Canada’s Advantage Energy sees record Q2
Canada’s Advantage Energy said July 28 it had record production and adjusted funds flow in Q2 2022, helping push net income for the period to C$164.2mn (US$127.7mn) from just C$8.7mn a year ago.
Natural gas production for the period averaged nearly 318mn ft3/day, up from 274.3mn ft3/day in Q2 2021, while total production rose to 60,374 barrels of oil equivalent (boe)/day from 50,011 boe/day. It’s average realised natural gas price increased to C$6.75/’000 ft3 from C$2.81/’000 ft3.
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Adjusted funds flow rose to C$187.1mn from C$46.3mn, while free cash flow increased to C$139.5mn from C$23.8mn. With those metrics sharply higher, Advantage was able to reduce bank debt to C$106.8mn from C$219.8mn and net debt to just C$44.3mn from C$192.3mn in Q2 2021.