Financial Statements and Related Announcement::Full Yearly Results

Issuer & Securities

Issuer/ Manager
CANACOL ENERGY LTD.
Securities
CANACOLENE US$500M5.75%281124A - US134808AD63 - PNTB
CANACOLENE US$500M5.75%281124R - USU13518AC64 - YW0B
Stapled Security
No

Announcement Details

Announcement Title
Financial Statements and Related Announcement
Date &Time of Broadcast
22-Mar-2024 07:49:47
Status
New
Announcement Sub Title
Full Yearly Results
Announcement Reference
SG240322OTHR5AR0
Submitted By (Co./ Ind. Name)
Canacol Energy Ltd.
Designation
SGX-SE
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)
Canacol Energy Ltd. Reports Net Income of $86 million for the Year Ended December 31, 2023

CALGARY, ALBERTA - (March 21, 2024) - Canacol Energy Ltd. ( Canacol or the Corporation ) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to report its financial and operating results for the three months and year ended December 31, 2023. Dollar amounts are expressed in United States dollars, with the exception of Canadian dollar unit prices ( C$ ) where indicated and otherwise noted.
Highlights for the three months and year ended December 31, 2023
Adjusted EBITDAX increased 2% and 11% to $53.1 million and $236.8 million for the three months and year ended December 31, 2023, respectively, compared to $52 million and $212.9 million for the same periods in 2022.
Conventional natural gas and crude oil proved plus probable reserves and deemed volumes ( 2P ) before tax NPV-10 increased 10% to $2.1 billion at December 31, 2023, compared to $1.9 billion at December 31, 2022.
2P after tax NPV-10 increased 34% to $1.8 billion at December 31, 2023, compared to $1.3 billion at December 31, 2022. The significant increase in 2P after tax NPV-10 value is primarily impacted by the Corporation s restructuring in the fourth quarter of 2022, the results of which are first incorporated into this year s reserves report.
The Corporation s natural gas and LNG operating netback increased 18% and 12% to $4.39 per Mcf and $4.11 per Mcf for the three months and year ended December 31, 2023, respectively, compared to $3.73 per Mcf and $3.68 per Mcf for the same periods in 2022. The increase is mainly due to an increase in average sales prices, net of transportation expenses, offset by an increase in operating expenses and royalties.
Total revenues, net of royalties and transportation expenses for the three months and year ended December 31, 2023 increased 17% and 11% to $79.7 million and $304.9 million, respectively, compared to $68 million and $274.2 million for the same periods in 2022, mainly due to higher average sales price, net of transportation expenses.
Adjusted funds from operations increased to $31 million for the three months ended December 31, 2023 compared to an outflow of $17 million for the same period in 2022. Adjusted funds from operations increased to $146.3 million for the year ended December 31, 2023, compared to $94.6 million for the same period in 2022. The increase is mainly due to an increase in EBITDAX combined with a decrease in current income tax expense.
Realized contractual natural gas sales volume decreased 6% and 2% to 164.8 MMcfpd and 178.3 MMcfpd for the three months and year ended December 31, 2023, respectively, compared to 175.6 MMcfpd and 182.4 MMcfpd for the same periods in 2022. The decrease is due to the unusual and unexpected decrease in the Corporation s production capacity.
The Corporation realized a net income of $29.9 million and $86.2 million for the three months and year ended December 31, 2023, respectively, compared to a net income of $133.7 million and $147.3 million for the same periods in 2022.
Net cash capital expenditures for the three months and year ended December 31, 2023 were $72.2 million and $215.2 million, respectively, compared to $50.4 million and $166.3 million for the same periods in 2022.
As at December 31, 2023, the Corporation had $39.4 million in cash and cash equivalents and $10 million in working capital deficit.

Additional Details

For Financial Period Ended
31/12/2023

Attachments

CNEFS Dec 31 2023.pdf
CNEMDA Dec 31 2023.pdf
CNEPR Dec 31 2023.pdf
CNEAIF Dec 31 2023.pdf
Total size =3554K