CA - Athabasca Oil GAAP EPS of -$0.10 revenue of $290.74M; reaffirms FY23 production guidance
2023-05-11 02:51:46 ET
- Athabasca Oil press release ( OTCPK:ATHOF ): Q1 GAAP EPS of -$0.10.
- Revenue of $290.74M (-25.3% Y/Y).
- Production: 34,683 boe/d (93% Liquids) consisting of 29,179 bbl/d in Thermal Oil and 5,504 boe/d in Light Oil.
- Overall production is expected to grow by 5 – 7% through expansion plans at Leismer and modest investment in the Light Oil assets.
- The Company is maintaining annual guidance of 34,500 – 36,000 boe/d as Leismer production ramps up throughout the remainder of 2023.
- Leismer is expected to exit 2023 with production of ~24,000 bbl/d. A facility expansion and additional drilling will support sustainable growth to ~28,000 bbl/d by mid-2024 at a competitive capital efficiency of ~$14,000/bbl/d.
- The Company is executing a ~$145 million capital program this year ($120 million Thermal and $25 million Light Oil) with activity focused on advancing the expansion project at Leismer.
- The Company expects to generate ~$1 Billion in Free Cash Flow 1 during the three-year timeframe of 2023-25.
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Athabasca Oil GAAP EPS of -$0.10, revenue of $290.74M; reaffirms FY23 production guidance