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    Canada’s Advantage Energy sees record Q2

Summary

Strong funds flows propelled debt reduction efforts.

by: Dale Lunan

Posted in:

Complimentary, Natural Gas & LNG News, Americas, Corporate, Financials, News By Country, Canada

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.

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.