Gear Energy Ltd. Announces Fourth Quarter 2023 Operating Results and Year-End Reserves Summary and the Filing of a Normal Course Issuer Bid
Gear Energy Ltd. Announces Fourth Quarter 2023 Operating Results and Year-End Reserves Summary and the Filing of a Normal Course Issuer Bid
Calgary, Alberta--(Newsfile Corp. - February 21, 2024) - Gear Energy Ltd. ("Gear" or the "Company") (TSX: GXE) (OTCQX: GENGF) is pleased to provide the following fourth quarter operating results and annual reserves summary to shareholders. Gear's Consolidated Financial Statements and related Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2023 are available for review on Gear's website at and on .
艾伯塔省卡尔加里--(Newsfile Corp.,2024年2月21日)——Gear Energy Ltd.(“GEAR” 或 “公司”)(多伦多证券交易所股票代码:GXE)(场外交易所股票代码:GENGF)很高兴向股东提供以下第四季度经营业绩和年度储备摘要。Gear截至2023年12月31日止年度的合并财务报表和相关管理层的讨论与分析(“MD&A”)可在Gear的网站上查阅。
Three months ended | Year ended | |||||
(Cdn$ thousands, except per share, share and per boe amounts) | Dec 31, 2023 | Dec 31, 2022 | Sep 30, 2023 | Dec 31, 2023 | Dec 31, 2022 | |
FINANCIAL | ||||||
Funds from operations (1) | 16,717 | 18,676 | 20,978 | 67,815 | 93,772 | |
Per boe | 30.28 | 35.27 | 41.38 | 32.03 | 44.77 | |
Per weighted average basic share | 0.06 | 0.07 | 0.08 | 0.26 | 0.36 | |
Cash flows from operating activities | 17,813 | 18,565 | 17,532 | 63,589 | 89,769 | |
Per boe | 32.27 | 35.06 | 34.58 | 30.03 | 42.85 | |
Per weighted average basic share | 0.07 | 0.07 | 0.07 | 0.24 | 0.35 | |
Net (loss) income | (7,104) | 27,695 | 8,150 | 8,586 | 74,981 | |
Per weighted average basic share | (0.03) | 0.11 | 0.03 | 0.03 | 0.29 | |
Capital expenditures | 10,751 | 18,899 | 12,008 | 48,121 | 50,549 | |
Decommissioning liabilities settled- Gear | 2,560 | 1,417 | 2,202 | 6,115 | 6,288 | |
Decommissioning liabilities settled- Government (2) | - | 532 | - | 37 | 1,215 | |
Net debt (1) | (14,099) | (2,220) | (13,297) | (14,099) | (2,220) | |
Dividends declared and paid | 3,934 | 7,795 | 5,243 | 24,852 | 18,156 | |
Dividends declared and paid per share | 0.015 | 0.030 | 0.020 | 0.095 | 0.070 | |
Weighted average shares, basic (thousands) | 262,247 | 259,908 | 262,139 | 261,725 | 259,791 | |
Shares outstanding, end of period (thousands) | 262,250 | 260,693 | 262,220 | 262,250 | 260,693 | |
OPERATING | ||||||
Production | ||||||
Heavy oil (bbl/d) | 2,937 | 2,772 | 2,601 | 2,743 | 2,760 | |
Light and medium oil (bbl/d) | 1,920 | 1,835 | 1,890 | 1,952 | 1,842 | |
Natural gas liquids (bbl/d) | 327 | 299 | 233 | 283 | 283 | |
Natural gas (mcf/d) | 4,893 | 5,091 | 4,720 | 4,938 | 5,124 | |
Total (boe/d) | 6,000 | 5,755 | 5,511 | 5,801 | 5,739 | |
Average prices | ||||||
Heavy oil ($/bbl) | 70.74 | 69.72 | 89.65 | 72.60 | 92.80 | |
Light and medium oil ($/bbl) | 91.01 | 103.62 | 102.43 | 93.63 | 114.67 | |
Natural gas liquids ($/bbl) | 44.44 | 58.48 | 46.53 | 45.55 | 63.38 | |
Natural gas ($/mcf) | 2.21 | 5.11 | 2.64 | 2.56 | 5.41 | |
Netback ($/boe) | ||||||
Petroleum and natural gas sales | 67.98 | 74.19 | 81.67 | 70.23 | 89.40 | |
Royalties | (10.11) | (10.40) | (9.74) | (8.92) | (11.89) | |
Operating costs | (21.52) | (21.55) | (23.57) | (22.25) | (21.10) | |
Transportation costs | (3.48) | (4.03) | (3.28) | (3.69) | (3.67) | |
Operating netback (1) | 32.87 | 38.21 | 45.08 | 35.37 | 52.74 | |
Realized risk management gain (loss) | 1.24 | - | 1.00 | 1.12 | (4.18) | |
General and administrative | (2.70) | (2.62) | (3.45) | (3.40) | (3.39) | |
Interest and other | (1.13) | (0.32) | (1.25) | (1.06) | (0.40) |
三个月已结束 | 年终了 | |||||
(千加元,每股、每股和每英国央行金额除外) | 2023年12月31日 | 2022年12月31日 | 2023年9月30日 | 2023年12月31日 | 2022年12月31日 | |
金融的 | ||||||
运营资金 (1) | 16,717 | 18,676 | 20,978 | 67,815 | 93,772 | |
根据英国央行 | 30.28 | 35.27 | 41.38 | 32.03 | 44.77 | |
每加权平均基本份额 | 0.06 | 0.07 | 0.08 | 0.26 | 0.36 | |
来自经营活动的现金流 | 17,813 | 18,565 | 17,532 | 63,589 | 89,769 | |
根据英国央行 | 32.27 | 35.06 | 34.58 | 30.03 | 42.85 | |
每加权平均基本份额 | 0.07 | 0.07 | 0.07 | 0.24 | 0.35 | |
净(亏损)收入 | (7,104) | 27,695 | 8,150 | 8,586 | 74,981 | |
每加权平均基本份额 | (0.03) | 0.11 | 0.03 | 0.03 | 0.29 | |
资本支出 | 10,751 | 18,899 | 12,008 | 48,121 | 50,549 | |
已结清退役负债——Gear | 2,560 | 1,417 | 2,202 | 6,115 | 6,288 | |
退役负债已结算——政府 (2) | - | 532 | - | 37 | 1,215 | |
净负债 (1) | (14,099) | (2,220) | (13,297) | (14,099) | (2,220) | |
申报和支付的股息 | 3,934 | 7,795 | 5,243 | 24,852 | 18,156 | |
每股申报和支付的股息 | 0.015 | 0.030 | 0.020 | 0.095 | 0.070 | |
加权平均份额,基本(千股) | 262,247 | 259,908 | 262,139 | 261,725 | 259,791 | |
期末已发行股份(千股) | 262,250 | 260,693 | 262,220 | 262,250 | 260,693 | |
操作的 | ||||||
制作 | ||||||
重油 (bbl/d) | 2,937 | 2,772 | 2,601 | 2743 | 2760 | |
轻油和中油 (bbl/d) | 1,920 | 1,835 | 1,890 | 1,952 | 1,842 | |
液化天然气 (bbl/d) | 327 | 299 | 233 | 283 | 283 | |
天然气 (mcf/d) | 4,893 | 5,091 | 4,720 | 4,938 | 5,124 | |
合计(boe/d) | 6,0000 | 5,755 | 5,511 | 5,801 | 5,739 | |
平均价格 | ||||||
重油(美元/桶) | 70.74 | 69.72 | 89.65 | 72.60 | 92.80 | |
轻质和中质油(美元/桶) | 91.01 | 103.62 | 102.43 | 93.63 | 114.67 | |
液化天然气(美元/桶) | 44.44 | 58.48 | 46.53 | 45.55 | 63.38 | |
天然气(美元/立方英尺) | 2.21 | 5.11 | 2.64 | 2.56 | 5.41 | |
净回值(美元/英国央行) | ||||||
石油和天然气销售 | 67.98 | 74.19 | 81.67 | 70.23 | 89.40 | |
特许权使用费 | (10.11) | (10.40) | (9.74) | (8.92) | (11.89) | |
运营成本 | (21.52) | (21.55) | (23.57) | (22.25) | (21.10) | |
运输成本 | (3.48) | (4.03) | (3.28) | (3.69) | (3.67) | |
运营净回值 (1) | 32.87 | 38.21 | 45.08 | 35.37 | 52.74 | |
已实现的风险管理收益(亏损) | 1.24 | - | 1.00 | 1.12 | (4.18) | |
一般和行政 | (2.70) | (2.62) | (3.45) | (3.40) | (3.39) | |
利息和其他 | (1.13) | (0.32) | (1.25) | (1.06) | (0.40) |
(1) Funds from operations, net debt and operating netback do not have any standardized meanings under Canadian generally accepted accounting principles ("GAAP") and therefore may not be comparable to similar measures presented by other entities. For additional information related to these measures, including a reconciliation to the nearest GAAP measures, where applicable, see "Non-GAAP and Other Financial Measures" in this press release.
(2) Decommissioning liabilities settled by the federal government's Site Rehabilitation Program, which ended during 2023.
(1) 根据加拿大公认会计原则(“GAAP”),来自运营、净负债和运营净回值的资金没有任何标准化含义,因此可能无法与其他实体提出的类似指标进行比较。有关这些指标的更多信息,包括与最近的GAAP指标的对账(如果适用),请参阅本新闻稿中的 “非公认会计准则和其他财务指标”。
(2) 退役负债由联邦政府的场地修复计划结算,该计划于2023年结束。
MESSAGE TO SHAREHOLDERS
给股东的消息
We are pleased to present the following results for 2023. It was a volatile year with WTI oil prices oscillating by almost US$30 per barrel, from the mid US$60's to the mid US$90's and then back down again. Heavy oil prices were also not immune to volatility, with the WCS differential ranging between a discount of approximately US$11 per barrel up to US$29 per barrel. Despite this volatility, Gear was able to deliver strong returns to shareholders, execute an efficient 2023 capital program, and maintain stable production and bank debt while adding Proved Developed Producing ("PDP") reserves at a finding, development and acquisition ("FD&A") cost of $17.36 per boe, yielding a competitive 2023 PDP recycle ratio of 2.0 times.
我们很高兴公布2023年的以下结果。这是动荡的一年,西德克萨斯中质原油价格每桶震荡了近30美元,从60美元中期波动到90美元中期,然后再次回落。重油价格也无法幸免于波动,WCS的差异介于每桶约11美元的折扣到每桶29美元的折扣之间。尽管存在这种波动,但Gear还是能够为股东带来丰厚的回报,执行有效的2023年资本计划,维持稳定的生产和银行债务,同时以每桶17.36美元的发现、开发和收购(“FD&A”)成本增加了探明开发产量(“PDP”)储备,使2023年PDP回收率具有竞争力,达到2.0倍。
Now as we move into 2024, the team are excited to continue working on delivering similar results. With the Strategic Repositioning Process behind us, we are ready to focus on continued success with core area drilling, water flood expansions, further de-risking and expansion of new drilling inventory and incremental returns to shareholders.
现在,随着我们进入2024年,该团队很高兴能继续努力取得类似的结果。随着战略重新定位流程的落实,我们准备专注于在核心区域钻探、洪水扩张、进一步降低风险和扩大新钻探库存以及增加股东回报等方面取得持续成功。
2023 ANNUAL HIGHLIGHTS
2023 年年度亮点
- Generated $67.8 million of funds from operations ("FFO") or $32.03 per boe, the third highest ever achieved. The FFO was a 28 per cent decrease from 2022 as a result of weaker pricing with revenue averaging $70.23 per boe for the year and the WTI oil benchmark price averaging US$77.62 per barrel compared to US$94.23 per barrel in 2022.
- 从运营中筹集了6,780万美元的资金(“FFO”),合每桶32.03美元,为有史以来第三高的收入。由于定价疲软,FFO较2022年下降了28%,全年收入平均为每桶70.23美元,西德克萨斯中质原油基准价格平均为每桶77.62美元,而2022年为每桶94.23美元。
- Delivered production of 5,801 boe per day for 2023, a one per cent increase from 2022 and unchanged on a per debt adjusted ("DA") share basis.
- 2023年交付的日产量为5,801英国央行,比2022年增长了1%,按每笔债务调整后(“DA”)的每股收益保持不变。
- Distributed almost $24.9 Million in dividends to shareholders during 2023, representing $0.095 per share, or an annual yield of almost 15 per cent relative to the year-end market capitalization. Total dividends since inception are now $45.6 million, or $0.175 per share including the February 2024 declared amount.
- 2023年向股东分配了近2490万美元的股息,相当于每股0.095美元,相对于年终市值,年收益率接近15%。自成立以来的总股息现在为4560万美元,合每股0.175美元,包括2024年2月的申报金额。
- Invested $48.1 million to drill 14 gross (14 net) wells, installed and optimized multiple waterflood projects, completed various recompletion opportunities and funded other corporate capital.
- 投资了4,810万美元钻探14口总井(净钻井14口),安装和优化了多个洪水项目,完成了各种补井机会并资助了其他公司资本。
- Dedicated $6.1 million to the reduction of decommissioning activities resulting in 79 gross (76.3 net) wells being abandoned and 34 gross (34 net) wells being reclaimed throughout the year. Gear's decommissioning liability fell seven per cent from $71.4 million at the end of 2022 to $66.1 million at the end of 2023.
- 专门拨款610万美元用于减少退役活动,全年有79口总重(净额76.3口)的油井被废弃,34口总井(净开采34口)的油井。Gear的退役负债从2022年底的7140万美元下降到2023年底的6,610万美元,下降了7%。
- Maintained a strong balance sheet, with exit net debt of $14.1 million and annual net debt to FFO ratio of 0.2 times.
- 保持强劲的资产负债表,退出净负债为1,410万美元,年度净负债与FFO的比率为0.2倍。
FOURTH QUARTER HIGHLIGHTS
第四季度亮点
- Production for the fourth quarter of 2023 was 6,000 boe per day, a nine per cent increase from the third quarter production of 5,511 boe per day. The increase is attributed to new production from Gear's second half 2023 successful drilling program.
- 2023年第四季度的日产量为6,000桶桶桶,较第三季度每天5,511桶桶的产量增长了9%。这一增长归因于Gear2023年下半年成功钻探计划的新产量。
- During the fourth quarter of 2023, Gear drilled two gross (two net) light oil multistage fractured wells in Tableland, Saskatchewan. In total, Gear incurred $10.8 million of capital expenditures for the quarter. Approximately $0.7 million of capital was incurred for pre-spending for Gear's 2024 capital program.
- 2023年第四季度,Gear在萨斯喀彻温省的泰布兰钻探了两口总重(两口净重)的轻油多级压裂井。Gear在本季度总共承担了1,080万美元的资本支出。大约70万美元的资本用于Gear的2024年资本计划的预支出。
- FFO for the fourth quarter of 2023 was $16.7 million, a decrease of 20 per cent from the third quarter of 2023 as a result of lower commodity prices, partially offset by higher production. Fourth quarter realized prices decreased to $67.98 per boe from $81.67 per boe in the third quarter of 2023. Lower commodity prices were primarily driven by a decrease in the WTI benchmark oil price which averaged US$78.32 per barrel in the fourth quarter and wider WCS heavy oil differentials, which averaged US$21.86 per barrel in the fourth quarter. The outlook for WCS differentials has begun to improve through the first quarter and look to narrow further with the expectation that the Trans Mountain pipeline expansion will be commissioned in 2024.
- 2023年第四季度的FFO为1,670万美元,较2023年第三季度下降了20%,这是由于大宗商品价格下跌,但产量的增加部分抵消了这一点。第四季度的已实现价格从2023年第三季度的每桶英国央行的81.67美元降至每桶67.98美元。大宗商品价格下跌的主要原因是WTI基准油价的下跌,第四季度平均为每桶78.32美元,以及WCS重油差价扩大,第四季度平均为每桶21.86美元。到第一季度,WCS差速器的前景已开始改善,并有望进一步缩小,预计跨山管道扩建将于2024年投入使用。
2023 YEAR END RESERVES HIGHLIGHTS
2023 年年终储备亮点
- Gear achieved the following reserves highlights through 2023 activity, compared to 2022 results including full corporate abandonment and reclamation obligation ("ARO") costs.
- 与2022年的业绩相比,Gear在2023年的活动中实现了以下主要储量,包括全部企业放弃和填海责任(“ARO”)成本。
Proved Developed Producing ("PDP")
久经考验的开发产品(“PDP”)
- 2.73 MMboe of additions.
- Reserves increased six per cent, four per cent per DA share. (1)
- Reserves value on a Before Tax 10 per cent discounted basis ("BT10") increased four per cent, two per cent on a per DA share basis.(1)
- Replaced 129 per cent of 2023 annual production.
- Finding and development ("F&D") costs and FD&A costs (1) of $16.33/boe and 17.36/boe, respectively, including change in Future Development Capital ("FDC").
- Recycle ratio(1) of 2.0x based on 2023 operating netback(1) of $35.37/boe (before hedging).
- 新增2.73 mmBOE。
- 储备金增长了6%,每份DA份额增长了4%。(1)
- 按税前10%折扣计算(“BT10”)的储备金价值增长了4%,按每股DA计算增长了2%。(1)
- 取代了 2023 年年产量的 129%。
- 寻找和开发(“F&D”)成本和FD&A成本(1)分别为每桶16.33美元和每桶17.36美元,包括未来发展资本(“FDC”)的变动。
- 根据2023年运营净回报率(1)35.37美元/英国央行(套期保值前),回收率(1)为2.0倍。
Total Proved ("TP")
已证明总数(“TP”)
- 2.29 MMboe of additions.
- Reserves increased one per cent, one per cent decrease per DA share. (1)
- Reserves value BT10 decreased four per cent and decreased six per cent on a per DA share basis.(1)
- Replaced 108 per cent of 2023 annual production.
- F&D and FD&A cost (1) of $18.90/boe and $19.95/boe, respectively, including change in FDC.
- Recycle ratio(1) of 1.8x.
- 新增2.29 mmBOE。
- 储备金增长了1%,每份DA份额下降了1%。(1)
- BT10的储备金价值下降了4%,按每股DA计算下降了6%。(1)
- 取代了 2023 年年产量的 108%。
- F&D 和 FD&A 成本 (1) 分别为每桶18.90美元和19.95美元/英国央行,包括FDC的变动。
- 回收率 (1) 为 1.8 倍。
Total Proved plus Probable ("P+P")
已证总量加上概率(“P+P”)
- 2.10 MMboe of additions.
- Reserves were unchanged and decreased two per cent per DA share. (1)
- Reserves value BT10 decreased six per cent and decreased eight per cent on a per DA share basis.(1)
- Replaced 99 per cent of 2023 annual production.
- F&D and FD&A cost (1) of $19.94/boe and $22.67/boe, respectively, including change in FDC.
- Recycle ratio(1) of 1.6x.
- 2.10 mmBOE 的新增内容。
- 储备金保持不变,每股DA下降了2%。(1)
- BT10的储备金价值下降了6%,按每股DA计算下降了8%。(1)
- 取代了 2023 年年产量的 99%。
- F&D 和 FD&A 成本 (1) 分别为19.94美元/桶油和22.67美元/英国央行,包括FDC的变动。
- 回收率 (1) 为 1.6 倍。
- The 2023 capital program was limited but very successful in delivering new wells that met or exceeded expectations. Reserves additions across all categories were achieved primarily through a combination of the following:
- 2023年的资本计划有限,但在交付达到或超过预期的新油井方面非常成功。所有类别的储备增加主要是通过以下措施的组合实现的:
- Successful new drilling in Wildmere, Soda Lake, Celtic, Provost, Hoosier and Tableland.
- Base performance revisions in Paradise Hill, Wildmere and Wilson Creek.
- Recognition of waterflood implementation and/or response in Chigwell, Wildmere, Wilson Creek, Killam, Provost, and Maidstone.
- Economic factors as a percentage of annual reserves additions were two per cent, 12 per cent and 24 per cent for PDP, TP and P+P values, respectively.
- 在怀尔德米尔、苏打湖、凯尔特人、普罗沃斯特、印第安纳州和泰布兰成功进行了新的钻探。
- 对天堂山、怀尔德米尔和威尔逊溪的基本性能进行了修订。
- 对奇格韦尔、怀尔德米尔、威尔逊溪、基拉姆、普罗沃斯特和梅德斯通实施和/或应对洪水的认可。
- 就PDP、TP和P+P值而言,经济因素占年度储备增加的百分比分别为2%、12%和24%。
- Management's annual estimate of future potential drilling locations increased 33 per cent from year-end 2022 to 447 un-risked net locations as a result of land purchases in Cold Lake and Soda Lake, drilling to derisk new inventory at Celtic and Soda Lake, and the continuous high grading of future inventory through increased use of multi-laterals. The Sproule (as defined below) evaluation currently recognizes 94 net locations in the TP category and 148 in the P+P category. These booked locations represent 21 and 33 per cent of management's estimates, respectively. The 148 net booked P+P locations include 25 multi-lateral horizontals, 108 single lateral horizontals and 15 vertical wells.
- 管理层对未来潜在钻探地点的年度估计比2022年年底增长了33%,达到447个无风险的净钻探地点,这要归因于在冷湖和苏打湖购买了土地,进行了钻探以消除凯尔特人和苏打湖的新库存风险,以及通过增加使用多侧钻探对未来库存的持续高等级。Sproule(定义见下文)评估目前在TP类别中确认了94个净地点,在P+P类别中识别了148个净地点。这些预订的地点分别占管理层估计值的21%和33%。148个净预订的P+P地点包括25个多侧水平井、108个单侧水平井和15个垂直井。
- Utilizing the evaluator average price forecast at January 1, 2024, Gear maintained 2023 Net Asset Values ("NAV") (2) close to year end 2022 figures with the weaker future price outlook offset by higher reserves. The new NAV (2) amounts are $0.75/share PDP, $1.04/share TP and $1.66/share P+P, all above the current share price trading range. Additional NAV values at various flat price scenarios and discount rates are highlighted within.
- 根据评估师在2024年1月1日的平均价格预测,Gear维持了2023年净资产价值(“NAV”)(2)接近2022年年底的数字,而疲软的未来价格前景被储备的增加所抵消。新的资产净值(2)为每股PDP0.75美元,每股1.04美元的目标收益和1.66美元的每股市盈利率,均高于当前的股价交易区间。其中突出显示了各种固定价格情景和贴现率下的额外资产净值值。
- Significantly increased the amount of reserves supported by water flooding to 32 per cent of total PDP bookings, supporting a record high PDP Reserves Life Index ("RLI") (3), now sitting comfortably at 5.3 years. TP RLI (3) is 8.0 years P+P RLI (3) is 11.0 years, both also record highs.
- 洪水支持的保护区数量大幅增加至PDP总预订量的32%,支持了创纪录的PDP储备寿命指数(“RLI”)(3),目前为5.3年。目标投资回报率(3)为8.0年,P+P RLI(3)为11.0年,均创历史新高。
- Corporate liquids weighting increased to 87 per cent from 85 per cent for the P+P reserves case. Heavy oil increased by one per cent while gas decreased by one per cent. Corporate P+P reserves product mix remained relatively unchanged from the prior year with reserves consisting of 43 per cent heavy oil, 39 per cent light and medium oil, 5 per cent natural gas liquids ("NGLs") and 13 per cent gas.
- 就P+P储备而言,公司流动资金权重从85%增加到87%。重油上涨了1%,而天然气下降了1%。企业P+P储量产品组合与去年相比相对保持不变,储量包括43%的重油,39%的轻质和中质石油,5%的液化天然气(“NGL”)和13%的天然气。
(1) FD&A cost, F&D cost, reserves per DA share, reserves value BT10 per DA share, recycle ratio and operating netback are oil and gas metrics that do not have any standardized meanings under GAAP and therefore are considered non-GAAP ratios and may not be comparable to similar measures presented by other entities. For additional information related to these measures see "Efficiency Ratios", "Non-GAAP and Other Financial Measures" and "Oil and Gas Metrics" in this press release.
(2) NAV is a supplementary financial measure. See "Efficiency Ratios", "Non-GAAP and Other Financial Measures" and "Oil and Gas Metrics" in this press release for an explanation of the composition of this supplementary financial measure.
(3) RLI is an oil and gas metric that does not have a standardized meaning and therefore may not be comparable to similar measures presented by other entities. For additional information related to this measure see "Oil and Gas Metrics" in this press release.
(1) FD&A 成本、F&D 成本、每股 DA 的储备值、每股 DA 的储备值 BT10、回收率和运营净回值是石油和天然气指标,在 GAAP 下没有任何标准化含义,因此被视为非公认会计准则比率,可能无法与其他实体提出的类似指标进行比较。有关这些指标的更多信息,请参阅本新闻稿中的 “效率比率”、“非公认会计准则和其他财务指标” 和 “石油和天然气指标”。
(2) 资产净值是一项补充财务指标。有关该补充财务指标构成的解释,请参阅本新闻稿中的 “效率比率”、“非公认会计准则和其他财务指标” 和 “石油和天然气指标”。
(3) RLI是一种石油和天然气指标,没有标准化的含义,因此可能无法与其他实体提出的类似衡量标准相提并论。有关该措施的更多信息,请参阅本新闻稿中的 “石油和天然气指标”。
2024 OUTLOOK
2024 年展望
After several years of consultation, planning and construction, the Trans Mountain pipeline expansion is set to be operational in 2024. The pipeline will positively impact the Canadian energy industry, adding 590,000 barrels of oil per day or approximately 17 per cent additional export capacity and providing a new market for Canadian oil. The expected tangible benefit will be through both a lower discount for realized Canadian oil prices relative to world oil market prices, a reduction in historical punitive differentials for heavy crude, and the ability to export greater amounts of Canadian crude oil. Gear intends to take advantage of this forecasted price improvement by investing in further production growth opportunities throughout the year.
经过几年的磋商、规划和建设,跨山管道扩建项目定于2024年投入运营。该管道将对加拿大的能源行业产生积极影响,每天增加590,000桶石油,约增加17%的出口能力,并为加拿大石油提供新的市场。预期的切实好处将包括降低已实现的加拿大油价相对于世界石油市场价格的折扣,缩小重质原油的历史惩罚性差异,以及能够出口更多的加拿大原油。Gear打算利用这一预测的价格上涨,全年投资进一步的产量增长机会。
GUIDANCE
指导
2024 Guidance | 2023 Guidance | 2023 Actuals | ||
Annual production (boe/d) | 6,000 | 5,700 - 5,900 | 5,801 | |
Heavy oil weighting (%) | 51 | 49 | 47 | |
Light oil, medium oil and NGLs weighting (%) | 37 | 37 | 39 | |
Royalty rate (%) | 12 | 13 | 13 | |
Operating and transportation costs ($/boe) | 24.70 | 25.00 | 25.94 | |
General and administrative expense ($/boe) | 3.20 | 3.50 | 3.40 | |
Interest and other expense ($/boe) | 0.50 | 1.00 | 1.06 | |
Capital and abandonment expenditures ($ millions)(1) | 57 | 50 | 54 |
2024 年指导方针 | 2023 年指南 | 2023 年实况报道 | ||
年产量(英国央行/日) | 6,0000 | 5,700-5,900 | 5,801 | |
重油重量 (%) | 51 | 49 | 47 | |
轻油、中质油和液化天然气重量 (%) | 37 | 37 | 39 | |
特许权使用费 (%) | 12 | 13 | 13 | |
运营和运输成本(美元/英国央行) | 24.70 | 25.00 | 25.94 | |
一般和管理费用(美元/英国央行) | 3.20 | 3.50 | 3.40 | |
利息和其他费用(美元/boe) | 0.50 | 1.00 | 1.06 | |
资本和废弃支出(百万美元)(1) | 57 | 50 | 54 |
(1) Capital and abandonment expenditures includes decommissioning liability expenditures made by Gear and excludes any expenditures made by the federal government's Site Rehabilitation Program.
(1) 资本和废弃支出包括Gear的退役责任支出,不包括联邦政府场地修复计划的任何支出。
Capital and abandonment expenditures for 2023 were $54 million compared to the $50 million guidance for 2023. Spending in the fourth quarter of 2023 included additional spending in anticipation for the 2024 drill program as well as additional spending on abandonment and reclamation work.
2023年的资本和放弃支出为5400万美元,而2023年的预期为5000万美元。2023年第四季度的支出包括预计2024年钻探计划的额外支出,以及废弃和填海工程的额外支出。
Using various WTI price forecasts for 2024 and assuming a WCS differential of US$16 per barrel, MSW differential of US$5 per barrel, LSB differential of US$6 per barrel, AECO gas price of C$2 per GJ, and a foreign exchange of US$0.74 per C$, Gear is forecasting 2024 FFO as follows:
根据WTI对2024年的各种价格预测,并假设WCS差额为每桶16美元,城市生活垃圾差额为每桶5美元,LSB差额为每桶6美元,AECO天然气价格为每GJ2加元,外汇为每加元0.74美元,Gear对2024年的FFO的预测如下:
WTI US$ | 70 | 80 | 90 |
FFO ($ millions) | 60 | 84 | 107 |
WTI 美元 | 70 | 80 | 90 |
FFO(百万美元) | 60 | 84 | 107 |
On an annualized basis, Gear forecasts its $0.005 per share per month dividend to total approximately $16.0 million. Gear estimates that WTI would have to average US$75 per barrel in order for FFO to equal the 2024 forecasted capital and abandonment expenditures of $57.0 million and the current annualized dividend. Any future increase in commodity prices beyond these base assumptions will provide incremental FFO less capital and abandonment expenditures and dividends which may be dedicated to potential future capital expansions, cash funded acquisitions, share buybacks and/or future dividend increases. Conversely, any future decrease in commodity prices may result in incremental debt, potential capital adjustments and/or future dividend reductions.
按年计算,Gear预计其每月每股0.005美元的股息总额约为1,600万美元。Gear估计,WTI必须平均每桶75美元,才能使FFO等于2024年预测的5,700万美元的资本和弃置支出以及当前的年化股息。未来大宗商品价格的任何上涨超过这些基本假设都将提供增量FFO,减去资本和放弃支出和分红,这些支出和分红可能专门用于未来潜在的资本扩张、现金融资收购、股票回购和/或未来的股息增加。相反,未来大宗商品价格的任何下跌都可能导致债务增加、潜在的资本调整和/或未来的股息减少。
NORMAL COURSE ISSUER BID
正常课程发行人出价
Gear is pleased to announce that the Toronto Stock Exchange ("TSX") has granted approval for Gear to commence a normal course issuer bid (the "NCIB").
Gear很高兴地宣布,多伦多证券交易所(“TSX”)已批准Gear开始正常的课程发行人竞标(“NCIB”)。
Under the NCIB, Gear may purchase for cancellation up to 24,171,076 common shares (the "Shares") of Gear, representing approximately 10% of the "public float", which is equal to the issued and outstanding Shares of Gear as at the date hereof (262,249,821 Shares) less the Shares held by directors and officers of Gear. The total number of Shares that Gear is permitted to purchase is subject to a daily purchase limit of 162,537 Shares, representing 25% of the average daily trading volume of 650,149 Shares on the TSX calculated for the six-month period ended January 31, 2024; however, Gear may make one block purchase per calendar week which exceeds the daily repurchase restrictions.
根据NCIB,Gear可以购买最多24,171,076股普通股(“股份”)以供注销,约占 “公众持股量” 的10%,相当于Gear截至本文发布之日的已发行和流通股份(262,249,821股)减去Gear董事和高级管理人员持有的股份。Gear获准购买的股票总数的每日购买限额为162,537股,占截至2024年1月31日的六个月期间多伦多证券交易所650,149股平均每日交易量的25%;但是,Gear每个日历周可能会进行一次大宗购买,超过每日回购限制。
The NCIB is expected to commence on February 26, 2024 and will terminate on the earlier of: (i) the date on which the Company has acquired all Shares sought pursuant to the NCIB; or (ii) to February 25, 2025 unless earlier terminated at the option of the Company, upon prior notice being given to the TSX. The Shares will be purchased on behalf of Gear by a registered broker through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction. Pursuant to the terms of Gear's current credit facilities, Shares may only be purchased if Gear's senior debt to earnings before interest, tax, depreciation, and amortization ratio is less than 1.00:1.00, the credit facilities are less than 50% drawn, and the aggregate purchases (including any other distributions) for any fiscal year is no more than $32 million.
NCIB预计将于2024年2月26日开始,并将于以下日期中较早者终止:(i)公司收购根据NCIB寻求的所有股份的日期;或(ii)至2025年2月25日,除非公司选择提前终止,但事先向多伦多证券交易所发出通知后终止。股票将由注册经纪人通过多伦多证券交易所的设施和其他加拿大替代交易平台以交易时的现行市场价格代表Gear购买。根据Gear当前信贷额度的条款,只有当Gear的优先债务与扣除利息、税项、折旧和摊销前的收益比率低于1. 00:1.00,信贷额度低于50%,任何财政年度的总购买量(包括任何其他分配)不超过3200万美元时,才能购买股票。
The actual number of Shares purchased under the NCIB, the timing of purchases, and the price at which the Shares will be purchased, will depend on future market conditions.
在NCIB下购买的股票的实际数量、购买时间以及购买股票的价格将取决于未来的市场状况。
Gear believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of the Shares and at such times the purchase of Shares would be in the best interests of Gear. As a result of such purchases, the number of issued Shares will be decreased and, consequently, the proportionate share interest of all remaining Shareholders will be increased on a pro rata basis.
Gear认为,股票的市场价格不时可能无法完全反映股票的潜在价值,在这种情况下,购买股票将符合Gear的最大利益。由于此类收购,已发行股票的数量将减少,因此,所有剩余股东的比例股权将按比例增加。
RESERVES SUMMARY
储量摘要
Year-end 2023 reserves were evaluated by independent reserves evaluator Sproule Associates Ltd. ("Sproule") in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). A reserves committee, comprised of independent board members, reviews the qualifications and appointment of the independent reserves evaluator and reviews the procedures for providing information to the evaluators. The reserves evaluation was based on an average of price forecasts prepared by Sproule, GLJ Petroleum Consultants Ltd. and McDaniel & Associates Consulting Ltd. effective at January 1, 2024. Reserves included herein are stated on a company gross basis (working interest before deduction of royalties without inclusion of any royalty interests) unless noted otherwise. Additional reserves information required under NI 51-101 will be included in Gear's Annual Information Form to be filed on SEDAR+ on or before March 31, 2024.
独立储量评估机构Sproule Associates Ltd.(“Sproule”)根据加拿大石油和天然气评估手册(“COGE手册”)和国家仪器51-101中的定义、标准和程序对2023年年底的储量进行了评估 石油和天然气活动披露标准 (“NI 51-101”)。储备金委员会由独立董事会成员组成,负责审查独立储备金评估员的资格和任命,并审查向评估人员提供信息的程序。储量评估基于Sproule、GLJ石油顾问有限公司和McDaniel & Associates咨询有限公司编制的自2024年1月1日起生效的平均价格预测。除非另有说明,否则此处包含的储备金按公司总额列报(扣除特许权使用费前的工作利息,不包括任何特许权使用费利息)。NI 51-101要求的其他储量信息将包含在Gear的年度信息表中,该表将于2024年3月31日当天或之前在SEDAR+上提交。
The following tables outline Gear's reserves as at December 31, 2023. No provision for interest, risk management contracts, debt service charges and general and administrative expenses have been made and it should not be assumed that the net present values of the reserves estimated by Sproule represents the fair market value of the reserves.
下表概述了截至2023年12月31日的Gear储备。没有为利息、风险管理合同、还本付息以及一般和管理费用编列经费,也不应假设Sproule估计的储备金净现值代表储备金的公允市场价值。
Reserves Summary at Dec 31, 2023 Using Forecast Costs and January 1, 2024 Evaluator Average Forecast Prices
使用预测成本和 2024 年 1 月 1 日评估者平均预测价格得出 2023 年 12 月 31 日的储备金汇总
Company Gross |
Light & Medium Oil (Mbbl) |
Heavy Oil (Mbbl) |
NGL's (Mbbl) |
Natural Gas (MMcf) |
Equivalent (Mboe) |
Liquids Ratio (%) |
Proved Developed Producing | 4,183 | 3,647 | 562 | 9,874 | 10,038 | 84 |
Proved Non-Producing & Undeveloped | 2,816 | 2,816 | 419 | 4,912 | 6,869 | 88 |
Total Proved | 6,999 | 6,463 | 981 | 14,786 | 16,907 | 85 |
Probable Developed Producing | 1,366 | 1,223 | 170 | 2,925 | 3,246 | 85 |
Probable Non-Producing & Undeveloped | 1,737 | 3,611 | 193 | 3,227 | 6,079 | 91 |
Total Probable | 3,103 | 4,834 | 363 | 6,152 | 9,325 | 89 |
Total Proved plus Probable | 10,102 | 11,297 | 1,344 | 20,938 | 26,232 | 87 |
公司总收入 |
轻质和中度油 (Mbbl) |
重油 (Mbbl) |
NGL (Mbbl) |
天然气 (mmcf) |
等效 (Mboe) |
液体比例 (%) |
久经考验的开发产品 | 4,183 | 3,647 | 562 | 9,874 | 10,038 | 84 |
经证实非生产且未开发 | 2,816 | 2,816 | 419 | 4,912 | 6,869 | 88 |
已证明的总数 | 6,999 | 6,463 | 981 | 14,786 | 16,907 | 85 |
可能已开发生产 | 1,366 | 1,223 | 170 | 2,925 | 3,246 | 85 |
可能未生产且未开发 | 1,737 | 3,611 | 193 | 3,227 | 6,079 | 91 |
总可能性 | 3,103 | 4,834 | 363 | 6,152 | 9,325 | 89 |
已证明总数加上可能性 | 10,102 | 11,297 | 1,344 | 20,938 | 26,232 | 87 |
Net Present Value of Future Revenues Including Full ARO Before Income Taxes Under Forecast Prices and Costs
未来收入的净现值,包括低于预测价格和成本的所得税前全额ARO
Company Gross | Undiscounted | Discounted | Discounted | Discounted | Discounted |
($ thousands) | @ 5% | @ 10% | @ 15% | @ 20% | |
Proved Developed Producing | 249,562 | 232,523 | 206,307 | 183,555 | 165,216 |
Proved Non-Producing & Undeveloped | 153,671 | 106,935 | 75,365 | 53,451 | 37,745 |
Total Proved | 403,232 | 339,459 | 281,672 | 237,006 | 202,961 |
Probable Developed Producing | 134,148 | 90,305 | 65,728 | 50,957 | 41,361 |
Probable Non-Producing & Undeveloped | 183,982 | 130,714 | 97,590 | 75,473 | 59,869 |
Total Probable | 318,130 | 221,019 | 163,319 | 126,430 | 101,230 |
Total Proved plus Probable | 721,362 | 560,478 | 444,990 | 363,436 | 304,191 |
公司总收入 | 未打折 | 已打折 | 已打折 | 已打折 | 已打折 |
(千美元) | @ 5% | @ 10% | @ 15% | @ 20% | |
久经考验的开发产品 | 249,562 | 232,523 | 206,307 | 183,555 | 165,216 |
经证实非生产且未开发 | 153,671 | 106,935 | 75,365 | 53,451 | 37,745 |
已证明的总数 | 403,232 | 339,459 | 281,672 | 237,006 | 202,961 |
可能已开发生产 | 134,148 | 90,305 | 65,728 | 50,957 | 41,361 |
可能未生产且未开发 | 183,982 | 130,714 | 97,590 | 75,473 | 59,869 |
总可能性 | 318,130 | 221,019 | 163,319 | 126,430 | 101,230 |
已证明总数加上可能性 | 721,362 | 560,478 | 444,990 | 363,436 | 304,191 |
Net Future Development Capital ("FDC") Under Forecast Prices and Costs
净未来发展资本(“FDC”)低于预测的价格和成本
($ thousands) | Proved | Probable | Total |
2024 | 29,210 | 8,957 | 38,167 |
2025 | 54,259 | 19,624 | 73,883 |
2026 | 54,956 | 31,518 | 86,474 |
2027 | 23,477 | 18,740 | 42,217 |
2028 | - | - | - |
Undiscounted Total | 161,902 | 78,840 | 240,741 |
(千美元) | 证明了 | 很可能 | 总计 |
2024 | 29,210 | 8,957 | 38,167 |
2025 | 54,259 | 19,624 | 73,883 |
2026 | 54,956 | 31,518 | 86,474 |
2027 | 23,477 | 18,740 | 42,217 |
2028 | - | - | - |
未贴现总计 | 161,902 | 78,840 | 240,741 |
EFFICIENCY RATIOS
效率比率
The following table highlights annual capital efficiency through F&D and FD&A costs per boe metrics.
下表按英国央行指标重点介绍了通过财务与发展和财务及行政和分析成本计算的年度资本效率。
2023 | 2022 | |||||
Reserves (mboes), Capital ($ thousands) | PDP | TP | P+P | PDP | TP | P+P |
Development Reserves Additions | 2,879 | 2,627 | 2,655 | 2,586 | 2,169 | 2,025 |
Net Acquisition Reserves Additions | (152) | (334) | (553) | 4 | 4 | (11) |
Total Reserves Additions | 2,727 | 2,293 | 2,102 | 2,590 | 2,173 | 2,014 |
|
||||||
Development capital | 47,828 | 47,828 | 47,828 | 50,462 | 50,462 | 50,462 |
Development change in FDC | (821) | 1,829 | 5,129 | (2,717) | 12,642 | 10,400 |
Total development capital including FDC | 47,321 | 49,657 | 52,957 | 47,745 | 63,104 | 60,862 |
Net acquisition capital | 314 | 314 | 314 | 87 | 87 | 87 |
Net acquisition change in FDC | - | (4,226) | (5,598) | - | - | - |
Total net acquisition capital including FDC | 314 | (3,913) | (5,284) | 87 | 87 | 87 |
|
||||||
Total capital | 48,142 | 48,142 | 48,142 | 50,549 | 50,549 | 50,549 |
Total change in FDC | (821) | (2,397) | (469) | (2,717) | 12,642 | 10,400 |
Total capital including FDC | 47,321 | 45,745 | 47,673 | 47,832 | 63,191 | 60,949 |
|
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F&D costs with FDC per boe | 16.33 | 18.90 | 19.94 | 18.46 | 29.10 | 30.05 |
FD&A costs with FDC per boe | 17.36 | 19.95 | 22.67 | 18.47 | 29.08 | 30.26 |
3 Year average FD&A including FDC per boe | 14.79 | 20.44 | 20.35 | 22.89 | 21.41 | 17.50 |
|
||||||
Recycle ratio (FD&A with FDC) | 2.0 | 1.8 | 1.6 | 2.9 | 1.8 | 1.7 |
2023 | 2022 | |||||
储备(mboes),资本(千美元) | PDP | TP | P+P | PDP | TP | P+P |
增加开发储备 | 2,879 | 2,627 | 2655 | 2,586 | 2,169 | 2,025 |
净收购储备增加 | (152) | (334) | (553) | 4 | 4 | (11) |
储备增加总额 | 2727 | 2,293 | 2,102 | 2,590 | 2,173 | 2,014 |
|
||||||
开发资本 | 47,828 | 47,828 | 47,828 | 50,462 | 50,462 | 50,462 |
FDC 的发展变化 | (821) | 1,829 | 5,129 | (2,717) | 12,642 | 10,400 |
包括FDC在内的总开发资本 | 47,321 | 49,657 | 52,957 | 47,745 | 63,104 | 60,862 |
净收购资本 | 314 | 314 | 314 | 87 | 87 | 87 |
FDC的净收购变化 | - | (4,226) | (5,598) | - | - | - |
包括FDC在内的净收购资本总额 | 314 | (3,913) | (5,284) | 87 | 87 | 87 |
|
||||||
资本总额 | 48,142 | 48,142 | 48,142 | 50,549 | 50,549 | 50,549 |
FDC 的总体变化 | (821) | (2,397) | (469) | (2,717) | 12,642 | 10,400 |
包括FDC在内的总资本 | 47,321 | 45,745 | 47,673 | 47,832 | 63,191 | 60,949 |
|
||||||
按每桶FDC计算的F&D成本 | 16.33 | 18.90 | 19.94 | 18.46 | 29.10 | 30.05 |
按每桶FDC计算的FD&A成本 | 17.36 | 19.95 | 22.67 | 18.47 | 29.08 | 30.26 |
3年平均FD&A,包括每个英国央行的FDC | 14.79 | 20.44 | 20.35 | 22.89 | 21.41 | 17.50 |
|
||||||
回收率(FDC 的 FD&A) | 2.0 | 1.8 | 1.6 | 2.9 | 1.8 | 1.7 |
Reserves Life Index ("RLI")
储备寿险指数(“RLI”)
(years) | 2023 | 2022 | 2021 |
Proved Developed Producing | 5.3 | 4.9 | 4.6 |
Total Proved | 8.0 | 7.6 | 7.4 |
Total Proved plus Probable | 11.0 | 10.4 | 10.1 |
(年) | 2023 | 2022 | 2021 |
久经考验的开发产品 | 5.3 | 4.9 | 4.6 |
已证明的总数 | 8.0 | 7.6 | 7.4 |
已证明总数加上可能性 | 11.0 | 10.4 | 10.1 |
Net Asset Value ("NAV") at December 31, 2023
截至2023年12月31日的净资产价值(“NAV”)
($ millions, except per share amounts) | 2023 | 2022 |
Value of Company Interest Proved plus Probable Reserves Discounted at 10% (Before Tax) |
445.0 | 473.8 |
Undeveloped Land | 5.5 | 6.4 |
Net Debt | (14.0) | (2.2) |
NAV | 436.5 | 478.0 |
Shares Outstanding (millions) | 262.3 | 260.7 |
NAV per Share | 1.66 | 1.83 |
(百万美元,每股金额除外) | 2023 | 2022 |
已证实的公司利息价值加上按10%折现的可能储备金 (税前) |
445.0 | 473.8 |
未开发的土地 | 5.5 | 6.4 |
净负债 | (14.0) | (2.2) |
导航 | 436.5 | 478.0 |
已发行股份(百万) | 262.3 | 260.7 |
每股资产净值 | 1.66 | 1.83 |
Using various constant WTI price forecasts and assuming a WCS differential of US$14 per barrel, MSW differential of US$4 per barrel, and LSB differential of US$5 per barrel, AECO gas price of C$2 per GJ, and a foreign exchange of US$0.75 per C$, NAV's at December 31, 2023 at various discount rates before tax are as follows:
根据各种不变的WTI价格预测,假设WCS差额为每桶14美元,城市生活垃圾差额为每桶4美元,LSB差额为每桶5美元,AECO天然气价格为每GJ2加元,外汇为每加元0.75美元,截至2023年12月31日按不同税前折扣率计算的资产净值如下:
NAV per Share | Discount Rate (%) | Evaluator Average Forecast Prices, Jan 1, 2024 | WTI US$70/bbl | WTI US$80/bbl | WTI US$90/bbl |
Proved Developed Producing | 10 | 0.75 | 0.64 | 0.87 | 1.10 |
Total Proved | 10 | 1.04 | 0.83 | 1.22 | 1.62 |
Total Proved plus Probable | 10 | 1.66 | 1.33 | 1.90 | 2.47 |
每股资产净值 | 折扣率 (%) | 评估员平均预测价格,2024 年 1 月 1 日 | 西德中质原油 70 美元/桶 | WTI 80美元/桶 | 西德中质原油 90 美元/桶 |
久经考验的开发产品 | 10 | 0.75 | 0.64 | 0.87 | 1.10 |
已证明的总数 | 10 | 1.04 | 0.83 | 1.22 | 1.62 |
已证明总数加上可能性 | 10 | 1.66 | 1.33 | 1.90 | 2.47 |
RESERVES RECONCILIATION
储备对账
Reserves Reconciliation Company Gross |
Heavy Oil (Mbbl) |
Light & Medium Oil (Mbbl) |
Natural Gas (MMcf) | Natural Gas Liquids (Mbbl) | Oil Equivalent (Mboe) |
Proved Producing | |||||
Opening Balance, January 1, 2023 | 3,286 | 3,770 | 10,915 | 553 | 9,428 |
Technical Revisions | 1,145 | 1,071 | 677 | 97 | 2,425 |
Drilling Extensions | - | - | - | - | - |
Infill Drilling | 158 | - | - | - | 158 |
Improved Recovery | 149 | 42 | 168 | 15 | 235 |
Acquisitions | - | - | - | - | - |
Dispositions | (149) | - | (20) | - | (152) |
Economic Factors | 59 | 13 | (64) | (1) | 60 |
Production | (1,001) | (714) | (1,802) | (103) | (2,117) |
Closing Balance, December 31, 2023 | 3,647 | 4,183 | 9,874 | 562 | 10,038 |
Total Proved | |||||
Opening Balance, January 1, 2023 | 6,233 | 6,797 | 15,986 | 1,037 | 16,731 |
Technical Revisions | 590 | 541 | 67 | (9) | 1,133 |
Drilling Extensions | 103 | 133 | 166 | 25 | 288 |
Infill Drilling | 515 | 34 | 34 | 4 | 559 |
Improved Recovery | 176 | 130 | 352 | 17 | 383 |
Acquisitions | - | - | - | - | - |
Dispositions | (330) | - | (20) | - | (334) |
Economic Factors | 177 | 77 | 3 | 11 | 265 |
Production | (1,001) | (714) | (1,802) | (103) | (2,117) |
Closing Balance, December 31, 2023 | 6,463 | 6,999 | 14,786 | 981 | 16,907 |
Proved plus Probable | |||||
Opening Balance, January 1, 2023 | 10,950 | 10,010 | 22,915 | 1,467 | 26,247 |
Technical Revisions | 143 | 302 | (780) | (57) | 259 |
Drilling Extensions | 52 | 18 | 41 | 3 | 80 |
Infill Drilling | 1,110 | 57 | 57 | 7 | 1,183 |
Improved Recovery | 116 | 402 | 559 | 25 | 635 |
Acquisitions | - | - | - | - | - |
Dispositions | (549) | - | (26) | - | (553) |
Economic Factors | 476 | 26 | (26) | 1 | 499 |
Production | (1,001) | (714) | (1,802) | (103) | (2,117) |
Closing Balance, December 31, 2023 | 11,297 | 10,102 | 20,938 | 1,344 | 26,232 |
储备对账 公司总收入 |
重油 (Mbbl) |
轻质和中度油 (Mbbl) |
天然气 (mmcF) | 液化天然气 (Mbbl) | 石油当量 (Mboe) |
经过验证的产量 | |||||
期初余额,2023 年 1 月 1 日 | 3,286 | 3,770 | 10,915 | 553 | 9,428 |
技术修订 | 1,145 | 1,071 | 677 | 97 | 2,425 |
钻探扩展 | - | - | - | - | - |
填充钻孔 | 158 | - | - | - | 158 |
改善了恢复 | 149 | 42 | 168 | 15 | 235 |
收购 | - | - | - | - | - |
处置 | (149) | - | (20) | - | (152) |
经济因素 | 59 | 13 | (64) | (1) | 60 |
制作 | (1,001) | (714) | (1,802) | (103) | (2,117) |
期末余额,2023 年 12 月 31 日 | 3,647 | 4,183 | 9,874 | 562 | 10,038 |
已证明的总数 | |||||
期初余额,2023 年 1 月 1 日 | 6,233 | 6,797 | 15,986 | 1,037 | 16,731 |
技术修订 | 590 | 541 | 67 | (9) | 1,133 |
钻探扩展 | 103 | 133 | 166 | 25 | 288 |
填充钻孔 | 515 | 34 | 34 | 4 | 559 |
改善了恢复 | 176 | 130 | 352 | 17 | 383 |
收购 | - | - | - | - | - |
处置 | (330) | - | (20) | - | (334) |
经济因素 | 177 | 77 | 3 | 11 | 265 |
制作 | (1,001) | (714) | (1,802) | (103) | (2,117) |
期末余额,2023 年 12 月 31 日 | 6,463 | 6,999 | 14,786 | 981 | 16,907 |
已证明加上可能 | |||||
期初余额,2023 年 1 月 1 日 | 10,950 | 10,010 | 22,915 | 1,467 | 26,247 |
技术修订 | 143 | 302 | (780) | (57) | 259 |
钻探扩展 | 52 | 18 | 41 | 3 | 80 |
填充钻孔 | 1,110 | 57 | 57 | 7 | 1,183 |
改善了恢复 | 116 | 402 | 559 | 25 | 635 |
收购 | - | - | - | - | - |
处置 | (549) | - | (26) | - | (553) |
经济因素 | 476 | 26 | (26) | 1 | 499 |
制作 | (1,001) | (714) | (1,802) | (103) | (2,117) |
期末余额,2023 年 12 月 31 日 | 11,297 | 10,102 | 20,938 | 1,344 | 26,232 |
FORECAST PRICES AND COSTS
预测价格和成本
Evaluator average crude oil and natural gas benchmark reference pricing, inflation, and exchange rates utilized by Sproule as at January 1, 2024 were as follows:
截至2024年1月1日,Sproule使用的评估员平均原油和天然气基准参考价格、通货膨胀率和汇率如下:
Year |
Inflation (%) |
Exchange Rate (USD/CAD) |
WTI Cushing (40 API) (USD/bbl) |
Edmonton MSW (40 API) (CAD/bbl) |
WCS Hardisty (21 API) (CAD/bbl) |
AECO/NIT Spot (CAD/mmbtu) |
2024 | 0.00 | 0.75 | 73.67 | 92.91 | 76.74 | 2.20 |
2025 | 2.00 | 0.75 | 74.98 | 95.04 | 79.77 | 3.37 |
2026 | 2.00 | 0.76 | 76.14 | 96.07 | 81.12 | 4.05 |
2027 | 2.00 | 0.76 | 77.66 | 97.99 | 82.88 | 4.13 |
2028 | 2.00 | 0.76 | 79.22 | 99.95 | 85.04 | 4.21 |
2029 | 2.00 | 0.76 | 80.80 | 101.94 | 86.74 | 4.30 |
2030 | 2.00 | 0.76 | 82.42 | 103.98 | 88.47 | 4.38 |
2031 | 2.00 | 0.76 | 84.06 | 106.06 | 90.24 | 4.47 |
2032 | 2.00 | 0.76 | 85.74 | 108.18 | 92.04 | 4.56 |
2033 | 2.00 | 0.76 | 87.46 | 110.35 | 93.89 | 4.65 |
2034+ | 2.00 | 0.76 | +2.0%/yr | +2.0%/yr | +2.0%/yr | +2.0%/yr |
年 |
通胀 (%) |
汇率 (美元/加元) |
WTI 库欣 (40 API) (美元/桶) |
埃德蒙顿 MSW (40 API) (加元/BBL) |
WCS Hardisty (21 个 API) (加元/BBL) |
AECO/NIT Spot (加元/百万英热单位) |
2024 | 0.00 | 0.75 | 73.67 | 92.91 | 76.74 | 2.20 |
2025 | 2.00 | 0.75 | 74.98 | 95.04 | 79.77 | 3.37 |
2026 | 2.00 | 0.76 | 76.14 | 96.07 | 81.12 | 4.05 |
2027 | 2.00 | 0.76 | 77.66 | 97.99 | 82.88 | 4.13 |
2028 | 2.00 | 0.76 | 79.22 | 99.95 | 85.04 | 4.21 |
2029 | 2.00 | 0.76 | 80.80 | 101.94 | 86.74 | 4.30 |
2030 | 2.00 | 0.76 | 82.42 | 103.98 | 88.47 | 4.38 |
2031 | 2.00 | 0.76 | 84.06 | 106.06 | 90.24 | 4.47 |
2032 | 2.00 | 0.76 | 85.74 | 108.18 | 92.04 | 4.56 |
2033 | 2.00 | 0.76 | 87.46 | 110.35 | 93.89 | 4.65 |
2034+ | 2.00 | 0.76 | +2.0% /年 | +2.0% /年 | +2.0% /年 | +2.0% /年 |
GEAR ENERGY LTD.
CONSOLIDATED BALANCE SHEETS (unaudited)
As at December 31
齿轮能源有限公司
合并资产负债表(未经审计)
截至十二月三十一日
(Cdn$ thousands) | December 31, 2023 | December 31, 2022 |
|||||
ASSETS | |||||||
Current assets | |||||||
Accounts receivable | $ |
12,412 |
$ | 12,674 |
|||
Prepaid expenses |
2,660 |
3,341 |
|||||
Inventory |
6,791 |
8,178 |
|||||
Risk management contracts |
- |
1,057 |
|||||
|
21,863 |
25,250 |
|||||
|
|
|
|||||
Deferred income tax asset |
29,644 |
41,121 |
|||||
Property, plant and equipment |
287,318 |
283,038 |
|||||
Total assets | $ |
338,825 |
$ | 349,409 |
|||
|
|
|
|||||
LIABILITIES | |
|
|||||
Current liabilities | |
|
|||||
Accounts payable and accrued liabilities | $ |
14,807 |
$ | 19,290 |
|||
Decommissioning liability |
6,300 |
6,931 |
|||||
|
21,107 |
26,221 |
|||||
|
|
|
|||||
Debt |
21,155 |
7,123 |
|||||
Decommissioning liability |
59,822 |
64,451 |
|||||
Total liabilities |
102,084 |
97,795 |
|||||
|
|
|
|||||
SHAREHOLDERS' EQUITY | |
|
|||||
Share capital |
348,905 |
348,005 |
|||||
Contributed surplus |
18,330 |
17,837 |
|||||
Deficit | (130,494) | (114,228) | |||||
Total shareholders' equity |
236,741 |
251,614 |
|||||
Total liabilities and shareholders' equity | $ |
338,825 |
$ | 349,409 |
(千加元) | 2023年12月31日 | 2022年12月31日 |
|||||
资产 | |||||||
流动资产 | |||||||
应收账款 | $ |
12,412 |
$ | 12,674 |
|||
预付费用 |
2,660 |
3,341 |
|||||
库存 |
6,791 |
8,178 |
|||||
风险管理合同 |
- |
1,057 |
|||||
|
21,863 |
25,250 |
|||||
|
|
|
|||||
递延所得税资产 |
29,644 |
41,121 |
|||||
不动产、厂房和设备 |
287,318 |
283,038 |
|||||
总资产 | $ |
338,825 |
$ | 349,409 |
|||
|
|
|
|||||
负债 | |
|
|||||
流动负债 | |
|
|||||
应付账款和应计负债 | $ |
14,807 |
$ | 19,290 |
|||
退役责任 |
6,300 |
6,931 |
|||||
|
21,107 |
26,221 |
|||||
|
|
|
|||||
债务 |
21,155 |
7,123 |
|||||
退役责任 |
59,822 |
64,451 |
|||||
负债总额 |
102,084 |
97,795 |
|||||
|
|
|
|||||
股东权益 | |
|
|||||
股本 |
348,905 |
348,005 |
|||||
缴款盈余 |
18,330 |
17,837 |
|||||
赤字 | (130,494) | (114,228) | |||||
股东权益总额 |
236,741 |
251,614 |
|||||
负债和股东权益总额 | $ |
338,825 |
$ | 349,409 |
GEAR ENERGY LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited)
齿轮能源有限公司
合并收益和综合收益表(未经审计)
Three Months Ended December 31 |
Year Ended December 31 |
||||||||||||
(Cdn$ thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||
REVENUE | |||||||||||||
Petroleum and natural gas sales | $ |
37,524 |
$ | 39,278 |
$ |
148,714 |
$ | 187,277 |
|||||
Royalties | (5,578) | (5,504) | (18,895) | (24,899) | |||||||||
31,946 |
33,774 |
129,819 |
162,378 |
||||||||||
|
|
|
|
||||||||||
Realized gain (loss) on risk management contracts |
684 |
- |
2,369 |
(8,767) | |||||||||
Unrealized (loss) gain on risk management contracts | (26) | 1,353 |
(1,057) | 3,652 |
|||||||||
32,604 |
35,127 |
131,131 |
157,263 |
||||||||||
|
|
|
|
||||||||||
EXPENSES | |
|
|
|
|||||||||
Operating |
11,879 |
11,411 |
47,112 |
44,207 |
|||||||||
Transportation |
1,921 |
2,132 |
7,821 |
7,696 |
|||||||||
General and administrative |
1,491 |
1,388 |
7,207 |
7,096 |
|||||||||
Interest and financing charges |
621 |
176 |
2,229 |
1,033 |
|||||||||
Depletion, depreciation and amortization |
11,294 |
9,663 |
42,943 |
37,370 |
|||||||||
Impairment reversal |
- |
(10,023) |
- |
(10,023) | |||||||||
Accretion |
578 |
588 |
2,244 |
2,255 |
|||||||||
Share-based compensation |
350 |
320 |
1,412 |
1,055 |
|||||||||
Loss (gain) on foreign exchange |
1 |
(9) |
4 |
(193) | |||||||||
Bad debt |
96 |
19 |
96 |
19 |
|||||||||
28,231 |
15,665 |
111,068 |
90,515 |
||||||||||
Income before income taxes |
4,373 |
19,462 |
20,063 |
66,748 |
|||||||||
Deferred income tax (expense) recovery | (11,477) | 8,233 |
(11,477) | 8,233 |
|||||||||
Net (loss) income and comprehensive (loss) income | $ | (7,104) | $ | 27,695 |
$ |
8,586 |
$ | 74,981 |
|||||
|
|
|
|
||||||||||
|
|
|
|
||||||||||
Net (loss) income per share, basic | $ | (0.03) | $ | 0.11 |
$ |
0.03 |
$ | 0.29 |
|||||
Net (loss) income per share, diluted | $ | (0.03) | $ | 0.10 |
$ |
0.03 |
$ | 0.28 |
三个月已结束 12 月 31 日 |
已结束的年份 12 月 31 日 |
||||||||||||
(千加元,每股金额除外) | 2023 | 2022 | 2023 | 2022 | |||||||||
收入 | |||||||||||||
石油和天然气销售 | $ |
37,524 |
$ | 39,278 |
$ |
148,714 |
$ | 187,277 |
|||||
特许权使用费 | (5,578) | (5,504) | (18,895) | (24,899) | |||||||||
31,946 |
33,774 |
129,819 |
162,378 |
||||||||||
|
|
|
|
||||||||||
风险管理合同的已实现收益(亏损) |
684 |
- |
2,369 |
(8,767) | |||||||||
风险管理合同的未实现(亏损)收益 | (26) | 1,353 |
(1,057) | 3,652 |
|||||||||
32,604 |
35,127 |
131,131 |
157,263 |
||||||||||
|
|
|
|
||||||||||
费用 | |
|
|
|
|||||||||
运营 |
11,879 |
11,411 |
47,112 |
44,207 |
|||||||||
交通 |
1,921 |
2,132 |
7,821 |
7,696 |
|||||||||
一般和行政 |
1,491 |
1,388 |
7,207 |
7,096 |
|||||||||
利息和融资费用 |
621 |
176 |
2,229 |
1,033 |
|||||||||
损耗、折旧和摊销 |
11,294 |
9,663 |
42,943 |
37,370 |
|||||||||
减值逆转 |
- |
(10,023) |
- |
(10,023) | |||||||||
吸积 |
578 |
588 |
2,244 |
2,255 |
|||||||||
基于股份的薪酬 |
350 |
320 |
1,412 |
1,055 |
|||||||||
外汇损失(收益) |
1 |
(9) |
4 |
(193) | |||||||||
坏账 |
96 |
19 |
96 |
19 |
|||||||||
28,231 |
15,665 |
111,068 |
90,515 |
||||||||||
所得税前收入 |
4,373 |
19,462 |
20,063 |
66,748 |
|||||||||
递延所得税(费用)回收 | (11,477) | 8,233 |
(11,477) | 8,233 |
|||||||||
净(亏损)收益和综合(亏损)收益 | $ | (7,104) | $ | 27,695 |
$ |
8,586 |
$ | 74,981 |
|||||
|
|
|
|
||||||||||
|
|
|
|
||||||||||
基本每股净(亏损)收益 | $ | (0.03) | $ | 0.11 |
$ |
0.03 |
$ | 0.29 |
|||||
摊薄后的每股净(亏损)收益 | $ | (0.03) | $ | 0.10 |
$ |
0.03 |
$ | 0.28 |
GEAR ENERGY LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
For the years ended December 31
(Cdn$ thousands)
齿轮能源有限公司
合并股东权益变动表(未经审计)
截至12月31日的年度
(千加元)
Share Capital | Contributed Surplus | Deficit | Total Equity |
|||||||||
Balance at December 31, 2021 | $ | 350,332 |
$ | 19,337 |
$ | (170,621) | $ | 199,048 |
||||
Stock option exercise | 2,549 |
(2,579) | - |
(30) | ||||||||
Common shares repurchased | (4,876) | 24 |
(432) | (5,284) | ||||||||
Share-based compensation | - |
1,055 |
- |
1,055 |
||||||||
Dividends | - |
- |
(18,156) | (18,156) | ||||||||
Net income for the year | - |
- |
74,981 |
74,981 |
||||||||
Balance at December 31, 2022 | $ |
348,005 |
$ |
17,837 |
$ | (114,228) | $ |
251,614 |
||||
Stock option exercise | 900 |
(919) | - |
(19) | ||||||||
Share-based compensation | - |
1,412 |
- |
1,412 |
||||||||
Dividends | - |
- |
(24,852) | (24,852) | ||||||||
Net income for the year | - |
- |
8,586 |
8,586 |
||||||||
Balance at December 31, 2023 | $ |
348,905 |
$ |
18,330 |
$ | (130,494) | $ |
236,741 |
股本 | 出资盈余 | 赤字 | 总股权 |
|||||||||
2021 年 12 月 31 日的余额 | $ | 350,332 |
$ | 19,337 |
$ | (170,621) | $ | 199,048 |
||||
行使股票期权 | 2,549 |
(2,579) | - |
(30) | ||||||||
回购的普通股 | (4,876) | 24 |
(432) | (5,284) | ||||||||
基于股份的薪酬 | - |
1,055 |
- |
1,055 |
||||||||
分红 | - |
- |
(18,156) | (18,156) | ||||||||
本年度净收入 | - |
- |
74,981 |
74,981 |
||||||||
截至2022年12月31日的余额 | $ |
348,005 |
$ |
17,837 |
$ | (114,228) | $ |
251,614 |
||||
行使股票期权 | 900 |
(919) | - |
(19) | ||||||||
基于股份的薪酬 | - |
1,412 |
- |
1,412 |
||||||||
分红 | - |
- |
(24,852) | (24,852) | ||||||||
本年度净收入 | - |
- |
8,586 |
8,586 |
||||||||
截至2023年12月31日的余额 | $ |
348,905 |
$ |
18,330 |
$ | (130,494) | $ |
236,741 |
GEAR ENERGY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
齿轮能源有限公司
合并现金流量表(未经审计)
Three Months Ended December 31 |
Year Ended December 31 |
|||||||||||||
(Cdn$ thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net (loss) income | $ | (7,104) | $ | 27,695 |
$ |
8,586 |
$ | 74,981 |
||||||
Add items not involving cash: | |
|
|
|
||||||||||
Unrealized loss (gain) on risk management contracts |
26 |
(1,353) |
1,057 |
(3,652) | ||||||||||
Depletion, depreciation and amortization |
11,294 |
9,663 |
42,943 |
37,370 |
||||||||||
Impairment reversal |
- |
(10,023) |
- |
(10,023) | ||||||||||
Accretion |
578 |
588 |
2,244 |
2,255 |
||||||||||
Share-based compensation |
350 |
320 |
1,412 |
1,055 |
||||||||||
Bad debt |
96 |
19 |
96 |
19 |
||||||||||
Deferred income tax expense (recovery) |
11,477 |
(8,233) |
11,477 |
(8,233) | ||||||||||
Decommissioning liabilities settled | (2,560) | (1,417) | (6,115) | (6,288) | ||||||||||
Change in non-cash working capital |
3,656 |
1,306 |
1,889 |
2,285 |
||||||||||
17,813 |
18,565 |
63,589 |
89,769 |
|||||||||||
|
|
|
|
|||||||||||
CASH FLOWS USED IN FINANCING ACTIVITIES | |
|
|
|
||||||||||
Change in debt under credit facilities |
161 |
7,123 |
14,032 |
(19,232) | ||||||||||
Stock option exercise |
- |
18 |
(19) | (30) | ||||||||||
Common shares repurchased |
- |
- |
- |
(5,284) | ||||||||||
Cash dividends | (3,934) | (7,795) | (24,852) | (18,156) | ||||||||||
(3,773) | (654) | (10,839) | (42,702) | |||||||||||
|
|
|
|
|||||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES | |
|
|
|
||||||||||
Property, plant and equipment expenditures | (10,751) | (18,899) | (48,121) | (50,549) | ||||||||||
Disposition of petroleum and natural gas properties |
- |
- |
(184) | - |
||||||||||
Change in non-cash working capital | (3,289) | 490 |
(4,445) | 3,482 |
||||||||||
(14,040) | (18,409) | (52,750) | (47,067) | |||||||||||
|
|
|
|
|||||||||||
CHANGE IN CASH AND CASH EQUIVALENTS |
- |
(498) |
- |
- |
||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
- |
498 |
- |
- |
||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ |
- |
$ | - |
$ |
- |
$ | - |
三个月已结束 12 月 31 日 |
年终了 12 月 31 日 |
|||||||||||||
(千加元) | 2023 | 2022 | 2023 | 2022 | ||||||||||
来自经营活动的现金流 | ||||||||||||||
净(亏损)收入 | $ | (7,104) | $ | 27,695 |
$ |
8,586 |
$ | 74,981 |
||||||
添加不涉及现金的物品: | |
|
|
|
||||||||||
风险管理合同的未实现亏损(收益) |
26 |
(1,353) |
1,057 |
(3,652) | ||||||||||
损耗、折旧和摊销 |
11,294 |
9,663 |
42,943 |
37,370 |
||||||||||
减值逆转 |
- |
(10,023) |
- |
(10,023) | ||||||||||
吸积 |
578 |
588 |
2,244 |
2,255 |
||||||||||
基于股份的薪酬 |
350 |
320 |
1,412 |
1,055 |
||||||||||
坏账 |
96 |
19 |
96 |
19 |
||||||||||
递延所得税支出(回收) |
11,477 |
(8,233) |
11,477 |
(8,233) | ||||||||||
已结清退役负债 | (2,560) | (1,417) | (6,115) | (6,288) | ||||||||||
非现金营运资本的变化 |
3,656 |
1,306 |
1,889 |
2,285 |
||||||||||
17,813 |
18,565 |
63,589 |
89,769 |
|||||||||||
|
|
|
|
|||||||||||
用于融资活动的现金流量 | |
|
|
|
||||||||||
信贷额度下的债务变动 |
161 |
7,123 |
14,032 |
(19,232) | ||||||||||
股票期权行使 |
- |
18 |
(19) | (30) | ||||||||||
回购的普通股 |
- |
- |
- |
(5,284) | ||||||||||
现金分红 | (3,934) | (7,795) | (24,852) | (18,156) | ||||||||||
(3,773) | (654) | (10,839) | (42,702) | |||||||||||
|
|
|
|
|||||||||||
用于投资活动的现金流 | |
|
|
|
||||||||||
财产、厂房和设备支出 | (10,751) | (18,899) | (48,121) | (50,549) | ||||||||||
石油和天然气财产的处置 |
- |
- |
(184) | - |
||||||||||
非现金营运资本的变化 | (3,289) | 490 |
(4,445) | 3,482 |
||||||||||
(14,040) | (18,409) | (52,750) | (47,067) | |||||||||||
|
|
|
|
|||||||||||
现金和现金等价物的变化 |
- |
(498) |
- |
- |
||||||||||
现金和现金等价物,期初 |
- |
498 |
- |
- |
||||||||||
现金和现金等价物,期末 | $ |
- |
$ | - |
$ |
- |
$ | - |
Forward-looking Information and Statements
前瞻性信息和陈述
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to the following: the expectation that in 2024 Gear will deliver similar results to the prior year by focusing on core area drilling, water flood expansions, further de-risking and expansion of new drilling inventory and incremental returns to shareholders; Gear's expectation of the Trans Mountain pipeline expansion to be commissioned in 2024 and the resulting impacts and expected benefits thereof; Gear's intention to invest in further production growth opportunities in 2024; guidance including expected 2024 annual average production (including commodity weightings), expected royalty rate, expected operating and transportation costs, expected general and administrative costs, expected interest expense and expected capital and abandonment expenditures; Gear's forecasts and expectations of various factors on commodity prices and differentials; Gear's forecasting of 2024 funds from operations based on various commodity prices; Gear's forecasts relating to its monthly dividend and the effect of increasing or decreasing commodity prices on same; Gear's expectation that at a $75 WTI per barrel price FFO would equal the 2024 forecasted capital and abandonment expenditures of $57.0 million and the current annualized dividend; Gear's forecast of future drilling locations; Gear's expectation that any future increase in commodity prices beyond the base assumptions presented herein will provide incremental FFO less capital and abandonment expenditures and dividends which may be dedicated to potential future capital expansions, cash funded acquisitions, share buybacks and/or future dividend increases; Gear's expectation that any future decrease in commodity prices may result in incremental debt, potential capital adjustments and/or future dividend reductions; and Gear's expectations and beliefs relating to the NCIB including commencement and termination dates and reasons for the NCIB.
本新闻稿包含适用证券法所指的某些前瞻性信息和陈述。使用 “期望”、“预期”、“继续”、“估计”、“目标”、“持续”、“可能”、“将”、“项目”、“应该”、“相信”、“计划”、“打算”、“战略” 和类似表述中的任何词语均旨在识别前瞻性信息或陈述。特别是,但不限制前述内容,本新闻稿包含与以下内容有关的前瞻性信息和陈述:预计Gear将在2024年通过专注于核心区域钻探、水洪扩建、进一步降低风险和扩大新的钻探库存以及增加股东回报,取得与上年相似的业绩;Gear对跨山管道扩建项目将于2024年投入使用以及由此产生的影响和预期收益;Gear的投资意向2024年的进一步产量增长机会;指导方针包括2024年预期的年平均产量(包括大宗商品权重)、预期的特许权使用费率、预期的运营和运输成本、预期的一般和管理成本、预期的利息支出以及预期的资本和放弃支出;Gear对大宗商品价格和差异各种因素的预测和预期;Gear根据各种大宗商品价格对2024年运营资金的预测;Gear对其月度分红及其影响的预测大宗商品价格的上涨或下跌幅度相同;Gear预计,按每桶75美元的WTI价格,FFO将等于2024年预测的5,700万美元的资本和放弃支出以及当前的年化分红;Gear预计未来大宗商品价格的任何涨幅都将增加FFO,减少可能专门用于未来潜在资本扩张的资本和放弃支出和分红,现金融资收购,股份回购和/或未来股息增加;Gear预计未来大宗商品价格的任何下跌都可能导致债务增加、潜在的资本调整和/或未来的股息减少;以及Gear对NCIB的预期和信念,包括NCIB的开始和终止日期以及原因。
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Gear including, without limitation: that Gear will continue to conduct its operations in a manner consistent with past operations; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; the accuracy of the estimates of Gear's reserves and resource volumes; certain commodity price and other cost assumptions; and the continued availability of adequate debt and equity financing and funds from operations to fund its planned expenditures. Gear believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
本新闻稿中包含的前瞻性信息和陈述反映了Gear的多个重要因素以及预期和假设,包括但不限于:Gear将继续以与过去运营一致的方式开展业务;当前行业状况的总体延续;现有(在某些情况下,拟议的)税收、特许权使用费和监管制度的继续实施;Gear储量和资源量估算的准确性;某些大宗商品价格和其他成本假设; 以及持续获得充足的债务和股权融资以及运营资金, 为其计划支出提供资金.Gear认为,前瞻性信息和陈述中反映的重大因素、预期和假设是合理的,但无法保证这些因素、预期和假设会被证明是正确的。
To the extent that any forward-looking information contained herein may be considered a financial outlook, such information has been included to provide readers with an understanding of management's assumptions used for budgeting and developing future plans and readers are cautioned that the information may not be appropriate for other purposes. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Gear's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Gear or by third party operators of Gear's properties, increased debt levels or debt service requirements; any inability to obtain debt or equity financing as necessary to fund operations, capital expenditures and any potential acquisitions; inaccurate estimation of Gear's oil and gas reserve and resource volumes; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impacts of wars and conflicts (including the Russian Ukrainian war and the Israel-Palestine war), pandemics, political events, natural disasters and terrorism; and the impact of competitors. In addition, any future share buybacks or any other distributions to shareholders will depend on the Board of Directors of Gear determining that such actions are in the best interests of the Company. Gear's Board of Directors may determine that any available cash should be allocated for other purposes such as acquisitions or additional capital expenditures instead of making distributions to shareholders. In addition, forward-looking information and statements are subject to certain other risks detailed from time to time in Gear's public documents including in Gear's most current annual information form which is available on SEDAR+ at .
在某种程度上,本文包含的任何前瞻性信息均可被视为财务展望,因此纳入此类信息是为了让读者了解管理层在预算和制定未来计划时使用的假设,并提醒读者,这些信息可能不适用于其他目的。本新闻稿中包含的前瞻性信息和陈述不能保证未来的表现,不应过度依赖。此类信息和陈述涉及已知和未知的风险、不确定性和其他因素,这些因素可能导致实际结果或事件与此类前瞻性信息或陈述中的预期存在重大差异,包括但不限于:大宗商品价格的变化;对Gear产品的需求或供应的变化;意想不到的经营业绩或产量下降;税收或环境法、特许权使用费率或其他监管事项的变化;Gear或Gear物业的第三方运营商的发展计划的变化,债务水平或偿债要求增加;无法获得必要的债务或股权融资,为运营、资本支出和任何潜在收购提供资金;对Gear石油和天然气储备和资源量的估计不准确;资本市场准入有限、不利或缺乏准入;成本增加;缺乏足够的保障;战争和冲突(包括俄乌战争和以巴战争)、流行病、政治事件、自然灾害的影响,以及恐怖主义;以及竞争对手。此外,未来的任何股票回购或对股东的任何其他分配都将取决于Gear董事会是否确定此类行动符合公司的最大利益。Gear的董事会可以决定将任何可用现金分配给其他目的,例如收购或额外的资本支出,而不是向股东进行分配。此外,前瞻性信息和陈述受某些其他风险的影响,这些风险在Gear的公开文件中不时详述,包括Gear最新的年度信息表,该表可在SEDAR+上查阅。
The amount of future cash dividends paid by Gear, if any, will be subject to the discretion of the Board of Directors of Gear and may vary depending on a variety of factors and conditions existing from time to time, including, among other things, funds from operations, fluctuations in commodity prices, production levels, capital expenditure requirements, debt service requirements and debt levels, operating costs, royalty burdens, foreign exchange rates and the satisfaction of the liquidity and solvency tests imposed by applicable corporate law for the declaration and payment of dividends. Depending on these and various other factors, many of which will be beyond the control of the Company, the dividend policy of the Company from time to time and, as a result, future cash dividends may not be paid or if paid could at a later date be reduced or suspended entirely.
Gear未来支付的现金分红金额(如果有)将由Gear董事会酌情决定,并可能因不时存在的各种因素和条件而有所不同,包括运营资金、大宗商品价格波动、生产水平、资本支出要求、还本付息要求和债务水平、运营成本、特许权使用费负担、外汇汇率和流动性满意度以及通过偿付能力测试实施的偿付能力测试等申报所适用的公司法以及分红的支付。视这些因素和其他各种因素而定,其中许多因素将超出公司的控制范围,因此,未来的现金分红可能无法支付,如果已支付,则可能会在以后减少或完全暂停。
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Gear does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
本新闻稿中包含的前瞻性信息和陈述仅代表截至本新闻稿发布之日,除非适用法律有要求,否则Gear不承担任何义务对其进行公开更新或修改以反映新的事件或情况。
Non-GAAP and Other Financial Measures
非公认会计准则和其他财务指标
This press release includes references to non-GAAP and other financial measures that Gear uses to analyze financial performance. These specified financial measures include non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures, and are not defined by International Financial Reporting Standards and are therefore referred to as non-GAAP and other financial measures. Management believes that the non-GAAP and other financial measures used by the Company are key performance measures for Gear and provide investors with information that is commonly used by other oil and gas companies. These key performance indicators and benchmarks as presented do not have any standardized meaning prescribed by Canadian GAAP and therefore may not be comparable with the calculation of similar measures for other entities. These non-GAAP and other financial measures should not be considered an alternative to or more meaningful than their most directly comparable financial measure presented in the financial statements, as an indication of the Company's performance. Descriptions of the non-GAAP and other financial measures used by the Company as well as reconciliations to the most directly comparable GAAP measure for the year ended December 31, 2023 and December 31, 2022, where applicable, are provided below.
本新闻稿提到了Gear用来分析财务业绩的非公认会计准则和其他财务指标。这些特定的财务指标包括非公认会计准则财务指标、非公认会计准则比率、资本管理指标和补充财务指标,未由《国际财务报告准则》定义,因此被称为非公认会计准则和其他财务指标。管理层认为,公司使用的非公认会计准则和其他财务指标是Gear的关键绩效指标,可为投资者提供其他石油和天然气公司常用的信息。所提出的这些关键绩效指标和基准不具有加拿大公认会计原则规定的任何标准化含义,因此可能无法与其他实体类似指标的计算进行比较。作为公司业绩的指标,不应将这些非公认会计准则和其他财务指标视为财务报表中列报的最直接可比财务指标的替代品,也不应将其更有意义。下文描述了公司使用的非公认会计准则和其他财务指标,以及与截至2023年12月31日和2022年12月31日止年度(如适用)最直接可比的GAAP指标的对账。
Funds from Operations
运营资金
Funds from operations is a non-GAAP financial measure defined as cash flows from operating activities before changes in non-cash operating working capital and decommissioning liabilities settled. Gear evaluates its financial performance primarily on funds from operations and considers it a key measure for management and investors as it demonstrates the Company's ability to generate the funds from operations necessary to fund its capital program, settle decommissioning liabilities, repay debt, finance dividends and/or repurchase common shares under the Company's NCIB, if the Company chooses to do so. The following is a reconciliation of funds from operations from cash flows from operating activities.
运营资金是一种非公认会计准则财务指标,定义为在结清非现金运营资本变动和退役负债之前来自运营活动的现金流。Gear主要根据运营资金评估其财务业绩,并将其视为管理层和投资者的关键衡量标准,因为它表明如果公司选择这样做,公司有能力从运营中筹集必要的资金,为其资本计划提供资金、结清退役负债、偿还债务、融资分红和/或回购公司NCIB下的普通股。以下是来自运营活动的现金流的运营资金的对账情况。
Reconciliation of cash flows from operating activities to funds from operations:
经营活动现金流与运营资金的对账:
Three months ended | Year ended | |||||
($ thousands) | Dec 31, 2023 | Dec 31, 2022 | Sep 30, 2023 | Dec 31, 2023 | Dec 30, 2022 | |
Cash flows from operating activities | 17,813 | 18,565 | 17,532 | 63,589 | 89,769 | |
Decommissioning liabilities settled (1) | 2,560 | 1,417 | 2,202 | 6,115 | 6,288 | |
Change in non-cash working capital | (3,656) | (1,306) | 1,244 | (1,889) | (2,285) | |
Funds from operations | 16,717 | 18,676 | 20,978 | 67,815 | 93,772 |
三个月已结束 | 年终了 | |||||
(千美元) | 2023年12月31日 | 2022年12月31日 | 2023年9月30日 | 2023年12月31日 | 2022年12月30日 | |
来自经营活动的现金流 | 17,813 | 18,565 | 17,532 | 63,589 | 89,769 | |
已结清退役负债 (1) | 2,560 | 1,417 | 2,202 | 6,115 | 6,288 | |
非现金营运资本的变化 | (3,656) | (1,306) | 1,244 | (1,889) | (2,285) | |
运营资金 | 16,717 | 18,676 | 20,978 | 67,815 | 93,772 |
(1) Decommissioning liabilities settled includes only expenditures made by Gear.
(1) 已结算的退役负债仅包括Gear的支出。
Funds from Operations per BOE
每个英国央行的运营资金
Funds from operations per boe is a non-GAAP ratio calculated as funds from operations, as defined and reconciled to cash flows from operating activities above, divided by sales production for the period. Gear considers this a useful non-GAAP ratio for management and investors as it evaluates financial performance on a per boe level, which enables better comparison to other oil and gas companies in demonstrating its ability to generate the funds from operations necessary to fund its capital program, settle decommissioning liabilities, repay debt, finance dividends and/or repurchase common shares under the Company's NCIB, if the Company chooses to do so.
每个英国央行的运营资金是非公认会计准则比率,计算方法是根据上述经营活动产生的现金流除以该期间的销售产值(定义和核对后的运营资金)进行核对。Gear认为,对于管理层和投资者来说,这是一个有用的非公认会计准则比率,因为它可以根据英国央行水平评估财务业绩,与其他石油和天然气公司进行比较,证明其有能力从运营中筹集必要的资金,为其资本计划提供资金,结清退役负债,偿还债务,融资分红和/或回购公司NCIB下的普通股,前提是公司选择这样做。
Funds from operations per weighted average basic share
每股加权平均基本份额的运营资金
Funds from operations per weighted average basic share is a non-GAAP ratio calculated as funds from operations, as defined and reconciled to cash flows from operating activities above, divided by the weighted average basic share amount. Gear considers this non-GAAP ratio a useful measure for management and investors as it demonstrates its ability to generate the funds from operations, on a per weighted average basic share basis, necessary to fund its capital program, settle decommissioning liabilities, repay debt, finance dividends and/or repurchase common shares under the Company's NCIB, if the Company chooses to do so.
每加权平均基本份额的运营资金是非公认会计准则比率,计算方法是根据上述经营活动产生的现金流除以加权平均基本份额的定义和对账后的运营资金除以加权平均基本股金额。Gear认为,这种非公认会计准则比率对管理层和投资者来说是一项有用的衡量标准,因为它表明它有能力在每加权平均基本股基础上从运营中筹集资金,为其资本计划提供资金、结清退役负债、偿还债务、融资分红和/或回购公司NCIB下的普通股,前提是公司选择这样做。
Net (debt) surplus
净(债务)盈余
Net (debt) surplus is a capital management measure defined as debt less current working capital items (excluding debt, risk management contracts and decommissioning liabilities). Gear believes net (debt) surplus provides management and investors with a measure that is a key indicator of its leverage and strength of its balance sheet. Changes in net (debt) surplus are primarily a result of funds from operations, capital and abandonment expenditures, equity issuances, dividends paid and equity repurchases pursuant to the NCIB, if the Company chooses to do so.
净(债务)盈余是一项资本管理衡量标准,定义为债务减去流动营运资本项目(不包括债务、风险管理合同和退役负债)。Gear认为,净(债务)盈余为管理层和投资者提供了衡量其杠杆率和资产负债表实力的关键指标。净(债务)盈余的变化主要是来自运营、资本和放弃支出、股票发行、分红和根据NCIB进行股权回购的资金(如果公司选择这样做)。
Reconciliation of debt to net debt:
债务与净负债的对账:
Capital Structure and Liquidity ($ thousands) |
Dec 31, 2023 | Dec 31, 2022 |
Debt | (21,155) | (7,123) |
Working capital surplus (1) | 7,056 | 4,903 |
Net debt | (14,099) | (2,220) |
资本结构和流动性 (千美元) |
2023年12月31日 | 2022年12月31日 |
债务 | (21,155) | (7,123) |
营运资金盈余 (1) | 7,056 | 4,903 |
净负债 | (14,099) | (2,220) |
(1) Excludes risk management contracts and decommissioning liabilities.
(1) 不包括风险管理合同和退役负债。
Net Debt to Funds from Operations
运营资金负债净额
Net debt to funds from operations is a non-GAAP ratio and is defined as net debt, as defined and reconciled to debt above, divided by the funds from operations, as defined and reconciled to cash flows from operating activities above, for the year. Gear uses net debt to funds from operations to analyze financial and operating performance. Gear considers this a key measure for management and investors as it demonstrates the Company's ability to pay off its debt and take on new debt, if necessary, using the most recent annual results. When the Company is in a net surplus position, the Company's net debt to funds from operations is not applicable.
净负债占运营资金的比率是非公认会计准则比率,定义为当年的净负债(定义并与上述债务对账)除以运营资金(定义并与上述经营活动产生的现金流进行对账)。Gear使用净负债为运营提供资金来分析财务和运营业绩。Gear认为这是管理层和投资者的关键衡量标准,因为它表明公司有能力在必要时使用最新的年度业绩偿还债务和承担新债务。当公司处于净盈余状况时,公司的运营资金净负债不适用。
Net Debt to Quarterly Annualized Funds from Operations
来自运营的季度年化基金的净负债
Net debt to quarterly annualized funds from operations is a non-GAAP ratio and is defined as net debt, as defined and reconciled to debt above, divided by the annualized funds from operations, as defined and reconciled to cash flows from operating activities above, for the most recently completed quarter. Gear uses net debt to quarterly annualized funds from operations to analyze financial and operating performance. Gear considers this a key measure for management and investors as it demonstrates the Company's ability to pay off its debt and take on new debt, if necessary, using the most recent quarter's results. When the Company is in a net surplus position, the Company's net debt to annualized funds from operations is not applicable.
净负债与季度运营年化资金的比率是非公认会计准则比率,定义为最近完成的季度的净负债(定义并与上述债务对账)除以来自运营的年化资金,定义并与上述运营活动产生的现金流进行对账。Gear使用净负债作为季度年化运营资金来分析财务和运营业绩。Gear认为这是管理层和投资者的关键衡量标准,因为它表明了公司在必要时利用最近一个季度的业绩偿还债务和承担新债务的能力。当公司处于净盈余状况时,公司对年化运营资金的净负债不适用。
Debt Adjusted Shares
债务调整后股票
Debt adjusted shares is a non-GAAP financial measure calculated as the weighted average shares minus the share equivalent when Gear has an average net surplus position, or plus the share equivalent when Gear has an average net debt position, as defined and reconciled to debt above, over the period. This assumes that net surplus is used to repurchase shares or net debt is extinguished with an issuance based on a certain share price; however, it should be noted that Gear's bank debt is not convertible into shares. The calculation of debt adjusted shares assumes that Gear issues shares for cash proceeds and such proceeds are used to repay the amounts outstanding under the Company's bank debt, or Gear has the ability to repurchase shares when in a net surplus position. Gear has used the ten-day volume weighted average share price ending at the end of the period as this share price better captures the actual price that could be theoretically used in the event that shares are hypothetically issued to extinguish outstanding debt or the price that the Company repurchases shares at. Gear considers debt adjusted shares a useful measure for management and investors as it enables oil and gas companies to be put on an equal, enterprise value-based footing when calculating per share numbers.
债务调整后股票是一种非公认会计准则财务指标,计算方法是当Gear的平均净盈余头寸时,加权平均股票减去等值股份,或者当Gear的平均净负债状况(定义并与上述债务对账后)在此期间加权平均净负债状况加上等值股份。这假设净盈余用于回购股票,或者净负债通过基于特定股价的发行而消失;但是,应该注意的是,Gear的银行债务不能转换为股票。债务调整后股票的计算假设Gear发行股票以获得现金收益,此类收益用于偿还公司银行债务下的未偿还款项,或者Gear在处于净盈余状况时有能力回购股票。Gear使用了截至期末的十天成交量加权平均股价,因为该股价更好地反映了实际价格,理论上可以在假设发行股票以清偿未偿债务或公司回购股票的价格的情况下使用。Gear认为,债务调整后的股票对管理层和投资者来说是一项有用的衡量标准,因为它使石油和天然气公司在计算每股数字时能够处于平等的、基于企业价值的基础上。
Reconciliation of weighted average basic shares to debt adjusted shares:
加权平均基本股与债务调整后股票的对账:
Three months ended | Year ended | ||||
(thousands, except per share amounts) | Dec 31, 2023 | Dec 31, 2022 | Sep 30, 2023 | Dec 31, 2023 | Dec 31, 2022 |
Weighted average basic shares | 262,247 | 259,908 | 262,139 | 261,725 | 259,791 |
Average share price (1) | 0.65 | 1.06 | 0.86 | 0.65 | 1.06 |
Average net (debt) surplus (2) | (13,698) | 2,370 | (13,810) | (8,160) | (9,025) |
Share equivalent on average net (debt) surplus (3) | 21,074 | (2,236) | 16,058 | 12,554 | 8,514 |
Debt adjusted shares | 283,321 | 257,672 | 278,197 | 274,279 | 268,305 |
三个月已结束 | 年终了 | ||||
(千美元,每股金额除外) | 2023年12月31日 | 2022年12月31日 | 2023年9月30日 | 2023年12月31日 | 2022年12月31日 |
加权平均基本股 | 262,247 | 259,908 | 262,139 | 261,725 | 259,791 |
平均股价 (1) | 0.65 | 1.06 | 0.86 | 0.65 | 1.06 |
平均净(债务)盈余 (2) | (13,698) | 2,370 | (13,810) | (8,160) | (9,025) |
平均净(债务)盈余的等值股份 (3) | 21,074 | (2,236) | 16,058 | 12,554 | 8,514 |
债务调整后的股票 | 283,321 | 257,672 | 278,197 | 274,279 | 268,305 |
(1) Average share price obtained by a ten-day volume weighted average price ending at the end of the period.
(2) Average net (debt) surplus obtained by a simple average between opening and ending net (debt) surplus for the quarters and years ended.
(3) Share equivalent on average net (debt) surplus obtained by average net (debt) surplus divided by average share price.
(1) 通过截至期末的十天成交量加权平均价格获得的平均股价。
(2)按截至季度和年度的期初和期末净(债务)盈余之间的简单平均值获得的平均净(债务)盈余的平均值。
(3)平均净(债务)盈余乘以平均净(债务)盈余除以平均股价得出的等价股票。
Reserves per debt adjusted shares
每股负债调整后股票的储备金
Reserves per debt adjusted shares is a non-GAAP ratio calculated as reserves, boe, divided by debt adjusted shares, as defined and reconciled to weighted average basic shares above. Gear considers reserves, boe, per debt adjusted shares a useful non-GAAP ratio for management and investors as it enables oil and gas companies to be put on an equal, enterprise value-based footing when calculating per share numbers to demonstrate the Company's ability to produce oil and gas.
每股负债调整后股票的储备金是非公认会计准则比率,计算方法是储备金(英国央行)除以债务调整后股份,定义并与上述加权平均基本份额进行核对。Gear认为,对于管理层和投资者而言,英国央行调整后每股储备金是有用的非公认会计准则比率,因为这使石油和天然气公司在计算每股数字以证明公司生产石油和天然气的能力时能够站在平等的、基于企业价值的基础上。
(boe per debt adjusted share) | Dec 31, 2023 | Dec 31, 2022 |
Proved developed producing | 0.037 | 0.035 |
Total proved | 0.062 | 0.062 |
Total proved plus probable | 0.096 | 0.098 |
(债务调整后每股英国央行) | 2023年12月31日 | 2022年12月31日 |
久经考验的发达 | 0.037 | 0.035 |
总共证明了 | 0.062 | 0.062 |
总数已证实再加上可能性 | 0.096 | 0.098 |
Reserves value before tax 10 per cent per debt adjusted shares
每股债务调整后股票的税前储备金价值为10%
Reserves value before tax 10 per cent per debt adjusted shares is a non-GAAP ratio calculated as reserves value before tax 10 per cent, divided by debt adjusted shares, as defined and reconciled to weighted average basic shares above. Gear considers reserves value before tax 10 per cent per debt adjusted shares a useful non-GAAP ratio for management and investors as it enables oil and gas companies to be put on an equal, enterprise value-based footing when calculating per share numbers to demonstrate the Company's ability to produce oil and gas.
每股债务调整后股票的税前储备金价值10%是非公认会计准则比率,计算方法是税前储备金价值10%除以债务调整后股份,定义并与上述加权平均基本份额进行核对。Gear认为,每股债务调整后股票的税前储备价值为10%,这对管理层和投资者来说是一个有用的非公认会计准则比率,因为这使石油和天然气公司在计算每股数字以证明公司生产石油和天然气的能力时能够站在平等的、基于企业价值的基础上。
($ per debt adjusted share) | Dec 31, 2023 | Dec 31, 2022 |
Proved developed producing | 0.752 | 0.739 |
Total proved | 1.027 | 1.093 |
Total proved plus probable | 1.623 | 1.766 |
(债务调整后每股美元) | 2023年12月31日 | 2022年12月31日 |
久经考验的发达 | 0.752 | 0.739 |
总共证明了 | 1.027 | 1.093 |
总数已证实再加上可能性 | 1.623 | 1.766 |
Operating Netback
运营净回报
Operating netbacks are non-GAAP ratios calculated based on the amount of revenues received on a per unit of production basis after royalties and operating costs. Management considers operating netback to be a key measure of operating performance and profitability on a per unit basis of production. Management believes that netback provides investors with information that is commonly used by other oil and gas companies. The measurement on a per boe basis assists management and investors with evaluating operating performance on a comparable basis.
运营净回值是根据扣除特许权使用费和运营成本后每单位产量获得的收入额计算的非公认会计准则比率。管理层认为,营业净回值是衡量单位产量的经营业绩和盈利能力的关键指标。管理层认为,netback为投资者提供了其他石油和天然气公司常用的信息。以英国央行为基础的衡量有助于管理层和投资者在可比基础上评估经营业绩。
Finding and Development ("F&D") Costs and Finding, Development and Acquisition ("FD&A") Costs
寻找和开发(“F&D”)成本和寻找、开发和收购(“FD&A”)成本
F&D costs and FD&A costs are non-GAAP ratios. The calculation for F&D includes all exploration, development capital for that period plus the change in FDC for that period. This total capital including the change in the FDC is then divided by the change in reserves for that period incorporating all revisions for that same period. The calculation for FD&A is calculated in the same manner except it also accounts for any acquisition costs incurred during the period. Gear considers F&D and FD&A as useful non-GAAP ratios for management and investors to measure the return of investment or capital efficiency of the Company's capital expenditures.
F&D 成本和 FD&A 成本是非 GAAP 比率。F&D 的计算包括该时期的所有勘探、开发资本以及该时期FDC的变化。然后,包括FDC变动在内的总资本除以该期间的储备金变化,其中包括同期的所有修订。FD&A 的计算方式相同,唯一的不同是它还考虑了在此期间产生的任何购置成本。Gear认为,F&D和FD&A是管理层和投资者衡量公司资本支出的投资回报率或资本效率的有用非公认会计准则比率。
Recycle Ratio
回收率
Recycle ratio is a non-GAAP ratio. Recycle ratio is calculated by dividing operating netback per barrel of oil equivalent by either F&D or FD&A costs on a per barrel of oil equivalent. Management uses recycle ratio to relate the cost of adding reserves to the expected cash flows to be generated.
回收率是非公认会计准则比率。回收率的计算方法是将每桶石油当量的运营净回收除以每桶石油当量的F&D或FD&A成本。管理层使用回收率将增加储备金的成本与预期产生的现金流联系起来。
Net Asset Value ("NAV")
资产净值(“NAV”)
NAV is a supplementary financial measure the composition of which is set out under the heading "Efficiency Ratios" in this press release. Gear considers NAV a useful supplementary measure for management and investors as it enables oil and gas companies to measure the value of an outstanding share of the Company based on the independent reserves evaluation of the Company's reserves plus certain assumptions made by management as to the value of the other assets of the Company. For the purposes of calculating NAV as presented herein, undeveloped land has been based on internal estimates of the value of the Company's undeveloped land. Net debt is used as a component of the NAV calculation, which is a capital management measure the composition of which is explained above. For the purposes of the calculation of NAV the number of shares outstanding does not include any shares issuable on any securities of the Company that are convertible, exchangeable or exercisable into shares of the Company.
资产净值是一项补充财务指标,其构成在本新闻稿的 “效率比率” 标题下列出。Gear认为资产净值对管理层和投资者来说是一项有用的补充衡量标准,因为它使石油和天然气公司能够根据对公司储备的独立储备评估以及管理层对公司其他资产价值的某些假设来衡量公司已发行股票的价值。为了计算此处列出的资产净值,未开发土地是基于对公司未开发土地价值的内部估计。净负债用作资产净值计算的组成部分,资产净值是一种资本管理衡量标准,其组成如上所述。就资产净值的计算而言,已发行股份数量不包括本公司任何证券上可转换、可交换或可行使为公司股份的任何股份。
Oil and Gas Metrics
石油和天然气指标
This press release contains the term reserves life index, which is an oil and gas metric that does not have a standardized meaning or standard method of calculation and therefore such measure may not be comparable to similar measures used by other companies. Reserves life index has been included herein to provide readers with an additional measure to evaluate the Company's performance; however, such measure is not a reliable indicator of the future performance of the Company and future performance may not compare to the performance in previous periods. Reserves life index is calculated by dividing the reserves in each category by the corresponding Sproule forecast of annual production. This press release also contains the terms NAV, FD&A cost, F&D cost, reserves per DA share, reserves value BT10 per DA share, recycle ratio and operating netback, which are oil and gas metrics that do not have any standardized meanings and may not be comparable to similar measures presented by other entities. For additional information related to these measures see "Efficiency Ratios" and "Non-GAAP and Other Financial Measures" in this press release.
本新闻稿包含定期储备寿命指数,这是一种石油和天然气指标,没有标准的含义或标准的计算方法,因此此类衡量标准可能无法与其他公司使用的类似衡量标准相提并论。此处纳入储备寿险指数是为了向读者提供评估公司业绩的额外衡量标准;但是,该指标不是公司未来业绩的可靠指标,未来的表现可能无法与前一时期的表现相提并论。储量寿命指数的计算方法是将每个类别的储量除以相应的Sproule年产量预测。本新闻稿还包含资产净值、FD&A成本、F&D成本、每股DA储备金、每股DA储备金额、回收率和运营净回值等术语,这些术语没有任何标准化含义,可能无法与其他实体提出的类似指标相提并论。有关这些指标的更多信息,请参阅本新闻稿中的 “效率比率” 和 “非公认会计准则和其他财务指标”。
Drilling Locations
钻探地点
This press release discloses drilling locations in three categories: (i) proved locations; (ii) probable locations; and (iii) unbooked locations. Proved locations and probable locations are derived from Sproule reserves report as of December 31, 2023 and account for drilling locations that have associated proved and/or probable reserves, as applicable. All drilling locations identified herein that are not proved or probable locations are considered unbooked locations. Unbooked locations are internal estimates based on Gear's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations have been identified by management as an estimation of our multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production, pricing assumptions and reserves information. There is no certainty that Gear will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which Gear actually drill wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While the majority of Gear's unbooked locations are extensions or infills of the drilling patterns already recognized by the independent evaluator, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.
本新闻稿披露了三类钻探地点:(i)已探明地点;(ii)可能的地点;(iii)未预订的地点。探明地点和可能的地点来自截至2023年12月31日的Sproule储量报告,并酌情考虑了具有相关探明和/或可能储量的钻探地点。此处确定的所有未经证实的钻探地点或可能的地点均被视为未预订的地点。未预订的地点是根据Gear的预期面积进行的内部估算,以及根据行业惯例和内部审查对每个区域可以钻探的油井数量的假设。管理层根据对适用的地质、地震、工程、生产、定价假设和储量信息的评估,确定了未预订的地点,这是对我们多年钻探活动的估计。不确定Gear是否会钻探所有未预订的钻探地点,如果进行了钻探,也不确定这些地点是否会增加石油和天然气储量、资源或产量。Gear实际钻井的钻探地点最终将取决于资金的可用性、监管部门的批准、季节性限制、石油和天然气价格、成本、实际钻探结果、获得的其他储层信息以及其他因素。尽管Gear的大多数未预订地点都是独立评估人员已经确认的钻探模式的延伸或补充,但其他未预订的钻探地点距离现有油井更远,管理层对储层特征的了解较少,因此更不确定是否会在这些地点钻探油井,如果钻探,此类油井将增加石油和天然气储量、资源或产量的不确定性。
Barrels of Oil Equivalent
桶装石油当量
Disclosure provided herein in respect of BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six Mcf to one Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead. Additionally, 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 ratio of 6:1 may be misleading as an indication of value.
此处提供的有关英国央行的披露可能会产生误导,特别是如果单独使用。6 Mcf 比 1 Bbl 的京东方转换比率基于一种主要适用于燃烧器尖端的能量等效转换方法,并不代表井口的等值值。此外,鉴于与天然气相比,基于当前原油价格的价值比率与 6:1 的能源当量有显著差异;使用 6:1 的转化率作为价值指示可能会产生误导。
FOR FURTHER INFORMATION PLEASE CONTACT:
欲了解更多信息,请联系:
Ingram Gillmore
President & CEO
403-538-8463
英格拉姆·吉尔摩
总裁兼首席执行官
403-538-8463
David Hwang
Vice President Finance & CFO
403-538-8437
黄大卫
财务副总裁兼首席财务官
403-538-8437
Email: info@gearenergy.com
Website:
电子邮件:info@gearenergy.com
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译文内容由第三方软件翻译。