Welcome to our dedicated page for Kelt Exploration news (Ticker: KELTF), a resource for investors and traders seeking the latest updates and insights on Kelt Exploration stock.
Kelt Exploration Ltd. (TSX: KEL; OTC: KELTF) is an oil and gas producer that issues frequent operational and financial updates, making its news flow relevant for investors following the crude petroleum and natural gas sector. The company reports petroleum and natural gas sales, adjusted funds from operations, capital expenditures and net debt, and regularly publishes guidance that links its capital programs to expected production in barrels of oil equivalent per day.
News releases from Kelt often cover quarterly and year-to-date financial and operating results, including average daily production volumes, product mix between oil, natural gas liquids and gas, and realized prices for each commodity. The company also reports on operating netbacks, non-GAAP financial measures and derivative financial instrument gains or losses, providing context on how commodity prices and hedging strategies affect its performance.
Operational updates are another key component of Kelt's news. The company provides detail on drilling and completion activity in its Wembley/Pipestone, Pouce Coupe/Progress/Spirit River and Oak/Flatrock divisions, including the number of wells drilled and completed on specific pads and timing for bringing wells on production. Kelt also reports on access to third-party gas processing capacity, such as firm service at the CSV Midstream Solutions Corp. Albright Gas Plant and other gas plants, and how these facilities influence shut-in volumes and production ramp-up.
In addition, Kelt's news includes annual capital expenditure budgets and financial and operating guidance, with forecasted commodity price assumptions, expected adjusted funds from operations and net debt metrics. Governance-related announcements, such as shareholder meeting results, board changes and equity plan approvals, are also disclosed. Investors and analysts can use this news stream to follow Kelt's production trends, capital allocation and risk management practices over time.
Kelt Exploration reports financial and operating results for Q3 2024. Key highlights include:
- Petroleum and natural gas sales of CA$107.9 million, down 8% from CA$116.9 million in Q3 2023.
- Adjusted funds from operations at CA$48.9 million, down 17% from CA$58.8 million in Q3 2023.
- Net income at CA$8.9 million, a decrease of 56% from CA$20.1 million in Q3 2023.
- Average daily production increased by 15% to 32,378 BOE/day.
- Capital expenditures were CA$82.1 million, down 16% from CA$98.3 million.
- Net debt increased significantly to CA$95.9 million, up 502% from CA$15.9 million.
Kelt's production improvements were driven by new wells at Wembley/Pipestone. However, realized oil and gas prices declined by 10% and 57%, respectively. The Albright Gas Plant start-up delay to Q1 2025 led to reduced production guidance for 2024, now forecasted at 32,000 to 33,500 BOE/day. Adjusted funds from operations for 2024 are projected at CA$221.5 million, 18% lower than previous forecasts.
Kelt Exploration (TSX: KEL) released its financial and operational results for the three and six months ending June 30, 2024. Key financial highlights include:
Q2 2024 vs. Q2 2023:
- Petroleum and natural gas sales: CA$109.1M (-1%).
- Net income: CA$10.9M (-58%).
- Adjusted funds from operations: CA$42.5M (-28%).
H1 2024 vs. H1 2023:
- Sales: CA$235.5M (-6%).
- Net income: CA$22.8M (-46%).
- Adjusted funds from operations: CA$103.6M (-31%).
Operational highlights include a slight increase in average daily production to 30,693 BOE/d (+3%) with oil prices rising by 10% and NGL prices by 37%. Gas prices, however, fell by 36%. The company invested CA$73.8M in capital expenditures in Q2 2024, focusing on drilling and completing wells.
Kelt’s 2024 capital expenditure program remains unchanged at CA$325M, with significant upcoming operations planned, including the start-up of new gas plants and additional wells.
Kelt Exploration has announced the deferment of the start-up of certain natural gas wells to Q4 2024 due to weak gas prices at North American hubs. The company aims to take advantage of higher winter future strip prices. At its Wembley/Pipestone Division, Kelt has drilled six wells, with flow-testing underway, while eight more wells are scheduled for completion by year-end. In Pouce Coupe, Kelt has commenced a six-well program targeting the Charlie Lake formation with expected incremental output by December. The company has also hedged a portion of its gas and propane production to mitigate price volatility. Kelt reduced its 2024 AECO gas price forecast by 10% and STATION 2 gas price forecast by 14%, though it increased its WTI crude oil forecast by 2%. Consequently, Kelt's expected average production for 2024 has been revised to 34,000-36,000 BOE/d. Capital expenditures remain constant at $325 million, but the company expects to exit 2024 with production in the 45,000-50,000 BOE/d range.
Kelt Exploration reports financial and operating results for the first quarter of 2024. Petroleum and natural gas sales decreased by 9% compared to the same period in 2023. Adjusted funds from operations dropped by 34%, and net income decreased by 27%. Capital expenditures increased by 5% to $80.2 million. The company forecasts a capital expenditure budget of $325 million for 2024, aiming to increase production by 18-28% compared to 2023 levels. Average commodity price assumptions for 2024 are provided as well.
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