Canada’s Advantage Energy reports record 2022
Canadian Montney producer Advantage Energy said February 23 it had record production and free cash flow in 2022, allowing it to buy back 11% of its shares in an eight-month period and reduce debt by 24%.
Production for the year averaged 55,769 barrels of oil equivalent (boe)/day, up 13% from 49,49,455 boe/day in 2021.
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Natural gas production averaged 298.1mn ft3/day, an 11% increase from 269.7mn ft3/day in 2021, reflecting continued drilling at Glacier and Valhalla, where Advantage drills among the top producing wells in the Alberta Montney – including eight of the top 10 drilled in 2022.
Advantage was able to maintain natural gas production at its Glacier gas plant through periods of extremely cold weather in the fourth quarter, despite firm service restrictions on TC Energy’s Nova Gas Transmission Limited system which impacted its ability to produce about 5mn ft3/day during the quarter.
Average realised natural gas sales price rose to C$5.55/’000 ft3 from C$3.38/’000 ft3, including derivatives. Excluding derivatives, the average realised price for the year was C$6.82/’000 ft3, up from C$3.97/’000 ft3 in 2021.
Free cash flow in 2021 increased to a record C$275mn from C$85.4mn, while cash provided from operating activities doubled, also to a record C$502.4mn from C$223.2mn.