Page 11 - NorthAmOil Week 44

NorthAmOil
NEWS IN BRIEF
NorthAmOil
UPSTREAM
Advantage announces
third-quarter 2019 operating
and financial results
Advantage Oil & Gas is pleased to announce solid third quarter 2019 results and the fifth consecutive quarter of increasing liquids production. Development is proceeding as planned on Advantage’s significant Montney oil and liquids assets, and exposure to light oil and condensate revenue continues to increase. The Corporation’s measured delineation program also resulted in the discovery of a light oil pool on our 50 net section Progress land block in the third quarter of 2019 (see Advantage press release dated September
3, 2019). With this discovery, the Progress asset has become Advantage’s fourth liquids development asset, further strengthening our portfolio of high-quality resource. Advantage now holds a total of 210 net sections of Montney/Doig rights at Glacier, Valhalla, Progress and Pipestone/Wembley.
During the third quarter of 2019, liquids production increased to 3,142 bbls/d, up 74% year-over-year and 22% versus second quarter of 2019. Liquids accounted for 23% of revenue in the third quarter of 2019, on-track to the Corporation’s target of approximately 50% of revenue from liquids in 2021.
Consistent with our previously stated production management strategy, Advantage shut-in significant volumes of AECO-exposed dry natural gas during extremely low-price periods in the third quarter of 2019. Over
the entire quarter, the shut-in volumes averaged 13 mmcf per day (2,160 boepd). Total production averaged 42,080 boepd with natural gas production of 233.6 mmcf per day and average AECO daily prices of $0.91/mcf over the third quarter of 2019.
On October 15, 2019, TC Energy implemented the Temporary Service Protocol (TSP) on the NGTL system. The TSP is an operating procedure which modifies the NGTL pipeline balancing mechanism during times of maintenance between April and October. AECO prices increased to average over $2.60/mcf for the remainder of October, and accordingly Advantage has maximised natural gas production levels, subject to NGTL firm service restrictions.
ADVANTAGE OIL & GAS, October 31, 2019
Continental Resources
reports third-quarter 2019
results
Continental Resources today announced third quarter 2019 operating and financial results.
The company reported net income of $158.2mn, or $0.43 per diluted share, for
the quarter ended September 30, 2019. The company’s net income includes certain
items typically excluded by the investment community in published estimates, the
result of which is referred to as “adjusted
net income.” In third quarter 2019, these typically excluded items in aggregate represented $41.2mn, or $0.11 per diluted share, of Continental’s reported net income. Adjusted net income for third quarter 2019 was $199.4mn, or $0.54 per diluted share (non-GAAP). Net cash provided by operating activities for third quarter 2019 was $807.0mn and EBITDAX was $828.7mn (non-GAAP).
Adjusted net income, adjusted net income per share, EBITDAX, net debt, net sales prices and cash general and administrative (G&A) expenses per barrel of oil equivalent (Boe) presented herein are non-GAAP financial measures. Definitions and explanations
for how these measures relate to the most directly comparable U.S. generally accepted
accounting principles (GAAP) financial measures are provided at the conclusion of this press release.
“Continental teams continue to operate at a high performance level across the Bakken and Oklahoma. With an oil-weighted portfolio, investment grade level debt and a total shareholder return strategy, no other E&P company is more aligned with shareholders,” said Harold Hamm, chairman and chief executive officer.
Third-quarter 2019 oil production increased 20% over third quarter 2018, averaging 198,074 barrels of oil per day (bopd). Third quarter 2019 total production increased 12% over third quarter 2018, averaging 332,315 Boe per day (boepd). Third quarter 2019 natural gas production increased 1% over third quarter 2018, averaging 805.4mn cubic feet per day (MMcfpd). CONTINENTAL RESOURCES, October 30, 2019
MIDSTREAM
TC PipeLines announces GTN XPress to enhance market access for growing WCSB supply and allow additional market penetration along GTN’s system
TC PipeLines is pleased to announce that its Gas Transmission Northwest (GTN) interstate pipeline system will move forward with
its GTN XPress project for approximately $335mn. This project will both increase the reliability of existing transportation service and provide up to 250,000 Dth/d of additional firm transportation service on the full path
of the GTN system from Kingsgate, Idaho to Malin, Oregon.
Along with TC Energy Corporation’s system expansions upstream, GTN XPress will enhance market access and reliability
for growing Western Canadian Sedimentary Basin (WCSB) supplies and allow additional market penetration along GTN’s system in the Pacific Northwest. GTN XPress has been approved by the Board of Directors of TC PipeLines GP, Inc., the Partnership’s general partner (the General Partner), and is expected to be completed through a multi-phase construction process by November 2023.
“The successful open season for
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