Business
Pine Cliff Energy Ltd. Announces Second Quarter 2024 Results and Guidance Update
Calgary, Alberta--(Newsfile Corp. - August 8, 2024) - Pine Cliff Energy Ltd. (TSX: PNE) (" Pine...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Second Quarter 2024 Results and Guidance UpdateCalgary, Alberta--(Newsfile Corp. - August 8, 2024) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces its second quarter 2024 financial and operating results and guidance update.Second Quarter 2024 ResultsGenerated $10.8 million ($0.03 per basic and fully diluted share) and $21.3 million ($0.06 per basic and fully diluted share) of adjusted funds flow1 for the three and six months ended June 30, 2024, compared to $12.0 million ($0.03 per basic and fully diluted share) and $31.9 million ($0.09 per basic and fully diluted share) for the comparable periods in 2023;Production averaged 23,688 Boe/d2 and 23,776 Boe/d3 for the three and six months ended June 30, 2024, 17% and 19% higher than the comparable periods in 2023; Paid dividends of $5.4 million ($0.02 per basic and fully diluted share) and $14.9 million ($0.04 per basic and fully diluted share) during the three and six months ended June 30, 2024, compared to $11.5 million ($0.03 per basic and fully diluted share) and $22.9 million ($0.06 per basic and fully diluted share) during the comparable periods in 2023;Capital expenditures totaled $1.0 million and $1.6 million for the three and six months ended June 30, 2024, compared to $8.2 million and $12.6 million for the comparable periods in 2023; and Generated a net loss of $4.1 million ($0.01 per share basic and fully diluted) and $8.9 million ($0.03 per share basic and fully diluted) for the three and six months ended June 30, 2024 vs a net loss of $0.9 million for the second quarter last year and net income of $4.0 million ($0.01 per share basic and fully diluted) for the six months ended June 30 2023. Pine Cliff will host a webcast at 9:00 AM MDT (11:00 PM EDT) on Friday August 9th, 2024. Participants can access the live webcast via https://www.gowebcasting.com/13423 (audio of webcast can be accessed via 1-877-407-8819, passcode 86286) or through the links provided on the Company's website. A recorded archive will be available on the Company's website following the live webcast. Guidance UpdateProduction in the second quarter was down slightly from the first quarter due to extended maintenance-related outages at third party facilities and reduced well optimizations in response to weak gas prices. Capital expenditure...