Ebitda Comparisons Annualizing the average two-month rate ( October and November /11 ), Connacher's adjusted EBITDA would exceed $165-million on an annual basis.
If one uses only November's Ebitda, the annual Ebitda would be about $210 million.
Compare this to the record year of 2010 when Ebitda hit the $92 million level.
The fourth quarter is on track to have over $40 million in Ebitda, another record.
These are rather substantial increases but consistent with heavy oil prices increases and an attractive hedging policy.
In addition, they include no gains from increases in production in 2012.
They point towards a normalization of development funds for 2012 ( about $110 million or so ) and might increase beyond that, such that the Twining and Penhold conventional light oil discoveries can be more rapidly brought onstream.
Almost certainly, new production records will be achieved in 2012 providing that heavy oil prices remain within the October and November averages.
What is there not to like.