I hope everyone had a safe, enjoyable summer and are doing well. Pine Cliff is happy to report our second highest quarterly adjusted funds flow in history at $34.9 million in Q3 2022 and the second dividend increase since we implemented the dividend this past June.
Read Full MessageHighlights from the nine-months ended September 30, 2022 include:
• generated $34.9 million ($0.10 per basic and fully diluted share) and $123.0 million ($0.36 per basic and $0.34 per fully diluted share) of adjusted funds flow for the three and nine months ended September 30, 2022, compared to $13.3 million ($0.04 per basic and fully diluted share) and $32.8 million ($0.10 per basic and $0.09 fully diluted share) for comparable periods in 2021;
• generated net earnings of $18.6 million ($0.05 per basic and per fully diluted share) and $84.3 million ($0.24 per basic and $0.23 per fully diluted share) for the three and nine months ended September 30, 2022, compared to net earnings of $2.3 million ($0.01 per basic and fully diluted share) and net earnings of $0.9 million ($0.00 per basic and fully diluted share) for comparable periods in 2021;
• paid dividends of $9.9 million ($0.01 per common share per month) during the three months ended September 30, 2022;
• ending the quarter with positive net cash of $35.1 million while maintaining debt free status throughout the quarter;
• production volumes for the three and nine months ended September 30, 2022 were 21,276 Boe/d and 21,004 Boe/d, 16% and 15% higher respectively than comparable periods in 2021;
• completed a summer drilling program that saw Pine Cliff drill four gross (2.8 net) operated Pekisko horizontal oil wells, of which three gross (2.1 net) were on production by the end of the third quarter; and
• participated in the drilling, completion and tie-in of five gross (0.9 net) non-operated natural gas wells in Edson.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
Declaration Date: May 4, 2022
Record Date: June 15, 2022
Payment Date: June 30, 2022
Amount (C$ per common share): $0.0083
Declaration Date: July 4, 2022
Record Date: July 15, 2022
Payment Date: July 29, 2022
Amount (C$ per common share): $0.0083
Declaration Date: August 3, 2022
Record Date: August 15, 2022
Payment Date: August 31, 2022
Amount (C$ per common share): $0.01
Declaration Date: September 6, 2022
Record Date: September 15, 2022
Payment Date: September 30, 2022
Amount (C$ per common share): $0.01
Declaration Date: October 4, 2022
Record Date: October 14, 2022
Payment Date: October 31, 2022
Amount (C$ per common share): $0.01
Declaration Date: November 2, 2022
Record Date: November 15, 2022
Payment Date: November 30, 2022
Amount (C$ per common share): $0.01
Declaration Date: December 1, 2022
Record Date: December 15, 2022
Payment Date: December 30, 2022
Amount (C$ per common share): $0.01083
We set our calendar for 2023 in November. For the remainder of 2022 we have one key date remaining:
Nov 1, 2022 - Dec 31, 2022
Nov 1, 2022 - Mar 31, 2023
Nov 1, 2022 - Oct 31, 2023
Apr 1, 2023 - Oct 31, 2023
Nov 1, 2022 - Mar 31, 2023
Nov 1, 2022 - Mar 31, 2023
Apr 1, 2023 - Oct 31, 2023
Nov 1, 2022 - Dec 31, 2022
Jan 1, 2023 - Mar 31, 2023
Desjardin Capital Markets
Haywood Securities Inc.
Paradigm Capital
Peters & Co.
Stifel FirstEnergy
Chris MacCulloch
Christopher Jones
Adam GIll
Dan Grager
Cody Kwong
The page you are about to view is hosted by an external provider. Pine Cliff Energy Ltd. is not responsible for the contents of the page.
ProceedThe page you are about to view is hosted by an external provider. Pine Cliff Energy Ltd. is not responsible for the contents of the page.
Proceed