FY 2023 ResultsA fairly good year for CPG and improved prospects for 2024. I just selected some of the results which stood out to me.
-increased premium inventory to over 20 years.
- replaced over 900% of 2023 production on a 2P reserves basis.
- generated $980m of excess cash flow in 2023.
- returned 60% of excess cash flow to shareholders.
- increased quarterly dividend to $0.115 per share.
- hedged 45% of oil and liquids and 30% of nat. gas production for 2024.
- under the 2023 NCIB purchased 34.6m shares for cancellation.
- disposed of the Alberta Swan Hills and Turner Valley assets which should close in Q1 of 2024.
- 12 month average analysts' ratings currently is $13.35 per share.
On the negative side;
-full year EPS in 2022 was $2.62 but dropped to $1.47 for 2023.
-net debt as of Dec. 31, 2023 was $3.7 billion.
Personally, even though they have committed to continue with the NCIB in 2024 I would rather have them pay down the debt instead and at a faster pace.
Hopefully the TransMountain Pipeline will help bolster the revenue in 2024 and that those events that affect crude prices remain friendly during the year.
GLTLs!