Canada’s Crew Energy reports record Q2 metrics
Canadian Montney producer Crew Energy said August 8 it had record production and adjusted funds flow in Q2 2022, alongside net income of C$88.7mn (US$68.9mn), which reversed a Q2 2021 loss of C$23.2mn.
Production in the quarter averaged a record 35,044 barrels of oil equivalent (boe)/day, up 31% from a year ago, while natural gas production increased 33% year-over-year to 158mn ft3/day.
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Adjusted funds flow jumped to C$115.3mn from C$25.5mn in Q2 2021, while cash provided by operating activities increased to C$117.4mn from C$24.9mn.
Crew realised an average commodity price of C$62.16/boe in the second quarter, up from C$28.20/boe in the same period a year ago, while its average realised natural gas price jumped 134% to C$8.17/’000 ft3 from C$3.49/’000 ft3.
Crew’s Q3 capital program is expected to fall in the C$56mn-C$64mn range, with production expected to average between 30,000 boe/day and 32,000 boe/day.