Canada’s Advantage Energy sees weaker Q2
Canada’s Advantage Energy reported sharply lower Q2 2023 results on July 27, with net income falling to C$2.2mn (US$1.7mn) from C$164.2mn in the same period last year, and adjusted funds flow declining to C$52.4mn from C$187.05mn.
Natural gas production in the quarter averaged 272.9mn ft3/day, down from 317.9mn ft3/day a year earlier, reflecting completion of a scheduled turnaround at its Glacier gas plant in May and minor production disruptions due to wildfires in Alberta, unplanned downtime and third-party pipeline outages.
Advantage realised an average Q2 2023 natural gas price, excluding derivatives, of C$2.56/’000 ft3, down from C$8.29/’000 ft3 in the comparable 2022 quarter. Including derivatives, the average realised price fell to C$2.81/’000 ft3 from C$6.75/’000 ft3.