Bonavista Energy Corporation Announces Unaudited Earnings and Operating Results for the First Quarter Ended March 31, 2018; Provides earnings and production Guidance for the year 2018
For the quarter, the company produced natural gas of 322 mmcf/day compared to 293 mmcf/day a year ago. Produced natural gas liquids was 16,480 bbls/day compared to 18,888 bbls/day a year ago. Produced oil was 2,327 bbls/day compared to 2,560 bbls/day a year ago. Total oil equivalent production was 72,417 bbls/day compared to 70,281 bbls/day for the same period in 2016.
For the year 2018, the company expected capital spending program remains between $135 and $155 million and is intended to generate production of between 69,000 and 71,000 boe per day. The company expects to achieve a total payout ratio, including the dividend, of between 60% and 70% and generate excess adjusted funds flow of between $70 and $90 million, which will be used to reduce total debt.