Canada’s Advantage boosts Q2 earnings, flags new CEO
Canadian Montney producer Advantage Energy (formerly Advantage Oil & Gas) said July 29 it had Q2 2021 net and comprehensive income of C$8.7mn (US$7mn), rebounding from a year ago quarterly loss of C$20.1mn.
Cash provided by operating activities rose to C$57.1mn from C$24.3mn, while adjusted funds flow increased to C$46.3mn from C$17.3mn.
Production averaged 50,001 barrels of oil equivalent/day in Q2 this year, up from 45,271 boe/day in Q2 2020. Natural gas production increased to 274.3mn ft3/d from 243.7mn ft3/d while liquids production slipped to 4,290 barrels/d from 4,646 b/d a year ago.
Advantage also announced the pending retirement, at year-end, of CEO Andy Mah. He will be replaced by Michael Belenkie, who will move up from his role as president and COO on January 1, 2022 while retaining his position as CEO of Entropy, Advantage’s carbon capture and storage (CCS) subsidiary created earlier this year.