Canada’s Advantage sees record results in 2021
Advantage Energy, a Montney-focused Canadian producer, said February 25 it had record financial results in 2021, with cash from operating activities, adjusted funds flow and free cash flow all reaching all-time highs.
Net income for the year recovered to C$411.3mn (US$322.4mn) after a 2020 loss of $284mn. Net income in 2021 included a full impairment recovery of C$341mn, Advantage said.
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Cash from operating activities more than doubled, to C$223mn, as did adjusted funds flow, which rose to C$234.8mn from C$104.7mn. Free cash flow was C$85.4mn, up from a C$53.3mn deficit in 2020.
Annual average production also hit a record high in 2021, with oil-equivalent output climbing 10%, to 49,445 barrels of oil equivalent (boe)/day from 44,922 boe/d in 2020. Natural gas production averaged 269.7mn ft3/d, up from 243.1mn ft3/d, while liquids production rose modestly, to 4,493 barrels/d from 4,408 b/d.