Investor Relations

President's Message to Shareholders

As we progress through 2024, we are swiftly approaching what is expected to be a favorable turning point for natural gas prices in Western Canada this winter. At Pine Cliff, we remain focused on managing our operations while strengthening our balance sheet to further navigate what could still be a challenging summer.

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Q1 2024 Highlights

First Quarter 2024 Summary

 

·        Generated $10.5 million of adjusted funds flow ($0.03 per basic and fully diluted share) compared to $19.8 million ($0.06 per basic and fully diluted share);

·        Production averaged 23,865 Boe/d for the three months ended March 31, 2024, compared to 20,076 Boe/d; and

·        Paid dividends of $9.5 million ($0.03 per share basic and fully diluted compared to $11.4 million ($0.03 per basic and fully diluted share).

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Corporate Presentation

Share Information

Share Information

Dividends Details

2024
January

Declaration Date: January 2, 2024

Record Date: January 15, 2024

Payment Date: January 31, 2024

Amount (C$ per common share): $0.01083

Designated: Eligible1

February

Declaration Date: February 1, 2024

Record Date: February 15, 2024

Payment Date: February 29, 2024

Amount (C$ per common share): $0.01083

Designated: Eligible1

March

Declaration Date: March 4, 2024

Record Date: March 15, 2024

Payment Date: March 28, 2024

Amount (C$ per common share): $0.005

Designated: Eligible1

April

Declaration Date: April 1, 2024

Record Date: April 15, 2024

Payment Date: April 30, 2024

Amount (C$ per common share): $0.005

Designated: Eligible1

May

Declaration Date: May 1, 2024

Record Date: May 15, 2024

Payment Date: May 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

June

Declaration Date: June 3, 2024

Record Date: June 14, 2024

Payment Date: June 28, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

July

Declaration Date: July 3, 2024

Record Date: July 15, 2024

Payment Date: July 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

Footnotes

1 Please consult a tax advisor with any questions regarding the dividend designation between eligible and non-eligible dividends.

2023
January

Declaration Date: January 5, 2023

Record Date: January 16, 2023

Payment Date: January 31, 2023

Amount (C$ per common share): $0.01083

February

Declaration Date: February 1, 2023

Record Date: February 15, 2023

Payment Date: February 28, 2023

Amount (C$ per common share): $0.01083

March

Declaration Date: March 2, 2023

Record Date: March 15, 2023

Payment Date: March 31, 2023

Amount (C$ per common share): $0.01083

April

Declaration Date: April 3, 2023

Record Date: April 14, 2023

Payment Date: April 28, 2023

Amount (C$ per common share): $0.01083

May

Declaration Date: May 2, 2023

Record Date: May 15, 2023

Payment Date: May 31, 2023

Amount (C$ per common share): $0.01083

June

Declaration Date: June 1, 2023

Record Date: June 15, 2023

Payment Date: June 30, 2023

Amount (C$ per common share): $0.01083

July

Declaration Date: July 5, 2023

Record Date: July 14, 2023

Payment Date: July 31, 2023

Amount (C$ per common share): $0.01083

August

Declaration Date: August 1, 2023

Record Date: August 15, 2023

Payment Date: August 31, 2023

Amount (C$ per common share): $0.01083

September

Declaration Date: September 5, 2023

Record Date: September 15, 2023

Payment Date: September 29, 2023

Amount (C$ per common share): $0.01083

October

Declaration Date: October 2, 2023

Record Date: October 16, 2023

Payment Date: October 31, 2023

Amount (C$ per common share): $0.01083

November

Declaration Date: October 31, 2023

Record Date: November 15, 2023

Payment Date: November 30, 2023

Amount (C$ per common share): $0.01083

December

Declaration Date: December 1, 2023

Record Date: December 15, 2023

Payment Date: December 29, 2023

Amount (C$ per common share): $0.01083

2022
June

Declaration Date: May 4, 2022

Record Date: June 15, 2022

Payment Date: June 30, 2022

Amount (C$ per common share): $0.0083

July

Declaration Date: July 4, 2022

Record Date: July 15, 2022

Payment Date: July 29, 2022

Amount (C$ per common share): $0.0083

August

Declaration Date: August 3, 2022

Record Date: August 15, 2022

Payment Date: August 31, 2022

Amount (C$ per common share): $0.01

September

Declaration Date: September 6, 2022

Record Date: September 15, 2022

Payment Date: September 30, 2022

Amount (C$ per common share): $0.01

October

Declaration Date: October 4, 2022

Record Date: October 14, 2022

Payment Date: October 31, 2022

Amount (C$ per common share): $0.01

November

Declaration Date: November 2, 2022

Record Date: November 15, 2022

Payment Date: November 30, 2022

Amount (C$ per common share): $0.01

December

Declaration Date: December 1, 2022

Record Date: December 15, 2022

Payment Date: December 30, 2022

Amount (C$ per common share): $0.01083

Calendar

August 8, 2024: Q2/24 Earnings (After Market)

Hedging Summary

Gas Contracts

Contractual Term
Delivery Point
Volume (GJ/d)
(C$/GJ)
(C$/mcf)

Nov 1, 2022 - Dec 31, 2022

AECO
5,000
$6.22
$6.56

Nov 1, 2022 - Mar 31, 2023

Suffield
5,000
AECO 5a + $0.98/GJ
AECO 5a + $1.03/mcf

Nov 1, 2022 - Oct 31, 2023

TransGas
9,500
AECO 5a + $0.56/GJ
AECO 5a + $0.59/mcf

Apr 1, 2023 - Oct 31, 2023

AECO
2,500
$4.07
$4.27
Contractual Term
Delivery Point
Volume (GJ/d)
Costless Physical Collar (C$/GJ)
Costless Physical Collar (C$/mcf)

Nov 1, 2022 - Mar 31, 2023

AECO
5,000
$4.75 - $6.00
$4.99 - $6.30

Nov 1, 2022 - Mar 31, 2023

AECO
5,000
$6.00 - $11.60
$6.30 - $12.18

Apr 1, 2023 - Oct 31, 2023

AECO
5,000
$3.98 - $5.42
$4.20 - $5.72

Crude Oil Contracts

Contractual Term
Delivery Point
Volume (bbl/d)
Price (C$/bbl)

Nov 1, 2022 - Dec 31, 2022

WTI Fixed Price
250
$113.10

Jan 1, 2023 - Mar 31, 2023

WTI Fixed Price
250
$117.50

Analyst Coverage

Company

Cannacord Genuity

Desjardin Capital Markets

Haywood Securities Inc.

Paradigm Capital

Peters & Co.

Schacter Energy Research

Stifel FirstEnergy

Analyst

Mike Mueller

Chris MacCulloch

Christopher Jones

TBD

Conrad Bereznicki

Josef Schachter

Cody Kwong

ESTMA Reports