Business
Journey Energy Inc. Generates $19.6 Million in Adjusted Funds Flow in the First Quarter of 2025
Calgary, Alberta--(Newsfile Corp. - May 8, 2025) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ...
About this update from Journey Energy, Inc.
[{"type":"text","content":"Journey Energy Inc. Generates $19.6 Million in Adjusted Funds Flow in the First Quarter of 2025Calgary, Alberta--(Newsfile Corp. - May 8, 2025) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (\"Journey\" or the \"Company\") announces its financial results for the first quarter of 2025. The complete set of financial statements and management discussion and analysis for the periods ended March 31, 2025 and 2024 are posted on www.sedarplus.ca and on the Company's website www.journeyenergy.ca.Highlights for the first quarter:Generated sales volumes of 10,997 boe/d in the first quarter (46% crude oil; 10% NGL's; 44% natural gas). Liquids volumes (crude oil and natural gas liquids) accounted for 6,523 boe/d of total volumes sold or 59% of total volumes during the fourth quarter.Generated net income of $7.7 million or $0.12 per basic weighted average share.Realized Adjusted Funds Flow of $19.6 million or $0.29 per basic and diluted share. Reduced net debt to $53.2 million from $60.3 million at year-end 2024.Closed a new $55 million credit facility with a Canadian Chartered bank on March 19. This facility, along with corporate cash flows will provide the resources and liquidity to enable Journey to participate fully in the Duvernay joint venture as well as finish bringing on-stream the two power generation projects currently under development. Three months ended March 31,Financial ($000's except per share amounts)20252024%changeProduction revenue52,03252,098-Net income7,7283,248138Per basic share0.120.05140Per diluted share0.120.05140Adjusted Funds Flow19,61917,72011Per basic share0.290.29-Per diluted share0.290.277Cash flow from operations13,6627,99471Per basic share0.200.1354Per diluted share0.200.1267Net capital expenditures9,57414,287(33)Net Debt53,19960,13112   Share Capital (000's)   Basic, weighted average67,10761,3509Diluted, weighted average67,10766,6891Basic, end of period67,10761,3509Fully diluted69,49268,3782   Daily Sales Volumes   Natural gas (Mcf/d)   Conventional22,04427,281(19)Shale910--Coal bed methane3,8913,966(2)Total natural gas volumes26,84531,277(14)Crude oil (Bbl/d)   Light/medium2,7313,227(15)Tight440--Heavy2,1602,258(4)Total crude oil volumes5,3315,485(3)Natural gas liquids (Bbl/d)1,1921,208(1)Barrels of oil equivalent (b...