Montney producer Crew Energy sees reduced Q3 earnings
Canada’s Crew Energy said November 4 it had higher adjusted funds flow and production in Q3 2022 compared to a year ago, but lower net income as it continued to deleverage its balance sheet and reduce net debt.
Adjusted funds flow rose to C$69.4mn (US$51.3mn) from C$26.5mn, while cash provided by operating activities increased to C$82.3mn from C$18.1mn and total production rose to 31,792 barrels of oil equivalent (boe)/day from 23,659 boe/day.
Net income, however, fell to C$105.7mn from C$176.2mn as net debt was reduced by 62%, to C$152.6mn at September 30, 2022 from C$405.9mn at December 31, 2021.
“Crew’s Q3 performance reflects continued success driving our two-year asset development plan forward, exceeding the plan’s original leverage, margin improvement and production targets,” CEO Dale Shwed said. “Due to our outperformance to date in 2022, paired with strong results from our recent development initiatives, we believe Crew is in an excellent position to continue our momentum in responsibly developing our world-class Montney assets.”
Conventional natural gas production averaged 145.7mn ft3/day in Q3 2022, up from 107.5mn ft3/day in Q3 2021, while Crew’s average realised natural gas price rose to C$5.65/’000 ft3 from C$4.65/’000 ft3.