Pine Cliff Energy Ltd. Announces Second Quarter 2025 Results
Pine Cliff Energy (OTCQX:PIFYF) reported its Q2 2025 financial results, showing significant headwinds in performance. The company generated $4.9 million ($0.01 per share) in adjusted funds flow for Q2 2025, down from $10.8 million ($0.03 per share) in Q2 2024.
Production averaged 21,236 Boe/d in Q2 2025, declining from 23,688 Boe/d in Q2 2024, primarily due to natural production declines and temporary shut-ins caused by weak AECO gas prices. The company reported a net loss of $7.1 million ($0.02 per share) for Q2 2025.
Pine Cliff maintained its 2025 capital budget at $23.5 million and has hedged approximately 54% of its natural gas production at $2.82/Mcf and 43% of crude oil production at US$64.15/Bbl through H2 2025. The company reduced its net debt by $3.4 million to $58.9 million as of June 30, 2025.
Pine Cliff Energy (OTCQX:PIFYF) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando significative difficoltà nelle performance. La società ha generato un flusso di fondi rettificato di 4,9 milioni di dollari (0,01 dollari per azione) nel Q2 2025, in calo rispetto ai 10,8 milioni di dollari (0,03 dollari per azione) del Q2 2024.
La produzione media è stata di 21.236 Boe/giorno nel Q2 2025, in diminuzione rispetto ai 23.688 Boe/giorno del Q2 2024, principalmente a causa di cali naturali della produzione e di chiusure temporanee dovute ai bassi prezzi del gas AECO. La società ha riportato una perdita netta di 7,1 milioni di dollari (0,02 dollari per azione) nel Q2 2025.
Pine Cliff ha mantenuto il budget di capitale per il 2025 a 23,5 milioni di dollari e ha coperto circa il 54% della produzione di gas naturale a 2,82 dollari/Mcf e il 43% della produzione di petrolio greggio a 64,15 dollari USA/barile per la seconda metà del 2025. La società ha ridotto il debito netto di 3,4 milioni, portandolo a 58,9 milioni di dollari al 30 giugno 2025.
Pine Cliff Energy (OTCQX:PIFYF) reportó sus resultados financieros del segundo trimestre de 2025, mostrando importantes dificultades en su desempeño. La empresa generó un flujo de fondos ajustado de 4,9 millones de dólares (0,01 dólares por acción) en el Q2 2025, frente a los 10,8 millones de dólares (0,03 dólares por acción) del Q2 2024.
La producción promedio fue de 21.236 Boe/día en el Q2 2025, disminuyendo desde 23.688 Boe/día en el Q2 2024, principalmente debido a declives naturales en la producción y cierres temporales causados por los bajos precios del gas AECO. La empresa reportó una pérdida neta de 7,1 millones de dólares (0,02 dólares por acción) en el Q2 2025.
Pine Cliff mantuvo su presupuesto de capital para 2025 en 23,5 millones de dólares y ha cubierto aproximadamente el 54% de su producción de gas natural a 2,82 dólares/Mcf y el 43% de la producción de petróleo crudo a 64,15 dólares estadounidenses por barril para la segunda mitad de 2025. La empresa redujo su deuda neta en 3,4 millones, quedando en 58,9 millones de dólares al 30 de junio de 2025.
Pine Cliff Energy (OTCQX:PIFYF)는 2025년 2분기 재무 실적을 발표하며 성과에 큰 역풍이 있었음을 보였습니다. 회사는 2025년 2분기에 조정된 자금 흐름 490만 달러(주당 0.01달러)를 기록했으며, 이는 2024년 2분기의 1,080만 달러(주당 0.03달러)에서 감소한 수치입니다.
생산량은 2025년 2분기 평균 21,236 Boe/일로, 2024년 2분기의 23,688 Boe/일에서 감소했으며, 이는 주로 자연적인 생산 감소와 AECO 가스 가격 약세로 인한 일시적 생산 중단 때문입니다. 회사는 2025년 2분기에 순손실 710만 달러(주당 0.02달러)를 보고했습니다.
Pine Cliff는 2025년 자본 예산을 2,350만 달러로 유지했으며, 2025년 하반기까지 천연가스 생산량의 약 54%를 2.82달러/Mcf, 원유 생산량의 43%를 배럴당 64.15달러로 헤지했습니다. 또한 2025년 6월 30일 기준 순부채를 340만 달러 줄여 5,890만 달러로 감소시켰습니다.
Pine Cliff Energy (OTCQX:PIFYF) a publié ses résultats financiers pour le deuxième trimestre 2025, montrant des vents contraires importants dans sa performance. La société a généré un flux de trésorerie ajusté de 4,9 millions de dollars (0,01 dollar par action) au T2 2025, en baisse par rapport à 10,8 millions de dollars (0,03 dollar par action) au T2 2024.
La production moyenne s’est établie à 21 236 Boe/jour au T2 2025, en baisse par rapport à 23 688 Boe/jour au T2 2024, principalement en raison de déclins naturels de production et d’arrêts temporaires causés par la faiblesse des prix du gaz AECO. La société a enregistré une perte nette de 7,1 millions de dollars (0,02 dollar par action) au T2 2025.
Pine Cliff a maintenu son budget d’investissement 2025 à 23,5 millions de dollars et a couvert environ 54 % de sa production de gaz naturel à 2,82 $/Mcf et 43 % de sa production de pétrole brut à 64,15 $US/baril pour le second semestre 2025. La société a réduit sa dette nette de 3,4 millions, la ramenant à 58,9 millions de dollars au 30 juin 2025.
Pine Cliff Energy (OTCQX:PIFYF) hat seine Finanzergebnisse für das zweite Quartal 2025 veröffentlicht und dabei erhebliche Gegenwinde in der Performance verzeichnet. Das Unternehmen erwirtschaftete im Q2 2025 einen bereinigten Mittelzufluss von 4,9 Millionen US-Dollar (0,01 US-Dollar je Aktie), gegenüber 10,8 Millionen US-Dollar (0,03 US-Dollar je Aktie) im Q2 2024.
Die Produktion lag im Q2 2025 durchschnittlich bei 21.236 Boe/Tag, was einem Rückgang gegenüber 23.688 Boe/Tag im Q2 2024 entspricht, hauptsächlich bedingt durch natürliche Produktionsrückgänge und vorübergehende Stilllegungen aufgrund schwacher AECO-Gaspreise. Das Unternehmen meldete im Q2 2025 einen Nettoverlust von 7,1 Millionen US-Dollar (0,02 US-Dollar je Aktie).
Pine Cliff hielt sein Kapitalbudget für 2025 bei 23,5 Millionen US-Dollar58,9 Millionen US-Dollar.
- None.
- Adjusted funds flow decreased 54.6% to $4.9M in Q2 2025 vs $10.8M in Q2 2024
- Net loss increased to $7.1M in Q2 2025 from $4.1M in Q2 2024
- Production declined 10.4% to 21,236 Boe/d from 23,688 Boe/d year-over-year
- Operating netback decreased to $5.01/Boe from $7.14/Boe year-over-year
- Dividend reduced to $0.004 per share from $0.02 per share year-over-year
Calgary, Alberta--(Newsfile Corp. - August 6, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) ("Pine Cliff" or the "Company") announces its second quarter 2025 financial and operating results and guidance update.
Second Quarter 2025 Results
Generated
$4.9 million ($0.01 per basic and fully diluted share) and$16.4 million ($0.05 per basic and fully diluted share) of adjusted funds flow1 for the three and six months ended June 30, 2025, compared to$10.8 million ($0.03 per basic and fully diluted share) and$21.3 million ($0.06 per basic and fully diluted share) for the same periods in 2024;Production averaged 21,2362 Boe/d and 21,2593 Boe/d for the three and six months ended June 30, 2025, compared to 23,6884 Boe/d and 23,7765 Boe/d for the same periods in 2024;
Paid dividends of
$1.3 million ($0.00 4 per basic and fully diluted share) and$6.7 million ($0.02 per basic and fully diluted share) during the three and six months ended June 30, 2025, compared to$5.4 million ($0.02 per basic and fully diluted share) and$14.9 million ($0.04 per basic and fully diluted share) during the same periods in 2024;Capital expenditures totaled
$2.3 million and$3.6 million for the three and six months ended June 30, 2025, compared to$1.0 million and$1.6 million for the same periods in 2024;Reduced net debt1 by
$3.4 million or5% to$58.9 million on June 30, 2025 down from$62.3 million on December 31, 2024; andGenerated a net loss of
$7.1 million ($0.02 per share basic and fully diluted) and$9.9 million ($0.03 per share basic and fully diluted) for the three and six months ended June 30, 2025, compared to net loss of$4.1 and$9.0 million for the same periods in 2024.
Pine Cliff will host a webcast at 9:00 AM MDT (11:00 PM EDT) on Thursday August 7th, 2025. Participants can access the live webcast via https://www.gowebcasting.com/14138 or through the links provided on the Company's website. A recorded archive will be available on the Company's website following the live webcast.
Capex and Hedge Update
Production in the second quarter was consistent with the first quarter and down from the same quarter last year primarily due to natural production declines and temporary shut-ins due to weak AECO gas prices in June 2025. Capital expenditures of
Pine Cliff continues to use physical hedging as part of its ongoing marketing strategy to help protect cash flow, resulting in an average realized natural gas price of C
Financial and Operating Results
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| ( | 2025 | 2024 | 2025 | 2024 | ||||||||
| Commodity sales (before royalty expense) | 41,850 | 48,323 | 91,328 | 99,622 | ||||||||
| Cash provided by operating activities | 7,715 | 5,692 | 19,203 | 15,219 | ||||||||
| Adjusted funds flow1 | 4,876 | 10,780 | 16,382 | 21,278 | ||||||||
| Per share - Basic and diluted ($/share)1 | 0.01 | 0.03 | 0.05 | 0.06 | ||||||||
| Net loss | (7,136 | ) | (4,095 | ) | (9,873 | ) | (8,953 | ) | ||||
| Per share - Basic and diluted ($/share) | (0.02 | ) | (0.01 | ) | (0.03 | ) | (0.03 | ) | ||||
| Capital expenditures | 2,310 | 1,037 | 3,553 | 1,596 | ||||||||
| Dividends | 1,344 | 5,357 | 6,717 | 14,856 | ||||||||
| Per share - Basic and diluted ($/share) | 0.00 | 0.02 | 0.02 | 0.04 | ||||||||
| Net debt1 | (58,890 | ) | (68,647 | ) | (58,890 | ) | (68,647 | ) | ||||
| Production (Boe/d) | 21,236 | 23,688 | 21,259 | 23,776 | ||||||||
| Percent Natural Gas (%) | ||||||||||||
| Weighted-average common shares outstanding (000s) | ||||||||||||
| Basic and diluted | 358,556 | 357,114 | 358,368 | 354,923 | ||||||||
| Combined sales price ($/Boe) | 21.66 | 22.42 | 23.73 | 23.02 | ||||||||
| Operating netback ($/Boe)1 | 5.01 | 7.14 | 6.68 | 7.22 | ||||||||
| Corporate netback ($/Boe)1 | 2.52 | 5.01 | 4.25 | 4.92 | ||||||||
| Operating netback ($ per Mcfe)1 | 0.84 | 1.19 | 1.11 | 1.20 | ||||||||
| Corporate netback ($ per Mcfe)1 | 0.42 | 0.84 | 0.71 | 0.82 | ||||||||
1 This is a non-GAAP measure, see "NON-GAAP Measures" for additional information.
About Pine Cliff
Pine Cliff is a natural gas and oil company with a long-term view of creating shareholder value. Pine Cliff's current focus is on acquiring, developing, and operating long life assets that generate significant free funds flow that allows for capital to be returned to shareholders in the form of a dividend. Further information relating to Pine Cliff may be found on www.sedarplus.ca as well as on Pine Cliff's website at www.pinecliffenergy.com.
For further information, please contact:
Philip B. Hodge - President and CEO
Kristopher B. Zack - CFO and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: info@pinecliffenergy.com
Reader Advisories
Notes to Press Release
- See Non-GAAP Measures.
- Comprised of 102,528 Mcf/d natural gas, 2,849 Bbl/d NGLs and 1,299 Bbl/d light and medium oil.
- Comprised of 101,727 Mcf/d natural gas, 2,917 Bbl/d NGLs and 1,387 Bbl/d light and medium oil.
- Comprised of 112,521 Mcf/d natural gas, 3,334 Bbl/d NGLs and 1,599 Bbl/d light and medium oil.
- Comprised of 113,076 Mcf/d natural gas, 3,343 Bbl/d NGLs and 1,587 Bbl/d light and medium oil.
- Based on Q2 2025 sales volumes of 102,528 Mcf/d natural gas.
- Based on Q2 2025 sales volumes of 1,299 Bbl/d of light and medium oil.
Cautionary Statements
Certain statements contained in this news release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this news release includes, but is not limited to: future capital expenditures, including the amount and nature thereof; future acquisition opportunities including Pine Cliff's ability to execute on those opportunities; future drilling opportunities and Pine Cliff's ability to generate reserves and production from the undrilled locations; oil and natural gas prices and demand; expansion and other development trends of the oil and natural gas industry; business strategy and guidance; expansion and growth of our business and operations; maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; risks; Pine Cliff's ability to generate adjusted funds flow; Pine Cliff's ability to generate free funds flow; Pine Cliff's ability to pay a dividend; and other such matters.
All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash provided by operating activities to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive.
Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur including the reduction in municipal taxes and surface land rentals, or if any of them do, what benefits will be derived there from. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Natural gas liquids and oil volumes are recorded in barrels of oil ("Bbl") and are converted to a thousand cubic feet equivalent ("Mcfe") using a ratio of one (1) Bbl to six (6) thousand cubic feet. Natural gas volumes recorded in thousand cubic feet ("Mcf") are converted to barrels of oil equivalent ("Boe") using the ratio of six (6) thousand cubic feet to one (1) Bbl. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The terms Boe or Mcfe may be misleading, particularly if used in isolation.
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 oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
NON-GAAP Measures
This press release uses the terms "adjusted funds flow", "free funds flow", "operating netbacks", "corporate netbacks" and "positive net cash/net debt" which are not recognized under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. These measures should not be considered as an alternative to, or more meaningful than, IFRS measures including net income (loss), cash provided by operating activities, or total liabilities. The Company uses these measures to evaluate its performance, leverage and liquidity. Adjusted funds flow is a non-Generally Accepted Accounting Principles ("non-GAAP") measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital, and decommissioning obligations settled. Positive net cash/net debt is a non-GAAP measure calculated as the sum of accounts receivables, cash, and prepaid expenses and deposits, less accounts payables and accrued liabilities, and debt. Operating netback is a non-GAAP measure calculated as the Company's total revenue, less royalties, net operating expenses and transportation expenses, divided by the Boe production of the Company. Corporate netback is a non-GAAP measure calculated as the Company's operating netback, less G&A and interest expense, divided by the Boe production of the Company. Please refer to the Annual Report for additional details regarding non-GAAP measures and their calculation.
The TSX does not accept responsibility for the accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261582
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