Canada’s Birchcliff Energy delivers record Q3 results
Birchcliff Energy, a Montney-focused Canadian producer, said November 9 it had quarterly record net income, adjusted funds flow and free funds flow in Q3 2022, largely on the back of average realised commodity prices that were 40% higher against Q3 2021.
Net income for the period increased to C$244.6mn (US$180.7mn) from C$138.4mn, while adjusted funds flow rose to C$267.3mn from C$168.1mn. Adjusted free funds flow was C$182mn, up from C$150mn in Q3 2021.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
Birchcliff’s average realised commodity price increased to C$47.26/barrel of oil equivalent (boe) from C$33.70/boe and included a 53% boost in its average realised natural gas price, to C$6.83/’000 ft3 from C$4.46/’000 ft3.
During the quarter, Birchcliff focused most of its natural gas marketing efforts at the Dawn hub in Ontario and the Henry Hub in the US, either through physical sales or various swap arrangements. Dawn accounted for 42% of natural gas production in the quarter, while Henry Hub represented 36%. Only 22% of production was tied to the volatile AECO hub in western Canada.
Average production in the quarter was off 8%, at 78,079 boe/day compared to 84,924 boe/day in Q3 2021, largely reflecting the timing of new wells brought on production during the quarter this year compared with last year. Natural gas production averaged 381.8mn ft3/day, down from 415mn ft3/day a year ago.