Capex for 2023Just a few data points from the Q1 earnings report.
Crew’s full year 2023 net capital expenditures budget is forecasted to be $190 to $210 million, comprising plans to:
1-Drill 15 (15.0 net) Montney wells
2-Complete, equip and tie-in 12 (12.0 net) wells
3-Maintain 2023 average production at 30,000 to 32,000 boe per day targeting an exit rate of 32,000 to 34,000 boe per day
4- Hold an inventory of ten (10.0 net) drilled and uncompleted UCR wells at year end 2023
5- Achieve combined light oil and condensate production over 6,000 bbls per day in Q4/23, representing over 50% growth from Q4/22
$22.2 million of net capital expenditures in Q1/23, below our previously forecast guidance range of $25 to $30 million
Q2/23 net capital expenditures are forecast at $28 to $32 million with average production of 28,000 to 30,000 boe per day
As a result, we can expect capex in the $150 million for Q3 and Q4. The debt is not going to move lower as a result, not that Crew was expecting to bring it down to zero.