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Gear Energy Ltd T.GXE

Alternate Symbol(s):  GENGF

Gear Energy Ltd. is a Canadian exploration and production company with heavy and light oil production in Central Alberta, West Central Saskatchewan and Southeast Saskatchewan. The Company carries on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its properties include Celtic/Paradise Hill, Saskatchewan; Wildmere Area, Alberta; Wilson Creek, Alberta, and Tableland, Saskatchewan. The Celtic/Paradise Hill is located within Township 52, and Ranges 23 and 24 W3 and is approximately 40 kilometers northeast of Lloydminster, Alberta. The Wildmere field is located within Townships 47, 48 and 49, and Ranges 3, 4, 5 and 6W4, is approximately 200 kilometers southeast of Edmonton, Alberta. The property consists of approximately 24,325 gross (23,000 net) acres of lands. The Tableland property development is predominately focused on the Three Forks/Torquay formation, with minor production from the Bakken and Ratcliffe formations.


TSX:GXE - Post by User

Post by 2021Gambleon Mar 13, 2023 2:56pm
169 Views
Post# 35335539

BMO comments on expectations for 2023

BMO comments on expectations for 2023BMO sees continued dividends and FCF for 2023 from cdn. Producers


Fourth-Quarter Results from Canadian Oil and Gas Producers Better than Expected, BMO Capital Markets Says
 
13 Mar 2023 14:49 ET  

02:49 PM EDT, 03/13/2023 (MT Newswires) -- Fourth-quarter results from Canada's oil and gas producers came in better than expected, BMO Capital Markets noted in a report, though costs are rising sharply. The good results have cleaned up balance sheets for the producers, auguring even better returns for shareholders in 2023.

"The fourth quarter delivered better-than-expected financial results for Canadian producers, with the large-cap names generally posting stronger results relative to the SMIDs," the investment bank noted. Reserve growth for the group was fairly mild in 2022, but inflationary pressures resulted in FD&A costs rising significantly year over year. Relative to January 2022 estimates, capital expenditures came in 20% higher than our and the Street's expectations, while our and consensus 2023 capex forecasts rose by 30% and 32%,respectively, over the same time frame. Despite the increases in costs, we still believe free cash flow profiles will remain robust going into 2023. Since balance sheets have been largely repaired across the board, we expect Canadian producers will prioritize shareholder returns even more this year, with several companies committed to allocating the vast majority of free cash flow to dividends and buybacks."

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