Advantage Energy posts record production but weaker Q3 earnings

Deep Basin producer Advantage Energy said October 27 it had record oil and natural gas production in Q3 2023 but weaker commodity prices produced a 31% drop in net income.

Production averaged a quarterly record of 64,195 barrels of oil equivalent (boe)/day, up from 54,168 boe/day a year ago. Natural gas production averaged 339.7mn ft³/day, up from 286.3mn ft³/day in Q3 2022.

But net income fell to C$28.15mn (US$20.4mn) from C$40.57mn, while cash provided by operating activities fell to C$90.4mn from C$123.2mn.

Advantage's average realised natural gas price in the quarter dropped to C$2.95/’000 ft³from C$4.61/’000 ft³ a year ago, while its average realised liquids price declined to C$77.91/barrel from C$87.89/barrel.