Crew Energy reports strong Q2/24 results with increased liquid production and debt reduction

From GlobeNewswire: 2024-08-07 17:19:00

Crew Energy Inc. announced their operating and financial results for Q2/24, with 29,253 boe per day average production, $41.4 million in Adjusted Funds Flow, and $15.9 million in net capital expenditures. The company saw a 65% increase in condensate and light crude oil production, with a net debt reduction of 16% at $124.5 million.

Crew Energy is focused on higher-value liquids volumes, leading to a 65% increase in condensate and light crude oil production. The company curtailed production of dry natural gas due to low prices and added hedges for 2025. The team’s efficient execution resulted in robust free AFF and a 16% reduction in net debt.

Crew Energy’s disciplined capital allocation strategy enabled the company to advance long-term strategic infrastructure projects. Progress continued on the West Septimus Gas Plant electrification project and the Groundbirch facility project. The electrification project at West Septimus is expected to reduce emissions and operating costs, demonstrating the company’s commitment to responsible resource development.

With over 340 net sections of Montney rights in NE BC, Crew Energy is strategically positioned for value creation. The company is in close proximity to the Coastal GasLink Pipeline and multiple sales hubs, uniquely positioning them to capitalize on opportunities. The startup of Canada’s first LNG export terminal in 2024 offers significant growth potential and strengthens Crew’s strategic advantage in the natural gas supply and demand landscape.

In NE BC Montney, Crew Energy saw strong performance on the 7-18 pad, with five UCR wells tied-in and four net Montney B… wells drilling. The company continues to focus on optimizing operations and efficiency to maximize value creation in their key operating areas.



Read more at GlobeNewswire:: Crew Energy Announces Q2 2024 Results Highlighted by a 67%