Business
Journey Announces Second Quarter 2024 Financial and Operating Results
Calgary, Alberta--(Newsfile Corp. - August 8, 2024) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNG...
About this update from Journey Energy, Inc.
[{"type":"text","content":"Journey Announces Second Quarter 2024 Financial and Operating ResultsCalgary, Alberta--(Newsfile Corp. - August 8, 2024) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (\"Journey\" or the \"Company\") is pleased to announce its financial and operating results for the three and six month periods ending June 30, 2024. The complete set of financial statements and management discussion and analysis are posted on www.sedarplus.ca and on the Company's website www.journeyenergy.ca.Highlights for the second quarter are as follows:Generated sales volumes of 11,235 boe/d in the first quarter (45% crude oil; 9% NGL's; 46% natural gas)Realized Adjusted Funds Flow of $9.5 million or $0.15 per basic share and $0.14 per diluted share. Continued with the construction of the Gilby power generation asset. Completion of this project is currently scheduled for early in the fourth quarter.On May 7, 2024 Journey announced its participation in a 128 section Joint Venture land block with Spartan Delta Corp. to mutually develop the Duvernay in the west shale basin. The initial working interest within the block is 37.5% Journey and 62.5% Spartan Delta Corp. The partners currently control 94 sections within the block. Two wells are currently planned for later in 2024. Journey's share of the expenditures will be funded through a combination of internally generated cash flows and proceeds from the recent convertible debenture issuance. Financial & Operating HighlightsThree months ended June 30,Six months ended June 30,Financial ($000's except per share amounts)20242023%change20242023%changeSales revenue50,52553,513(6)102,623111,956(8)Net income (loss)(2,328)(1,773)319204,667(80) Basic ($/share)(0.04)(0.03)330.010.08(88) Diluted ($/share)(0.04)(0.03)330.010.07(86)Adjusted Funds Flow 9,50711,292(16)27,22729,251(7) Basic ($/share)0.150.19(21)0.440.49(10) Diluted ($/share)0.140.17(18)0.410.45(9)Cash flow provided by operating activities 8,25812,335(33)16,25223,796(32) Basic ($/share)0.130.20(35)0.260.40(35) Diluted ($/share)0.120.18(33)0.240.37(35)Capital expenditures, including A&D3,35514,006(76)17,64220,824(15)Net debt55,45274,662(26)55,45174,662(26)      Share Capital (000's)      Basic, weighted average61,35060,923161,35059,5453Basic, end of period61,35060,923161,35060,9231Fully dilut...