strong Q2 in-spite of lower production.... and it was their in the money hedges that really helped out. Kind of concerned about the prices being received on their hedges so far out ( ie their nat gas hedges are at less than stellar prices in the years to come). Still, it does provide clarity, their debt is lower again and this should carry them thru when their basically free give away for most of their sulpher finishes at year end 2025. This alone could be an extra $90 mill at recent spot prices See below..dwdc
Q2 2023 HIGHLIGHTS
- Refinanced the Company’s long-term debt resulting in new credit facilities of USD $150 million, materially reducing the cost of capital while providing additional liquidity through the provision of a revolving credit facility and a delayed draw term loan.
- Generated Funds Flow from Operations1 of $35.4 million ($0.22 per basic and fully diluted share) vs $43.5 million ($0.28 per basic and $0.27 per fully diluted share) in Q2 2022.
- Generated quarterly NOI1 of $43.8 million ($0.28 per basic and $0.27 per fully diluted share) vs $56.0 million ($0.36 per basic and $0.35 per fully diluted share) in Q2 2022.
- Generated Net Income of $4.2 million ($0.03 per basic and fully diluted share) vs $23.0 million ($0.15 per basic and $0.14 per fully diluted share) in Q2 2022.
- Produced 31,087 boe/d (85% natural gas) vs 36,378 boe/d in Q2 2022.
- Net debt1 was $181.7 million at June 30, 2023 compared to $214.5 million at December 31, 2022.