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Saturn Oil & Gas Inc. Reports Q3 2023 Financial and Operational Results Highlighted by Record Quarterly Production and Adjusted EBITDA
Calgary, Alberta--(Newsfile Corp. - November 7, 2023) - Saturn Oil & Gas Inc. (TSX: SOIL) (FS...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports Q3 2023 Financial and Operational Results Highlighted by Record Quarterly Production and Adjusted EBITDACalgary, Alberta--(Newsfile Corp. - November 7, 2023) - 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 nine months ended September 30, 2023.\"Saturn reached a new milestone in its goal of creating sustainable free cash flow by achieving record quarterly adjusted EBITDA of over $100 million(1) in the third quarter.\" commented John Jeffrey, Chief Executive Officer of Saturn. \"This achievement stemmed from record corporate production in the third quarter of 2023, but was also facilitated by our commitment to driving operational efficiencies, which resulted in the Company achieving its lowest operating and transportation costs per boe in the past two years.\"Third Quarter 2023 Highlights:Record average production of 26,265 boe/d, a 140% increase compared to 10,965 boe/d in Q3 2022;Record petroleum and natural gas sales of $201.1 million, up from $105.7 million in Q3 2022;Operating netback, net of derivatives(1) of $43.74 per boe while the benchmark WTI oil price averaged US$82.18/bbl during the period, compared to $50.60 per boe in Q3 2022 when the price of WTI oil averaged US$91.58/bbl;Record quarterly adjusted EBITDA(1) of $100.3 million, compared to $50.3 million in Q3 2022;Record quarterly adjusted funds flow(1) of $76.5 million, compared to $40.0 million in Q3 2022; Invested $35.3 million of development capital expenditures, drilling 18 gross (15.3 net) wells; including 12 in Southeast Saskatchewan, two in West Central Saskatchewan, three in Central Alberta and one in North Alberta, all with a 100% success rate;Free funds flow(1) of $41.2 million compared to $3.0 million in Q3 2022; andNet debt(1) of $473.8 million realizing a net debt to annualized quarterly adjusted funds flow(1) ratio of 1.5x.Three months ended September 30,Nine months ended September 30, (CAD $000s, except per share amounts)2023202220232022 FINANCIAL HIGHLIGHTS  Petroleum and natural gas sales201,066105,728508,507256,399Adjusted EBITDA(1)100,33250,323263,05284,553Adjusted funds flow (1)76,47739,996197,89267,931per share - Basic0.550.691.621.73 - Diluted0.540.691.581.71Free funds flow (1...