The Company estimates 2023 year-end Liquidity of ~$455 million, including cash of ~$370 million. Athabasca's long reserve life assets and strong balance sheet provide resiliency. Every $5/bbl WTI change impacts Adjusted Funds Flow by ~$55 million annually and every $5/bbl WCS change impacts Adjusted Funds Flow by ~$85 million annually.įinancial Resiliency. Athabasca anticipates tightening of the WCS heavy differentials from current levels as the Trans Mountain Expansion pipeline (590,000 bbl/d) commences operations in 2024. During the timeframe of 2024 - 2026, Athabasca forecasts >$1 Billion in Free Cash Flow 1, representing over 50% of its current equity market capitalization.Įxposure to Improving Heavy Oil Pricing. Athabasca anticipates generating ~$500 million of Adjusted Funds Flow and ~$325 million of Free Cash Flow (US$80/bbl WTI & US$15/bbl WCS heavy differential) 1. The portfolio of long reserve life assets underpins a low corporate decline rate of ~5% annually and the Company estimates sustaining capital at ~$150 million annually. Growth will be weighted to the second half of the year with the Leismer expansion project expected to be completed mid-year and Duvernay production additions into the Fall. Annual production guidance is 35,000 - 36,000 boe/d (~98% Liquids). The Company plans to grow production to ~37,500 boe/d by year-end 2024, representing ~14% growth from year-end 2023. Athabasca is planning capital expenditures of $175 million ($135 million Thermal Oil & $40 million Light Oil) with activity focused on completing the 28,000 bbl/d expansion project at Leismer, sustaining capital at Hangingstone and three Duvernay pads at Kaybob. Athabasca provides investors unique positioning to top tier oil weighted assets (Thermal Oil and Duvernay) with a capital allocation framework aimed at maximizing cash flow per share growth and returning capital to shareholders.Ĭapital Program. 06, 2023 (GLOBE NEWSWIRE) - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "the Company") is pleased to announce its 2024 budget focused on profitable production growth and strong free cash flow generation.
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