RE:Birchcliff Energy earns $138.36-million in Q3....This sums is quite nicely!
"Birchcliff delivered exceptional third quarter results, highlighted by record quarterly adjusted funds flow( 1 ) of $168.1 million and free funds flow( 1 ) of $150.1 million, with quarterly average production of 84,924 boe/d," commented Jeff Tonken, President and Chief Executive Officer of Birchcliff. "As a result of this excellent performance, we are swiftly reducing our debt." "For the remainder of 2021, we will continue to focus on maintaining our low-cost structure, free funds flow generation and strengthening our already strong balance sheet. We do not have any fixed price commodity hedges in place, which will allow us to take full advantage of robust oil and natural gas prices. We are increasing our 2021 guidance for adjusted funds flow to $575 million( 2 ) (up from $500 million) and free funds flow to $345 million to $350 million (up from $270 million to $290 million)," said Mr. Tonken. "We are tightening our guidance for 2021 annual average production to 79,000 to 80,000 boe/d and our 2021 F&D capital expenditures to $225 million to $230 million. We will continue to prioritize debt repayment and expect that our total debt(1) at year-end 2021 will now be $450 million to $455 million, down from our previous guidance of $500 million to $520 million, a decrease of as much as 42% ($327.4 million) from our peak 2021 quarter-end total debt of $777.4 million at March 31, 2021. Based on our updated guidance, this would result in a year-end 2021 total debt to full-year 2021 adjusted funds flow ratio of 0.8x( 1)( 3 )." "Although we have not yet finalized our 2022 plans, we remain committed to maintaining a flat annual average production profile, free funds flow generation and further debt reduction in 2022. We are targeting F&D capital spending to be in the range of $240 million to $260 million, with annual average production expected to be 78,000 to 80,000 boe/d. Based on this targeted F&D capital spending and production, we expect to generate adjusted funds flow of approximately $650 million and free funds flow of approximately $400 million using current strip pricing( 4 )."