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Jericho Energy Ventures Reports Record Oil and Gas JV Results Through Q3 2022
Delivers strong third quarter results highlighted by 51% YoY revenue growth within its oil and ga...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Energy Ventures Reports Record Oil and Gas JV Results Through Q3 2022Delivers strong third quarter results highlighted by 51% YoY revenue growth within its oil and gas joint venturesCompany continues to capitalize on the sustained surge in oil and gas pricesTULSA, OK and VANCOUVER, BC / ACCESSWIRE / December 8, 2022 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) (\"Jericho\", \"JEV\" or the \"Company\") reports strong year-over-year financial performance at its oil and gas joint ventures (collectively, the \"JV\") in Oklahoma, driven by elevated crude oil and natural gas prices for the first three quarters of 2022.Key nine-month highlights from Jericho's oil and gas JV¹ (all $ figures in USD):51% YoY growth in product revenues ($8.86mm Q3-22 vs. $5.88mm Q3-21)Average realized oil price increased 56% YoY; average realized natural gas price increased 70%Average realized oil price differential off West Texas Intermediate, less than $2 / bblBarrel of Oil Equivalent Production was steady, down 1.2% YoY95% YoY growth in total adjusted joint venture income² ($3.16mm Q3-22 vs. $1.62mm Q3-21)JEV's share of adjusted JV income in Q3-22 was $1.46mm vs. $0.78mm in Q3-21Brian Williamson, CEO of JEV, stated, \"Our oil and gas operations benefitted from higher realized oil and natural gas prices throughout the first nine months of 2022, compared to 2021, providing strong growth in product revenues that largely fell to our joint ventures' bottom line. We continue to demonstrate that our strategy of providing molecules required for today AND tomorrow can yield results for our shareholders. Our steady oil and gas production base provides strong cash flows that feed both strategic initiatives of hydrocarbons today and lower carbon forms of energy tomorrow.\"(1): Jericho holds a varying ownership percentage in its oil and gas joint ventures. Please refer to pg.4 of JEV's Q3-22 MD&A for more details, available under the Company's profile at www.sedar.com.(2): Adjusted joint venture income is a \"non-GAAP\" financial measure and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the financials section entitled \"NON-GAAP MEASURES\" at the end of our Q3-22 MD&A for more details, available under the Company's profile at www.sedar.com.About Jericho Energy Venture...