Financial Statements and Related Announcement::Second Quarter and/ or Half 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
11-Aug-2023 06:00:14
Status
New
Announcement Sub Title
Second Quarter and/ or Half Yearly Results
Announcement Reference
SG230811OTHRYIK6
Submitted By (Co./ Ind. Name)
Canacol Energy
Designation
Canacol Energy
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 an 8% Increase in Netback and an Adjusted EBITDAX of $61 million in Q2 2023

CALGARY, ALBERTA - (August 10, 2023) - 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 and six months ended June 30, 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 and six months ended June 30, 2023
Adjusted EBITDAX increased 10% and 16% to $60.7 million and $121.6 million for the three and six months ended June 30, 2023, respectively, compared to $55.2 million and $104.8 million for the same periods in 2022, respectively.
The Corporation s natural gas and LNG operating netback increased 8% and 9% to $3.94 per Mcf and $3.97 per Mcf, for the three and six months ended June 30, 2023, respectively, compared to $3.66 per Mcf and $3.63 per Mcf for the same periods in 2022, respectively. The increase is mainly due to an increase in average sales prices, net of royalties and transportation expenses.
Total revenues, net of royalties and transportation expenses increased 6% and 9% to $74.6 million and $148.5 million for the three and six months ended June 30, 2023, respectively, compared to $70.3 million and $136.1 million for the same periods in 2022, respectively, mainly due to higher average sales price, net of transportation expenses.
Realized contractual natural gas sales volume decreased 2% to 184.8 MMcfpd for the three months ended June 30, 2023, compared to 188.0 MMcfpd for the same period in 2022. The decrease is mainly due to a decrease in spot sales, offset by gas sales to Tesorito. For the six months ended June 30, 2023, realized contractual natural gas sales volume increased slightly to 185.2 MMcfpd, compared to 184.9 MMcfpd for the same period in 2022.
Adjusted funds from operations decreased 14% and 9% to $33.7 million and $66.4 million for the three and six months ended June 30, 2023, respectively, compared to $39.1 million and $72.9 million for the same periods in 2022, respectively, mainly due to an increase in current tax expense, offset by an increase in total revenue, net of royalties and transportation expenses.
The Corporation realized a net income of $40 million and $56.9 million for the three and six months ended June 30, 2023, respectively, compared to a net loss of $6.4 million and a net income of $18 million for the same periods in 2022, respectively.
Net cash capital expenditures for the three and six months ended June 30, 2023 was $52 million and $99.1 million, respectively.
As at June 30, 2023, the Corporation had $38.9 million in cash and cash equivalents and $8.7 million in working capital surplus.

Additional Details

For Financial Period Ended
30/06/2023

Attachments

Canacol Energy Ltd. Reports an 8 Increase in Netback and an Adjusted EBITDAX.pdf
Canacol Energy Ltd. MDA June 30 2023.pdf
Canacol Energy Ltd. Financial Statements June 30 2023.pdf
Total size =906K