Canada’s Spartan Delta reports record Q2 results
Spartan Delta, a Canadian producer focused in the Montney and Deep Basin plays, said August 9 it achieved record results in Q2 2022, driven by an 84% increase in average production and record oil and gas sales of C$438mn, on the back of the highest commodity prices in a decade.
Net income for the period increased to C$182mn from C$20mn a year ago, while adjusted funds flow reached a record C$232mn, up from $53mn in Q2 2021. Free funds flow rose to C$141.7mn from C$43.6mn and allowed Spartan Delta to reduce its net debt at June 30 to C$262mn.
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Natural gas production increased 61% year-over-year, to 271.3mn ft3/day from 168.3mn ft3/day, while total production increased 84%, to 72,966 barrels of oil (boe)/day from 39,638 boe/day as Spartan Delta continued to focus on the oil-weighted sections of the Montney, pushing crude oil production to 13,009 barrels/day from 1,969 b/d in Q2 2021.
Its average realised natural gas price, before financial instruments, increased to C$7.29/’000 ft3 from C$3.15/’000 ft3, while its average realised crude oil price jumped to C$137.94/b from C$71.98/b.