Business
Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2023
Calgary, Alberta--(Newsfile Corp. - March 8, 2024) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or ...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2023Calgary, Alberta--(Newsfile Corp. - March 8, 2024) - Kelt Exploration Ltd. (TSX: KEL) (\"Kelt\" or the \"Company\") has released its financial and operating results for the fourth quarter and year ended December 31, 2023. The Company's financial results are summarized as follows:FINANCIAL HIGHLIGHTSThree months ended December 31Year ended December 31 (CA$ thousands, except as otherwise indicated)20232022%20232022%                     Petroleum and natural gas sales129,000152,720-16495,580613,358-19 Cash provided by operating activities62,47763,742-2283,224306,022-7 Adjusted funds from operations (1)66,61892,851-28276,200326,992-16       Basic ($/ common share) (1)0.340.48-291.431.71-16        Diluted ($/ common share) (1)0.330.47-301.401.67-16                     Net income and comprehensive income23,72954,238-5685,974158,758-46        Basic ($/ common share)0.120.28-570.450.83-46        Diluted ($/ common share)0.120.28-570.440.81-46                     Capital expenditures, net of A&D (1)62,69568,594-9282,646317,540-11 Total assets   1,260,2921,128,10412 Bank debt   -11,300-100 Net debt (1)   12,9979,78933 Shareholders' equity   1,003,663901,42411 Return on average capital employed (%) (1)(2)   1225-52                     Weighted average shares outstanding (000s)              Basic194,359191,8121193,116191,1011        Diluted199,223195,8282197,063195,4561 (1) Refer to advisories regarding Non-GAAP and Other Financial Measures.(2) The three-year average ROACE as of December 31, 2023 was 19%. Refer to additional info...