- Canadian oil and gas stock i3 Energy plc (TSX:ITE) has logged another year of record production
- The independent company reported record annual production of 20,711 barrels of oil equivalent per day (boepd), at the high end of its 2023 guidance and 2 per cent above 2022 production
- I3 also delivered record production, despite the loss of approximately 3,100 boepd in Q2 because of restrictions associated with wildfires, unanticipated apportionment issues and 20 scheduled operated turnarounds
- i3 Energy opened trading at $0.19 per share
Canadian oil and gas stock i3 Energy plc (TSX:ITE) has logged another year of record production.
Results at a glance
The independent oil and gas company reported record annual production of 20,711 barrels of oil equivalent per day (boepd), at the high end of its 2023 guidance range of 20,000 to 21,000 boepd and 2 per cent above 2022 production.
I3 also delivered record production, despite the loss of approximately 3,100 boepd in Q2 because of restrictions associated with the Alberta wildfires, unanticipated apportionment issues associated with the Pembina Peace Pipeline liquids line, debottlenecking projects and 20 scheduled operated turnarounds.
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CANADA
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UK AND CORPORATE
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Average daily production (boepd)
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2023: 20,711
2022: 20,317
2021: 12,442
2020: 8,732
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Group Revenue (£m)
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2023: 146.3
2022: 208.4
2021: 86.8
2020: 13.0
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2P reserves (mmboe)
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2023: 179.9
2022: 181.5
2021: 154.1
2020: 54
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Group Profit after tax (£m)
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2023: 15.1
2022: 42.0
2021: 25.1
2020: 11.7
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PDP reserves (mmboe)
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2023: 47.1
2022: 49.1
2021: 46.2
2020: 18.1
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Group NOI (£m) (1)
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2023: 74.5
2022: 131.7
2021: 48.6
2020: 4.9
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2P reserves Before-tax NPV 10 (USDm)
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2023: 1,026
2022: 1,162
2021: 775
2020: 183
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Group Adjusted EBITDA (£m) (1)
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2023: 67.8
2022: 98.0
2021: 30.2
2020: (0.8)
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Dividends declared (£m)
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2023: 13.3
2022: 17.4
2021: 3.4
2020: 0
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Reserves replacement
The company managed to maintain proven (1P) and proven plus probable (2P) reserves essentially flat, despite a significantly lower capital program in 2023 relative to the prior year, with a 2P reserves life index of 23 years.
Extensive planned maintenance program executed
Scheduled turnaround programs successfully completed on 20 operated facilities, on-time and on-budget.
Management commentary
“I3 entered 2023 with strong momentum following a very successful Q4 drilling campaign in 2022, proceeding to drill and tie-in eight wells in our Wapiti, Central Alberta, and Clearwater acreage before the spring break up period last March,” Majid Shafiq, CEO of i3 Energy plc, said in a news release. “However, as became common for 2023, the market was hit by volatile commodity prices, and, alongside natural disasters like the Alberta wildfires, and planned turnarounds and debottlenecking projects, i3 moved quickly to revaluate its capital program and protect its balance sheet. We proceeded to focus on low-risk wells in our core production assets and appraisal wells in the Clearwater and are very pleased with the results, which were delivered on budget even in an inflationary cost environment. Despite these challenges and due to our ability to adapt our portfolio and investment and drilling strategy quickly, i3 achieved record annual average production of 20,711 boepd.”
2024 outlook
The company’s focus for the rest of the year will be on three key areas:
- The growth of its business through the deployment of capital into its large proven undeveloped reserves base, operational excellence to improve uptime and field performance, and strategic upsizing and/or repositioning of its core areas
- Maintaining flexibility to adapt to economic developments while maximizing total shareholder return
- Conducting its operations in an environmentally secure manner
More details will be reveled at the company’s annual general meeting on June 27 at the offices of WH Ireland Ltd. in London, England.
About i3 Energy
With a growing production base in the Western Canadian Sedimentary Basin, i3 Energy is an oil and gas company with a low-cost, diversified base in Canada’s most prolific hydrocarbon region and appraisal assets in the North Sea, with significant upside.
I3 Energy stock (TSX:ITE) opened trading at $0.19 per share.
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