Canada’s Birchcliff doubles earnings in 2022
Canadian Montney producer Birchcliff Energy said February 15 it had record net income in 2022 of C$653.5mn (US$486.9mn), more than double its 2021 net income of C$310.5mn.
Cash flow from operating activities rose to C$925.3mn from C$515.4mn, while free cash flow increased to a record C$589.1mn from C$309.3mn.
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As a result of the “significant” free cash flow it has generated over the past two years, Birchcliff has retired more than C$768mn of debt and preferred shares since June 2020, CEO Jeff Tonken said.
“In addition, we returned an aggregate of $128.9mn to shareholders in 2022 through our base common share dividend, a special dividend of $0.20/common share and common share repurchases.”
Net income in the fourth quarter, however, fell to C$69.5mn from C$106.1mn, largely due to unrealised mark-to-market losses on financial instruments.
Natural gas production averaged 375.3mn ft3/day in 2022, up from 373.2mn ft3/day the previous year, while total production was 76,925 barrels of oil equivalent (boe)/day, down from 78,520 boe/day.
Birchcliff realised an average natural gas sales price of C$6.73/’000 ft3 in 2022, up from C$4.29/’000 ft3 in 2021.