Akita Drilling Ltd. Class A · TSX:AKT
Akita Drilling Ltd. Class A — Shareholder Meeting (May 2024)
15 slides from Akita Drilling Ltd. Class A's shareholder meeting presentation, May 14, 2024
Slide 1: Annual General Meeting
Annual General Meeting We l c o m e S h a re ow n e r s M a y 1 4 th, 2 0 2 4
Slide 2: Forward Looking Statements Disclaimer
Forward Looking Statements Disclaimer Statements made by representatives of AKITA and information provided in AKITA’s AGM presentation may be considered forward- looking statements. By their nature, such statements are subject to numerous known and unknown risks and uncertainties and therefore actua
Slide 3: Chairman’s Introduction
Chairman’s Introduction By Linda Southern-Heathcott
Slide 4: Election of Directors
Election of Directors Nine directors, as set out in the March 21, 2024, Management Information Circular, have been nominated for a one-year term. Upon election, each director will hold office until the next annual meeting of shareholders or until a successor is elected or appointed. The Board recomm
Slide 5: Appointment of Auditor
Appointment of Auditor The Board, on the recommendation of the Audit Committee, proposes that PricewaterhouseCoopers LLP (“PwC”) be appointed as auditor to hold office until the next annual meeting of shareholders. PwC and its predecessor firm, Price Waterhouse LLP, has been AKITA’s auditor since th
Slide 6: President and CEO Message by Colin Dease
President and CEO Message by Colin Dease
Slide 7: Historical Context
Historical Context Adjusted Net income (loss) 40,000 Period of 30,000 Weakness 20,000 10,000 - 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (10,000) (20,000) Decade of Period of (30,000) Strength Recovery
Slide 8: 2023 Results and Achievements
2023 RESULTS AND ACHIEVEMENTS • $24 Million in Debt Reduction • Fleet Consolidation • Rig Upgrade • Improved Safety
Slide 9: Q1 2024 US Headwinds
Q1 2024 US Headwinds 1. Capital discipline of operators 2. Weak natural gas prices; 3. Operator consolidation; 4. Takeaway capacity in the Permian Basin; and 5. Drilling efficiencies.
Slide 10: Vice President Finance & CFO Financial Overview
Vice President Finance & CFO Financial Overview by Darcy Reynolds
Slide 11: 2023 Results
2023 Results For the year ended December 31 2023 2022 Net Income (Loss) $18,415,000 $4,288,000 Funds Flow From Operations $45,522,000 $34,813,000 Capital Spending $24,592,000 $17,982,000 Debt $69,524,000 $93,514,000 Operating Days 6,092 6,606 Canada United States 45,000 16,000 45,000 16,000 40,000 1
Slide 12: Q1 2024 Results
Q1 2024 Results For the three months ended March 31, 2024 2023 Net Income (Loss) $2,627,000 $9,523,000 Funds Flow From Operations $11,260,000 $15,159,000 Capital Spending $3,935,000 $2,504,000 Total Debt $69,610,000 $91,212,000 Operating Days 1,368 1,764 Canada United States 45,000 16,000 45,000 16,
Slide 13: 2024 Corporate Objectives
2024 Corporate Objectives • Debt reduction between $15 to $20 million; • Improve US active rig count; • Upgrade additional oilsands triples to deep gas.
Slide 14: First Nation and Métis Joint Venture Partners
First Nation and Métis Joint Venture Partners
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