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Saturn Oil & Gas Inc. Reports 2023 Year-End Results Highlighted by Record Annual Production and Free Funds Flow
Calgary, Alberta--(Newsfile Corp. - March 12, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE:...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports 2023 Year-End Results Highlighted by Record Annual Production and Free Funds FlowCalgary, Alberta--(Newsfile Corp. - March 12, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") is pleased to report its financial and operating results for the three and twelve months ended December 31, 2023.\"2023 was a tremendous year of progress for Saturn in creating a substantial and sustainable free cash generating enterprise. In addition to doubling our production base over last year, we have assembled a deep inventory of high-quality development drilling locations to sustain current production levels for decades,\" commented John Jeffrey, Chief Executive Officer. \"Saturn has maintained its strategic focus on developing light oil focused assets and optimizing our cost structure to deliver some of the highest cash flow margins in Canada, and to further our ultimate goal of shareholder value creation.\"2023 Fourth Quarter and Annual Highlights:Delivered record crude oil and natural gas production with fourth quarter 2023 averaging 26,891 boe/d (82% oil and NGLs), compared to 12,514 boe/d (96% oil and NGLs) in the fourth quarter of 2022, an increase of 115%;Generated quarterly adjusted EBITDA(1) of $100.1 million compared to $62.2 million in the fourth quarter of 2022, an increase of 61%;Achieved record quarterly adjusted funds flow(1) of $80.2 million compared to $50.7 million in the fourth quarter of 2022, an increase of 58%;Invested $57.2 million of capital expenditures(1) in the fourth quarter, drilling 19 (16.9 net) horizontal wells;Generated free funds flow(1) of $23.1 million in the fourth quarter 2023, compared to $15.1 million in the fourth quarter of 2022, an increase of 53%; andExited 2023 with net debt(1) of $460.5 million, realizing a net debt to fourth quarter annualized adjusted funds flow(1) of 1.4x. Three months ended December 31,Year ended December 31, (CAD $000s, except per share amounts) 2023202220232022 FINANCIAL HIGHLIGHTSPetroleum and natural gas sales185,384111,558693,891367,957Cash flow from operating activities75,38058,100283,988102,314Operating netback, net of derivatives(1)104,32864,661382,890153,450Adjusted EBITDA(1)100,09262,191363,143146,740Adjusted funds flow(1)80,24750,729278,138118,658per share- Basic0.580.852.2...