (2) 4.55 0.47 (0.71) 0.65
Operating netback ($ per Mcfe)(2) 1.01 0.32 0.10 0.38
Corporate netback ($ per Mcfe) (2) 0.76 0.08 (0.12) 0.11

(1) Includes results for acquisitions and excludes results for disposition from the closing date.
(2) This is a non-GAAP measure, see “NON-GAAP MEASURES” for additional information in the annual and interim filings.

2019

($000s, unless otherwise indicated)   Q4 Q3 Q2 Q1    
FINANCIAL            
Commodity sales (before royalty expense) 31,339 20,107 21,497 32,063    
Cash flow from operating activities 4,039 (2,931) 6,503 7,925    
Adjusted funds flow (1) 5,025 (3,922) (2,047) 6,823    
     Per share - Basic and Diluted ($/share) (1) 0.02 (0.01) (0.01) 0.02    
Earnings (loss) (7,987) (17,739) (24,179) (6,525)    
     Per share - Basic and Diluted ($/share) (0.02) (0.05) (0.08) (0.02)    
Capital expenditures 5,446 1,123 815 995    
Acquisitions 202 (7) 8,604 2    
Dispositions (1,443) (14) (85) -    
Net Debt (2) 64,038 63,745 58,162 51,820    
Weighted-average common shares outstanding
(000s) - Basic and diluted
 327,784 327,784 314,130 307,076    
OPERATIONS            
Production            
     Natural gas (Mcf/d) 108,208 104,488 105,965 104,186    
     Natural gas liquids (Bbls/d) 1,216 1,195 1,063 981    
     Crude oil (Bbls/d) 410 423 399 396    
Total (Boe/d) 19,661 19,033 19,123 18,741    
Realized commodity sales prices            
     Natural gas ($/Mcf) 2.52 1.55 1.69 2.84    
     Natural gas liquids ($/Boe) 35.36 25.75 29.74 37.64    
     Crude Oil ($/Bbl) 59.91 61.33 65.16 58.89    
Combined ($/Boe) 17.33 11.48 12.35 19.01    
Netback ($/Boe)            
     Commodity sales 17.33 11.48 12.35 19.01    
     Royalty expense (1.56) (0.36) (0.22) (1.02)    
     Transportation expenses (1.53) (1.65) (1.72) (1.84)    
     Operating expenses (10.08) (10.44) (10.23) (10.47)    
Operating netback ($/Boe)(3) 4.16 (0.97) 0.18 5.68    
     General and administrative (0.66) (0.57) (0.74) (0.95)    
     Interest and bank charges, net of dividend income (0.71) (0.70) (0.62) (0.69)    
Corporate netback ($/Boe) (4) 2.79 (2.24) (1.18) 4.04    
Operating netback ($ per Mcfe)(3) 0.69 (0.16) 0.03 0.95    
Corporate netback ($ per Mcfe) (4) 0.47 (0.37) (0.20) 0.67    
             

(1) Adjusted funds flow is a non‐GAAP measure that represents the total of cash flows from operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.
(2) Net debt is a non‐GAAP measure calculated as the sum of promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, restricted cash and prepaid expenses and deposits.
(3) Operating netback is a non‐GAAP  measure calculated as the Company’s oil and gas sales, less royalty , operating and transportation expenses, divided by the Boe production of the Company for the period.
(4) 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.

2018

($000s, unless otherwise indicated)   Q4 Q3 Q2 Q1
FINANCIAL          
Oil and gas sales (before royalty expense)   30,110 25,625 21,939 29,711
Cash flow from operating activities   1,415 (309) 531 6,979
Adjusted funds flow (1)   4,433 1,920 (977) 5,137
     Per share - Basic and Diluted ($/share) (1)   0.01 0.01 0.00 0.02
Earnings (loss)   (28,520) (10,710) (17,909) (15,580)
     Per share - Basic and Diluted ($/share)   (0.09) (0.03) (0.06) (0.05)
Capital expenditures   4,302 1,910 1,276 3,177
Net Debt (2)   56,819 56,325 54,737 52,414
Weighted-average common shares outstanding (000s) - Basic and diluted   307,076 307,076 307,076 307,076
OPERATIONS          
Production          
     Natural gas (Mcf/d)   110,295 111,067 110,242 112,871
     Natural gas liquids (bbls/d)   957 861 967 977
     Crude oil (Bbls/d)   236 231 216 219
Total (Boe/d)   19,576 19,603 19,557 20,008
Realized commodity sales prices          
     Natural gas ($/Mcf)   2.51 1.88 1.55 2.35
     Natural gas liquids ($/Boe)   44.85 61.05 56.74 51.45
     Crude oil ($/Bbl)   32.14 74.15 71.19 63.21
Combined ($/Boe)   16.72 14.21 12.33 16.50
Netback ($/Boe)          
     Oil and gas sales   16.72 14.21 12.33 16.50
     Royalty expense   (0.95) (0.82) (0.85) (1.47)
     Operating expenses   (10.41) (9.17) (9.07) (9.39)
     Transportation expenses   (1.80) (1.88) (1.69) (1.60)
Operating netback ($/Boe)(3)   3.56 2.34 0.72 4.04
     General and administrative   (0.42) (0.66) (0.86) (0.76)
     Interest and bank charges, net of dividend   income   (0.68) (0.62) (0.41) (0.42)
Corporate netback ($/Boe) (4)   2.46 1.06 (0.55) 2.86
Operating netback ($ per Mcfe)(3)   0.59 0.39 0.12 0.67
Corporate netback ($ per Mcfe) (4)   0.41 0.18 (0.09) 0.48

(1) Adjusted funds flow is a non‐GAAP measure that represents the total of cash flows from operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.
(2) Net debt is a non‐GAAP measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash and prepaid expenses and deposits.
(3) Operating netback is a non‐GAAP  measure calculated as the Company’s oil and gas sales, less royalty , operating and transportation expenses, divided by the Boe production of the Company for the period.
(4) Corporate netback is a non‐GAAP measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges, net of dividend income, divided by the Boe production of the Company. 

 

2017

($000s, unless otherwise indicated) Q4 Q3 Q2 Q1
FINANCIAL(1)        
Oil and gas sales (before royalty expense) 27,377 25,646 35,561 35,148
Cash flow from operating activities (4,350) 5,517 10,007 13,835
Funds flow from operations(2) 3,759 2,879 10,834 11,233
     Per share - Basic and Diluted ($/share)(2) 0.01 0.01 0.04 0.04
Earnings (loss) (32,996) (30,214) (2,118) (2,536)
     Per share - Basic and Diluted ($/share) (0.11) (0.10) (0.01) (0.01)
Capital expenditures 3,091 3,318 3,267 3,801
Net Debt(3) 53,638 53,377 52,562 58,930
Weighted-average common shares outstanding (000s) - Basic and diluted 307,076 307,076 307,076 307,076
OPERATIONS        
Production        
     Natural gas (Mcf/d) 122,304 124,450 119,410 120,677
     Natural gas liquids (bbls/d) 880 998 912 903
     Crude oil (Bbls/d) 225 123 263 198
Total (Boe/d) 21,489 21,863 21,077 21,214
Realized commodity sales prices        
     Natural gas ($/Mcf) 1.98 1.86 2.82 2.83
     Natural gas liquids ($/Boe) 47.73 41.98 43.44 42.40
     Crude oil ($/Bbl) 62.41 47.72 55.04 55.85
Combined ($/Boe) 13.85 12.75 18.55 18.41
Netback ($/Boe)        
     Oil and gas sales 13.85 12.75 18.55 18.41
     Realized hedging gain 0.65 - - -
     Royalty expense (1.06) (0.89) (1.46) (1.82)
     Transportation expenses (1.34) (1.02) (0.99) (1.11)
     Operating expenses (9.25) (8.54) (8.69) (8.34)
Operating netback ($/Boe)(4) 2.85 2.30 7.41 7.14
     General and administrative (0.55) (0.49) (1.27) (0.74)
     Interest and bank charges, net of dividend income (0.40) (0.37) (0.49) (0.52)
Corporate netback ($/Boe) (5) 1.90 1.44 5.65 5.88
Operating netback ($ per Mcfe)(4) 0.48 0.38 1.24 1.19
Corporate netback ($ per Mcfe) (5) 0.32 0.24 0.94 0.98

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Funds flow from operations is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.
(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits, investments, and commodity contracts.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s oil and gas sales and realized hedging gain, less royalty and operating expenses, divided by the Boe production of the Company for the period.
(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges, net of dividend income, divided by the Boe production of the Company.

2016

($000s, unless otherwise indicated)    

Q4

Q3

Q2

Q1
FINANCIAL(1)            
Oil and gas sales (before royalty expense)     38,316 32,401 20,695 27,230
Cash flow from (used in) operating activities     12,632 4,606 (4,371) 9,622
Funds flow from (used in) operations(2)                   15,026 6,972 (3,655) 1,398
     Per share - Basic and Diluted ($/share)                               0.05 0.02 (0.01) 0.00
Earnings (loss)                            3,210 (11,558) (25,862) (16,177)
     Per share - Basic and Diluted ($/share)                            0.01 (0.04) (0.08) (0.05)
Capital expenditures     3,356 1,437 749 3,617
Acquisitions, after adjustments                        (1,029) (603) 240 585
Proceeds on dispositions                    (33,032) (5,378) (24,702) -
Net Debt(3)                         64,224 110,312 122,032 143,587
Weighted-average common shares outstanding (000s) - Basic                        306,977 306,878 305,928 305,512
Weighted-average common shares outstanding (000s) - Diluted                        307,095 306,878 305,928 305,512
OPERATIONS            
Production            
     Natural gas (mcf/d)                        120,540 125,082 124,966 129,085
     Crude oil (bbls/d)                               602 803 866 723
     Natural gas liquids (bbls/d)                               833 871 933 1,060
Total (boe/d)                          21,525 22,521 22,647 23,297
Realized commodity sales prices            
     Natural gas ($/mcf)                              2.95 2.33 1.32 1.94
     Crude oil ($/bbl)                          49.12 41.81 39.92 29.91
     Natural gas liquids ($/boe)                           37.08 31.67 28.94 25.72
Combined ($/boe)                            19.35 15.64 10.04 12.84
Netback ($/boe)            
    Oil and gas sales                          19.35 15.64 10.04 12.84
    Royalty income                              - - 0.25 0.29
    Royalty expense                           (1.59) (1.13) (0.65) (0.95)
    Operating costs                            (8.95) (9.43) (9.66) (9.50)
Operating netback ($/boe)(4)                            8.81 5.08 (0.02) 2.68
    General and administrative                           (0.47) (0.74) (0.87) (1.27)
    Interest and bank charges and dividend income                            (0.75) (0.98) (0.87) (0.75)
Corporate netback ($/boe)(5)                              7.59 3.36 (1.76) 0.66
Operating netback ($ per Mcfe)                              1.47 0.85 (0.00) 0.45
Corporate netback ($ per Mcfe)                               1.27 0.56 (0.29) 0.11

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Funds flow from operations is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.
(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.
(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.