Business
Southern Energy Corp. Announces Fourth Quarter and Year End 2024 Financial and Operating Results
CALGARY, AB / ACCESS Newswire / April 29, 2025 / Southern Energy Corp. (" Southern " or the ...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Fourth Quarter and Year End 2024 Financial and Operating ResultsCALGARY, AB / ACCESS Newswire / April 29, 2025 / Southern Energy Corp. (\"Southern\" or the \"Company\") (TSXV:SOU)(AIM:SOUC), an established producer with natural gas and light oil assets in Mississippi, announces its fourth quarter and year end December 31, 2024 financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with the Company's audited consolidated financial statements and related management's discussion and analysis (the \"MD&A\") for the three and twelve months ended December 31, 2024, as well as the Company's annual information form for the year ended December 31, 2024, (the \"AIF\"), all of which are available on the Company's website at www.southernenergycorp.com and have been filed under the Company's profile on SEDAR+ at www.sedarplus.ca. All figures referred to in this news release are denominated in U.S. dollars, unless otherwise noted.FOUTH QUARTER AND YEAR END 2024 HIGHLIGHTSAverage production of 13,5561 Mcfe/d (2,259 boe/d) (96% natural gas) during Q4 2024 and 15,2642 Mcfe/d (2,544 boe/d) (96% natural gas) for the year ended December 31, 2024, a decrease of 19% and 6% from the same periods in 2023, respectivelyPetroleum and natural gas sales of $3.9 million during Q4 2024 and $16.1 million for the year ended December 31, 2024, a decrease of 23% and 17% from the same periods in 2023, respectively, largely due to a significant depreciation in commodity prices and initial decline from the new wells drilledAverage realized natural gas and oil prices for Q4 2024 of $2.78/Mcf and $68.59/bbl, compared to $2.95/Mcf and $76.97/bbl in Q4 2023. Southern achieved an average premium of $0.22/Mcf (approximately 10% above the NYMEX HH benchmark) throughout 2024Generated $0.4 million of Adjusted Funds Flow from Operations3 in Q4 2024 ($0.00 per share basic and diluted), excluding $1.1 million of one-time transaction costs, and generated $4.1 million for the year ended December 31, 2024 ($0.02 per share basic and diluted), excluding $1.3 million of one-time transaction costsNet loss of $3.7 million ($0.02 per share basic and diluted) and $11.5 million ($0.07 per share basic and diluted) for the three and twelve months ended December 31, 2024, respecti...