Hedges.Did Pipestone get ouf of all its hedges in first quarter. Looking to start a position .
Noticed a significant loss on hedges in Q1.
08:23 AM EDT, 05/12/2021 (MT Newswires) -- Pipestone Energy (PIPE.TO) on Wednesday posted a first-quarter loss on its hedging program even as sales doubled.
The company said it lost C$0.95 million, or nil per share, in the period, compared with a profit of C$15.54 million, or C$0.08, in the first quarter of 2020. Adjusted funds flow from operations more than doubled to C$28.24 million, or C$0.10, from C$11.82 million, or C$0.06.
Revenue also more than doubled, to C$71.49 million from C$32.02 million.
The company said the drop in its profit came as it posted realized and unrealized hedging losses of C$21.13 million. Expenses also rose 24% to C$42.65 million.
Pipestone's natural gas and natural-gas liquids production from its properties in the Montney shale field in Western Canada rose 53% to 31,595 barrels of oil equivalent.
Pipestone shares closed down C$0.03 to C$1.68 on the Toronto Stock Exchange