Pine Cliff Energy Ltd T.PNE

PNE highlights - Buy with confidence

[Reachme]

• generated $40.2 million of adjusted funds flow1 ($0.11 per basic and fully diluted share) for the three months ended December 31, 2022, and $163.2 million ($0.47 per basic and $0.45 per fully diluted share) for the year ended December 31, 2022, 53% and 176% higher than the respective periods in the prior year;
• generated net earnings of $24.7 million ($0.07 per basic and fully diluted share) for the three months ended December 31, 2022, and $108.9 million ($0.31 per basic and $0.30 per fully diluted share) for the year then ended;
• production averaged 21,041 Boe/d2 and 21,015 Boe/d3 during the three months and year ended December 31, 2022, 10% and 14% higher than the comparable periods in 2021;
• paid dividends of $10.8 million ($0.03 per basic and fully diluted share) for the three months ended December 31, 2022 and $23.6 million ($0.07 per basic and fully diluted share) for the year ended December 31, 2022;
• repaid in full $30.0 million of term debt and $12.0 million of promissory notes outstanding by the end of the second quarter of 2022 to be debt free;
• had positive net cash1 of $55.9 million at December 31, 2022 compared to $49.7 million of net debt at December 31, 2021, a year over year change of $105.6 million;
• drilled, four (2.8 net) Pekisko oil wells and seven (1.4 net) Ellerslie liquids rich natural gas wells in 2022; and
• 2022 capital expenditures totaled $34.7 million, including development capital of $20.5 million, facilities optimization and maintenance capital of $8.4 million and abandonment and reclamation expenditures of $5.8 million.