Athabasca Oil reports strong 2024 results with high production and significant reserves growth.

From GlobeNewswire: 2025-03-05 20:17:24

Athabasca Oil Corporation (TSX: ATH) reported its audited 2024 year-end results and reserves, with annual production of 36,815 boe/d (98% Liquids) and Adjusted Funds Flow of $561 million. The Company achieved Return of Capital Commitment in 2024, allocating ~100% of Free Cash Flow to return of capital. Athabasca holds 1.3 billion boe of Proved Plus Probable reserves and ~1 billion barrels of Contingent Resource. The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million, with significant Free Cash Flow supporting 100% return of capital commitment.

In terms of production, Athabasca’s Duvernay Energy averaged 3,310 boe/d (76% Liquids) in 2024. The Company drilled a three-well 100% working interest pad, and the five new wells placed on production had average IP30’s of ~1,200 boe/d per well. Athabasca’s financial highlights include Adjusted Funds Flow of $44 million and Operating Income of $51 million for Duvernay Energy. The Company maintains a Net Cash position of $123 million and Liquidity of $481 million.

Looking ahead to 2025, Athabasca maintains its guidance for the Thermal Oil division with unchanged production guidance of 33,500 – 35,500 bbl/d. The Company expects to generate ~$1.8 billion of Free Cash Flow over five years (2025-29), with a focus on investing in attractive capital projects and prioritizing share buybacks with Free Cash Flow. Athabasca is well positioned to withstand macro volatility, including proposed US Trade Tariffs, with operational flexibility and a robust cash flow outlook.



Read more at GlobeNewswire: Athabasca Oil Announces 2024 Year-end Results including