Pine Cliff Energy Ltd.

Array
(
    [symbol] => PNE
    [exchange] => TSX Exchange
    [compname] => PINE CLIFF ENERGY LTD
    [date] => Nov 27, 2020
    [time] => 15:53 ET
    [open] => 0.27
    [high] => 0.27
    [low] => 0.26
    [last] => 0.27
    [tick] => No Change
    [img] => 
    [pclose] => 0.27
    [price_change] => 0.00
    [per_change] => 0.000%
    [volume] => 185,000
    [yearlow] => N/A
    [yearhigh] => N/A
    [bidprice] => 0.26
    [askprice] => 0.28
    [bidsize] => 6500
    [asksize] => 4500
)
TSX Exchange (PNE) $0.27 Change 0.00 | 0.000%

Financial Highlights

Annual Highlights
As at and for the year ended
($000s, unless otherwise indicated)(1)
December 31, 2019 December 31, 2018
December 31, 2017
FINANCIAL
Commodity sales 105,006 107,385 125,018
Total Revenue 99,431 100,063 115,076
Cash flow from operating activities 15,536 8,616 25,009
Adjusted funds flow(2) 5,879 10,513 28,705
     Per share - basic and diluted ($/share) 0.02 0.03 0.09
Earnings (loss) (56,430) (72,719) (67,864)
     Per share - basic and diluted ($/share) (0.18) (0.24) (0.22)
Total assets 323,735 354,215 405,228
Total non-current financial liabilities 63,308 60,280 29,307
Total liabilities 313,225 293,241 276,135
Capital expenditures 8,379 10,665 13,477
Acquisitions, after adjustments 8,801 307 (62)
Capital dispositions, proceeds (1,542) (285) (429)
Net debt(3) 64,038 56,819 53,638
OPERATIONS      
Production      
     Natural gas (Mcf/d) 105,725 111,110 121,718
     Crude oil (Bbls/d) 1,114 940 924
     Natural gas liquids (Bbls/d) 407 226 198
     Total (Boe/d) 19,142 19,684 21,408
     Total (Mcfe/d) 114,852 118,104 128,448
Netback ($/Boe)      
     Operating netback(4) 2.25 2.68 4.88
     Corporate netback (5) 0.84 1.47 3.68
Netback ($/Mcfe)      
   Operating netback(4) 0.38 0.45 0.81
   Corporate netback (5) 0.14 0.25 0.61

(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

2020


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


2015

($000s, unless otherwise indicated)(1)   Q4 Q3 Q2 Q1
FINANCIAL          
Average sales volumes (boe/d)   15,051 12,504 11,814 12,021
Operating netback ($/boe)(2)   6.16 7.92 7.08 7.33
Oil and gas sales   21,598 21,000 17,454 18,801
Oil and gas sales, net of royalties   20,166 19,425 16,692 17,487
Total revenue   20,258 19,517 16,784 17,608
Cash flow from operating activities   973 6,617 4,182 8,998
Funds flow from operations(3)   6,550 7,507 5,555 6,182
     Per share - basic ($/share)   0.03 0.03 0.02 0.03
     Per share - diluted ($/share)   0.03 0.03 0.02 0.03
Earnings (loss)   (3,300) (10,697) (4,757) (5,503)
     Per share - basic ($/share)   (0.01) (0.05) (0.02) (0.02)
     Per share - diluted ($/share)   (0.01) (0.05) (0.02) (0.02)
OPERATIONS          
Production          
     Natural gas (mcf/d)   85,233 70,843 67,502 68,208
     Crude oil (bbls/d)   264 128 119 128
     Natural gas liquids (bbls/d)   581 569 445 525
Total (boe/d)   15,051 12,504 11,814 12,021
Commodity sales prices          
     Natural gas ($/mcf)   2.47 2.95 2.62 2.76
     Crude oil ($/bbl)   44.07 47.90 54.10 52.07
     Natural gas liquids ($/bbl)   21.17 23.59 30.97 25.85
Combined ($/boe)   15.60 18.25 16.23 17.38

(1) Includes results from acquisitions from closing dates.
(2) Operating netback is a non - IFRS measure calculated as the Company's oil and gas sales, less royalties and operating expenses, averaged over the Boe production of the Company.
(3) Funds flows from operations is a non - IFRS measure that represents the total of funds provided by operating activities, before adjustinging for changes in non-cash working capital.

2014

($000s, unless otherwise indicated) Q4(1) Q3(2) Q2 Q1
FINANCIAL        
Average sales volumes (boe/d) 12,095 6,810 6,371 6,276
Operating netback ($/boe)(3) 11.74 15.08 17.45 19.82
Oil and gas sales 25,469 17,469 17,136 18,376
Oil and gas sales, net of royalties 22,819 15,700 15,339 16,447
Total revenue 23,003 15,907 15,540 16,634
Cash flow from operating activities 13,969 6,390 7,242 10,039
Funds flow from operations() 11,615 8,104 9,180 10,089
     Per share - basic ($/share) 0.05 0.04 0.05 0.05
     Per share - diluted ($/share) 0.05 0.04 0.04 0.05
Earnings (loss) (8,929) 918 2,333 2,969