"Reflecting on my second year at
“We have positioned the Company to deliver a step-change in capital efficiency and have outsized exploration potential from a world-class portfolio. Through optimization efforts, implementation of proven technology, and calculated exposure to transformational opportunities, we have built the strategic foundation for sustainable growth that should drive shareholder value in 2023 and beyond.”
2022 Key Highlights
- Realized record net income of
$611 million or$5.38 per share basic(5). - Generated record annual funds flow provided by operations ("FFO") of
$725 million (2), up 26% from 2021. - Achieved full-year average production of 52,049 boe/d(6), up 11% from 2021.
- Production per share increased by 23% compared to 2021.
- Completed the 2022 normal course issuer bid ("NCIB"), marking the fourth consecutive year where
Parex has purchased the maximum allowable shares per annum under its NCIB programs. - Cumulatively, returned over
C$1.3 billion to shareholders over the past five years through dividends and share repurchases, representing over 50% of the Company's current market capitalization. - Strategically deployed working capital to complete a voluntary, internal corporate entity restructuring that increases 2023 FFO and free funds flow guidance by
$65 million (midpoint) as well as provides the Company with an increased outlook through 2027. - Grew reserves per share (on a boe basis) across proved developed producing reserves ("PDP"), proved reserves ("1P") and proved plus probable reserves ("2P") for the 12th consecutive year.
- Achieved 112% PDP, 128% 1P and 110% 2P reserves replacement ratios.
Key Highlights Subsequent to the Quarter
- Successfully started gas reinjection at the VIM-1 Block (50% W.I.), enabling the approximate doubling of liquids production to roughly 4,000 bbl/d in
March 2023 . - Spud the Chirimoya well on the VIM-43 Block (100% W.I.) in the Magdalena basin, which is currently drilled to a depth of approximately 12,000 feet or roughly 66% completed drilling; this well represents the first of three wells in
Parex's 2023 big 'E' exploration program. - Spud the first well of a material, multi-year drilling campaign at the Arauca Block (50% W.I.) in the Northern Llanos.
Parex's Board of Directors declared a Q1 2023 regular dividend ofC$0.375 per share orC$1.50 per share annualized, representing a 50% increase from the Company's Q4 2022 regular dividend.- Repurchased approximately 1.6 million shares year-to-date 2023 under the current NCIB.
2022 Full-Year Results
- Annual average oil and natural gas production was 52,049(6) boe/d, up 11% over 2021.
- Production per share increased by 23% compared to 2021, supported by development drilling and the reduction of 10% of outstanding shares via the completed 2022 NCIB.
- Realized record net income of
$611 million or$5.38 per share basic(5). - Generated record annual FFO of
$725 million (2), up 26% from 2021. - FFO per share(3)(5) of
$6.38 , up 38% from 2021, including the cost of the voluntary corporate restructuring. - Produced an operating netback of
$59.06 /boe(3) and an FFO netback of$38.50 /boe(3) from an average Brent price of$99.04 /bbl. - Incurred
$512 million (1) of capital expenditures, participating in the drilling of 66 gross (48.9 net) wells. - Paid
$75 million orC$0.890 per share(4)(5) in regular dividends. - Delivered on track record of shareholder returns by completing the 2022 NCIB, repurchasing the maximum allowable shares (11.8 million shares in 2022) for the fourth consecutive year.
- Strategically deployed
$100 million of working capital to complete a voluntary, internal corporate entity restructuring that increases 2023 FFO and free funds flow guidance by$65 million (midpoint) as well as provides the Company with an increased outlook through 2027.
2022 Fourth Quarter Results
- Quarterly average oil and natural gas production was 54,257 boe/d(6), an increase of 9% over Q4 2021 and 6% over Q3 2022.
- Net income of
$250 million or$2.29 per share basic(5). - FFO of
$85 million (2), down by 49% from Q4 2021 as a result of the corporate restructuring, which has a cost, in the form of an increased current tax expense for Q4 2022, of$100 million , and FFO per share of$0.78 (3)(5) down by 44% from Q4 2021. Adjusting for the effect of the voluntary restructuring, adjusted FFO was$185 million (2) and 10% higher than Q4 2021; adjusted FFO per share of$1.70 (3)(5) was 22% higher than Q4 2021. - Produced an operating netback of
$51.29 /boe(3) and an adjusted FFO netback of$37.00 /boe(3) from an average Brent price of$88.63 /bbl. - Incurred
$148 million of capital expenditures(1), participating in the drilling of 20 gross (14.35 net) wells. - Paid a
C$0.250 per share(4)(5) regular dividend. - Working capital surplus was
$85 million (2), which decreased by$145 million from Q3 2022 mainly related to the corporate restructuring, which had a cost, in the form of an increased current tax expense for Q4 2022, of approximately$100 million .
(1) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
(2) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
(3) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
(4) Supplementary financial measure. See "Non-GAAP and Other Financial Measures Advisory."
(5) Based on weighted-average basic shares for the period.
(6) See "Operational and Financial Highlights" for a breakdown of production by product type.
Production Update
Northern Llanos - Arauca and Capachos Blocks (50% W.I.) Update
- In the Northern Llanos, on
January 21, 2023 , the Company proactively shut-in its Capachos Block (50% W.I.) and halted drilling operations at the Arauca Block (50% W.I.), due to heightened security concerns related to peace talks at the Federal Government level inColombia . - The Company is supportive of the peace process and is proactively working to resume operations by engaging stakeholders at all levels. Recent actions taken by
Parex to address the current situation include:- Participating in ongoing meetings and discussions with federal and regional authorities;
- Ongoing engagement with local communities and leadership; and
- Maintaining business and operational readiness to resume activities once it is safe to do so.
- The Company's top priority remains the safety of its employees and contractors. If a timely resolution does not ensue, mitigation plans will be implemented and updated corporate guidance would be provided in due course.
2023 Corporate Guidance Update
- For the period of
January 1, 2023 , toFebruary 28, 2023 , estimated average production was approximately 50,700 boe/d; production was affected by the current suspension of operations in the Northern Llanos, specifically Capachos (approximately 6,500 boe/d net impact), less than expected production from LLA-34 (55% W.I.), as well as delays in the start of rig activity at VIM-1 (50% W.I.) and LLA-26 (100% W.I.). - In
March 2023 , excluding the Northern Llanos (Arauca and Capachos Blocks) area, the Company expects to bring 3,000 to 5,000 boe/d of incremental net production on stream from LLA-26 (100% W.I.), VIM-1 (50% W.I.), and LLA-34 (55% W.I.). - Parex’s average production guidance of 57,000 to 63,000 boe/d for FY 2023 had been widened relative to previous years in order to better account for above ground factors that can at times impact Colombian operations.
Parex's 2023 activity plan continues to progress strongly and thus the Company expects to be within its 2023 annual average production guidance range in Q2 2023 and for the FY 2023, assuming a timely resolution at Northern Llanos.
Big 'E' Program - Magdalena - VIM-43 (100% W.I.) - Chirimoya Well Update
"The Chirimoya prospect is in an area where there are stacked reservoirs that we believe highly increase the chance of success and is a transformational prospect that could be one of the most potentially impactful in our big 'E' exploration portfolio," commented
Chirimoya was spud in
To learn more about the Chirimoya prospect at VIM-43, please see the following video.
Return of Capital Update
50% Increase to the Q1 2023 Dividend
As previously announced, Parex’s Board of Directors has approved a Q1 2023 regular dividend of
This quarterly dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (
Active Share Buyback Program under Current Normal Course Issuer Bid
As at
Sustainability Update
- Consistent third-party recognition for Parex’s leadership in ESG:
- Recognized as a best performing ESG company rated by Sustainalytics;
- Inclusion in the Jantzi Social Index;
- One of three Canadian-listed exploration and production companies included in the 2023 Bloomberg Gender-Equality Index; and
- Upgraded rating of “AA” through
Morgan Stanley Capital International Inc. ("MSCI").
- Progressed the Company’s commitment to Diversity, Equity and Inclusion, achieving a Board diversity target of 30% ahead of the Company's
May 2023 aspiration. - Completed the Company's first ever solar farm project, which is located on the Cabrestero Block (100% W.I.) in the Southern Llanos. The system projects to avoid approximately 3,500 tCO2-e per year through the utilization of renewable power.
Operational and Financial Highlights | Three Months Ended | Year Ended | ||||
2022 | 2021 | 2022 | 2022 | 2021 | 2020 | |
Operational | ||||||
Average daily production | ||||||
Light Crude and Medium Crude Oil (bbl/d) | 10,511 | 6,376 | 6,903 | 7,471 | 6,831 | 6,021 |
Heavy Crude Oil (bbl/d) | 42,746 | 41,534 | 43,063 | 43,008 | 38,449 | 39,197 |
Crude oil (bbl/d) | 53,257 | 47,910 | 49,966 | 50,479 | 45,280 | 45,218 |
6,000 | 11,214 | 6,750 | 9,420 | 10,308 | 7,800 | |
Oil & Gas (boe/d)(1) | 54,257 | 49,779 | 51,091 | 52,049 | 46,998 | 46,518 |
Operating netback ($/boe) | ||||||
Reference price - Brent ($/bbl) | 88.63 | 79.66 | 97.70 | 99.04 | 70.95 | 43.30 |
Oil and gas revenue (excluding hedging)(4) | 74.81 | 67.81 | 88.13 | 86.88 | 60.97 | 32.55 |
Royalties(4) | (12.88) | (11.69) | (17.92) | (17.68) | (9.12) | (3.28) |
Net revenue | 61.93 | 56.12 | 70.21 | 69.20 | 51.85 | 29.27 |
Production expense(4) | (7.14) | (6.61) | (7.40) | (6.90) | (6.29) | (5.15) |
Transportation expense(4) | (3.50) | (2.72) | (3.35) | (3.24) | (3.03) | (3.28) |
Operating netback ($/boe)(2) | 51.29 | 46.79 | 59.46 | 59.06 | 42.53 | 20.84 |
Funds flow provided by operations ($/boe)(2) | 17.02 | 36.41 | 45.07 | 38.50 | 33.56 | 17.52 |
Adjusted funds flow provided by operations ($/boe)(2) | 37.00 | 36.41 | 45.07 | 43.81 | 33.56 | 17.52 |
Financial ($000s except per share amounts) | ||||||
Net income | 249,958 | 96,041 | 65,632 | 611,368 | 303,105 | 99,322 |
Per share - basic(6) | 2.29 | 0.80 | 0.59 | 5.38 | 2.42 | 0.72 |
Funds flow provided by operations(5) | 85,194 | 168,261 | 206,412 | 724,890 | 577,545 | 297,041 |
Per share - basic(2)(6) | 0.78 | 1.39 | 1.85 | 6.38 | 4.61 | 2.15 |
Adjusted Funds flow provided by operations(5) | 185,194 | 168,261 | 206,412 | 824,890 | 577,545 | 297,041 |
Per share - basic(2)(6) | 1.70 | 1.39 | 1.85 | 7.26 | 4.61 | 2.15 |
Capital expenditures(3) | 147,746 | 114,268 | 127,353 | 512,252 | 272,234 | 144,987 |
Other long-term asset expenditures | 56,415 | 4,239 | 65,725 | 140,266 | 5,001 | (3,723) |
Free funds flow(3) | (62,552) | 53,993 | 79,059 | 212,638 | 305,311 | 152,054 |
Dividends paid | 20,108 | 35,610 | 20,042 | 75,491 | 47,631 | — |
Per share – Cdn$(4)(6) | 0.250 | 0.375 | 0.250 | 0.89 | 0.50 | — |
Shares repurchased | — | 24,411 | 72,363 | 221,464 | 218,491 | 171,514 |
Number of shares repurchased (000s) | 220 | 1,510 | 4,489 | 11,821 | 12,869 | 13,852 |
Outstanding shares (end of period) (000s) | ||||||
Basic | 109,112 | 120,266 | 109,323 | 109,112 | 120,266 | 130,873 |
Weighted average basic | 109,107 | 120,716 | 111,631 | 113,572 | 125,210 | 138,356 |
Diluted(8) | 109,939 | 121,600 | 110,159 | 109,939 | 121,600 | 134,351 |
Working capital surplus(5) | 84,988 | 325,780 | 229,763 | 84,988 | 325,780 | 320,155 |
Bank debt(7) | — | — | — | — | — | — |
Cash | 419,002 | 378,338 | 353,025 | 419,002 | 378,338 | 330,564 |
(1) | Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 - Standard of Disclosure for Oil and Gas Activities. | ||
(2) | Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”. | ||
(3) | Non-GAAP financial measure. See "Non-GAAP and Other Financial Measures Advisory" for the composition of such measure. | ||
(4) | Supplementary financial measure. See "Non-GAAP and Other Financial Measures Advisory" for the composition of such measure. | ||
(5) | Capital management measure. See "Non-GAAP and Other Financial Measures Advisory". | ||
(6) | Per share amounts (with the exception of dividends) are based on weighted average common shares. | ||
(7) | Borrowing limit of | ||
(8) | Diluted shares as stated include the effects of common shares and stock options outstanding at the period-end. The |
Q4 2022 Results - Conference Call & Webcast
Toll-free dial number ( | 1-800-806-5484 | ||
International dial-in numbers | https://www.confsolutions.ca/ILT?oss=7P1R8008065484 | ||
Passcode | 8807145 # | ||
Webcast | https://edge.media-server.com/mmc/p/b33h49qn |
2022 Annual General Meeting
About
For more information, please contact:
Senior Vice President, Capital Markets & Corporate Planning
403-517-1733
investor.relations@parexresources.com
Investor Relations & Communications Advisor
587-293-3286
investor.relations@parexresources.com
NOT FOR DISTRIBUTION FOR DISSEMINATION IN
Non-GAAP and Other Financial Measures Advisory
This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of
These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company's principal business activities.
Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.
Non-GAAP Financial Measures
Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period. In Q3 2022, the Company changed how it presents exploration and evaluation expenditures. Amounts have been restated for prior periods to conform to the current year's presentation, refer to note 2 of the Company's audited consolidated financial statements for the year ended
For the three months ended | For the year ended | ||||||||||||||||
($000s) | 2022 | 2021 | 2022 | 2022 | 2021 | 2020 | |||||||||||
Property, plant and equipment expenditures | $ | 111,512 | $ | 76,454 | $ | 101,253 | $ | 389,979 | $ | 212,153 | $ | 116,915 | |||||
Exploration and evaluation expenditures | 36,234 | 37,814 | 26,100 | 122,273 | 60,081 | 28,072 | |||||||||||
Capital expenditures | $ | 147,746 | $ | 114,268 | $ | 127,353 | $ | 512,252 | $ | 272,234 | $ | 144,987 |
Free funds flow, is a non-GAAP measure that is determined by funds flow provided by operations less capital expenditures. In Q3 2022, the Company changed how it presents exploration and evaluation expenditures. Amounts have been restated for prior periods to conform to the current year's presentation, refer to note 2 of the Company's audited consolidated financial statements for the year ended
For the three months ended | For the year ended | ||||||||||
($000s) | 2022 | 2021 | 2022 | 2022 | 2021 | 2020 | |||||
Cash provided by operating activities | $ 297,569 | $ 176,003 | $ 250,643 | $ 983,602 | $ 534,301 | 290,018 | |||||
Net change in non-cash working capital | (212,375) | (7,742) | (44,231) | (258,712) | 43,244 | 7,023 | |||||
Funds flow provided by operations | 85,194 | 168,261 | 206,412 | 724,890 | 577,545 | 297,041 | |||||
Capital expenditures, excluding corporate acquisitions | 147,746 | 114,268 | 127,353 | 512,252 | 272,234 | 144,987 | |||||
Free funds flow | $ (62,552) | $ 53,993 | $ 79,059 | $ 212,638 | $ 305,311 | $ 152,054 |
Operating netback
The Company considers operating netbacks to be a key measure as they demonstrate Parex’ profitability relative to current commodity prices.
Non-GAAP Financial Ratios
Operating netback per boe
The Company considers operating netback per boe to be a key measure as they demonstrate Parex’ profitability relative to current commodity prices.
Funds flow provided by operations per boe or funds flow netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. The Company considers funds flow netback to be a key measure as it demonstrates Parex’ profitability after all cash costs relative to current commodity prices.
Adjusted funds flow provided by operations per boe or adjusted FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital and by adding the increased current tax expense incurred as a result of the voluntary, internal corporate entity restructuring, divided by produced oil and natural gas sales volumes. The Company considers adjusted FFO excluding increased current tax expense netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices and after adjustment for the increased current tax expense incurred as a result of the voluntary, internal corporate entity restructuring.
Basic funds flow provided by operations per share is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding.
Basic adjusted funds flow provided by operations, is a non-GAAP ratio that is calculated by dividing adjusted funds flow provided by operations by the weighted average number of basic shares outstanding.
Capital Management Measures
Funds flow provided by operations, is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:
For the three months ended | For the year ended | ||||||||||
($000s) | 2022 | 2021 | 2022 | 2022 | 2021 | 2020 | |||||
Cash provided by operating activities | $ 297,569 | $ 176,003 | $ 250,643 | $ 983,602 | $ 534,301 | $ 290,018 | |||||
Net change in non-cash working capital | (212,375) | (7,742) | (44,231) | (258,712) | 43,244 | 7,023 | |||||
Funds flow provided by operations | $ 85,194 | $ 168,261 | $ 206,412 | $ 724,890 | $ 577,545 | $ 297,041 |
Adjusted funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital and by adding the increased current tax expense incurred as a result of the voluntary, internal corporate entity restructuring. The Company considers adjusted funds flow provided by operations excluding increased current tax expense to be a key measure as it demonstrates Parex’ profitability after all cash costs relative to current commodity prices after adjustment for the increased current tax expense incurred as a result of the voluntary, internal corporate entity restructuring. A reconciliation from cash provided by operating activities to adjusted funds flow provided by operations excluding increased current tax expense is as follows:
For the three months ended | For the year ended | ||||||||||
($000s) | 2022 | 2021 | 2022 | 2022 | 2021 | 2020 | |||||
Cash provided by operating activities | $ 297,569 | $ 176,003 | $ 250,643 | $ 983,602 | $ 534,301 | $ 290,018 | |||||
Net change in non-cash working capital | (212,375) | (7,742) | (44,231) | (258,712) | 43,244 | 7,023 | |||||
Funds flow provided by operations | 85,194 | 168,261 | 206,412 | 724,890 | 577,545 | 297,041 | |||||
Increased current tax cost related to the voluntary, internal corporate entity restructuring | 100,000 | — | — | 100,000 | — | — | |||||
Adjusted funds flow provided by operations | $ 185,194 | $ 168,261 | $ 206,412 | $ 824,890 | $ 577,545 | $ 297,041 |
Working capital surplus, is a non-GAAP capital management measure which the Company uses to describe its liquidity position and ability to meet its short term liabilities. Working Capital Surplus is defined as current assets less current liabilities.
For the three months ended | For the year ended | ||||||||||
($000s) | 2022 | 2021 | 2022 | 2022 | 2021 | 2020 | |||||
Current assets | $ 593,602 | $ 574,038 | $ 613,900 | $ 593,602 | $ 574,038 | $ 442,636 | |||||
Current liabilities | 508,614 | 248,258 | 384,137 | 508,614 | 248,258 | 122,481 | |||||
Working capital surplus | $ 84,988 | $ 325,780 | $ 229,763 | $ 84,988 | $ 325,780 | $ 320,155 |
Supplementary Financial Measures
"Oil and natural gas revenue per boe" is determined by sales revenue excluding risk management contracts, as determined in accordance with IFRS, divided by total equivalent sales volume including purchased oil volumes.
"Royalties per boe" is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.
"Production expense per boe" is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.
"Transportation expense per boe" is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.
"Dividends paid per share" is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.
"Production per share growth" is comprised of the Company's total oil and natural gas production volumes divided by the weighted average number of basic shares outstanding, whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. Growth is determined in comparison to the comparative year.
Oil & Gas Matters Advisory
The term "Boe" means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil ("bbl"). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.
This press release contains a number of oil and gas metrics, including, operating netbacks, FFO netbacks and reserve replacement ratios. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.
Reserves Advisory
The reserves information contained in this press release are derived from the independent reserves report prepared by
Reserve replacement is calculated by dividing the annual reserve additions by the annual production.
The term "Boe" means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil ("bbl"). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio at 6:1 may be misleading as an indication of value.
Dividend Advisory
The Company's future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of
Advisory on Forward-Looking Statements
Certain information regarding
In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to the Company's operational and financial position; the Company's plan, strategy and focus; the anticipated benefits to be derived from the Company's voluntary, internal corporate entity restructuring, including the Company's estimated incremental FFO and free funds flow guidance; the anticipated terms of the Company's Q1 2023 quarterly dividend including its expectation that it will be designated as an "eligible dividend"; the Company's 2023 average production guidance and its anticipated incremental net production from certain of the Company's blocks;
These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in
Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document,
Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on
PDF available: http://ml.globenewswire.com/Resource/Download/7de220bb-2c2e-4c6e-adfb-6e1ad2782159
Source:
2023 GlobeNewswire, Inc., source