- Athabasca Oil has reported its year-end 2023 results, highlighting an average production of 34,490 barrels of oil equivalent per day
- Adjusted cash funds flow totaled $295 million while cash flow from operating activities totaled $306 million
- The company also holds 1.2 billion barrels of proved plus probable reserves and 1 billion barrels of contingent resource
- Shares of Athabasca Oil are up 4.47 per cent to C$5.14 as of 10:32 am ET
Athabasca Oil (TSX:ATH) has revealed its year-end 2023 results, notably reporting an average production of 34,490 barrels of oil equivalent per day (boe/d) for the year.
In a news release, the Calgary-based company stated that in addition to its total production for 2023, adjusted cash flow totaled $295 million while cash flow from operating activities reached $306 million.
Athabasca OIl also reported a net cash position of $132 million and liquidity of $429 million, while its capital program totalled $140 million, slightly below its annual guidance of $145 million. Roughly $99 million of that was invested into the company’s cornerstone Lesimer asset, which focused on advancing the expansion project. Growth is expected to reach 28,000 barrels per day (bbl/d) by mid-2024.
As of year-end 2023, Athabasca Oil held 1.2 billion barrels of proved plus probable reserves and 1 billion barrels of contingent resource.
The company’s Leismer and Corner projects also have regulatory approval for up to 80,000 bbl/d, while it has exposure to an estimated 500 gross Kaybob Duvernay locations through its subsidiary Duvernay Energy.
The company’s Bitumen production of thermal oil for Q4 2023 and full-year 2023 averaged 31,059 bbl/d and 30,246 bbl/d. Overall, the company’s thermal oil division generated operating income of $92.2 million and $370.7 million during those periods.
Moving into 2024, it is expected the company’s thermal oil division will have $135 million in capital budget and production guidance of 32,000 to 33,000 bbl/d.
At Lesimer, bitumen production for Q4 2023 and 2023 averaged 23,764 bbl/d, up 9 per cent year-over-year, and 22,497 bbl/d, up 12 per cent year-over-year respectively. Current production is more than 24,000 bbl/d as of February 2024.
The Leismer facility expansion is also expected to be commissioned during the first half of the year, with production expected to reach 28,000 bbl/d by mid-year.
Athabasca Oil is an energy company focused on developing thermal and light oil assets in Alberta’s Western Canadian Sedimentary Basin.
Shares of Athabasca Oil are up 4.47 per cent to C$5.14 as of 10:32 am ET.
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