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Pine Cliff Energy Ltd. Announces Third Quarter 2024 Results and Lowers Capex Guidance
Calgary, Alberta--(Newsfile Corp. - November 13, 2024) - Pine Cliff Energy Ltd. (TSX: PNE) (" P...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Third Quarter 2024 Results and Lowers Capex GuidanceCalgary, Alberta--(Newsfile Corp. - November 13, 2024) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces its third quarter 2024 financial and operating results and a guidance update for 2024. Third Quarter 2024 ResultsGenerated $8.1 million ($0.02 per basic and fully diluted share) and $29.4 million ($0.08 per basic and fully diluted share) of adjusted funds flow1 for the three and nine months ended September 30, 2024, compared to $17.1 million ($0.05 per basic and fully diluted share) and $49.0 million ($0.14 per basic and fully diluted share) for the comparable periods in 2023;Production averaged 22,546 Boe/d2 and 23,3633 Boe/d for the three and nine months ended September 30, 2024, 8% and 15% higher than the comparable periods in 2023. Production in Q3 was temporarily impacted by a number of maintenance related outages at third party facilities; Paid dividends of $5.4 million ($0.02 per basic and fully diluted share) and $20.2 million ($0.06 per basic and fully diluted share) during the three and nine months ended September 30, 2024, compared to $11.6 million ($0.03 per basic and fully diluted share) and $34.4 million ($0.10 per basic and fully diluted share) during the comparable periods in 2023;Capital expenditures totaled $0.9 million and $2.5 million for the three and nine months ended September 30, 2024, compared to $4.7 million and $17.4 million for the comparable periods in 2023; and Generated a net loss of $6.9 million ($0.02 per share basic and fully diluted) and $15.8 million ($0.04 per share basic and fully diluted) for the three and nine months ended September 30, 2024, compared to net income of $4.2 million for the third quarter last year ($0.01 per share basic and fully diluted) and $8.3 million ($0.02 per share basic and fully diluted) for the nine months ended September 30, 2023. Pine Cliff will host a webcast at 9:00 AM MDT (11:00 AM EDT) on Thursday November 14th, 2024. Participants can access the live webcast via https://www.gowebcasting.com/13841 or through the links provided on the Company's website at http://www.pinecliffenergy.com. A recorded archive will be available on the Company's website following the live webcast. Guidance UpdateProduction in the third quarter was down compared to t...