Canada’s Birchcliff Energy slides in Q2
Canadian producer Birchcliff Energy said August 10 its net income in the second quarter fell to C$42.8mn (US$31.9mn) from C$213.8mn a year ago, repeating a litany shared by most of its peers.
Cash flow from operating activities declined to C$62.4mn from C$273.7mn, while free funds flow dropped to C$4.9mn from C$201.3mn, reflecting reduced adjusted funds flow caused primarily by a 69% drop in the company’s average realised natural gas price, offset by reduced capital expenditures.
Natural gas production averaged 379.8mn ft3/day in Q2 2023, up from 366.3mn ft3/day a year ago, but Birchcliff’s average realised price on natural gas sales plunged to C$2.67/’000 ft3 from C$8.61/’000 ft3.