Page 17 - NorthAmOil Week 19

NorthAmOil
NEWS IN BRIEF
NorthAmOil
UPSTREAM
Advantage announces first-
quarter 2020 results, strong
asset performance, and
revised capital programme
Advantage Oil & Gas is pleased to announce solid first quarter 2020 operating results including production of 46,458 boepd (up
3% from first quarter 2019) and record
liquids production of 3,714 bbls per day (up 83% from first quarter 2019) with continued low operating costs of CAD2.28 per boe. Production from new wells at Progress and Pipestone/Wembley is meeting or exceeding expectations, and performance of the foundational assets at Glacier and Valhalla has remained robust.
Advantage’s highly active first quarter included the completion of strategic oil infrastructure projects at both Pipestone/ Wembley and Progress. With the recent commissioning of this infrastructure, Advantage has established flexibility to optimise capital deployment between our prolific low-cost gas at Glacier, our prolific condensate-rich gas at Valhalla, and our high quality light oil assets at Wembley and Progress.
In response to the current shift in commodity prices, the corporation has updated 2020 capital guidance to between CAD130mn and CAD145mn, with plans to moderate liquids growth and focus spending on the highest rate-of-return investments
at Glacier. This plan is designed to increase liquidity and financial flexibility, bolstering our ability to pursue strategic opportunities and execute value-generating investments with a disciplined approach. In conjunction with the Corporation’s recently announced
sale of 12.5% of our Glacier Gas Plant for CAD100mn (see Advantage news release dated April 13, 2020) to fortify our balance sheet, Advantage will continue to target a net debt to adjusted funds flow(a) ratio of 2x or less in 2021.
Advantage wishes to thank our field staff, head office staff and service providers for their commitment and hard work required to complete recent projects under strict health protocols, during the COVID 19 pandemic. We commend and appreciate their dedication, along with other industry producers and all front-line workers, as we continue to deliver environmentally responsible, essential energy to Canada and the world.
ADVANTAGE OIL & GAS, May 06, 2020
Panhandle Oil and Gas
reports second-quarter and
six months 2020 results,
announces dividend
payment and mid-year
reserves update
Panhandle Oil and Gas, today reported financial and operating results for the second quarter ended March 31, 2020.
Chad L. Stephens, president and CEO, commented: “Panhandle joins the chorus in thanking our remarkable health care workers, hospital staff and front-line responders in essential jobs that are helping the world through this unprecedented time. Risking their health to save ours is immensely appreciated. I am happy to report that our royalty interest production volumes have increased by 41% as compared to the prior quarter. This is due to the effect of a full quarter of our STACK mineral acquisition
that closed last December and additional well activity on our Bakken and SCOOP minerals. The increase more than offset our decrease
in working interest production volumes during the same period to generate an overall company production volume growth for
the quarter of 10% as compared to the prior quarter. These results allowed us to reduce our debt by another $3.0mn (roughly 8%) since our last quarter. The royalty interest volume growth was not enough to mitigate a continued drop in commodity prices which caused our quarter over quarter adjusted EBITDA and operating cash flow to decline. The economic downturn associated with COVID-19 caused commodity prices to decline further and reduced new drilling activity across the energy patch, including on our minerals. Despite these challenging times, we will maintain our long-term
focus on NAV-accretive growth through the acquisition of producing minerals and royalty interests. We recognise that the near-term uncertainty and market volatility make it difficult to transact. As such, in the short term we will focus on the important issues we can control, such as the safety and health of our employees, lowering our G&A costs, reducing our debt, and continually improving our internal systems and processes, in order to be more efficient and effective in pursuing our long term goals when the economy opens up again.”
PANHANDLE OIL AND GAS, May 07, 2020
Marathon Oil reports first- quarter 2020 results
Marathon Oil Corporation today reported
a first quarter 2020 net loss of $(46)mn, or $(0.06) per diluted share, which includes
the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. The adjusted net loss was $(125)mn, or $(0.16) per diluted share. Net operating cash flow was $701mn, or $550mn before changes in working capital.
“I want to first extend my thanks to
our resilient and dedicated employees and contractors, all of whom remain hard at work day in and day out, helping to supply our communities and our nation with the clean and affordable energy we need to power our way of life, as well as our eventual economic recovery,” said Chairman, President, and CEO Lee Tillman. “While the safety and health
of our people remains my top priority, we continue to focus on the financial strength of our Company. In addition to the previously announced $1.1 billion reduction to our
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