Reconcilation of the numbers.... Preliminary
Unaudited
Third Quarter 2021
Results | Preliminary Unaudited
Nine Month 2021 Results | 2021E
Post-Acquisition Guidance |
| Production1 | boe/d | 24,164 | 24,017 | 24,600 - 24,800 |
| % Oil and NGLs | % | 63% | 64% | 64% |
| Capital Expenditures2 | $ millions | 45.1 | 96.1 | 141 - 143 |
| Decommissioning Expenditures3 | $ millions | 1.6 | 5.4 | 8 |
| Net Operating Costs | $/boe | 13.28 | 13.50 | 12.95 - 13.15 |
| General & Administrative | $/boe | 1.82 | 1.73 | 1.70 - 1.80 |
| Based on midpoint of above guidance | |
| WTI Range | US$/bbl | 70.56 | 64.87 | 75.00 - 80.00 |
| Funds Flow from Operations4, 5, 6 | $ millions | 59.3 | 137.9 | 223 - 228 |
| Free Cash Flow2, 4, 5, 6 | $ millions | 12.6 | 36.4 | 72 - 77 |
| Net Debt | $ millions | 428.1 | 428.1 | 404 - 409 |
So total 4th q spend is 47m capex and about 3m for decommisioning so 50M Total.
228m - 137.9= 90.1 Funds flow for Q4 then.
90.1M - 50M total capital spend and decommisioning = 40.1 FCF in Q4
77m - 36.4 FCF = 40.6 FCF in Q4
Kavern agrees with FCF..close enough (500k off) and reconciles.
428.1 Q3 net debt - 40.1 FCF = 388m ending debt.
The press release shows 404M as best case.
The 16m difference is the term loan for Prop.
The press release should have been done different here.
They should have shown Q4 numbers and not making a person have to minus Total year by YTD Q3.
Q4 numbers on there own make this look even better:
Q4 Numbers
Capex 47M
Decommision 3M
CF 90.1
FCF 40.1