Update: Valeura Energy Swings to Profit in Q4, Revenue Jumps; Provides Outlook; Up 8.5%
01:58 PM EDT, 03/26/2024 (MT Newswires) -- Valeura Energy Inc. (VLE.TO), which rose 3.8% to near 52-week highs yesterday, earlier Tuesday reported fourth-quarter net income of US$56 million ($76 million), or US$0.52 per diluted share, as compared with a loss of US$8.7 million, or US$0.10 per diluted share, a year earlier.
Revenue and other income for the quarter ended Dec. 31, 2023, was US$152.1 million, up from US$106,000 a year earlier.
Adjusted EBITDAX for Q4 was US$96.7 million, as compared with a loss of US$5.3 million a year ago.
The company said its Q4 financial performance reflects ongoing oil production, which averaged 19,165 barrels per day leading to sales of 1.987 million bbls and generating oil revenue of US$169.9 million.
For 2024, the company is expecting an average full-year oil production of 21,500 to 24,500 bbls/d. Adjusted Opex is expected to range between US$205 million and US$235 million, and Capex is expected to be US$135 million to US$155 million.
Exploration Expense for 2024 is expected to be about US$8 million.
The company's shares, which rose 3.8% in Canada yesterday, gained 8.5% on last look on Tuesday.
Price: 4.70, Change: +0.37, Percent Change: +8.55