Investor Relations

PRESIDENT’S MESSAGE TO SHAREHOLDERS

I hope all of Pine Cliff’s supporters are enjoying their summer. I sure am. Pine Cliff is pleased to report a third consecutive quarter with its highest quarterly adjusted funds flow in its history at $55.8 million in Q2 2022.

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Q2 2022 Highlights

Highlights from the six-months ended June 30, 2022 include:

  • generated $55.8 million ($0.16 per basic and $0.15 per fully diluted share) and $88.1 million ($0.26 per basic and $0.25 per fully diluted share) of adjusted funds flow for the three and six months ended June 30, 2022, compared to $9.5 million ($0.03 per basic and fully diluted share) and $19.5 million ($0.06 per basic and fully diluted share) for comparable periods in 2021, increases of 587% and 452%, respectively;
  • generated net earnings of $50.2 million ($0.15 per basic and $0.14 per fully diluted share) and $65.6 million ($0.19 per basic and $0.18 per fully diluted share) for the three and six months ended June 30, 2022, compared to a net loss of $0.7 million ($0.00 per basic and fully diluted share) and a net loss of $1.4 million ($0.00     per basic and fully diluted share) for comparable periods in 2021;
  • change in positive net cash (net debt) position of $72.1 million from December 31, 2021 to June 30, 2022;
  • production averaged 21,331 Boe/d and 20,866 Boe/d for the three and six months ended June 30, 2022, 18% and 15% higher respectively than comparable periods in 2021;
  • repaid all debt during the six months ended June 30, 2022, including $30.0 million of term debt, $6.0 million of related party debt and $6.0 million of promissory notes; and
  • paid the Company’s first monthly dividend on June 30, 2022 of $0.0083 per common share.

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2021 Annual Report Highlight

(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.

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2021 Quarterly Report Highlight

(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.

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2020 Quarterly Report Highlight

(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.

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2019 Quarterly Report Highlight

(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.

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2018 Quarterly Report Highlight

(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.

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2017 Quarterly Report Highlight

(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.

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2016 Quarterly Report Highlight

(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.

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Corporate Presentation

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Dividends Details

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

Calendar

We set our calendar for 2023 in November. For the remainder of 2022 we have one key date remaining:

  • November 9 After Market: Q3 Earnings

Hedging Summary

Gas Contracts

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

Sep 1, 2022 - Oct 31, 2022

AECO
30,100
$3.70
$3.89

Sep 1, 2022 - Dec 31, 2022

AECO
5,000
$6.22
$6.56

Sep 1, 2022 - Oct 31, 2022

Dawn
5,000
$4.61
$4.86

Sep 1, 2022 - Oct 31, 2022

TransGas
4,000
$4.60
$4.85

Sep 1, 2022 - Oct 31, 2022

TransGas
5,500
AECO 5a + $0.22/GJ
AECO 5a + $0.23/mcf

Sep 1, 2022 - Oct 31, 2022

Suffield
5,500
AECO 5a + $0.58/GJ
AECO 5a + $0.61/mcf

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
3,000
AECO 5a + $0.47/GJ
AECO 5a + $0.49/mcf
Contractual Term
Delivery Point
Volume (GJ/d)
Costless Physical Collar (C$/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)

Sep 1, 2022 - Sep 30, 2022

WTI Fixed Price
250
$110.75

Oct 1, 2022 - Dec 31, 2022

WTI Fixed Price
250
$113.10

Analyst Coverage

Company

Desjardin Capital Markets

Haywood Securities Inc.

Paradigm Capital

Peters & Co.

Stifel FirstEnergy

Analyst

Chris MacCulloch

Christopher Jones

Adam GIll

Dan Grager

Cody Kwong

ESTMA Reports