Category: Uncategorized

Calgary, Alberta–(Newsfile Corp. – November 2, 2023) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) reports its operating and financial results for the three and nine months ended September 30, 2023 (all amounts are in Canadian dollars unless otherwise noted).

“Our third quarter results represent the first full quarter of combined operations following the Ranger acquisition and demonstrate the strength of our diversified North American oil-weighted portfolio. The integration has progressed extremely well and we have delivered strong results from Western Canada and the Eagle Ford in Texas. We are building momentum with current production exceeding 155,000 boe/d (84% oil and NGLs). Currently, we expect to generate free cash flow of approximately $400 million in Q4/2023 and $650 million for this year. As a result of this strong free cash flow, we have increased the pace of our share buyback program during the fourth quarter. We are also excited to announce two new land extensions at Peavine and Cold Lake as we continue to leverage our heavy oil expertise and recent exploration successes,” commented Eric T. Greager, President and Chief Executive Officer.

Highlights

• Generated production of 150,600 boe/d (85% oil and NGLs) in Q3/2023.
• Reported cash flows from operating activities of $444 million ($0.52 per basic share) in Q3/2023.
• Delivered adjusted funds flow⁽¹⁾ of $582 million ($0.68 per basic share) in Q3/2023.
• Generated free cash flow⁽²⁾ of $158 million ($0.19 per basic share) in Q3/2023.
• Exploration and development expenditures totaled $409 million in Q3/2023, consistent with our full-year plan.
• Repurchased 16.8 million common shares in Q3/2023, representing 2.0% of our shares outstanding, at an average price of $5.29 per share.
• Paid a quarterly cash dividend of $0.0225 per share ($0.09 per share annualized) on October 2, 2023.
• Brought 13 operated Eagle Ford wells onstream in Q3/2023, of which seven wells from three pads generated average 30-day initial production rates of approximately 2,000 boe/d (65% oil and NGLs) per well.
• Executed a two-rig drilling program at Peavine and brought 14 Clearwater wells onstream. Production at Peavine averaged 13,821 bbl/d in Q3/2023, up 69% from Q3/2022. Production during September averaged 16,400 bbl/d.
• Continued commercialization program in our Pembina Duvernay with six-well program delivering strong results.
• Expanded our heavy oil development fairway through two land extensions, including a 10-section agreement with the Peavine Métis settlement adjacent to our existing 80 section land position and a farm-in on 17.75 sections of land prospective for Mannville development near Cold Lake in northeast Alberta.

Quarterly Dividend

The Board of Directors declared a quarterly cash dividend of $0.0225 per share to be paid on January 2, 2024 for shareholders of record on December 15, 2023.

https://www.barchart.com/story/news/21677569/baytex-announces-third-quarter-2023-results

Barrick Gold Corp. reported a third-quarter profit of US$368 million, up from US$241 million a year earlier, helped by higher gold prices.

The Toronto-based gold miner, which keeps its books in U.S. dollars, says the profit amounted to 21 cents per share, up from 14 cents per share a year earlier.

Revenue totalled US$2.86 billion, up from US$2.53 billion in the same quarter last year.

Gold sales amounted to 1,027,000 ounces, up from 997,000 ounces a year ago, while Barrick’s realized gold price for the quarter was US$1,928 per ounce, up from US$1,722 a year ago.

Copper sales totalled 101 million pounds, down from 120 million pounds a year earlier, while Barrick’s realized copper price was US$3.78 per pound, up from US$3.24 in the same quarter last year.

On an adjusted basis, Barrick says it earned 24 cents per share, up from 13 cents per share a year earlier.

This report by The Canadian Press was first published Nov. 2, 2023.

Canadian Natural Resources Ltd CNQ-T -0.50%decrease said on Thursday President Tim McKay will step down next year and will be succeeded by Scott Stauth.

Canada’s largest oil and gas producer also reported lower third-quarter profit despite record production.

Crude oil prices rose about 28 per cent in the quarter but still stayed well below the multiyear highs in the same period a year earlier, following Russia’s invasion of Ukraine.

Canadian Natural reported a net income of $2.34-billion, or $2.13 per share, for the quarter, down from $2.84-billion or $2.49 per share a year earlier.

Production rose to a record 1.39 million barrels of oil equivalent per day (boepd), from 1.34 million boepd last year.

However, cash flows from operations fell about 43 per cent in the quarter to $3.5-billion.

Stauth has been with Canadian Natural for 26 years and currently serves as the chief operating officer of Oil Sands operations.

McKay will assume the role of vice chairman following a board meeting in February and will support the management transition until his retirement in summer 2024, the company said.

Shopify Inc. reported third-quarter net income of US$718 million compared with a loss of US$159 million a year ago as its revenue rose 25 per cent.

The e-commerce software company, which keeps its books in U.S. dollars, says the profit amounted to 55 cents per diluted share for the quarter ended Sept. 30 compared with a loss of 12 cents per diluted share in the same quarter last year.

Revenue totalled US$1.71 billion for the quarter, up from US$1.37 billion a year earlier.

The growth came as subscription solutions revenue rose to US$486 million from US$377 million a year ago, while merchant solutions revenue totalled US$1.23 billion, up from US$989 million.

On an adjusted basis, Shopify says it earned 24 cents per diluted share for its most recent quarter compared with an adjusted loss of two per cents per diluted share a year ago.

Analysts on average had expected an adjusted profit of 14 cents per share and US$1.67 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 2, 2023.

Pembina Pipeline Corp. (PBA) on Thursday reported second-quarter earnings of $270.3 million.

On a per-share basis, the Calgary, Alberta-based company said it had net income of 45 cents.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.

The oil and gas transportation and services company posted revenue of $1.54 billion in the period.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PBA at https://www.zacks.com/ap/PBA

Cenovus Energy Inc. reported a third-quarter profit of $1.86 billion, up from $1.61 billion in the same quarter last year.

The company says the profit amounted to 97 cents per diluted share, up from 81 cents per diluted share a year earlier.

Revenue totalled $14.58 billion, down from $17.47 billion in the same quarter last year.

Total upstream production for the quarter amounted to 797,000 barrels of oil equivalent per day, up from 777,900 a year earlier.

Total downstream throughput totalled 664,300 barrels per day compared with 533,500 a year ago.

Cenovus also announced the appointment of former Shell Canada president and country chair Michael Crothers and former Husky Energy executive James Girgulis to the company’s board of directors, effective immediately.

This report by The Canadian Press was first published Nov. 2, 2023.

Calgary, Alberta–(Newsfile Corp. – November 2, 2023) – Commenting on the Company’s (TSX: CNQ) (NYSE: CNQ) third quarter 2023 results, Tim McKay, President, stated, “Our quarterly results demonstrate how our effective and efficient operations, combined with our diverse product mix generates significant free cash flow, resulting in strong shareholder returns through our sustainable and growing dividend and significant share repurchases

https://www.barchart.com/story/news/21649407/canadian-natural-resources-limited-announces-2023-third-quarter-results

HIGHLIGHTS

• Third quarter cash flow⁽¹⁾⁽²⁾ of $878.5 million ($2.55 per diluted share⁽³⁾).
• Generated Q3 free cash flow⁽⁴⁾ (“FCF“) of $332.3 million ($0.96 per diluted share) enabling the Company to declare a special dividend of $1.00 per common share paid on November 1, 2023 to holders of record on October 24, 2023. Tourmaline has distributed total dividends of $6.52 per share (inclusive of this November 1, 2023 special dividend) since December 1, 2022, an implied 9% trailing yield⁽⁵⁾.
• Full-year 2023 free cash flow forecast of $1.9 billion⁽⁶⁾ (2022 free cash flow – $3.2 billion).
• September 30, 2023 net debt⁽⁷⁾ of $879.8 million or 0.3 times Q3 2023 annualized cash flow of $3.5 billion.
• Tourmaline Q3 2023 net earnings of $274.7 million ($0.80 per diluted share).
• In October 2023, the Company entered into an agreement to acquire all of the shares of Bonavista Energy Corporation (“Bonavista”) for $1.45 billion, consisting of $725 million in Tourmaline common shares and $725 million of cash, less Bonavista’s net debt⁽⁸⁾ at closing. The closing of the transaction is expected to occur in the second half of November 2023, subject to customary regulatory and stock exchange approvals.

https://www.newswire.ca/news-releases/tourmaline-delivers-strong-free-cash-flow-in-the-third-quarter-updates-five-year-ep-plan-with-significantly-increased-free-cash-flow-859689695.html

BCE Inc. reported its third-quarter profit fell compared with a year ago as its revenue edged higher.

The parent company of Bell Canada says it earned a profit attributable to common shareholders of $640 million or 70 cents per share for the quarter ended Sept. 30.

The result compared with a profit of $715 million or 78 cents per share a year earlier.

BCE reported operating revenue totalled $6.08 billion, up from $6.02 billion in the same quarter last year.

On an adjusted basis, BCE says it earned 81 cents per share in its latest quarter, down from 88 cents per share a year ago.

The average analyst estimate had been for an adjusted profit of 81 cents per share, based on estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 2, 2023.