Kolibri Global Energy Announces Production Increase of 30% and Revenue Increase of 38% for Second Quarter of 2024
Kolibri Global Energy reported a strong second quarter for 2024, with a 30% increase in production and a 38% rise in revenue compared to the same period in 2023. Average production reached 3,128 BOEPD, driven by new wells. Adjusted EBITDA rose by 31% to $10.0 million due to higher production and prices. Net income stood at $4.1 million with EPS of $0.11, slightly lower than the previous year due to higher taxes and operating costs.
Oil revenues surged by 39% to $17.7 million, despite a 37% drop in natural gas revenues. Operating expenses rose to $2.1 million, influenced by higher processing and water hauling costs. General and administrative costs increased by 50% due to higher fees and public company costs. Finance expenses rose due to higher interest rates and loan balances.
For the first half of 2024, average production saw a 15% increase, with revenues up by 15%. However, net income for the half-year dropped by 39% to $7.4 million, impacted by higher income taxes and a decline in commodity contract gains.
Kolibri Global Energy ha riportato un secondo trimestre forte per il 2024, con un incremento del 30% nella produzione e un aumento del 38% nel fatturato rispetto allo stesso periodo del 2023. La produzione media ha raggiunto 3.128 BOEPD, trainata da nuovi pozzi. L'EBITDA rettificato è aumentato del 31% a $10,0 milioni grazie a una produzione e prezzi più elevati. L'utile netto si è attestato a $4,1 milioni con un utile per azione (EPS) di $0,11, leggermente inferiore rispetto all'anno precedente a causa dell'aumento delle tasse e dei costi operativi.
I ricavi derivanti dal petrolio sono aumentati del 39% a $17,7 milioni, nonostante una flessione del 37% dei ricavi dal gas naturale. Le spese operative sono salite a $2,1 milioni, influenzate dall'aumento dei costi di lavorazione e di trasporto dell'acqua. I costi generali e amministrativi sono aumentati del 50% a causa di onorari più elevati e costi legati alla pubblicità dell'azienda. I costi finanziari sono aumentati a causa dell'innalzamento dei tassi di interesse e dei saldi dei prestiti.
Per il primo semestre del 2024, la produzione media ha registrato un incremento del 15%, con ricavi in crescita del 15%. Tuttavia, l'utile netto per il semestre è diminuito del 39% a $7,4 milioni, influenzato da tasse sul reddito più alte e da una diminuzione dei guadagni sui contratti delle materie prime.
Kolibri Global Energy reportó un segundo trimestre sólido para 2024, con un aumento del 30% en la producción y un incremento del 38% en los ingresos en comparación con el mismo período de 2023. La producción promedio alcanzó 3,128 BOEPD, impulsada por nuevos pozos. El EBITDA ajustado creció un 31% hasta $10,0 millones debido a una mayor producción y precios. La ganancia neta se situó en $4,1 millones con una utilidad por acción (EPS) de $0,11, ligeramente inferior al año anterior debido a mayores impuestos y costos operativos.
Los ingresos por petróleo se dispararon un 39% a $17,7 millones, a pesar de una caída del 37% en los ingresos por gas natural. Los gastos operativos aumentaron hasta $2,1 millones, influenciados por mayores costos de procesamiento y transporte de agua. Los costos generales y administrativos aumentaron un 50% debido a tarifas más altas y costos asociados a ser una empresa pública. Los gastos financieros aumentaron debido a tasas de interés más altas y saldos de préstamos.
En la primera mitad de 2024, la producción promedio vio un aumento del 15%, con ingresos también en aumento del 15%. Sin embargo, la ganancia neta para el semestre cayó un 39% a $7,4 millones, afectada por un aumento en los impuestos sobre la renta y una disminución en las ganancias de contratos de materias primas.
Kolibri Global Energy는 2024년 2분기에 생산량이 30% 증가하고 수익이 38% 증가했다는 강력한 실적을 보고했습니다. 평균 생산량은 3,128 BOEPD에 달하며, 이는 새로운 우물에 의해 촉진되었습니다. 조정된 EBITDA는 생산량과 가격 상승으로 인해 31% 증가하여 1천만 달러에 달했습니다. 순이익은 410만 달러로, 주당순이익(EPS)은 0.11달러로, 지난해보다 세금과 운영비용 증가로 인해 다소 감소하였습니다.
석유 수익은 39% 증가하여 1,770만 달러에 달했으나, 천연가스 수익은 37% 감소했습니다. 운영비용은 가공 및 수원 운반 비용 상승으로 인해 210만 달러로 증가했습니다. 일반 및 관리 비용은 수수료 및 상장 회사 비용 증가로 인해 50% 상승했습니다. 금융 비용은 금리 및 대출 잔액 증가로 인해 증가했습니다.
2024년 상반기 평균 생산량은 15% 증가했으며, 수익도 15% 증가했습니다. 그러나 반기 순이익은 세금 증가 및 원자재 계약 이익 감소로 인해 39% 감소하여 740만 달러가 되었습니다.
Kolibri Global Energy a annoncé un second trimestre solide pour 2024, avec une augmentation de 30 % de la production et une hausse de 38 % des revenus par rapport à la même période en 2023. La production moyenne a atteint 3 128 BOEPD, soutenue par de nouveaux puits. L'EBITDA ajusté a augmenté de 31 % pour atteindre 10 millions de dollars grâce à une production et des prix plus élevés. Le bénéfice net s'est établi à 4,1 millions de dollars avec un BPA de 0,11 dollar, légèrement inférieur à celui de l'année précédente en raison de l'augmentation des impôts et des coûts d'exploitation.
Les revenus pétroliers ont grimpé de 39 % à 17,7 millions de dollars, bien qu'il y ait eu une baisse de 37 % des revenus du gaz naturel. Les dépenses d'exploitation ont augmenté à 2,1 millions de dollars, influencées par des coûts de traitement et de transport de l'eau plus élevés. Les coûts généraux et administratifs ont augmenté de 50 % en raison de frais plus élevés et des coûts liés à la société cotée. Les charges financières ont augmenté en raison de taux d'intérêt plus élevés et de soldes d'emprunts.
Pour le premier semestre de 2024, la production moyenne a enregistré une augmentation de 15 %, avec des revenus en hausse de 15 %. Cependant, le bénéfice net pour le semestre a diminué de 39 % pour atteindre 7,4 millions de dollars, impacté par l'augmentation des impôts sur le revenu et une baisse des gains des contrats de matières premières.
Kolibri Global Energy berichtete von einem starken zweiten Quartal 2024 mit einem Produktionsanstieg von 30% und einem Umsatzanstieg von 38% im Vergleich zum gleichen Zeitraum 2023. Die Durchschnittsproduktion erreichte 3.128 BOEPD, was durch neue Brunnen vorangetrieben wurde. Das ajustierte EBITDA stieg um 31% auf 10 Millionen Dollar aufgrund höherer Produktionsmengen und Preise. Der Nettoertrag betrug 4,1 Millionen Dollar mit einem Gewinn pro Aktie (EPS) von 0,11 Dollar, leicht niedriger als im Vorjahr aufgrund höherer Steuern und Betriebskosten.
Die Einnahmen aus Öl stiegen um 39% auf 17,7 Millionen Dollar, trotz eines Rückgangs der Einnahmen aus Erdgas um 37%. Die Betriebskosten stiegen auf 2,1 Millionen Dollar, beeinflusst von höheren Verarbeitungs- und Wassertransportkosten. Die allgemeinen und administrativen Kosten erhöhten sich um 50% aufgrund höherer Gebühren und Kosten für börsennotierte Unternehmen. Die Finanzaufwendungen stiegen aufgrund höherer Zinssätze und Darlehenssalden.
Für das erste Halbjahr 2024 stieg die durchschnittliche Produktion um 15%, und die Einnahmen nahmen um 15% zu. Allerdings sank der Nettoertrag im Halbjahr um 39% auf 7,4 Millionen Dollar, beeinflusst durch höhere Einkommenssteuern und einen Rückgang der Gewinne aus Rohstoffverträgen.
- Production increased by 30% to 3,128 BOEPD.
- Revenue rose by 38% to $13.9 million.
- Adjusted EBITDA increased by 31% to $10.0 million.
- Oil revenues surged by 39% to $17.7 million.
- Net income decreased by 5% to $4.1 million.
- EPS declined by 8% to $0.11/share.
- Operating expenses increased to $2.1 million.
- General and administrative expenses rose by 50%.
SECOND QUARTER HIGHLIGHTS
-
Average production for the second quarter of 2024 was 3,128 BOEPD, an increase of
30% compared to the second quarter of 2023 average production of 2,415 BOEPD. The increase is due to production from the wells that were drilled and completed in the last six months of 2023 and the first six months of 2024. -
Adjusted EBITDA(1) was
$10.0 million $7.6 million 31% . The increase was due to the production increase and an increase in average prices of7% -
Revenue, net of royalties was
$13.9 million $10.1 million 38% , due to higher average production and prices -
Net income in the second quarter of 2024 was
$4.1 million $0.11 $4.3 million $0.12 -
Average netback from operations(2) for the second quarter of 2024 was
$40.40 1% from the prior year second quarter. Netback including commodity contracts(2) for the second quarter of 2024 was$39.56 2% higher than the prior year second quarter -
At June 30, 2024, the Company had
$16.0 million
(1) |
|
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(2) |
|
Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
Kolibri’s President and Chief Executive Officer, Wolf Regener commented:
“We are pleased that the Company continues to increase production and Adjusted EBITDA as we demonstrate the growth potential of the
|
Second Quarter |
|
First Six Months |
|
|||||||||||
2024 |
2023 |
% |
2024 |
2023 |
% |
||||||||||
Net Income: |
|||||||||||||||
$ Thousands |
$ |
4,061 |
|
$ |
4,268 |
|
(5 |
)% |
$ |
7,406 |
$ |
12,164 |
|
(39 |
)% |
$ per basic common share |
$ |
0.11 |
|
$ |
0.12 |
|
(8 |
)% |
$ |
0.21 |
$ |
0.34 |
|
(38 |
)% |
$ per diluted common share |
$ |
0.11 |
|
$ |
0.12 |
|
(8 |
)% |
$ |
0.20 |
$ |
0.33 |
|
(39 |
)% |
Capital Expenditures |
$ |
6,427 |
|
$ |
15,742 |
|
(59 |
)% |
$ |
11,747 |
$ |
19,930 |
|
(41 |
)% |
Average Production (Boepd) |
|
3,128 |
|
|
2,415 |
|
30 |
% |
|
3,216 |
|
2,803 |
|
15 |
% |
Average Price per Barrel |
$ |
62.10 |
|
$ |
58.00 |
|
7 |
% |
$ |
61.37 |
$ |
60.75 |
|
1 |
% |
Average Netback from operations(2) per Barrel |
$ |
40.40 |
|
$ |
39.97 |
|
1 |
% |
$ |
39.66 |
$ |
42.07 |
|
(6 |
)% |
Average Netback including commodity contracts(2) per Barrel |
$ |
39.56 |
|
$ |
38.60 |
|
2 |
% |
$ |
38.67 |
$ |
40.66 |
|
(5 |
)% |
June
|
March
|
December
|
|
||||||||||||
Cash and Cash Equivalents |
$ |
549 |
|
$ |
1,801 |
|
$ |
598 |
|
||||||
Working Capital |
$ |
(1,885 |
) |
$ |
(6,564 |
) |
$ |
(11,916 |
) |
||||||
Borrowing capacity |
$ |
16,042 |
|
|
$ |
8,042 |
|
|
$ |
10,042 |
|
|
|||
(1) |
|
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(2) |
|
Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
Second Quarter 2024 versus Second Quarter 2023
Oil and gas gross revenues totaled
Average production for the second quarter of 2024 was 3,128 BOEPD, an increase of
Production and operating expenses for the second quarter of 2024 were
General and administrative expenses for the second quarter of 2024 was
Finance expense increased
FIRST SIX MONTHS 2024 HIGHLIGHTS
-
Average production for the first six months of 2024 was 3,216 BOEPD, an increase of
15% compared to the first six months 2023 average production of 2,803 BOEPD. The increases are due to production from the wells that were drilled and completed in the last six months of 2023 and the first six months of 2024 -
Adjusted EBITDA(1) was
$20.4 million $19.0 million 7% . The increase was due to the15% increase in production and a1% increase in average prices -
Revenue, net of royalties was
$28.1 million $24.4 million 15% , as production increased by15% and average prices increased by1% -
Net income in the first six months of 2024 was
$7.4 million $12.2 million $2.6 million $2.1 million -
Average netback from operations(2) for the first six months of 2024 was
$39.66 6% from the prior year period. Netback including commodity contracts(2) for the first six months of 2024 was$38.67 5% compared to the comparable prior year period
(1) |
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
|
(2) |
Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
First Six Months of 2024 versus First Six Months of 2023
Oil and gas gross revenues totaled
Average production for the first six months of 2024 was 3,216 BOEPD, an increase of
Production and operating expenses per barrel averaged
General and administrative expenses for the first six months of 2024 was
Finance income decreased by
Finance expense increased
KOLIBRI GLOBAL ENERGY INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||||
(Unaudited, Expressed in Thousands of United States Dollars) |
|||||||
( |
|||||||
June 30 |
December 31 |
||||||
2024 |
2023 |
||||||
Current Assets |
|||||||
Cash |
$ |
549 |
|
$ |
598 |
|
|
Accounts receivables and other receivables |
|
7,766 |
|
|
5,492 |
|
|
Deposits and prepaid expenses |
|
597 |
|
|
838 |
|
|
|
|
8,912 |
|
|
6,928 |
|
|
Non-current assets |
|||||||
Property, plant and equipment |
|
221,007 |
|
|
216,161 |
|
|
Right of use assets |
|
1,056 |
|
|
1,190 |
|
|
Fair value of commodity contracts |
|
- |
|
|
78 |
|
|
|
222,063 |
|
|
217,429 |
|
||
|
|
|
|||||
Total Assets |
$ |
230,975 |
|
$ |
224,357 |
|
|
Current Liabilities |
|||||||
Accounts payable and other payables |
$ |
9,360 |
|
$ |
17,648 |
|
|
Lease liabilities |
|
919 |
|
|
1,068 |
|
|
Fair value of commodity contracts |
|
518 |
|
|
128 |
|
|
|
|
10,797 |
|
|
18,844 |
|
|
Non-current liabilities |
|
|
|||||
Loans and borrowings |
|
33,678 |
|
|
29,612 |
|
|
Asset retirement obligations |
|
2,069 |
|
|
1,966 |
|
|
Deferred taxes |
|
5,762 |
|
|
3,359 |
|
|
Lease liabilities |
|
177 |
|
|
162 |
|
|
Fair value of commodity contracts |
|
4 |
|
|
- |
|
|
|
|
41,690 |
|
|
35,099 |
|
|
|
|
|
|||||
Equity |
|||||||
Shareholders’ capital |
|
296,458 |
|
|
296,232 |
|
|
Contributed surplus |
|
24,621 |
|
|
24,179 |
|
|
Accumulated deficit |
|
(142,591 |
) |
|
(149,997 |
) |
|
Total Equity |
|
178,488 |
|
|
170,414 |
|
|
Total Equity and Liabilities |
$ |
230,975 |
|
$ |
224,357 |
|
|
KOLIBRI GLOBAL ENERGY INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||||||||
(Unaudited, expressed in Thousands of |
|||||||||||||||
( |
|||||||||||||||
|
Second Quarter |
First Six Months |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
|
|
|
|
|
|||||||||||
Oil and natural gas revenue, net |
$ |
13,915 |
|
$ |
10,114 |
|
$ |
28,141 |
|
$ |
24,407 |
|
|||
Other income |
|
1 |
|
|
- |
|
|
60 |
|
|
1 |
|
|||
|
|
13,916 |
|
|
10,114 |
|
|
28,201 |
|
|
24,408 |
|
|||
|
|
|
|
|
|||||||||||
Production and operating expenses |
|
2,109 |
|
|
1,147 |
|
|
4,355 |
|
|
2,700 |
|
|||
Depletion and depreciation expense |
|
3,700 |
|
|
3,375 |
|
|
7,594 |
|
|
7,713 |
|
|||
General and administrative expenses |
|
1,528 |
|
|
1,021 |
|
|
2,793 |
|
|
1,951 |
|
|||
Stock based compensation |
|
411 |
|
|
356 |
|
|
539 |
|
|
374 |
|
|||
|
|
7,748 |
|
|
5,899 |
|
|
15,281 |
|
|
12,738 |
|
|||
|
|
|
|
|
|||||||||||
Finance income |
|
445 |
|
|
777 |
|
|
- |
|
|
2,167 |
|
|||
Finance expense |
|
(1,101 |
) |
|
(724 |
) |
|
(2,872 |
) |
|
(1,673 |
) |
|||
Income tax expense |
|
(1,451 |
) |
|
- |
|
|
(2,642 |
) |
|
- |
|
|||
|
|
|
|
|
|||||||||||
Net income |
|
4,061 |
|
|
4,268 |
|
|
7,406 |
|
|
12,164 |
|
|||
Basic net income per share |
$ |
0.11 |
0.12 |
$ |
0.21 |
$ |
0.34 |
||||||||
Diluted net income per share |
$ |
0.11 |
0.12 |
$ |
0.20 |
$ |
0.33 |
||||||||
KOLIBRI GLOBAL ENERGY |
|||||||||||||
SECOND QUARTER 2024 |
|||||||||||||
(Unaudited, expressed in Thousands of |
|||||||||||||
|
|
||||||||||||
Second Quarter |
|
First Six Months |
|||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||
Oil revenue before royalties |
$ |
16,701 |
|
$ |
11,989 |
|
$ |
33,249 |
|
$ |
28,267 |
|
|
Gas revenue before royalties |
|
147 |
|
|
232 |
|
|
592 |
|
|
1,047 |
|
|
NGL revenue before royalties |
|
830 |
|
|
525 |
|
|
2,081 |
|
|
1,506 |
|
|
Oil and Gas gross revenue |
|
17,678 |
|
|
12,746 |
|
|
35,922 |
|
|
30,820 |
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA(1) |
|
10,036 |
|
|
7,646 |
|
|
20,410 |
|
|
19,042 |
|
|
Additions to property, plant & equipment |
|
6,427 |
|
|
15,742 |
|
|
11,747 |
|
|
19,930 |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|||||||||
Statistics: |
2nd Quarter |
First Six Months |
|||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Average oil production (Bopd) |
|
2,309 |
|
|
1,821 |
|
|
2,366 |
|
|
2,125 |
|
|
Average natural gas production (mcf/d) |
|
1,916 |
|
|
1,397 |
|
|
2,143 |
|
|
1,765 |
|
|
Average NGL production (Boepd) |
|
500 |
|
|
361 |
|
|
493 |
|
|
384 |
|
|
Average production (Boepd) |
|
3,128 |
|
|
2,415 |
|
|
3,216 |
|
|
2,803 |
|
|
Average oil price ($/bbl) |
$ |
79.48 |
|
$ |
72.33 |
|
$ |
77.20 |
|
$ |
73.51 |
|
|
Average natural gas price ($/mcf) |
$ |
0.84 |
|
$ |
1.83 |
|
$ |
1.52 |
|
$ |
3.28 |
|
|
Average NGL price ($/bbl) |
$ |
18.24 |
|
$ |
15.97 |
|
$ |
23.18 |
|
$ |
21.67 |
|
|
|
|
|
|
|
|||||||||
Average price ($/boe) |
$ |
62.10 |
|
$ |
58.00 |
|
$ |
61.37 |
|
$ |
60.75 |
|
|
Less: Royalties ($/boe) |
|
13.22 |
|
|
11.98 |
|
|
13.29 |
|
|
12.64 |
|
|
Less: Operating expenses $/boe) |
|
8.48 |
|
|
6.05 |
|
|
8.42 |
|
|
6.04 |
|
|
Netback from operations(2) ($/boe) |
$ |
40.40 |
|
$ |
39.97 |
|
$ |
39.66 |
|
$ |
42.07 |
|
|
Price adjustment from commodity contracts ($/boe) |
(0.84 |
) |
|
(1.37 |
) |
(0.99 |
) |
(1.41 |
) |
||||
Netback including commodity contracts(2) ($/boe) |
$ |
39.56 |
|
$ |
38.60 |
|
$ |
38.67 |
|
$ |
40.66 |
|
|
(1) |
|
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(2) |
|
Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three and six months ended June 30, 2024 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile at www.sedarplus.ca.
NON-GAAP MEASURES
Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the "Company’s Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance.
An explanation of how the Company’s Non-GAAP Measures provide useful information to an investor and the purposes for which the Company’s management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company's profile at www.sedarplus.ca and is incorporated by reference into this earnings release.
Netback from operations per barrel and its components are calculated by dividing revenue, less royalties and operating expenses by the Company’s sales volume during the period. Netback including commodity contracts is calculated by adjusting netback from operations by the realized gains or losses received from commodity contracts during the period. Netback is a non-GAAP ratio but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced. The Company believes that the netback is a useful supplemental measure of the cash flow generated on each barrel of oil equivalent that is produced in its operations. However, non-GAAP measures and non-GAAP ratios do not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures or ratios used by other companies and should not be used to make comparisons.
The following is the reconciliation of the non-GAAP ratio netback from operations to net income (loss) from continuing operations, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company’s financial statements:
(US |
Three months ended June 30, |
Six months ended June 30, |
||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||
Net income |
$ |
4,061 |
|
$ |
4,268 |
|
$ |
7,406 |
|
$ |
12,164 |
|
||
Adjustments: |
||||||||||||||
Income tax expense |
|
|
1,451 |
|
|
- |
|
|
|
2,642 |
|
|
- |
|
Finance income |
|
(445 |
) |
|
(777 |
) |
|
- |
|
|
(2,167 |
) |
||
Finance expense |
|
1,101 |
|
|
724 |
|
|
2,872 |
|
|
1,673 |
|
||
Share based compensation |
|
411 |
|
|
356 |
|
|
539 |
|
|
374 |
|
||
General and administrative expenses |
|
1,528 |
|
|
1,021 |
|
|
2,793 |
|
|
1,951 |
|
||
Depletion, depreciation and amortization |
|
3,700 |
|
|
3,375 |
|
|
7,594 |
|
|
7,713 |
|
||
Other income |
|
(1 |
) |
|
- |
|
|
(60 |
) |
|
(1 |
) |
||
Operating netback |
|
11,806 |
|
|
8,967 |
|
|
23,786 |
|
|
21,707 |
|
||
Netback from operations per $/BOE |
|
40.40 |
|
|
39.97 |
|
|
39.66 |
|
|
42.07 |
|
||
Adjusted EBITDA is calculated as net income before interest, taxes, depletion and depreciation and other non-cash and non-operating gains and losses. The Company considers this a key measure as it demonstrates its ability to generate cash from operations necessary for future growth excluding non-cash items, gains and losses that are not part of the normal operations of the Company and financing costs. The following is the reconciliation of the non-GAAP measure adjusted EBITDA:
(US |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||
Net income |
$ |
4,061 |
|
$ |
4,268 |
|
$ |
7,406 |
|
$ |
12,164 |
|
|
Income tax expense |
|
1,451 |
|
|
- |
|
|
|
2,642 |
|
|
- |
|
Depletion and depreciation |
|
3,700 |
|
|
3,375 |
|
|
7,594 |
|
|
7,713 |
|
|
Accretion |
|
44 |
|
|
44 |
|
|
89 |
|
|
89 |
|
|
Interest expense |
|
813 |
|
|
375 |
|
|
1,728 |
|
|
860 |
|
|
Unrealized (gain) loss on commodity contracts |
|
(445 |
) |
|
(777 |
) |
|
470 |
|
|
(2,167 |
) |
|
Share based compensation |
|
411 |
|
|
356 |
|
|
539 |
|
|
374 |
|
|
Interest income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Other income |
|
(1 |
) |
|
- |
|
|
(60 |
) |
|
(1 |
) |
|
Foreign currency loss (gain) |
|
2 |
|
|
5 |
|
|
2 |
|
|
10 |
|
|
Adjusted EBITDA |
$ |
10,036 |
|
$ |
7,646 |
|
$ |
20,410 |
|
$ |
19,042 |
|
|
PRODUCT TYPE DISCLOSURE
This news release includes references to sales volumes of "oil", "natural gas", and “barrels of oil equivalent” or “BOEs”. “Oil” refers to light crude oil and medium crude oil combined, and "natural gas" refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs.
CAUTIONARY STATEMENTS
In this news release and the Company’s other public disclosure:
(a) |
|
The Company's natural gas production is reported in thousands of cubic feet ("Mcfs"). The Company also uses references to barrels ("Bbls") and barrels of oil equivalent ("Boes") to reflect natural gas liquids and oil production and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion 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 that 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 on a 6:1 basis may be misleading as an indication of value. |
(b) |
|
Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value. |
(c) |
|
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a |
(d) |
|
The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. |
Caution Regarding Forward-Looking Information
This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's
Such forward-looking information is based on management’s expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management’s expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company’s reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.
Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company’s geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management’s expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks including flooding and extended interruptions due to inclement or hazardous weather), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company’s reserves based loan facility at the times or in the amounts required for planned operations, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company’s most recent Annual Information Form under the “Risk Factors” section, the Company’s most recent management's discussion and analysis and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedarplus.ca.
Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813697310/en/
For further information, contact:
Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613
Email: investorrelations@kolibrienergy.com
Website: www.kolibrienergy.com
Source: Kolibri Global Energy Inc.
FAQ
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