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Canacol Energy Ltd. Reports an 8% Increase in Netback
Canacol Energy release
CALGARY, ALBERTA - (August 10, 2023) - Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to report its financial and operating results for the three and six months ended June 30, 2023. Dollar amounts are expressed in United States dollars, with the exception of Canadian dollar unit prices (“C$”) where indicated and otherwise noted.
Highlights for the three and six months ended June 30, 2023
• Adjusted EBITDAX increased 10% and 16% to $60.7 million and $121.6 million for the three and six months ended June 30, 2023, respectively, compared to $55.2 million and $104.8 million for the same periods in 2022, respectively.
• The Corporation’s natural gas and LNG operating netback increased 8% and 9% to $3.94 per Mcf and $3.97 per Mcf, for the three and six months ended June 30, 2023, respectively, compared to $3.66 per Mcf and $3.63 per Mcf for the same periods in 2022, respectively. The increase is mainly due to an increase in average sales prices, net of royalties and transportation expenses.
• Total revenues, net of royalties and transportation expenses increased 6% and 9% to $74.6 million and $148.5 million for the three and six months ended June 30, 2023, respectively, compared to $70.3 million and $136.1 million for the same periods in 2022, respectively, mainly due to higher average sales price, net of transportation expenses.
• Realized contractual natural gas sales volume decreased 2% to 184.8 MMcfpd for the three months ended June 30, 2023, compared to 188.0 MMcfpd for the same period in 2022. The decrease is mainly due to a decrease in spot sales, offset by gas sales to Tesorito. For the six months ended June 30, 2023, realized contractual natural gas sales volume increased slightly to 185.2 MMcfpd, compared to 184.9 MMcfpd for the same period in 2022.
• Adjusted funds from operations decreased 14% and 9% to $33.7 million and $66.4 million for the three and six months ended June 30, 2023, respectively, compared to $39.1 million and $72.9 million for the same periods in 2022, respectively, mainly due to an increase in current tax expense, offset by an increase in total revenue, net of royalties and transportation expenses.
• The Corporation realized a net income of $40 million and $56.9 million for the three and six months ended June 30, 2023, respectively, compared to a net loss of $6.4 million and a net income of $18 million for the same periods in 2022, respectively.
• Net cash capital expenditures for the three and six months ended June 30, 2023 was $52 million and $99.1 million, respectively.
• As at June 30, 2023, the Corporation had $38.9 million in cash and cash equivalents and $8.7 million in working capital surplus.
Outlook
For the remainder of 2023, the Corporation is focused on the following objectives: 1) the drilling of up to 10 exploration and appraisal wells in a continuous program targeting a 2P reserves replacement ratio of more than 200%; 2) the acquisition of 282 square kilometers of 3D seismic on the VIM-5 block to expand the Corporation’s exploration prospect inventory; 3) progressing the new gas pipeline project from Jobo to Medellin which will add 100 MMcfpd of new gas sales to the interior, allowing Canacol to increase gas sales to over 300 MMcfpd; 4) continuing to return capital to shareholders; and 5) continuing with our commitment of strengthening our environmental, social and governance strategy.
The full release is available here.
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