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 .
艾伯塔省卡爾加里--(Newsfile Corp.,2024年2月21日)——Gear Energy Ltd.(“GEAR” 或 “公司”)(多倫多證券交易所股票代碼:GXE)(場外交易所股票代碼:GENGF)很高興向股東提供以下第四季度經營業績和年度儲備摘要。Gear截至2023年12月31日止年度的合併財務報表和相關管理層的討論與分析(“MD&A”)可在Gear的網站上查閱。
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) |
三個月已結束 | 年終了 | |||||
(千加元,每股、每股和每英國央行金額除外) | 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 | ||||||
運營資金 (1) | 16,717 | 18,676 | 20,978 | 67,815 | 93,772 | |
根據英國央行 | 30.28 | 35.27 | 41.38 | 32.03 | 44.77 | |
每加權平均基本份額 | 0.06 | 0.07 | 0.08 | 0.26 | 0.36 | |
來自經營活動的現金流 | 17,813 | 18,565 | 17,532 | 63,589 | 89,769 | |
根據英國央行 | 32.27 | 35.06 | 34.58 | 30.03 | 42.85 | |
每加權平均基本份額 | 0.07 | 0.07 | 0.07 | 0.24 | 0.35 | |
淨(虧損)收入 | (7,104) | 27,695 | 8,150 | 8,586 | 74,981 | |
每加權平均基本份額 | (0.03) | 0.11 | 0.03 | 0.03 | 0.29 | |
資本支出 | 10,751 | 18,899 | 12,008 | 48,121 | 50,549 | |
已結清退役負債——Gear | 2,560 | 1,417 | 2,202 | 6,115 | 6,288 | |
退役負債已結算——政府 (2) | - | 532 | - | 37 | 1,215 | |
淨負債 (1) | (14,099) | (2,220) | (13,297) | (14,099) | (2,220) | |
申報和支付的股息 | 3,934 | 7,795 | 5,243 | 24,852 | 18,156 | |
每股申報和支付的股息 | 0.015 | 0.030 | 0.020 | 0.095 | 0.070 | |
加權平均份額,基本(千股) | 262,247 | 259,908 | 262,139 | 261,725 | 259,791 | |
期末已發行股份(千股) | 262,250 | 260,693 | 262,220 | 262,250 | 260,693 | |
操作的 | ||||||
製作 | ||||||
重油 (bbl/d) | 2,937 | 2,772 | 2,601 | 2743 | 2760 | |
輕油和中油 (bbl/d) | 1,920 | 1,835 | 1,890 | 1,952 | 1,842 | |
液化天然氣 (bbl/d) | 327 | 299 | 233 | 283 | 283 | |
天然氣 (mcf/d) | 4,893 | 5,091 | 4,720 | 4,938 | 5,124 | |
合計(boe/d) | 6,0000 | 5,755 | 5,511 | 5,801 | 5,739 | |
平均價格 | ||||||
重油(美元/桶) | 70.74 | 69.72 | 89.65 | 72.60 | 92.80 | |
輕質和中質油(美元/桶) | 91.01 | 103.62 | 102.43 | 93.63 | 114.67 | |
液化天然氣(美元/桶) | 44.44 | 58.48 | 46.53 | 45.55 | 63.38 | |
天然氣(美元/立方英尺) | 2.21 | 5.11 | 2.64 | 2.56 | 5.41 | |
淨回值(美元/英國央行) | ||||||
石油和天然氣銷售 | 67.98 | 74.19 | 81.67 | 70.23 | 89.40 | |
特許權使用費 | (10.11) | (10.40) | (9.74) | (8.92) | (11.89) | |
運營成本 | (21.52) | (21.55) | (23.57) | (22.25) | (21.10) | |
運輸成本 | (3.48) | (4.03) | (3.28) | (3.69) | (3.67) | |
運營淨回值 (1) | 32.87 | 38.21 | 45.08 | 35.37 | 52.74 | |
已實現的風險管理收益(虧損) | 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) 根據加拿大公認會計原則(“GAAP”),來自運營、淨負債和運營淨回值的資金沒有任何標準化含義,因此可能無法與其他實體提出的類似指標進行比較。有關這些指標的更多信息,包括與最近的GAAP指標的對賬(如果適用),請參閱本新聞稿中的 “非公認會計准則和其他財務指標”。
(2) 退役負債由聯邦政府的場地修復計劃結算,該計劃於2023年結束。
MESSAGE TO SHAREHOLDERS
給股東的消息
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.
我們很高興公佈2023年的以下結果。這是動盪的一年,西德克薩斯中質原油價格每桶震盪了近30美元,從60美元中期波動到90美元中期,然後再次回落。重油價格也無法倖免于波動,WCS的差異介於每桶約11美元的折扣到每桶29美元的折扣之間。儘管存在這種波動,但Gear還是能夠爲股東帶來豐厚的回報,執行有效的2023年資本計劃,維持穩定的生產和銀行債務,同時以每桶17.36美元的發現、開發和收購(“FD&A”)成本增加了探明開發產量(“PDP”)儲備,使2023年PDP回收率具有競爭力,達到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.
現在,隨着我們進入2024年,該團隊很高興能繼續努力取得類似的結果。隨着戰略重新定位流程的落實,我們準備專注於在覈心區域鑽探、洪水擴張、進一步降低風險和擴大新鑽探庫存以及增加股東回報等方面取得持續成功。
2023 ANNUAL HIGHLIGHTS
2023 年年度亮點
- 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.
- 從運營中籌集了6,780萬美元的資金(“FFO”),合每桶32.03美元,爲有史以來第三高的收入。由於定價疲軟,FFO較2022年下降了28%,全年收入平均爲每桶70.23美元,西德克薩斯中質原油基準價格平均爲每桶77.62美元,而2022年爲每桶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年交付的日產量爲5,801英國央行,比2022年增長了1%,按每筆債務調整後(“DA”)的每股收益保持不變。
- 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年向股東分配了近2490萬美元的股息,相當於每股0.095美元,相對於年終市值,年收益率接近15%。自成立以來的總股息現在爲4560萬美元,合每股0.175美元,包括2024年2月的申報金額。
- 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.
- 投資了4,810萬美元鑽探14口總井(淨鑽井14口),安裝和優化了多個洪水項目,完成了各種補井機會並資助了其他公司資本。
- 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.
- 專門撥款610萬美元用於減少退役活動,全年有79口總重(淨額76.3口)的油井被廢棄,34口總井(淨開採34口)的油井。Gear的退役負債從2022年底的7140萬美元下降到2023年底的6,610萬美元,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.
- 保持強勁的資產負債表,退出淨負債爲1,410萬美元,年度淨負債與FFO的比率爲0.2倍。
FOURTH QUARTER HIGHLIGHTS
第四季度亮點
- 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年第四季度的日產量爲6,000桶桶桶,較第三季度每天5,511桶桶的產量增長了9%。這一增長歸因於Gear2023年下半年成功鑽探計劃的新產量。
- 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在薩斯喀徹溫省的泰布蘭鑽探了兩口總重(兩口淨重)的輕油多級壓裂井。Gear在本季度總共承擔了1,080萬美元的資本支出。大約70萬美元的資本用於Gear的2024年資本計劃的預支出。
- 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爲1,670萬美元,較2023年第三季度下降了20%,這是由於大宗商品價格下跌,但產量的增加部分抵消了這一點。第四季度的已實現價格從2023年第三季度的每桶英國央行的81.67美元降至每桶67.98美元。大宗商品價格下跌的主要原因是WTI基準油價的下跌,第四季度平均爲每桶78.32美元,以及WCS重油差價擴大,第四季度平均爲每桶21.86美元。到第一季度,WCS差速器的前景已開始改善,並有望進一步縮小,預計跨山管道擴建將於2024年投入使用。
2023 YEAR END RESERVES HIGHLIGHTS
2023 年年終儲備亮點
- Gear achieved the following reserves highlights through 2023 activity, compared to 2022 results including full corporate abandonment and reclamation obligation ("ARO") costs.
- 與2022年的業績相比,Gear在2023年的活動中實現了以下主要儲量,包括全部企業放棄和填海責任(“ARO”)成本。
Proved Developed Producing ("PDP")
久經考驗的開發產品(“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。
- 儲備金增長了6%,每份DA份額增長了4%。(1)
- 按稅前10%折扣計算(“BT10”)的儲備金價值增長了4%,按每股DA計算增長了2%。(1)
- 取代了 2023 年年產量的 129%。
- 尋找和開發(“F&D”)成本和FD&A成本(1)分別爲每桶16.33美元和每桶17.36美元,包括未來發展資本(“FDC”)的變動。
- 根據2023年運營淨回報率(1)35.37美元/英國央行(套期保值前),回收率(1)爲2.0倍。
Total Proved ("TP")
已證明總數(“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。
- 儲備金增長了1%,每份DA份額下降了1%。(1)
- BT10的儲備金價值下降了4%,按每股DA計算下降了6%。(1)
- 取代了 2023 年年產量的 108%。
- F&D 和 FD&A 成本 (1) 分別爲每桶18.90美元和19.95美元/英國央行,包括FDC的變動。
- 回收率 (1) 爲 1.8 倍。
Total Proved plus Probable ("P+P")
已證總量加上概率(“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 的新增內容。
- 儲備金保持不變,每股DA下降了2%。(1)
- BT10的儲備金價值下降了6%,按每股DA計算下降了8%。(1)
- 取代了 2023 年年產量的 99%。
- F&D 和 FD&A 成本 (1) 分別爲19.94美元/桶油和22.67美元/英國央行,包括FDC的變動。
- 回收率 (1) 爲 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年的資本計劃有限,但在交付達到或超過預期的新油井方面非常成功。所有類別的儲備增加主要是通過以下措施的組合實現的:
- 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.
- 在懷爾德米爾、蘇打湖、凱爾特人、普羅沃斯特、印第安納州和泰布蘭成功進行了新的鑽探。
- 對天堂山、懷爾德米爾和威爾遜溪的基本性能進行了修訂。
- 對奇格韋爾、懷爾德米爾、威爾遜溪、基拉姆、普羅沃斯特和梅德斯通實施和/或應對洪水的認可。
- 就PDP、TP和P+P值而言,經濟因素佔年度儲備增加的百分比分別爲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.
- 管理層對未來潛在鑽探地點的年度估計比2022年年底增長了33%,達到447個無風險的淨鑽探地點,這要歸因於在冷湖和蘇打湖購買了土地,進行了鑽探以消除凱爾特人和蘇打湖的新庫存風險,以及通過增加使用多側鑽探對未來庫存的持續高等級。Sproule(定義見下文)評估目前在TP類別中確認了94個淨地點,在P+P類別中識別了148個淨地點。這些預訂的地點分別佔管理層估計值的21%和33%。148個淨預訂的P+P地點包括25個多側水平井、108個單側水平井和15個垂直井。
- 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.
- 根據評估師在2024年1月1日的平均價格預測,Gear維持了2023年淨資產價值(“NAV”)(2)接近2022年年底的數字,而疲軟的未來價格前景被儲備的增加所抵消。新的資產淨值(2)爲每股PDP0.75美元,每股1.04美元的目標收益和1.66美元的每股市盈利率,均高於當前的股價交易區間。其中突出顯示了各種固定價格情景和貼現率下的額外資產淨值值。
- 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.
- 洪水支持的保護區數量大幅增加至PDP總預訂量的32%,支持了創紀錄的PDP儲備壽命指數(“RLI”)(3),目前爲5.3年。目標投資回報率(3)爲8.0年,P+P RLI(3)爲11.0年,均創歷史新高。
- 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儲備而言,公司流動資金權重從85%增加到87%。重油上漲了1%,而天然氣下降了1%。企業P+P儲量產品組合與去年相比相對保持不變,儲量包括43%的重油,39%的輕質和中質石油,5%的液化天然氣(“NGL”)和13%的天然氣。
(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 的儲備值、每股 DA 的儲備值 BT10、回收率和運營淨回值是石油和天然氣指標,在 GAAP 下沒有任何標準化含義,因此被視爲非公認會計准則比率,可能無法與其他實體提出的類似指標進行比較。有關這些指標的更多信息,請參閱本新聞稿中的 “效率比率”、“非公認會計准則和其他財務指標” 和 “石油和天然氣指標”。
(2) 資產淨值是一項補充財務指標。有關該補充財務指標構成的解釋,請參閱本新聞稿中的 “效率比率”、“非公認會計准則和其他財務指標” 和 “石油和天然氣指標”。
(3) RLI是一種石油和天然氣指標,沒有標準化的含義,因此可能無法與其他實體提出的類似衡量標準相提並論。有關該措施的更多信息,請參閱本新聞稿中的 “石油和天然氣指標”。
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.
經過幾年的磋商、規劃和建設,跨山管道擴建項目定於2024年投入運營。該管道將對加拿大的能源行業產生積極影響,每天增加590,000桶石油,約增加17%的出口能力,併爲加拿大石油提供新的市場。預期的切實好處將包括降低已實現的加拿大油價相對於世界石油市場價格的折扣,縮小重質原油的歷史懲罰性差異,以及能夠出口更多的加拿大原油。Gear打算利用這一預測的價格上漲,全年投資進一步的產量增長機會。
GUIDANCE
指導
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 年指導方針 | 2023 年指南 | 2023 年實況報道 | ||
年產量(英國央行/日) | 6,0000 | 5,700-5,900 | 5,801 | |
重油重量 (%) | 51 | 49 | 47 | |
輕油、中質油和液化天然氣重量 (%) | 37 | 37 | 39 | |
特許權使用費 (%) | 12 | 13 | 13 | |
運營和運輸成本(美元/英國央行) | 24.70 | 25.00 | 25.94 | |
一般和管理費用(美元/英國央行) | 3.20 | 3.50 | 3.40 | |
利息和其他費用(美元/boe) | 0.50 | 1.00 | 1.06 | |
資本和廢棄支出(百萬美元)(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) 資本和廢棄支出包括Gear的退役責任支出,不包括聯邦政府場地修復計劃的任何支出。
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年的資本和放棄支出爲5400萬美元,而2023年的預期爲5000萬美元。2023年第四季度的支出包括預計2024年鑽探計劃的額外支出,以及廢棄和填海工程的額外支出。
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:
根據WTI對2024年的各種價格預測,並假設WCS差額爲每桶16美元,城市生活垃圾差額爲每桶5美元,LSB差額爲每桶6美元,AECO天然氣價格爲每GJ2加元,外匯爲每加元0.74美元,Gear對2024年的FFO的預測如下:
WTI US$ | 70 | 80 | 90 |
FFO ($ millions) | 60 | 84 | 107 |
WTI 美元 | 70 | 80 | 90 |
FFO(百萬美元) | 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.
按年計算,Gear預計其每月每股0.005美元的股息總額約爲1,600萬美元。Gear估計,WTI必須平均每桶75美元,才能使FFO等於2024年預測的5,700萬美元的資本和棄置支出以及當前的年化股息。未來大宗商品價格的任何上漲超過這些基本假設都將提供增量FFO,減去資本和放棄支出和分紅,這些支出和分紅可能專門用於未來潛在的資本擴張、現金融資收購、股票回購和/或未來的股息增加。相反,未來大宗商品價格的任何下跌都可能導致債務增加、潛在的資本調整和/或未來的股息減少。
NORMAL COURSE ISSUER BID
正常課程發行人出價
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很高興地宣佈,多倫多證券交易所(“TSX”)已批准Gear開始正常的課程發行人競標(“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.
根據NCIB,Gear可以購買最多24,171,076股普通股(“股份”)以供註銷,約佔 “公衆持股量” 的10%,相當於Gear截至本文發佈之日的已發行和流通股份(262,249,821股)減去Gear董事和高級管理人員持有的股份。Gear獲准購買的股票總數的每日購買限額爲162,537股,佔截至2024年1月31日的六個月期間多倫多證券交易所650,149股平均每日交易量的25%;但是,Gear每個日曆周可能會進行一次大宗購買,超過每日回購限制。
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預計將於2024年2月26日開始,並將於以下日期中較早者終止:(i)公司收購根據NCIB尋求的所有股份的日期;或(ii)至2025年2月25日,除非公司選擇提前終止,但事先向多倫多證券交易所發出通知後終止。股票將由註冊經紀人通過多倫多證券交易所的設施和其他加拿大替代交易平台以交易時的現行市場價格代表Gear購買。根據Gear當前信貸額度的條款,只有當Gear的優先債務與扣除利息、稅項、折舊和攤銷前的收益比率低於1. 00:1.00,信貸額度低於50%,任何財政年度的總購買量(包括任何其他分配)不超過3200萬美元時,才能購買股票。
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下購買的股票的實際數量、購買時間以及購買股票的價格將取決於未來的市場狀況。
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認爲,股票的市場價格不時可能無法完全反映股票的潛在價值,在這種情況下,購買股票將符合Gear的最大利益。由於此類收購,已發行股票的數量將減少,因此,所有剩餘股東的比例股權將按比例增加。
RESERVES SUMMARY
儲量摘要
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.
獨立儲量評估機構Sproule Associates Ltd.(“Sproule”)根據加拿大石油和天然氣評估手冊(“COGE手冊”)和國家儀器51-101中的定義、標準和程序對2023年年底的儲量進行了評估 石油和天然氣活動披露標準 (“NI 51-101”)。儲備金委員會由獨立董事會成員組成,負責審查獨立儲備金評估員的資格和任命,並審查向評估人員提供信息的程序。儲量評估基於Sproule、GLJ石油顧問有限公司和McDaniel & Associates諮詢有限公司編制的自2024年1月1日起生效的平均價格預測。除非另有說明,否則此處包含的儲備金按公司總額列報(扣除特許權使用費前的工作利息,不包括任何特許權使用費利息)。NI 51-101要求的其他儲量信息將包含在Gear的年度信息表中,該表將於2024年3月31日當天或之前在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儲備。沒有爲利息、風險管理合同、還本付息以及一般和管理費用編列經費,也不應假設Sproule估計的儲備金淨現值代表儲備金的公允市場價值。
Reserves Summary at Dec 31, 2023 Using Forecast Costs and January 1, 2024 Evaluator Average Forecast Prices
使用預測成本和 2024 年 1 月 1 日評估者平均預測價格得出 2023 年 12 月 31 日的儲備金彙總
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 |
公司總收入 |
輕質和中度油 (Mbbl) |
重油 (Mbbl) |
NGL (Mbbl) |
天然氣 (mmcf) |
等效 (Mboe) |
液體比例 (%) |
久經考驗的開發產品 | 4,183 | 3,647 | 562 | 9,874 | 10,038 | 84 |
經證實非生產且未開發 | 2,816 | 2,816 | 419 | 4,912 | 6,869 | 88 |
已證明的總數 | 6,999 | 6,463 | 981 | 14,786 | 16,907 | 85 |
可能已開發生產 | 1,366 | 1,223 | 170 | 2,925 | 3,246 | 85 |
可能未生產且未開發 | 1,737 | 3,611 | 193 | 3,227 | 6,079 | 91 |
總可能性 | 3,103 | 4,834 | 363 | 6,152 | 9,325 | 89 |
已證明總數加上可能性 | 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
未來收入的淨現值,包括低於預測價格和成本的所得稅前全額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 |
公司總收入 | 未打折 | 已打折 | 已打折 | 已打折 | 已打折 |
(千美元) | @ 5% | @ 10% | @ 15% | @ 20% | |
久經考驗的開發產品 | 249,562 | 232,523 | 206,307 | 183,555 | 165,216 |
經證實非生產且未開發 | 153,671 | 106,935 | 75,365 | 53,451 | 37,745 |
已證明的總數 | 403,232 | 339,459 | 281,672 | 237,006 | 202,961 |
可能已開發生產 | 134,148 | 90,305 | 65,728 | 50,957 | 41,361 |
可能未生產且未開發 | 183,982 | 130,714 | 97,590 | 75,473 | 59,869 |
總可能性 | 318,130 | 221,019 | 163,319 | 126,430 | 101,230 |
已證明總數加上可能性 | 721,362 | 560,478 | 444,990 | 363,436 | 304,191 |
Net Future Development Capital ("FDC") Under Forecast Prices and Costs
淨未來發展資本(“FDC”)低於預測的價格和成本
($ 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) | 證明了 | 很可能 | 總計 |
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 | - | - | - |
未貼現總計 | 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.
下表按英國央行指標重點介紹了通過財務與發展和財務及行政和分析成本計算的年度資本效率。
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 |
|
||||||
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 | |||||
儲備(mboes),資本(千美元) | PDP | TP | P+P | PDP | TP | P+P |
增加開發儲備 | 2,879 | 2,627 | 2655 | 2,586 | 2,169 | 2,025 |
淨收購儲備增加 | (152) | (334) | (553) | 4 | 4 | (11) |
儲備增加總額 | 2727 | 2,293 | 2,102 | 2,590 | 2,173 | 2,014 |
|
||||||
開發資本 | 47,828 | 47,828 | 47,828 | 50,462 | 50,462 | 50,462 |
FDC 的發展變化 | (821) | 1,829 | 5,129 | (2,717) | 12,642 | 10,400 |
包括FDC在內的總開發資本 | 47,321 | 49,657 | 52,957 | 47,745 | 63,104 | 60,862 |
淨收購資本 | 314 | 314 | 314 | 87 | 87 | 87 |
FDC的淨收購變化 | - | (4,226) | (5,598) | - | - | - |
包括FDC在內的淨收購資本總額 | 314 | (3,913) | (5,284) | 87 | 87 | 87 |
|
||||||
資本總額 | 48,142 | 48,142 | 48,142 | 50,549 | 50,549 | 50,549 |
FDC 的總體變化 | (821) | (2,397) | (469) | (2,717) | 12,642 | 10,400 |
包括FDC在內的總資本 | 47,321 | 45,745 | 47,673 | 47,832 | 63,191 | 60,949 |
|
||||||
按每桶FDC計算的F&D成本 | 16.33 | 18.90 | 19.94 | 18.46 | 29.10 | 30.05 |
按每桶FDC計算的FD&A成本 | 17.36 | 19.95 | 22.67 | 18.47 | 29.08 | 30.26 |
3年平均FD&A,包括每個英國央行的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")
儲備壽險指數(“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 |
久經考驗的開發產品 | 5.3 | 4.9 | 4.6 |
已證明的總數 | 8.0 | 7.6 | 7.4 |
已證明總數加上可能性 | 11.0 | 10.4 | 10.1 |
Net Asset Value ("NAV") at December 31, 2023
截至2023年12月31日的淨資產價值(“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 |
(百萬美元,每股金額除外) | 2023 | 2022 |
已證實的公司利息價值加上按10%折現的可能儲備金 (稅前) |
445.0 | 473.8 |
未開發的土地 | 5.5 | 6.4 |
淨負債 | (14.0) | (2.2) |
導航 | 436.5 | 478.0 |
已發行股份(百萬) | 262.3 | 260.7 |
每股資產淨值 | 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:
根據各種不變的WTI價格預測,假設WCS差額爲每桶14美元,城市生活垃圾差額爲每桶4美元,LSB差額爲每桶5美元,AECO天然氣價格爲每GJ2加元,外匯爲每加元0.75美元,截至2023年12月31日按不同稅前折扣率計算的資產淨值如下:
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 |
每股資產淨值 | 折扣率 (%) | 評估員平均預測價格,2024 年 1 月 1 日 | 西德中質原油 70 美元/桶 | WTI 80美元/桶 | 西德中質原油 90 美元/桶 |
久經考驗的開發產品 | 10 | 0.75 | 0.64 | 0.87 | 1.10 |
已證明的總數 | 10 | 1.04 | 0.83 | 1.22 | 1.62 |
已證明總數加上可能性 | 10 | 1.66 | 1.33 | 1.90 | 2.47 |
RESERVES RECONCILIATION
儲備對賬
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 |
儲備對賬 公司總收入 |
重油 (Mbbl) |
輕質和中度油 (Mbbl) |
天然氣 (mmcF) | 液化天然氣 (Mbbl) | 石油當量 (Mboe) |
經過驗證的產量 | |||||
期初餘額,2023 年 1 月 1 日 | 3,286 | 3,770 | 10,915 | 553 | 9,428 |
技術修訂 | 1,145 | 1,071 | 677 | 97 | 2,425 |
鑽探擴展 | - | - | - | - | - |
填充鑽孔 | 158 | - | - | - | 158 |
改善了恢復 | 149 | 42 | 168 | 15 | 235 |
收購 | - | - | - | - | - |
處置 | (149) | - | (20) | - | (152) |
經濟因素 | 59 | 13 | (64) | (1) | 60 |
製作 | (1,001) | (714) | (1,802) | (103) | (2,117) |
期末餘額,2023 年 12 月 31 日 | 3,647 | 4,183 | 9,874 | 562 | 10,038 |
已證明的總數 | |||||
期初餘額,2023 年 1 月 1 日 | 6,233 | 6,797 | 15,986 | 1,037 | 16,731 |
技術修訂 | 590 | 541 | 67 | (9) | 1,133 |
鑽探擴展 | 103 | 133 | 166 | 25 | 288 |
填充鑽孔 | 515 | 34 | 34 | 4 | 559 |
改善了恢復 | 176 | 130 | 352 | 17 | 383 |
收購 | - | - | - | - | - |
處置 | (330) | - | (20) | - | (334) |
經濟因素 | 177 | 77 | 3 | 11 | 265 |
製作 | (1,001) | (714) | (1,802) | (103) | (2,117) |
期末餘額,2023 年 12 月 31 日 | 6,463 | 6,999 | 14,786 | 981 | 16,907 |
已證明加上可能 | |||||
期初餘額,2023 年 1 月 1 日 | 10,950 | 10,010 | 22,915 | 1,467 | 26,247 |
技術修訂 | 143 | 302 | (780) | (57) | 259 |
鑽探擴展 | 52 | 18 | 41 | 3 | 80 |
填充鑽孔 | 1,110 | 57 | 57 | 7 | 1,183 |
改善了恢復 | 116 | 402 | 559 | 25 | 635 |
收購 | - | - | - | - | - |
處置 | (549) | - | (26) | - | (553) |
經濟因素 | 476 | 26 | (26) | 1 | 499 |
製作 | (1,001) | (714) | (1,802) | (103) | (2,117) |
期末餘額,2023 年 12 月 31 日 | 11,297 | 10,102 | 20,938 | 1,344 | 26,232 |
FORECAST PRICES AND COSTS
預測價格和成本
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使用的評估員平均原油和天然氣基準參考價格、通貨膨脹率和匯率如下:
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 |
通脹 (%) |
匯率 (美元/加元) |
WTI 庫欣 (40 API) (美元/桶) |
埃德蒙頓 MSW (40 API) (加元/BBL) |
WCS Hardisty (21 個 API) (加元/BBL) |
AECO/NIT Spot (加元/百萬英熱單位) |
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
齒輪能源有限公司
合併資產負債表(未經審計)
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 |
|||||
資產 | |||||||
流動資產 | |||||||
應收賬款 | $ |
12,412 |
$ | 12,674 |
|||
預付費用 |
2,660 |
3,341 |
|||||
庫存 |
6,791 |
8,178 |
|||||
風險管理合同 |
- |
1,057 |
|||||
|
21,863 |
25,250 |
|||||
|
|
|
|||||
遞延所得稅資產 |
29,644 |
41,121 |
|||||
不動產、廠房和設備 |
287,318 |
283,038 |
|||||
總資產 | $ |
338,825 |
$ | 349,409 |
|||
|
|
|
|||||
負債 | |
|
|||||
流動負債 | |
|
|||||
應付賬款和應計負債 | $ |
14,807 |
$ | 19,290 |
|||
退役責任 |
6,300 |
6,931 |
|||||
|
21,107 |
26,221 |
|||||
|
|
|
|||||
債務 |
21,155 |
7,123 |
|||||
退役責任 |
59,822 |
64,451 |
|||||
負債總額 |
102,084 |
97,795 |
|||||
|
|
|
|||||
股東權益 | |
|
|||||
股本 |
348,905 |
348,005 |
|||||
繳款盈餘 |
18,330 |
17,837 |
|||||
赤字 | (130,494) | (114,228) | |||||
股東權益總額 |
236,741 |
251,614 |
|||||
負債和股東權益總額 | $ |
338,825 |
$ | 349,409 |
GEAR ENERGY LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited)
齒輪能源有限公司
合併收益和綜合收益表(未經審計)
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 |
三個月已結束 12 月 31 日 |
已結束的年份 12 月 31 日 |
||||||||||||
(千加元,每股金額除外) | 2023 | 2022 | 2023 | 2022 | |||||||||
收入 | |||||||||||||
石油和天然氣銷售 | $ |
37,524 |
$ | 39,278 |
$ |
148,714 |
$ | 187,277 |
|||||
特許權使用費 | (5,578) | (5,504) | (18,895) | (24,899) | |||||||||
31,946 |
33,774 |
129,819 |
162,378 |
||||||||||
|
|
|
|
||||||||||
風險管理合同的已實現收益(虧損) |
684 |
- |
2,369 |
(8,767) | |||||||||
風險管理合同的未實現(虧損)收益 | (26) | 1,353 |
(1,057) | 3,652 |
|||||||||
32,604 |
35,127 |
131,131 |
157,263 |
||||||||||
|
|
|
|
||||||||||
費用 | |
|
|
|
|||||||||
運營 |
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 |
|||||||||
利息和融資費用 |
621 |
176 |
2,229 |
1,033 |
|||||||||
損耗、折舊和攤銷 |
11,294 |
9,663 |
42,943 |
37,370 |
|||||||||
減值逆轉 |
- |
(10,023) |
- |
(10,023) | |||||||||
吸積 |
578 |
588 |
2,244 |
2,255 |
|||||||||
基於股份的薪酬 |
350 |
320 |
1,412 |
1,055 |
|||||||||
外匯損失(收益) |
1 |
(9) |
4 |
(193) | |||||||||
壞賬 |
96 |
19 |
96 |
19 |
|||||||||
28,231 |
15,665 |
111,068 |
90,515 |
||||||||||
所得稅前收入 |
4,373 |
19,462 |
20,063 |
66,748 |
|||||||||
遞延所得稅(費用)回收 | (11,477) | 8,233 |
(11,477) | 8,233 |
|||||||||
淨(虧損)收益和綜合(虧損)收益 | $ | (7,104) | $ | 27,695 |
$ |
8,586 |
$ | 74,981 |
|||||
|
|
|
|
||||||||||
|
|
|
|
||||||||||
基本每股淨(虧損)收益 | $ | (0.03) | $ | 0.11 |
$ |
0.03 |
$ | 0.29 |
|||||
攤薄後的每股淨(虧損)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)
齒輪能源有限公司
合併股東權益變動表(未經審計)
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 | 出資盈餘 | 赤字 | 總股權 |
|||||||||
2021 年 12 月 31 日的餘額 | $ | 350,332 |
$ | 19,337 |
$ | (170,621) | $ | 199,048 |
||||
行使股票期權 | 2,549 |
(2,579) | - |
(30) | ||||||||
回購的普通股 | (4,876) | 24 |
(432) | (5,284) | ||||||||
基於股份的薪酬 | - |
1,055 |
- |
1,055 |
||||||||
分紅 | - |
- |
(18,156) | (18,156) | ||||||||
本年度淨收入 | - |
- |
74,981 |
74,981 |
||||||||
截至2022年12月31日的餘額 | $ |
348,005 |
$ |
17,837 |
$ | (114,228) | $ |
251,614 |
||||
行使股票期權 | 900 |
(919) | - |
(19) | ||||||||
基於股份的薪酬 | - |
1,412 |
- |
1,412 |
||||||||
分紅 | - |
- |
(24,852) | (24,852) | ||||||||
本年度淨收入 | - |
- |
8,586 |
8,586 |
||||||||
截至2023年12月31日的餘額 | $ |
348,905 |
$ |
18,330 |
$ | (130,494) | $ |
236,741 |
GEAR ENERGY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
齒輪能源有限公司
合併現金流量表(未經審計)
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 | $ |
- |
$ | - |
$ |
- |
$ | - |
三個月已結束 12 月 31 日 |
年終了 12 月 31 日 |
|||||||||||||
(千加元) | 2023 | 2022 | 2023 | 2022 | ||||||||||
來自經營活動的現金流 | ||||||||||||||
淨(虧損)收入 | $ | (7,104) | $ | 27,695 |
$ |
8,586 |
$ | 74,981 |
||||||
添加不涉及現金的物品: | |
|
|
|
||||||||||
風險管理合同的未實現虧損(收益) |
26 |
(1,353) |
1,057 |
(3,652) | ||||||||||
損耗、折舊和攤銷 |
11,294 |
9,663 |
42,943 |
37,370 |
||||||||||
減值逆轉 |
- |
(10,023) |
- |
(10,023) | ||||||||||
吸積 |
578 |
588 |
2,244 |
2,255 |
||||||||||
基於股份的薪酬 |
350 |
320 |
1,412 |
1,055 |
||||||||||
壞賬 |
96 |
19 |
96 |
19 |
||||||||||
遞延所得稅支出(回收) |
11,477 |
(8,233) |
11,477 |
(8,233) | ||||||||||
已結清退役負債 | (2,560) | (1,417) | (6,115) | (6,288) | ||||||||||
非現金營運資本的變化 |
3,656 |
1,306 |
1,889 |
2,285 |
||||||||||
17,813 |
18,565 |
63,589 |
89,769 |
|||||||||||
|
|
|
|
|||||||||||
用於融資活動的現金流量 | |
|
|
|
||||||||||
信貸額度下的債務變動 |
161 |
7,123 |
14,032 |
(19,232) | ||||||||||
股票期權行使 |
- |
18 |
(19) | (30) | ||||||||||
回購的普通股 |
- |
- |
- |
(5,284) | ||||||||||
現金分紅 | (3,934) | (7,795) | (24,852) | (18,156) | ||||||||||
(3,773) | (654) | (10,839) | (42,702) | |||||||||||
|
|
|
|
|||||||||||
用於投資活動的現金流 | |
|
|
|
||||||||||
財產、廠房和設備支出 | (10,751) | (18,899) | (48,121) | (50,549) | ||||||||||
石油和天然氣財產的處置 |
- |
- |
(184) | - |
||||||||||
非現金營運資本的變化 | (3,289) | 490 |
(4,445) | 3,482 |
||||||||||
(14,040) | (18,409) | (52,750) | (47,067) | |||||||||||
|
|
|
|
|||||||||||
現金和現金等價物的變化 |
- |
(498) |
- |
- |
||||||||||
現金和現金等價物,期初 |
- |
498 |
- |
- |
||||||||||
現金和現金等價物,期末 | $ |
- |
$ | - |
$ |
- |
$ | - |
Forward-looking Information and Statements
前瞻性信息和陳述
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.
本新聞稿包含適用證券法所指的某些前瞻性信息和陳述。使用 “期望”、“預期”、“繼續”、“估計”、“目標”、“持續”、“可能”、“將”、“項目”、“應該”、“相信”、“計劃”、“打算”、“戰略” 和類似表述中的任何詞語均旨在識別前瞻性信息或陳述。特別是,但不限制前述內容,本新聞稿包含與以下內容有關的前瞻性信息和陳述:預計Gear將在2024年通過專注於核心區域鑽探、水洪擴建、進一步降低風險和擴大新的鑽探庫存以及增加股東回報,取得與上年相似的業績;Gear對跨山管道擴建項目將於2024年投入使用以及由此產生的影響和預期收益;Gear的投資意向2024年的進一步產量增長機會;指導方針包括2024年預期的年平均產量(包括大宗商品權重)、預期的特許權使用費率、預期的運營和運輸成本、預期的一般和管理成本、預期的利息支出以及預期的資本和放棄支出;Gear對大宗商品價格和差異各種因素的預測和預期;Gear根據各種大宗商品價格對2024年運營資金的預測;Gear對其月度分紅及其影響的預測大宗商品價格的上漲或下跌幅度相同;Gear預計,按每桶75美元的WTI價格,FFO將等於2024年預測的5,700萬美元的資本和放棄支出以及當前的年化分紅;Gear預計未來大宗商品價格的任何漲幅都將增加FFO,減少可能專門用於未來潛在資本擴張的資本和放棄支出和分紅,現金融資收購,股份回購和/或未來股息增加;Gear預計未來大宗商品價格的任何下跌都可能導致債務增加、潛在的資本調整和/或未來的股息減少;以及Gear對NCIB的預期和信念,包括NCIB的開始和終止日期以及原因。
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.
本新聞稿中包含的前瞻性信息和陳述反映了Gear的多個重要因素以及預期和假設,包括但不限於:Gear將繼續以與過去運營一致的方式開展業務;當前行業狀況的總體延續;現有(在某些情況下,擬議的)稅收、特許權使用費和監管制度的繼續實施;Gear儲量和資源量估算的準確性;某些大宗商品價格和其他成本假設; 以及持續獲得充足的債務和股權融資以及運營資金, 爲其計劃支出提供資金.Gear認爲,前瞻性信息和陳述中反映的重大因素、預期和假設是合理的,但無法保證這些因素、預期和假設會被證明是正確的。
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 .
在某種程度上,本文包含的任何前瞻性信息均可被視爲財務展望,因此納入此類信息是爲了讓讀者了解管理層在預算和制定未來計劃時使用的假設,並提醒讀者,這些信息可能不適用於其他目的。本新聞稿中包含的前瞻性信息和陳述不能保證未來的表現,不應過度依賴。此類信息和陳述涉及已知和未知的風險、不確定性和其他因素,這些因素可能導致實際結果或事件與此類前瞻性信息或陳述中的預期存在重大差異,包括但不限於:大宗商品價格的變化;對Gear產品的需求或供應的變化;意想不到的經營業績或產量下降;稅收或環境法、特許權使用費率或其他監管事項的變化;Gear或Gear物業的第三方運營商的發展計劃的變化,債務水平或償債要求增加;無法獲得必要的債務或股權融資,爲運營、資本支出和任何潛在收購提供資金;對Gear石油和天然氣儲備和資源量的估計不準確;資本市場準入有限、不利或缺乏准入;成本增加;缺乏足夠的保障;戰爭和衝突(包括俄烏戰爭和以巴戰爭)、流行病、政治事件、自然災害的影響,以及恐怖主義;以及競爭對手。此外,未來的任何股票回購或對股東的任何其他分配都將取決於Gear董事會是否確定此類行動符合公司的最大利益。Gear的董事會可以決定將任何可用現金分配給其他目的,例如收購或額外的資本支出,而不是向股東進行分配。此外,前瞻性信息和陳述受某些其他風險的影響,這些風險在Gear的公開文件中不時詳述,包括Gear最新的年度信息表,該表可在SEDAR+上查閱。
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未來支付的現金分紅金額(如果有)將由Gear董事會酌情決定,並可能因不時存在的各種因素和條件而有所不同,包括運營資金、大宗商品價格波動、生產水平、資本支出要求、還本付息要求和債務水平、運營成本、特許權使用費負擔、外匯匯率和流動性滿意度以及通過償付能力測試實施的償付能力測試等申報所適用的公司法以及分紅的支付。視這些因素和其他各種因素而定,其中許多因素將超出公司的控制範圍,因此,未來的現金分紅可能無法支付,如果已支付,則可能會在以後減少或完全暫停。
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.
本新聞稿中包含的前瞻性信息和陳述僅代表截至本新聞稿發佈之日,除非適用法律有要求,否則Gear不承擔任何義務對其進行公開更新或修改以反映新的事件或情況。
Non-GAAP and Other Financial Measures
非公認會計准則和其他財務指標
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.
本新聞稿提到了Gear用來分析財務業績的非公認會計准則和其他財務指標。這些特定的財務指標包括非公認會計准則財務指標、非公認會計准則比率、資本管理指標和補充財務指標,未由《國際財務報告準則》定義,因此被稱爲非公認會計准則和其他財務指標。管理層認爲,公司使用的非公認會計准則和其他財務指標是Gear的關鍵績效指標,可爲投資者提供其他石油和天然氣公司常用的信息。所提出的這些關鍵績效指標和基準不具有加拿大公認會計原則規定的任何標準化含義,因此可能無法與其他實體類似指標的計算進行比較。作爲公司業績的指標,不應將這些非公認會計准則和其他財務指標視爲財務報表中列報的最直接可比財務指標的替代品,也不應將其更有意義。下文描述了公司使用的非公認會計准則和其他財務指標,以及與截至2023年12月31日和2022年12月31日止年度(如適用)最直接可比的GAAP指標的對賬。
Funds from Operations
運營資金
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.
運營資金是一種非公認會計准則財務指標,定義爲在結清非現金運營資本變動和退役負債之前來自運營活動的現金流。Gear主要根據運營資金評估其財務業績,並將其視爲管理層和投資者的關鍵衡量標準,因爲它表明如果公司選擇這樣做,公司有能力從運營中籌集必要的資金,爲其資本計劃提供資金、結清退役負債、償還債務、融資分紅和/或回購公司NCIB下的普通股。以下是來自運營活動的現金流的運營資金的對賬情況。
Reconciliation of cash flows from operating activities to funds from operations:
經營活動現金流與運營資金的對賬:
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 |
三個月已結束 | 年終了 | |||||
(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 | |
來自經營活動的現金流 | 17,813 | 18,565 | 17,532 | 63,589 | 89,769 | |
已結清退役負債 (1) | 2,560 | 1,417 | 2,202 | 6,115 | 6,288 | |
非現金營運資本的變化 | (3,656) | (1,306) | 1,244 | (1,889) | (2,285) | |
運營資金 | 16,717 | 18,676 | 20,978 | 67,815 | 93,772 |
(1) Decommissioning liabilities settled includes only expenditures made by Gear.
(1) 已結算的退役負債僅包括Gear的支出。
Funds from Operations per BOE
每個英國央行的運營資金
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.
每個英國央行的運營資金是非公認會計准則比率,計算方法是根據上述經營活動產生的現金流除以該期間的銷售產值(定義和核對後的運營資金)進行覈對。Gear認爲,對於管理層和投資者來說,這是一個有用的非公認會計准則比率,因爲它可以根據英國央行水平評估財務業績,與其他石油和天然氣公司進行比較,證明其有能力從運營中籌集必要的資金,爲其資本計劃提供資金,結清退役負債,償還債務,融資分紅和/或回購公司NCIB下的普通股,前提是公司選擇這樣做。
Funds from operations per weighted average basic share
每股加權平均基本份額的運營資金
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.
每加權平均基本份額的運營資金是非公認會計准則比率,計算方法是根據上述經營活動產生的現金流除以加權平均基本份額的定義和對賬後的運營資金除以加權平均基本股金額。Gear認爲,這種非公認會計准則比率對管理層和投資者來說是一項有用的衡量標準,因爲它表明它有能力在每加權平均基本股基礎上從運營中籌集資金,爲其資本計劃提供資金、結清退役負債、償還債務、融資分紅和/或回購公司NCIB下的普通股,前提是公司選擇這樣做。
Net (debt) surplus
淨(債務)盈餘
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.
淨(債務)盈餘是一項資本管理衡量標準,定義爲債務減去流動營運資本項目(不包括債務、風險管理合同和退役負債)。Gear認爲,淨(債務)盈餘爲管理層和投資者提供了衡量其槓桿率和資產負債表實力的關鍵指標。淨(債務)盈餘的變化主要是來自運營、資本和放棄支出、股票發行、分紅和根據NCIB進行股權回購的資金(如果公司選擇這樣做)。
Reconciliation of debt to net debt:
債務與淨負債的對賬:
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) |
資本結構和流動性 (千美元) |
2023年12月31日 | 2022年12月31日 |
債務 | (21,155) | (7,123) |
營運資金盈餘 (1) | 7,056 | 4,903 |
淨負債 | (14,099) | (2,220) |
(1) Excludes risk management contracts and decommissioning liabilities.
(1) 不包括風險管理合同和退役負債。
Net Debt to Funds from Operations
運營資金負債淨額
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.
淨負債佔運營資金的比率是非公認會計准則比率,定義爲當年的淨負債(定義並與上述債務對賬)除以運營資金(定義並與上述經營活動產生的現金流進行對賬)。Gear使用淨負債爲運營提供資金來分析財務和運營業績。Gear認爲這是管理層和投資者的關鍵衡量標準,因爲它表明公司有能力在必要時使用最新的年度業績償還債務和承擔新債務。當公司處於淨盈餘狀況時,公司的運營資金淨負債不適用。
Net Debt to Quarterly Annualized Funds from Operations
來自運營的季度年化資金的淨負債
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.
淨負債與季度運營年化資金的比率是非公認會計准則比率,定義爲最近完成的季度的淨負債(定義並與上述債務對賬)除以來自運營的年化資金,定義並與上述運營活動產生的現金流進行對賬。Gear使用淨負債作爲季度年化運營資金來分析財務和運營業績。Gear認爲這是管理層和投資者的關鍵衡量標準,因爲它表明了公司在必要時利用最近一個季度的業績償還債務和承擔新債務的能力。當公司處於淨盈餘狀況時,公司對年化運營資金的淨負債不適用。
Debt Adjusted Shares
債務調整後股票
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.
債務調整後股票是一種非公認會計准則財務指標,計算方法是當Gear的平均淨盈餘頭寸時,加權平均股票減去等值股份,或者當Gear的平均淨負債狀況(定義並與上述債務對賬後)在此期間加權平均淨負債狀況加上等值股份。這假設淨盈餘用於回購股票,或者淨負債通過基於特定股價的發行而消失;但是,應該注意的是,Gear的銀行債務不能轉換爲股票。債務調整後股票的計算假設Gear發行股票以獲得現金收益,此類收益用於償還公司銀行債務下的未償還款項,或者Gear在處於淨盈餘狀況時有能力回購股票。Gear使用了截至期末的十天成交量加權平均股價,因爲該股價更好地反映了實際價格,理論上可以在假設發行股票以清償未償債務或公司回購股票的價格的情況下使用。Gear認爲,債務調整後的股票對管理層和投資者來說是一項有用的衡量標準,因爲它使石油和天然氣公司在計算每股數字時能夠處於平等的、基於企業價值的基礎上。
Reconciliation of weighted average basic shares to debt adjusted shares:
加權平均基本股與債務調整後股票的對賬:
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 |
三個月已結束 | 年終了 | ||||
(千美元,每股金額除外) | 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 |
加權平均基本股 | 262,247 | 259,908 | 262,139 | 261,725 | 259,791 |
平均股價 (1) | 0.65 | 1.06 | 0.86 | 0.65 | 1.06 |
平均淨(債務)盈餘 (2) | (13,698) | 2,370 | (13,810) | (8,160) | (9,025) |
平均淨(債務)盈餘的等值股份 (3) | 21,074 | (2,236) | 16,058 | 12,554 | 8,514 |
債務調整後的股票 | 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) 通過截至期末的十天成交量加權平均價格獲得的平均股價。
(2)按截至季度和年度的期初和期末淨(債務)盈餘之間的簡單平均值獲得的平均淨(債務)盈餘的平均值。
(3)平均淨(債務)盈餘乘以平均淨(債務)盈餘除以平均股價得出的等價股票。
Reserves per debt adjusted shares
每股負債調整後股票的儲備金
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.
每股負債調整後股票的儲備金是非公認會計准則比率,計算方法是儲備金(英國央行)除以債務調整後股份,定義並與上述加權平均基本份額進行覈對。Gear認爲,對於管理層和投資者而言,英國央行調整後每股儲備金是有用的非公認會計准則比率,因爲這使石油和天然氣公司在計算每股數字以證明公司生產石油和天然氣的能力時能夠站在平等的、基於企業價值的基礎上。
(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 |
(債務調整後每股英國央行) | 2023年12月31日 | 2022年12月31日 |
久經考驗的發達 | 0.037 | 0.035 |
總共證明了 | 0.062 | 0.062 |
總數已證實再加上可能性 | 0.096 | 0.098 |
Reserves value before tax 10 per cent per debt adjusted shares
每股債務調整後股票的稅前儲備金價值爲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.
每股債務調整後股票的稅前儲備金價值10%是非公認會計准則比率,計算方法是稅前儲備金價值10%除以債務調整後股份,定義並與上述加權平均基本份額進行覈對。Gear認爲,每股債務調整後股票的稅前儲備價值爲10%,這對管理層和投資者來說是一個有用的非公認會計准則比率,因爲這使石油和天然氣公司在計算每股數字以證明公司生產石油和天然氣的能力時能夠站在平等的、基於企業價值的基礎上。
($ 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 |
(債務調整後每股美元) | 2023年12月31日 | 2022年12月31日 |
久經考驗的發達 | 0.752 | 0.739 |
總共證明了 | 1.027 | 1.093 |
總數已證實再加上可能性 | 1.623 | 1.766 |
Operating Netback
運營淨回報
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.
運營淨回值是根據扣除特許權使用費和運營成本後每單位產量獲得的收入額計算的非公認會計准則比率。管理層認爲,營業淨回值是衡量單位產量的經營業績和盈利能力的關鍵指標。管理層認爲,netback爲投資者提供了其他石油和天然氣公司常用的信息。以英國央行爲基礎的衡量有助於管理層和投資者在可比基礎上評估經營業績。
Finding and Development ("F&D") Costs and Finding, Development and Acquisition ("FD&A") Costs
尋找和開發(“F&D”)成本和尋找、開發和收購(“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 的計算包括該時期的所有勘探、開發資本以及該時期FDC的變化。然後,包括FDC變動在內的總資本除以該期間的儲備金變化,其中包括同期的所有修訂。FD&A 的計算方式相同,唯一的不同是它還考慮了在此期間產生的任何購置成本。Gear認爲,F&D和FD&A是管理層和投資者衡量公司資本支出的投資回報率或資本效率的有用非公認會計准則比率。
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.
回收率是非公認會計准則比率。回收率的計算方法是將每桶石油當量的運營淨回收除以每桶石油當量的F&D或FD&A成本。管理層使用回收率將增加儲備金的成本與預期產生的現金流聯繫起來。
Net Asset Value ("NAV")
資產淨值(“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.
資產淨值是一項補充財務指標,其構成在本新聞稿的 “效率比率” 標題下列出。Gear認爲資產淨值對管理層和投資者來說是一項有用的補充衡量標準,因爲它使石油和天然氣公司能夠根據對公司儲備的獨立儲備評估以及管理層對公司其他資產價值的某些假設來衡量公司已發行股票的價值。爲了計算此處列出的資產淨值,未開發土地是基於對公司未開發土地價值的內部估計。淨負債用作資產淨值計算的組成部分,資產淨值是一種資本管理衡量標準,其組成如上所述。就資產淨值的計算而言,已發行股份數量不包括本公司任何證券上可轉換、可交換或可行使爲公司股份的任何股份。
Oil and Gas Metrics
石油和天然氣指標
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.
本新聞稿包含定期儲備壽命指數,這是一種石油和天然氣指標,沒有標準的含義或標準的計算方法,因此此類衡量標準可能無法與其他公司使用的類似衡量標準相提並論。此處納入儲備壽險指數是爲了向讀者提供評估公司業績的額外衡量標準;但是,該指標不是公司未來業績的可靠指標,未來的表現可能無法與前一時期的表現相提並論。儲量壽命指數的計算方法是將每個類別的儲量除以相應的Sproule年產量預測。本新聞稿還包含資產淨值、FD&A成本、F&D成本、每股DA儲備金、每股DA儲備金額、回收率和運營淨回值等術語,這些術語沒有任何標準化含義,可能無法與其他實體提出的類似指標相提並論。有關這些指標的更多信息,請參閱本新聞稿中的 “效率比率” 和 “非公認會計准則和其他財務指標”。
Drilling Locations
鑽探地點
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.
本新聞稿披露了三類鑽探地點:(i)已探明地點;(ii)可能的地點;(iii)未預訂的地點。探明地點和可能的地點來自截至2023年12月31日的Sproule儲量報告,並酌情考慮了具有相關探明和/或可能儲量的鑽探地點。此處確定的所有未經證實的鑽探地點或可能的地點均被視爲未預訂的地點。未預訂的地點是根據Gear的預期面積進行的內部估算,以及根據行業慣例和內部審查對每個區域可以鑽探的油井數量的假設。管理層根據對適用的地質、地震、工程、生產、定價假設和儲量信息的評估,確定了未預訂的地點,這是對我們多年鑽探活動的估計。不確定Gear是否會鑽探所有未預訂的鑽探地點,如果進行了鑽探,也不確定這些地點是否會增加石油和天然氣儲量、資源或產量。Gear實際鑽井的鑽探地點最終將取決於資金的可用性、監管部門的批准、季節性限制、石油和天然氣價格、成本、實際鑽探結果、獲得的其他儲層信息以及其他因素。儘管Gear的大多數未預訂地點都是獨立評估人員已經確認的鑽探模式的延伸或補充,但其他未預訂的鑽探地點距離現有油井更遠,管理層對儲層特徵的了解較少,因此更不確定是否會在這些地點鑽探油井,如果鑽探,此類油井將增加石油和天然氣儲量、資源或產量的不確定性。
Barrels of Oil Equivalent
桶裝石油當量
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.
此處提供的有關英國央行的披露可能會產生誤導,特別是如果單獨使用。6 Mcf 比 1 Bbl 的京東方轉換比率基於一種主要適用於燃燒器尖端的能量等效轉換方法,並不代表井口的等值值。此外,鑑於與天然氣相比,基於當前原油價格的價值比率與 6:1 的能源當量有顯著差異;使用 6:1 的轉化率作爲價值指示可能會產生誤導。
FOR FURTHER INFORMATION PLEASE CONTACT:
欲了解更多信息,請聯繫:
Ingram Gillmore
President & CEO
403-538-8463
英格拉姆·吉爾摩
總裁兼首席執行官
403-538-8463
David Hwang
Vice President Finance & CFO
403-538-8437
黃大衛
財務副總裁兼首席財務官
403-538-8437
Email: info@gearenergy.com
Website:
電子郵件:info@gearenergy.com
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譯文內容由第三人軟體翻譯。