Crew Energy reverses Q1 loss on stronger condensate output
Canadian Montney producer Crew Energy said May 8 it had net income in Q1 2023 of C$41.3mn (US$30.8mn), reversing a C$1.4mn loss it posted a year ago.
Total production averaged 32,963 barrels of oil equivalent (boe)/day, down from 33,399 boe/day in Q1 2022. Natural gas production averaged 155.8mn ft3/day, down from about 159mn ft3/day, as Crew shut in an average of more than 2.4mn ft3/day due to weak pricing at certain delivery hubs.
Crew’s realised natural gas price in Q1 2023 fell to C$3.67/’000 ft3 from C$6.14/’000 ft3 in the previous quarter and from C$5.29/’000 ft3 in Q1 2022.
The rapid decline in natural gas prices in the first quarter resulted in Crew pivoting to focus on increasing its condensate production, to 4,572 barrels/day from 3,926 b/d in the 2022 period.
Cash provided by operating activities increased to C$66.6mn in Q1 2023 from C$55.1mn a year ago, but adjusted funds flow slipped to C$74.5mn from C$77.7mn, reflecting lower oil and natural gas sales, partially offset by a realised gain on derivatives.