Earnings HighlightsHighlights from the earnings report. No real surprises:
Enhanced our financial strength through 2021, exiting the year with net debt(1) of $463.3 million and a net debt to Q4/21 annualized adjusted funds flow(1) ratio of 0.9x.
Tamarack also has WTIMSW and WCS differential hedges in place on approximately 46% of our production in 2022. For 2023, we have entered into WTI put floors and enhanced collars as we systematically roll our risk management program forward on approximately 10% of our first quarter production.
At current strip prices, Tamarack anticipates reaching the debt target of $325-375 million mid-year 2022, enabling the declaration of an enhanced dividend and/or share buybacks.
Our 2022 guidance remains unchanged as Tamarack targets production of 45,000 to 46,000 boe/d(8) capital expenditures of $250 to $270 million(8), with the exception of interest expense which has changed slightly as a result of the sustainability linked notes issued in February 2022. Based on the forward strip, the Company expects to generate over $480 million of before tax free funds flow(1) in 2022 ($410 million after tax).
Lots of action/drilling at Charlie Lake and the Clearwater with results exceeding expectations.
https://www.tamarackvalley.ca/wp-content/uploads/2022/03/2022-03-03-YE-Financials-Final2.pdf
GLTA