PARAMOUNT RESOURCES LTD. HISTORICAL FINANCIAL & OPERATIONAL INFORMATION - DEC/23 (UNAUDITED) (1)(2)
(Amounts stated in $ millions, except as noted)
2023 | 2022 | Annual | |||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | 2023 | 2022 | 2021 | |
SUMMARY FINANCIAL RESULTS | |||||||||||
Petroleum and natural gas sales | 470.5 | 463.8 | 374.4 | 489.7 | 597.7 | 618.9 | 536.2 | 499.6 | 1,798.5 | 2,252.4 | 1,383.6 |
Net income | 111.9 | 87.2 | 74.2 | 197.0 | 259.9 | 221.9 | 182.2 | 16.6 | 470.2 | 680.6 | 236.9 |
Per share - diluted ($/share) | 0.75 | 0.59 | 0.50 | 1.33 | 1.76 | 1.51 | 1.24 | 0.11 | 3.17 | 4.63 | 1.67 |
Cash from operating activities | 287.0 | 207.6 | 172.2 | 271.4 | 306.9 | 248.9 | 318.9 | 174.9 | 938.2 | 1,049.6 | 482.1 |
Per share - diluted ($/share) (3) | 1.93 | 1.40 | 1.16 | 1.84 | 2.08 | 1.69 | 2.16 | 1.20 | 6.32 | 7.14 | 3.39 |
Adjusted funds flow (3) | 284.1 | 234.2 | 178.7 | 268.2 | 340.7 | 334.3 | 258.3 | 237.8 | 965.3 | 1,171.0 | 499.8 |
Per share - diluted ($/share) (3) | 1.91 | 1.58 | 1.21 | 1.81 | 2.31 | 2.27 | 1.75 | 1.63 | 6.51 | 7.97 | 3.51 |
Free cash flow (3) | 59.7 | 18.5 | 30.5 | 59.8 | 162.0 | 137.5 | 68.3 | 103.4 | 168.4 | 471.1 | 191.8 |
Per share - diluted ($/share) (3) | 0.40 | 0.12 | 0.21 | 0.40 | 1.10 | 0.93 | 0.46 | 0.71 | 1.13 | 3.20 | 1.36 |
Total assets | 4,388.7 | 4,305.1 | 4,106.6 | 4,114.6 | 4,337.3 | 4,261.3 | 4,076.2 | 4,095.5 | 4,388.7 | 4,337.3 | 3,885.1 |
Investments in securities | 540.9 | 577.5 | 489.9 | 498.3 | 557.1 | 451.3 | 468.8 | 479.2 | 540.9 | 557.1 | 372.1 |
Long-term debt | - | - | - | - | 159.4 | 306.3 | 227.7 | 302.6 | - | 159.4 | 386.3 |
Net (cash) debt (3) | 59.6 | 44.4 | 2.3 | (43.6) | 161.2 | 347.0 | 374.0 | 361.2 | 59.6 | 161.2 | 456.7 |
Total liabilities | 889.5 | 840.6 | 756.4 | 785.7 | 959.2 | 1,201.2 | 1,186.3 | 1,343.3 | 889.5 | 959.2 | 1,278.7 |
Common shares outstanding (millions) (4) | 144.2 | 143.4 | 143.1 | 142.4 | 142.0 | 141.3 | 141.2 | 140.0 | 144.2 | 142.0 | 139.2 |
Wtd. avg shares - diluted (millions) (4) | 148.6 | 148.6 | 148.4 | 147.8 | 147.5 | 147.2 | 147.5 | 145.8 | 148.3 | 147.0 | 142.8 |
Dividends declared and paid ($/share) | 0.375 | 0.375 | 0.375 | 1.375 | 0.35 | 0.30 | 0.28 | 0.20 | 2.50 | 1.13 | 0.20 |
Capital expenditures by region | |||||||||||
Grande Prairie | 75.8 | 117.6 | 66.0 | 121.1 | 135.8 | 133.5 | 107.2 | 76.8 | 380.3 | 453.3 | 228.6 |
Kaybob | 64.5 | 41.4 | 45.5 | 39.0 | 11.4 | 30.8 | 57.9 | 31.1 | 190.4 | 131.2 | 14.5 |
Central Alberta and Other | 61.7 | 35.5 | 17.1 | 5.6 | 1.0 | 0.2 | 0.8 | 0.1 | 120.0 | 2.1 | 25.2 |
Fox Drilling and Cavalier Energy | 3.9 | 4.9 | 7.6 | 12.7 | 12.1 | 10.8 | 3.7 | 1.1 | 29.2 | 27.7 | 5.0 |
Corporate | 3.0 | (0.5) | 4.0 | 5.7 | 9.3 | 9.0 | 14.5 | 7.9 | 12.2 | 40.7 | 1.3 |
Capital expenditures | 208.9 | 198.9 | 140.2 | 184.1 | 169.6 | 184.3 | 184.1 | 117.0 | 732.1 | 655.0 | 274.6 |
Land and property acquisitions | 18.1 | 8.9 | 25.7 | 26.6 | 13.3 | 65.5 | 37.8 | 29.2 | 79.2 | 145.8 | 5.4 |
SALES VOLUMES | |||||||||||
Natural gas (MMcf/d) | 326.2 | 323.1 | 290.2 | 320.6 | 321.9 | 315.9 | 267.2 | 272.9 | 315.1 | 294.7 | 275.2 |
Condensate and oil (Bbl/d) | 40,290 | 38,161 | 34,230 | 37,916 | 37,580 | 38,804 | 27,750 | 31,375 | 37,657 | 33,908 | 30,989 |
Other NGLs (Bbl/d) (5) | 6,698 | 6,627 | 5,648 | 5,916 | 6,143 | 6,144 | 5,021 | 5,276 | 6,226 | 5,650 | 5,147 |
Total (Boe/d) | 101,348 | 98,644 | 88,243 | 97,269 | 97,370 | 97,601 | 77,312 | 82,137 | 96,393 | 88,672 | 82,001 |
% Liquids | 46% | 45% | 45% | 45% | 45% | 46% | 42% | 45% | 46% | 45% | 44% |
Sales volumes by region (Boe/d) | |||||||||||
Grande Prairie | 72,860 | 74,381 | 66,950 | 69,507 | 64,434 | 65,981 | 48,736 | 54,737 | 70,943 | 58,519 | 51,869 |
Kaybob | 20,324 | 17,027 | 13,238 | 19,201 | 24,477 | 24,021 | 21,642 | 20,726 | 17,449 | 22,730 | 22,588 |
Central Alberta and Other | 8,164 | 7,236 | 8,055 | 8,561 | 8,459 | 7,599 | 6,934 | 6,674 | 8,001 | 7,423 | 7,544 |
Total | 101,348 | 98,644 | 88,243 | 97,269 | 97,370 | 97,601 | 77,312 | 82,137 | 96,393 | 88,672 | 82,001 |
PARAMOUNT REALIZED PRICES | |||||||||||
Natural gas ($/Mcf) | 2.79 | 2.67 | 2.43 | 4.23 | 6.56 | 6.39 | 6.75 | 5.18 | 3.04 | 6.24 | 3.72 |
Condensate and oil ($/Bbl) | 98.12 | 103.36 | 94.42 | 100.66 | 108.50 | 112.56 | 134.65 | 117.53 | 99.25 | 117.07 | 81.91 |
Other NGLs ($/Bbl) (5) | 36.00 | 33.64 | 30.86 | 43.93 | 48.25 | 51.20 | 62.80 | 61.64 | 36.06 | 55.37 | 41.84 |
Petroleum & natural gas sales ($/Boe) | 50.46 | 51.11 | 46.63 | 55.94 | 66.72 | 68.92 | 76.22 | 67.59 | 51.12 | 69.60 | 46.23 |
Paramount Resources Ltd. Historical Financial & Operational Information | 1 |
HISTORICAL FINANCIAL & OPERATIONAL INFORMATION - DEC/23 (UNAUDITED) (1)(2)
(Amounts stated in $ millions, except as noted)
2023 | 2022 | Annual | |||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | 2023 | 2022 | 2021 | |
COMMODITY PRICES - BENCHMARKS | |||||||||||
Natural gas | |||||||||||
AECO daily spot ($/GJ) | 2.18 | 2.46 | 2.32 | 3.05 | 4.85 | 3.95 | 6.86 | 4.49 | 2.50 | 5.04 | 3.44 |
AECO monthly index ($/GJ) | 2.52 | 2.26 | 2.22 | 4.12 | 5.29 | 5.50 | 5.95 | 4.35 | 2.78 | 5.27 | 3.38 |
Dawn ($/MMbtu) | 3.17 | 3.07 | 2.80 | 3.70 | 7.14 | 9.61 | 9.28 | 5.63 | 3.19 | 7.92 | 4.55 |
NYMEX (US$/MMbtu) | 2.91 | 2.66 | 2.32 | 2.76 | 6.09 | 7.91 | 7.49 | 4.57 | 2.66 | 6.51 | 3.72 |
Malin - daily index (US$/MMBtu) | 3.64 | 3.16 | 2.66 | 9.30 | 14.36 | 7.51 | 7.06 | 4.60 | 4.69 | 8.38 | 3.94 |
Condensate and oil | |||||||||||
Edmonton light sweet ($/Bbl) | 97.55 | 107.29 | 94.99 | 99.73 | 108.15 | 116.77 | 136.34 | 117.66 | 99.87 | 119.73 | 80.31 |
Edmonton condensate ($/Bbl) | 104.09 | 106.88 | 93.25 | 107.00 | 115.50 | 115.27 | 132.11 | 122.24 | 102.80 | 121.28 | 85.88 |
West Texas Intermediate (US$/Bbl) | 78.32 | 82.26 | 73.80 | 76.13 | 82.64 | 91.56 | 108.41 | 94.29 | 77.63 | 94.23 | 67.91 |
Other NGLs | |||||||||||
Conway - propane ($/Bbl) | 37.04 | 37.55 | 37.24 | 44.58 | 46.45 | 58.39 | 65.27 | 68.42 | 39.10 | 59.63 | 54.87 |
Belvieu - butane ($/Bbl) | 53.58 | 46.85 | 44.05 | 62.86 | 55.77 | 63.73 | 80.62 | 84.46 | 51.83 | 71.06 | 61.83 |
NETBACK (2)(3) | |||||||||||
Netback ($/Boe) | |||||||||||
Petroleum and natural gas sales | 50.46 | 51.11 | 46.63 | 55.94 | 66.72 | 68.92 | 76.22 | 67.59 | 51.12 | 69.60 | 46.23 |
Royalties | (7.39) | (8.28) | (5.12) | (7.90) | (9.43) | (9.96) | (12.11) | (10.31) | (7.23) | (10.36) | (4.24) |
Operating expense | (13.56) | (12.55) | (13.03) | (12.43) | (13.31) | (12.25) | (12.61) | (12.07) | (12.90) | (12.58) | (11.37) |
Transportation and NGLs processing (6) | (3.56) | (3.44) | (4.19) | (4.15) | (3.03) | (3.83) | (4.37) | (4.24) | (3.82) | (3.82) | (3.83) |
Sales of commodities purchased | 5.38 | 4.64 | 5.94 | 13.15 | 11.47 | 8.67 | 6.06 | 6.59 | 7.25 | 8.41 | 2.52 |
Commodities purchased | (5.08) | (4.32) | (6.15) | (13.05) | (11.21) | (8.51) | (5.84) | (6.64) | (7.11) | (8.25) | (2.54) |
Netback | 26.25 | 27.16 | 24.08 | 31.56 | 41.21 | 43.04 | 47.35 | 40.92 | 27.31 | 43.00 | 26.77 |
Risk management contract settlements | 4.61 | 0.02 | (0.33) | 0.70 | (2.57) | (4.94) | (8.79) | (6.72) | 1.33 | (5.53) | (7.29) |
Netback including risk management | 30.86 | 27.18 | 23.75 | 32.26 | 38.64 | 38.10 | 38.56 | 34.20 | 28.64 | 37.47 | 19.48 |
contract settlements | |||||||||||
Royalty rate (3) | 14.7% | 16.3% | 11.0% | 14.1% | 14.1% | 14.5% | 16.0% | 15.6% | 14.2% | 15.0% | 9.2% |
Netback | |||||||||||
Natural gas revenue (7) | 83.7 | 79.3 | 64.1 | 122.0 | 194.2 | 185.7 | 164.0 | 127.1 | 349.1 | 671.1 | 373.3 |
Condensate and oil revenue | 363.7 | 362.9 | 294.1 | 343.5 | 375.1 | 401.8 | 340.0 | 331.9 | 1,364.2 | 1,448.9 | 926.5 |
Other NGLs revenue (5) | 22.2 | 20.5 | 15.9 | 23.4 | 27.3 | 28.9 | 28.7 | 29.3 | 81.9 | 114.2 | 78.6 |
Royalty income and other revenue | 0.9 | 1.1 | 0.3 | 0.8 | 1.1 | 2.5 | 3.5 | 11.3 | 3.3 | 18.2 | 5.2 |
Petroleum and natural gas sales | 470.5 | 463.8 | 374.4 | 489.7 | 597.7 | 618.9 | 536.2 | 499.6 | 1,798.5 | 2,252.4 | 1,383.6 |
Royalties | (68.9) | (75.2) | (41.2) | (69.1) | (84.4) | (89.4) | (85.2) | (76.2) | (254.3) | (335.3) | (127.0) |
Operating expense | (126.4) | (113.9) | (104.6) | (108.8) | (119.2) | (110.0) | (88.7) | (89.2) | (453.8) | (407.1) | (340.4) |
Transportation and NGLs processing (6) | (33.2) | (31.2) | (33.6) | (36.3) | (27.2) | (34.4) | (30.8) | (31.3) | (134.4) | (123.7) | (114.5) |
Sales of commodities purchased | 50.2 | 42.1 | 47.7 | 115.1 | 102.7 | 77.9 | 42.7 | 48.8 | 255.1 | 272.0 | 75.5 |
Commodities purchased | (47.4) | (39.2) | (49.3) | (114.3) | (100.4) | (76.4) | (41.1) | (49.1) | (250.2) | (267.0) | (76.1) |
Netback | 244.8 | 246.4 | 193.4 | 276.3 | 369.2 | 386.6 | 333.1 | 302.6 | 960.9 | 1,391.3 | 801.1 |
Risk management contract settlements | 43.0 | 0.2 | (2.7) | 6.1 | (23.0) | (44.4) | (61.9) | (49.7) | 46.7 | (179.0) | (218.3) |
Netback including risk management | 287.8 | 246.6 | 190.7 | 282.4 | 346.2 | 342.2 | 271.2 | 252.9 | 1,007.6 | 1,212.3 | 582.8 |
contract settlements | |||||||||||
Paramount Resources Ltd. Historical Financial & Operational Information | 2 |
HISTORICAL FINANCIAL & OPERATIONAL INFORMATION - DEC/23 (UNAUDITED) (1)(2)
(Amounts stated in $ millions, except as noted)
2023 | 2022 | Annual | |||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | 2023 | 2022 | 2021 | |
SUMMARY INCOME STATEMENT | |||||||||||
Revenue | 451.8 | 430.7 | 380.9 | 535.7 | 616.0 | 607.4 | 493.7 | 472.2 | 1,799.3 | 2,189.1 | 1,332.1 |
Gain (loss) on risk management contracts | 53.4 | (12.1) | 13.7 | (1.9) | 8.1 | 2.4 | (41.3) | (152.0) | 53.1 | (182.7) | (189.8) |
505.2 | 418.6 | 394.6 | 533.8 | 624.1 | 609.8 | 452.4 | 320.2 | 1,852.4 | 2,006.4 | 1,142.3 | |
Operating expense | 126.4 | 113.9 | 104.6 | 108.8 | 119.2 | 110.0 | 88.7 | 89.2 | 453.8 | 407.1 | 340.4 |
Transportation and NGLs processing | 33.2 | 31.2 | 33.6 | 36.3 | 27.2 | 34.4 | 30.8 | 31.3 | 134.4 | 123.7 | 114.5 |
Commodities purchased | 47.4 | 39.2 | 49.3 | 114.3 | 100.4 | 76.4 | 41.1 | 49.1 | 250.2 | 267.0 | 76.1 |
General and administrative | 10.5 | 11.8 | 12.1 | 15.0 | 13.6 | 9.7 | 10.2 | 9.3 | 49.4 | 42.7 | 41.6 |
Share-based compensation | 17.8 | 4.4 | 4.3 | 6.9 | 13.1 | 3.2 | 1.5 | 7.5 | 33.4 | 25.3 | 18.8 |
Depletion, depreciation and impairment (reversals) | 131.8 | 87.0 | 81.5 | 101.5 | 95.2 | 88.0 | 23.5 | 79.3 | 401.9 | 286.0 | 133.1 |
Exploration and evaluation | 5.4 | 3.1 | 2.2 | 2.8 | 4.7 | 3.0 | 6.9 | 16.0 | 13.5 | 30.6 | 38.9 |
(Gain) loss on sale of oil and gas assets | (3.4) | (0.5) | (1.2) | (121.1) | (63.7) | (0.4) | 0.2 | (1.7) | (126.3) | (65.6) | (72.1) |
Interest and financing | 2.0 | 1.7 | 1.3 | 1.5 | (2.2) | 3.3 | 0.6 | 4.7 | 6.5 | 6.4 | 47.1 |
Accretion of asset retirement obligations | 10.8 | 10.9 | 10.9 | 10.7 | 11.6 | 11.4 | 11.1 | 10.8 | 43.2 | 44.9 | 42.6 |
Settlement of dissent payment entitlement | - | - | - | - | - | - | - | - | - | - | 22.6 |
Other | (7.3) | - | (0.5) | 0.4 | (23.4) | (5.0) | 0.1 | 0.8 | (7.3) | (27.5) | 16.2 |
Expenses | 374.6 | 302.7 | 298.1 | 277.1 | 295.7 | 334.0 | 214.7 | 296.3 | 1,252.7 | 1,140.6 | 819.8 |
Income before tax | 130.6 | 115.9 | 96.5 | 256.7 | 328.4 | 275.8 | 237.7 | 23.9 | 599.7 | 865.8 | 322.5 |
Deferred income tax expense | 18.7 | 28.7 | 22.3 | 59.7 | 68.5 | 53.9 | 55.5 | 7.3 | 129.5 | 185.2 | 85.6 |
Net income | 111.9 | 87.2 | 74.2 | 197.0 | 259.9 | 221.9 | 182.2 | 16.6 | 470.2 | 680.6 | 236.9 |
CASH FROM OPERATING ACTIVITIES / | |||||||||||
ADJUSTED FUNDS FLOW (3) | |||||||||||
Net income | 111.9 | 87.2 | 74.2 | 197.0 | 259.9 | 221.9 | 182.2 | 16.6 | 470.2 | 680.6 | 236.9 |
Risk management contracts | (10.4) | 12.3 | (16.4) | 8.0 | (31.1) | (46.8) | (20.6) | 102.3 | (6.4) | 3.7 | (28.5) |
Share-based compensation | 17.8 | 4.4 | 4.3 | 6.9 | 13.1 | 3.2 | 1.5 | 7.5 | 33.4 | 25.3 | 18.8 |
Depletion, depreciation and impairment (reversals) | 131.8 | 87.0 | 81.5 | 101.5 | 95.2 | 88.0 | 23.5 | 79.3 | 401.9 | 286.0 | 133.1 |
Exploration and evaluation | 2.7 | 0.3 | 0.1 | 0.3 | 2.6 | 0.7 | 5.0 | 13.4 | 3.3 | 21.8 | 30.9 |
(Gain) loss on sale of oil and gas assets | (3.4) | (0.5) | (1.2) | (121.1) | (63.7) | (0.4) | 0.2 | (1.7) | (126.3) | (65.6) | (72.1) |
Accretion of asset retirement obligations | 10.8 | 10.9 | 10.9 | 10.7 | 11.6 | 11.4 | 11.1 | 10.8 | 43.2 | 44.9 | 42.6 |
Settlement of on dissent payment entitlement | - | - | - | - | - | - | - | - | - | - | 22.6 |
Deferred income tax | 18.7 | 28.7 | 22.3 | 59.7 | 68.5 | 53.9 | 55.5 | 7.3 | 129.5 | 185.2 | 85.6 |
Other | 1.5 | 1.1 | 0.9 | 0.2 | 6.5 | (0.3) | (3.6) | (0.3) | 3.8 | 2.2 | 4.9 |
Asset retirement obligations settled | (12.8) | (14.0) | (5.9) | (21.8) | (7.0) | (10.2) | (4.0) | (14.8) | (54.6) | (36.1) | (25.4) |
Change in non-cash working capital | 18.4 | (9.8) | 1.5 | 30.0 | (48.7) | (72.5) | 68.1 | (45.5) | 40.2 | (98.4) | 32.7 |
Cash from operating activities | 287.0 | 207.6 | 172.2 | 271.4 | 306.9 | 248.9 | 318.9 | 174.9 | 938.2 | 1,049.6 | 482.1 |
Change in non-cash working capital | (18.4) | 9.8 | (1.5) | (30.0) | 48.7 | 72.5 | (68.1) | 45.5 | (40.2) | 98.4 | (32.7) |
Geological and geophysical expense | 2.7 | 2.8 | 2.1 | 2.5 | 2.1 | 2.3 | 1.9 | 2.6 | 10.2 | 8.8 | 8.0 |
Asset retirement obligations settled | 12.8 | 14.0 | 5.9 | 21.8 | 7.0 | 10.2 | 4.0 | 14.8 | 54.6 | 36.1 | 25.4 |
Provisions | - | - | - | 2.5 | (24.0) | 0.4 | 1.6 | - | 2.5 | (21.9) | 24.0 |
Settlements | - | - | - | - | - | - | - | - | - | - | (7.0) |
Adjusted funds flow | 284.1 | 234.2 | 178.7 | 268.2 | 340.7 | 334.3 | 258.3 | 237.8 | 965.3 | 1,171.0 | 499.8 |
Paramount Resources Ltd. Historical Financial & Operational Information | 3 |
HISTORICAL FINANCIAL & OPERATIONAL INFORMATION - DEC/23 (UNAUDITED) (1)(2)
(Amounts stated in $ millions, except as noted)
2023 | 2022 | Annual | |||||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | 2023 | 2022 | 2021 | |||
FREE CASH FLOW (3) | |||||||||||||
Adjusted funds flow | 284.1 | 234.2 | 178.7 | 268.2 | 340.7 | 334.3 | 258.3 | 237.8 | 965.3 | 1,171.0 | 499.8 | ||
Capital expenditures | (208.9) | (198.9) | (140.2) | (184.1) | (169.6) | (184.3) | (184.1) | (117.0) | (732.1) | (655.0) | (274.6) | ||
Geological and geophysical expense | (2.7) | (2.8) | (2.1) | (2.5) | (2.1) | (2.3) | (1.9) | (2.6) | (10.2) | (8.8) | (8.0) | ||
Asset retirement obligations settled | (12.8) | (14.0) | (5.9) | (21.8) | (7.0) | (10.2) | (4.0) | (14.8) | (54.6) | (36.1) | (25.4) | ||
Free cash flow | 59.7 | 18.5 | 30.5 | 59.8 | 162.0 | 137.5 | 68.3 | 103.4 | 168.4 | 471.1 | 191.8 | ||
SUMMARY BALANCE SHEET | |||||||||||||
Assets | |||||||||||||
Current assets | 223.6 | 231.8 | 209.7 | 280.4 | 506.2 | 250.5 | 166.5 | 221.7 | 223.6 | 506.2 | 156.7 | ||
Risk management - long-term | - | 2.3 | 2.1 | 1.2 | 2.9 | 8.5 | 7.6 | 4.3 | - | 2.9 | 0.7 | ||
Lease receivable | - | - | - | - | - | - | - | - | - | - | 0.5 | ||
Investment in securities | 540.9 | 577.5 | 489.9 | 498.3 | 557.1 | 451.3 | 468.8 | 479.2 | 540.9 | 557.1 | 372.1 | ||
Exploration and evaluation | 546.6 | 543.3 | 535.4 | 512.1 | 485.7 | 529.1 | 529.6 | 534.0 | 546.6 | 485.7 | 539.9 | ||
Property, plant and equipment, net | 2,874.1 | 2,732.3 | 2,613.9 | 2,545.5 | 2,456.3 | 2,612.3 | 2,441.6 | 2,338.5 | 2,874.1 | 2,456.3 | 2,269.7 | ||
Deferred income tax | 203.5 | 217.9 | 255.6 | 277.1 | 329.1 | 409.6 | 462.1 | 517.8 | 203.5 | 329.1 | 545.5 | ||
Total assets | 4,388.7 | 4,305.1 | 4,106.6 | 4,114.6 | 4,337.3 | 4,261.3 | 4,076.2 | 4,095.5 | 4,388.7 | 4,337.3 | 3,885.1 | ||
Liabilities and shareholders' equity | |||||||||||||
Current liabilities | 313.0 | 314.7 | 239.5 | 273.0 | 282.4 | 342.8 | 417.6 | 404.3 | 313.0 | 282.4 | 256.0 | ||
Long-term debt | - | - | - | - | 159.4 | 306.3 | 227.7 | 302.6 | - | 159.4 | 386.3 | ||
Risk management - long-term | 0.5 | 0.7 | - | 0.5 | - | - | - | - | 0.5 | - | 3.1 | ||
Asset retirement obligation and other - long-term | 576.0 | 525.2 | 516.9 | 512.2 | 517.4 | 552.1 | 541.0 | 636.4 | 576.0 | 517.4 | 633.3 | ||
Shareholders' equity | 3,499.2 | 3,464.5 | 3,350.2 | 3,328.9 | 3,378.1 | 3,060.1 | 2,889.9 | 2,752.2 | 3,499.2 | 3,378.1 | 2,606.4 | ||
Total liabilities and shareholders' equity | 4,388.7 | 4,305.1 | 4,106.6 | 4,114.6 | 4,337.3 | 4,261.3 | 4,076.2 | 4,095.5 | 4,388.7 | 4,337.3 | 3,885.1 | ||
NET (CASH) DEBT CALCULATION (3) | |||||||||||||
Cash and cash equivalents | (48.9) | (43.1) | (38.6) | (81.9) | (2.5) | (2.2) | (1.2) | (1.5) | (48.9) | (2.5) | (1.7) | ||
Accounts receivable | (155.0) | (166.7) | (127.8) | (178.9) | (216.5) | (219.0) | (147.9) | (207.8) | (155.0) | (216.5) | (139.7) | ||
Prepaid expenses | (9.0) | (16.0) | (24.2) | (10.9) | (9.1) | (13.8) | (11.5) | (8.4) | (9.0) | (9.1) | (7.3) | ||
Accounts payable and accrued liabilities | 272.5 | 270.2 | 192.9 | 228.1 | 229.9 | 275.7 | 306.9 | 276.3 | 272.5 | 229.9 | 219.1 | ||
Long-term debt | - | - | - | - | 159.4 | 306.3 | 227.7 | 302.6 | - | 159.4 | 386.3 | ||
Net (cash) debt | 59.6 | 44.4 | 2.3 | (43.6) | 161.2 | 347.0 | 374.0 | 361.2 | 59.6 | 161.2 | 456.7 | ||
RESERVES (8) | |||||||||||||
Proved | Proved plus Probable | ||||||||||||
Reserves | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | |||||||
Natural gas (Bcf) | 1,276 | 1,361 | 1,034 | 2,289 | 2,280 | 2,010 | |||||||
NGLs (MBbl) | 199,223 | 213,851 | 146,264 | 374,570 | 372,985 | 296,918 | |||||||
Crude Oil (MBbl) | 3,235 | 3,901 | 20,881 | 4,679 | 5,803 | 30,561 | |||||||
Total (MBoe) | 415,128 | 444,644 | 339,476 | 760,736 | 758,769 | 662,469 | |||||||
Future Net Revenue NPV10 | 4,522 | 5,798 | 3,573 | 7,876 | 9,085 | 6,235 |
Paramount Resources Ltd. Historical Financial & Operational Information | 4 |
HISTORICAL FINANCIAL & OPERATIONAL INFORMATION - DEC/23 (UNAUDITED) (1)(2)
(Amounts stated in $ millions, except as noted)
- Some rows and columns may not add due to rounding.
- Readers are referred to the Product Type Information section and the "Specified Financial Measures" section of this document.
- Adjusted funds flow, free cash flow and net (cash) debt are capital management measures. Netback and netback including risk management contract settlements are non-GAAP financial measures. Netback and Netback including risk management contract settlements presented on a $/Boe basis are non-GAAP ratios. Each measure, other than net income, that is presented on a per share - diluted, $/Mcf, $/Boe or rate basis is a supplementary financial measure. Refer to the "Specified Financial Measures" section for more information on these measures.
- Common Shares and weighted average shares outstanding are presented net of shares held in trust under the Company's restricted share unit plan. The number of Common Shares held in trust under the Company's restricted share unit plan that reduced the Common Shares outstanding at the end of the following periods were (Common Shares): Q4 2023: 0.4 million, Q3 2023: 0.4 million, Q2 2023: 0.4 million, Q1 2023: 0.8 million, Q4 2022: 0.8 million, Q3 2022: 0.8 million, Q2 2022: 0.8 million, Q1 2022: 1.5 million.
- Other NGLs means ethane, propane and butane.
- Includes downstream natural gas, NGLs and oil transportation costs and NGLs fractionation costs.
- Natural gas revenue presented as $/Mcf.
- Reserves evaluated by McDaniel & Associates Consultants Ltd. ("McDaniel") as of December 31, 2023, December 31, 2022 and December 31, 2021 in accordance with National Instrument 51- 101 definitions, standards and procedures. Reserves are gross reserves representing working interest before royalties. Net present values of future net revenue were determined using forecast prices and costs and do not represent fair market value. Readers should refer to the Company's annual information forms for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 which are available on SEDAR+ at www.sedarplus.ca or on the Company's website at www.paramountres.com, for a complete description of the McDaniel reports and the material assumptions, limitations and risk factors pertaining thereto.
Product Type Information
This document refers to sales volumes of "natural gas", "condensate and oil", "NGLs", "Other NGLs" and "Liquids". "Natural gas" refers to shale gas and conventional natural gas combined. "Condensate and oil" refers to condensate, light and medium crude oil, tight oil and heavy crude oil combined. "NGLs" refers to condensate and Other NGLs combined. "Other NGLs" refers to ethane, propane and butane combined. "Liquids" refers to condensate and oil and Other NGLs combined. Below is a complete breakdown of sales volumes for applicable periods by the specific product types of shale gas, conventional natural gas, NGLs, light and medium crude oil, tight oil and heavy crude oil. Numbers may not add due to rounding.
2023 | 2022 | Annual | |||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | 2023 | 2022 | 2021 | |
SALES VOLUMES - TOTAL COMPANY BY PRODUCT TYPE | |||||||||||
Shale gas (MMcf/d) | 271.8 | 276.7 | 246.0 | 265.2 | 260.0 | 253.8 | 203.7 | 213.1 | 265.2 | 232.9 | 207.9 |
Conventional natural gas (MMcf/d) | 54.4 | 46.4 | 44.2 | 55.4 | 61.9 | 62.1 | 63.5 | 59.8 | 49.9 | 61.8 | 67.3 |
Natural gas (MMcf/d) | 326.2 | 323.1 | 290.2 | 320.6 | 321.9 | 315.9 | 267.2 | 272.9 | 315.1 | 294.7 | 275.2 |
Condensate (Bbl/d) | 37,522 | 35,984 | 32,341 | 34,706 | 34,616 | 35,747 | 25,374 | 29,064 | 35,148 | 31,228 | 28,328 |
Other NGLs (Bbl/d) | 6,698 | 6,627 | 5,648 | 5,916 | 6,143 | 6,144 | 5,021 | 5,276 | 6,226 | 5,650 | 5,147 |
NGLs (Bbl/d) | 44,220 | 42,611 | 37,989 | 40,622 | 40,759 | 41,891 | 30,395 | 34,340 | 41,374 | 36,878 | 33,475 |
Light and medium crude oil (Bbl/d) | 1,636 | 1,154 | 942 | 2,151 | 2,335 | 2,608 | 1,974 | 1,874 | 1,469 | 2,200 | 2,174 |
Tight oil (Bbl/d) | 699 | 627 | 538 | 599 | 629 | 449 | 402 | 437 | 616 | 480 | 487 |
Heavy crude oil (Bbl/d) | 433 | 396 | 409 | 460 | - | - | - | - | 424 | - | - |
Crude oil (Bbl/d) | 2,768 | 2,177 | 1,889 | 3,210 | 2,964 | 3,057 | 2,376 | 2,311 | 2,509 | 2,680 | 2,661 |
Total (Boe/d) | 101,348 | 98,644 | 88,243 | 97,269 | 97,370 | 97,601 | 77,312 | 82,137 | 96,393 | 88,672 | 82,001 |
SALES VOLUMES - BY REGION BY PRODUCT TYPE | |||||||||||
GRANDE PRAIRIE REGION | |||||||||||
Shale gas (MMcf/d) | 214.1 | 222.8 | 196.1 | 204.0 | 188.4 | 188.2 | 138.8 | 151.4 | 209.3 | 166.9 | 138.8 |
Conventional natural gas (MMcf/d) | 0.3 | 0.4 | 0.3 | 0.4 | 1.5 | 1.4 | 1.0 | 1.1 | 0.4 | 1.3 | 2.2 |
Natural gas (MMcf/d) | 214.4 | 223.2 | 196.4 | 204.4 | 189.9 | 189.6 | 139.8 | 152.5 | 209.7 | 168.2 | 141.0 |
Condensate (Bbl/d) | 32,155 | 32,145 | 30,046 | 31,367 | 29,146 | 30,610 | 22,511 | 26,042 | 31,433 | 27,095 | 25,253 |
Other NGLs (Bbl/d) | 4,742 | 4,815 | 4,012 | 4,074 | 3,631 | 3,758 | 2,914 | 3,267 | 4,414 | 3,394 | 3,103 |
NGLs (Bbl/d) | 36,897 | 36,960 | 34,058 | 35,441 | 32,777 | 34,368 | 25,425 | 29,309 | 35,847 | 30,489 | 28,356 |
Light and medium crude oil (Bbl/d) | - | - | - | - | - | 5 | 5 | 6 | - | 4 | 5 |
Tight oil (Bbl/d) | 227 | 220 | 159 | - | - | - | - | - | 152 | - | - |
Crude oil (Bbl/d) | 227 | 220 | 159 | - | - | 5 | 5 | 6 | 152 | 4 | 5 |
Total (Boe/d) | 72,860 | 74,381 | 66,950 | 69,507 | 64,434 | 65,981 | 48,736 | 54,737 | 70,943 | 58,519 | 51,869 |
Paramount Resources Ltd. Historical Financial & Operational Information | 5 |
HISTORICAL FINANCIAL & OPERATIONAL INFORMATION - DEC/23 (UNAUDITED) (1)(2)
(Amounts stated in $ millions, except as noted)
2023 | 2022 | Annual | |||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | 2023 | 2022 | 2021 | |
KAYBOB REGION | |||||||||||
Shale gas (MMcf/d) | 30.2 | 28.0 | 21.7 | 31.8 | 41.9 | 38.5 | 37.9 | 35.7 | 28.2 | 38.5 | 38.6 |
Conventional natural gas (MMcf/d) | 49.6 | 41.7 | 38.4 | 49.6 | 55.0 | 54.8 | 56.7 | 53.6 | 44.6 | 55.0 | 58.6 |
Natural gas (MMcf/d) | 79.8 | 69.7 | 60.1 | 81.4 | 96.9 | 93.3 | 94.6 | 89.3 | 72.8 | 93.5 | 97.2 |
Condensate (Bbl/d) | 4,003 | 2,981 | 1,301 | 2,315 | 4,354 | 4,157 | 2,092 | 2,130 | 2,655 | 3,192 | 2,295 |
Other NGLs (Bbl/d) | 1,209 | 1,188 | 891 | 988 | 1,671 | 1,666 | 1,585 | 1,558 | 1,070 | 1,620 | 1,612 |
NGLs (Bbl/d) | 5,212 | 4,169 | 2,192 | 3,303 | 6,025 | 5,823 | 3,677 | 3,688 | 3,725 | 4,812 | 3,907 |
Light and medium crude oil (Bbl/d) | 1,602 | 1,131 | 914 | 2,121 | 2,045 | 2,434 | 1,946 | 1,832 | 1,440 | 2,066 | 2,129 |
Tight oil (Bbl/d) | 205 | 104 | 115 | 206 | 262 | 208 | 253 | 322 | 158 | 261 | 355 |
Crude oil (Bbl/d) | 1,807 | 1,235 | 1,029 | 2,327 | 2,307 | 2,642 | 2,199 | 2,154 | 1,598 | 2,327 | 2,484 |
Total (Boe/d) | 20,324 | 17,027 | 13,238 | 19,201 | 24,477 | 24,021 | 21,642 | 20,726 | 17,449 | 22,730 | 22,588 |
CENTRAL ALBERTA AND OTHER REGION | |||||||||||
Shale gas (MMcf/d) | 27.5 | 25.9 | 28.2 | 29.4 | 29.7 | 27.1 | 27.0 | 26.0 | 27.7 | 27.5 | 30.5 |
Conventional natural gas (MMcf/d) | 4.5 | 4.3 | 5.5 | 5.4 | 5.4 | 5.9 | 5.8 | 5.1 | 4.9 | 5.5 | 6.5 |
Natural gas (MMcf/d) | 32.0 | 30.2 | 33.7 | 34.8 | 35.1 | 33.0 | 32.8 | 31.1 | 32.6 | 33.0 | 37.0 |
Condensate (Bbl/d) | 1,364 | 858 | 994 | 1,024 | 1,116 | 980 | 771 | 892 | 1,060 | 941 | 781 |
Other NGLs (Bbl/d) | 747 | 624 | 745 | 854 | 841 | 720 | 522 | 451 | 742 | 636 | 432 |
NGLs (Bbl/d) | 2,111 | 1,482 | 1,739 | 1,878 | 1,957 | 1,700 | 1,293 | 1,343 | 1,802 | 1,577 | 1,213 |
Light and medium crude oil (Bbl/d) | 34 | 23 | 28 | 30 | 290 | 169 | 23 | 36 | 29 | 130 | 40 |
Tight oil (Bbl/d) | 267 | 303 | 264 | 393 | 367 | 241 | 149 | 115 | 306 | 219 | 131 |
Heavy crude oil (Bbl/d) | 433 | 396 | 409 | 460 | - | - | - | - | 424 | - | - |
Crude oil (Bbl/d) | 734 | 722 | 701 | 883 | 657 | 410 | 172 | 151 | 759 | 349 | 171 |
Total (Boe/d) | 8,164 | 7,236 | 8,055 | 8,561 | 8,459 | 7,599 | 6,934 | 6,674 | 8,001 | 7,423 | 7,544 |
SPECIFIED FINANCIAL MEASURES
Non-GAAP Financial Measures
Netback and netback including risk management contract settlements are non-GAAP financial measures. These measures are not standardized measures under International Financial Reporting Standards ("IFRS") and might not be comparable to similar financial measures presented by other issuers. These measures should not be considered in isolation or construed as alternatives to their most directly comparable measure disclosed in the Company's primary financial statements or other measures of financial performance calculated in accordance with IFRS.
Netback equals petroleum and natural gas sales (the most directly comparable measure disclosed in the Company's primary financial statements) plus sales of commodities purchased less royalties, operating expense, transportation and NGLs processing expense and commodities purchased. Sales of commodities purchased and commodities purchased are treated as corporate items and are not allocated to individual regions or properties. Netback is used by investors and Management to compare the performance of the Company's producing assets between periods.
Netback including risk management contract settlements equals netback after including (or deducting) risk management contract settlements received (paid). Netback including risk management contract settlements is used by investors and Management to assess the performance of the producing assets after incorporating Management's risk management strategies.
Non-GAAP Ratios
Netback and netback including risk management contract settlements presented on a $/Boe basis are non-GAAP ratios as they each have a non-GAAP financial measure (netback and netback including risk management contract settlements, respectively) as a component. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures presented by other issuers. These measures should not be considered in isolation or construed as alternatives to their most directly comparable measure disclosed in the Company's primary financial statements or other measures of financial performance calculated in accordance with IFRS.
Netback on a $/Boe basis is calculated by dividing netback for the applicable period by the total sales volumes during the period in Boe. Netback including risk management contract settlements on a $/Boe basis is calculated by dividing netback including risk management contract settlements for the applicable period by the total sales volumes during the period in Boe. These measures are used by investors and Management to assess netback and netback including risk management contract settlements on a unit of sales volumes basis.
Paramount Resources Ltd. Historical Financial & Operational Information | 6 |
HISTORICAL FINANCIAL & OPERATIONAL INFORMATION - DEC/23 (UNAUDITED) (1)(2)
(Amounts stated in $ millions, except as noted)
Capital Management Measures
Adjusted funds flow, free cash flow and net (cash) debt are capital management measures that Paramount utilizes in managing its capital structure. These measures are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities. Refer to Note 18 - Capital Structure in the Company's audited consolidated financial statements as at and for the year ended December 31, 2023 for a description of the composition and use of these measures. Reconciliations of adjusted funds flow and free cash flow to cash from operating activities, the most directly comparable measure disclosed in the Company's primary financial statements, and calculations of net (cash) debt are provided in this document for the applicable periods. The label of the net (cash) debt capital management measure has been revised from the previous label of net debt to allow for the description of negative amounts as net (cash).
Supplementary Financial Measures
This document contains supplementary financial measures expressed as: (i) cash from operating activities, adjusted funds flow and free cash flow on a per share
- diluted basis and (ii) realized prices, petroleum and natural gas sales, adjusted funds flow, revenue, royalties, operating expenses, transportation and NGLs processing expenses, sales of commodities purchased and commodities purchased on a $/Bbl, $/Mcf or $/Boe basis and (iii) royalty rate.
Cash from operating activities, adjusted funds flow and free cash flow on a per share - diluted basis are calculated by dividing cash from operating activities, adjusted funds flow or free cash flow, as applicable, over the referenced period by the weighted average diluted shares outstanding during the period determined under IFRS.
Petroleum and natural gas sales, adjusted funds flow, revenue, royalties, operating expenses, transportation and NGLs processing expenses, sales of commodities purchased and commodities purchased on a $/Bbl, $/Mcf or $/Boe basis are calculated by dividing petroleum and natural gas sales, adjusted funds flow, revenue, royalties, operating expenses, transportation and NGLs processing expenses, sales of commodities purchased and commodities purchased, as applicable, over the referenced period by the aggregate units (Bbl, Mcf or Boe) of sales volumes during such period.
Royalty rate is calculated by dividing royalties by petroleum and natural gas sales less royalty income and other revenue.
Advisory
This document summarizes certain historical financial and operational information of the Company for the ease of reference of readers. This document should be read in conjunction with the Company's annual information form, financial statements and management's discussion and analysis for each of the periods referenced. These documents, which contain important additional information and disclosure necessary to understand the summary information provided herein, are available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.paramountres.com
Oil and Gas Measures and Definitions | |||
Liquids | Natural Gas | ||
Bbl | Barrels | Bcf | Billions of cubic feet |
Bbl/d | Barrels per day | Mcf | Thousands of cubic feet |
NGLs | Natural gas liquids | MMcf/d | Millions of cubic feet per day |
Condensate | Pentane and heavier hydrocarbons | GJ | Gigajoules |
WTI | West Texas Intermediate | GJ/d | Gigajoules per day |
MMBtu | Millions of British Thermal Units | ||
Oil Equivalent | MMBtu/d | Millions of British Thermal Units per day | |
Boe | Barrels of oil equivalent | NYMEX | New York Mercantile Exchange |
Boe/d | Barrels of oil equivalent per day | AECO | AECO-C reference price |
This document contains disclosures expressed as "Boe", "$/Boe", "MBoe" and "Boe/d". Natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil when converting natural gas to Boe. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. For the year ended December 31, 2023, the value ratio between crude oil and natural gas was approximately 36:1. This value ratio is significantly different from the energy equivalency ratio of 6:1. Using a 6:1 ratio would be misleading as an indication of value.
Additional information respecting the Company's oil and gas properties and operations is provided in the Company's annual information form for the year ended December 31, 2023 which is available on SEDAR+ at www.sedarplus.ca.
Paramount Resources Ltd. Historical Financial & Operational Information | 7 |
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Paramount Resources Ltd. published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 12:24:04 UTC.
