Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2023
Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2023
Calgary, Alberta--(Newsfile Corp. - March 8, 2024) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") has released its financial and operating results for the fourth quarter and year ended December 31, 2023. The Company's financial results are summarized as follows:
艾伯塔省卡爾加里--(Newsfile Corp.,2024年3月8日)——凱爾特勘探有限公司(多倫多證券交易所股票代碼:KEL)(“凱爾特” 或 “公司”)發佈了截至2023年12月31日的第四季度和年度的財務和經營業績。該公司的財務業績摘要如下:
FINANCIAL HIGHLIGHTS | Three months ended December 31 |
Year ended December 31 | ||||||||||||||||
(CA$ thousands, except as otherwise indicated) |
2023 |
2022 |
% |
2023 |
2022 |
% | ||||||||||||
|
||||||||||||||||||
Petroleum and natural gas sales |
129,000 |
152,720 |
-16 |
495,580 |
613,358 |
-19 | ||||||||||||
Cash provided by operating activities |
62,477 |
63,742 |
-2 |
283,224 |
306,022 |
-7 | ||||||||||||
Adjusted funds from operations (1) |
66,618 |
92,851 |
-28 |
276,200 |
326,992 |
-16 | ||||||||||||
Basic ($/ common share) (1) |
0.34 |
0.48 |
-29 |
1.43 |
1.71 |
-16 | ||||||||||||
Diluted ($/ common share) (1) |
0.33 |
0.47 |
-30 |
1.40 |
1.67 |
-16 | ||||||||||||
|
||||||||||||||||||
Net income and comprehensive income |
23,729 |
54,238 |
-56 |
85,974 |
158,758 |
-46 | ||||||||||||
Basic ($/ common share) |
0.12 |
0.28 |
-57 |
0.45 |
0.83 |
-46 | ||||||||||||
Diluted ($/ common share) |
0.12 |
0.28 |
-57 |
0.44 |
0.81 |
-46 | ||||||||||||
|
||||||||||||||||||
Capital expenditures, net of A&D (1) |
62,695 |
68,594 |
-9 |
282,646 |
317,540 |
-11 | ||||||||||||
Total assets | |
|
|
1,260,292 |
1,128,104 |
12 | ||||||||||||
Bank debt | |
|
|
- |
11,300 |
-100 | ||||||||||||
Net debt (1) | |
|
|
12,997 |
9,789 |
33 | ||||||||||||
Shareholders' equity | |
|
|
1,003,663 |
901,424 |
11 | ||||||||||||
Return on average capital employed (%) (1)(2) | |
|
|
12 |
25 |
-52 | ||||||||||||
|
||||||||||||||||||
Weighted average shares outstanding (000s) | |
|
|
|
|
|||||||||||||
Basic |
194,359 |
191,812 |
1 |
193,116 |
191,101 |
1 | ||||||||||||
Diluted |
199,223 |
195,828 |
2 |
197,063 |
195,456 |
1 | ||||||||||||
(1) Refer to advisories regarding Non-GAAP and Other Financial Measures. |
財務要聞 | 截至12月31日的三個月 |
截至十二月三十一日的一年 | ||||||||||||||||
(千加元,除非另有說明) |
2023 |
2022 |
% |
2023 |
2022 |
% | ||||||||||||
|
||||||||||||||||||
石油和天然氣銷售 |
129,000 |
152,720 |
-16 |
495,580 |
613,358 |
-19 | ||||||||||||
經營活動提供的現金 |
62,477 |
63,742 |
-2 |
283,224 |
306,022 |
-7 | ||||||||||||
調整後的運營資金 (1) |
66,618 |
92,851 |
-28 |
276,200 |
326,992 |
-16 | ||||||||||||
基本(美元/普通股) (1) |
0.34 |
0.48 |
-29 |
1.43 |
1.71 |
-16 | ||||||||||||
攤薄(美元/普通股) (1) |
0.33 |
0.47 |
-30 |
1.40 |
1.67 |
-16 | ||||||||||||
|
||||||||||||||||||
淨收益和綜合收益 |
23,729 |
54,238 |
-56 |
85,974 |
158,758 |
-46 | ||||||||||||
基本(美元/普通股) |
0.12 |
0.28 |
-57 |
0.45 |
0.83 |
-46 | ||||||||||||
攤薄(美元/普通股) |
0.12 |
0.28 |
-57 |
0.44 |
0.81 |
-46 | ||||||||||||
|
||||||||||||||||||
資本支出,扣除 A&D (1) |
62,695 |
68,594 |
-9 |
282,646 |
317,540 |
-11 | ||||||||||||
總資產 | |
|
|
1,260,292 |
1,128,104 |
12 | ||||||||||||
銀行債務 | |
|
|
- |
11,300 |
-100 | ||||||||||||
淨負債 (1) | |
|
|
12,997 |
9,789 |
33 | ||||||||||||
股東權益 | |
|
|
1,003,663 |
901,424 |
11 | ||||||||||||
平均已動用資本回報率 (%) (1) (2) | |
|
|
12 |
25 |
-52 | ||||||||||||
|
||||||||||||||||||
加權平均已發行股數(000股) | |
|
|
|
|
|||||||||||||
基本 |
194,359 |
191,812 |
1 |
193,116 |
191,101 |
1 | ||||||||||||
稀釋 |
199,223 |
195,828 |
2 |
197,063 |
195,456 |
1 | ||||||||||||
(1) 請參閱有關非公認會計准則和其他財務指標的建議。 |
Financial Statements
財務報表
Kelt's audited annual consolidated financial statements and related notes for the year ended December 31, 2023 will be available to the public on SEDAR+ at and will also be posted on the Company's website at on March 8, 2024.
凱爾特截至2023年12月31日止年度的經審計的年度合併財務報表和相關附註將在SEDAR+上向公衆公佈,也將於2024年3月8日在公司網站上發佈。
Kelt's operating results for the fourth quarter and year ended December 31, 2023 are summarized as follows:
凱爾特截至2023年12月31日的第四季度和年度的經營業績彙總如下:
OPERATIONAL HIGHLIGHTS | Three months ended December 31 |
Year ended December 31 | ||||||||||||||||
(CA$ thousands, except as otherwise indicated) |
2023 |
2022 |
% |
2023 |
2022 |
% | ||||||||||||
|
||||||||||||||||||
Average daily production | ||||||||||||||||||
Oil (bbls/d) (2) |
8,832 |
6,416 |
38 |
7,979 |
5,640 |
41 | ||||||||||||
NGLs (bbls/d) |
3,422 |
3,478 |
-2 |
3,759 |
4,049 |
-7 | ||||||||||||
Gas (mcf/d) |
120,541 |
108,849 |
11 |
112,634 |
105,280 |
7 | ||||||||||||
Combined (BOE/d) |
32,344 |
28,036 |
15 |
30,510 |
27,236 |
12 | ||||||||||||
Production per million common shares (BOE/d) (1) |
166 |
146 |
14 |
158 |
143 |
10 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Net realized prices, before financial instruments(1) | |
|
|
|
|
|||||||||||||
Oil ($/bbl) (2) |
95.68 |
107.88 |
-11 |
97.90 |
117.18 |
-16 | ||||||||||||
NGLs ($/bbl) |
49.79 |
60.54 |
-18 |
49.27 |
67.64 |
-27 | ||||||||||||
Gas ($/mcf) |
2.75 |
6.52 |
-58 |
3.08 |
6.63 |
-54 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Operating netbacks ($/BOE) (1) | |
|
|
|
|
|||||||||||||
Petroleum and natural gas sales |
43.35 |
59.21 |
-27 |
44.51 |
61.70 |
-28 | ||||||||||||
Cost of purchases | (1.66) | (3.30) | -50 |
(1.50) | (2.16) | -31 | ||||||||||||
Combined net realized price, before financial instruments(1) |
41.69 |
55.91 |
-25 |
43.01 |
59.54 |
-28 | ||||||||||||
Realized gain (loss) on financial instruments |
0.09 |
1.66 |
-95 |
1.35 |
(5.68) | 124 | ||||||||||||
Combined net realized price, after financial instruments(1) |
41.78 |
57.57 |
-27 |
44.36 |
53.86 |
-18 | ||||||||||||
Royalties | (6.03) | (6.15) | -2 |
(5.31) | (6.60) | -20 | ||||||||||||
Production expense | (8.62) | (10.90) | -21 |
(9.83) | (10.22) | -4 | ||||||||||||
Transportation expense | (3.64) | (3.03) | 20 |
(3.48) | (3.06) | 14 | ||||||||||||
Operating netback (1) |
23.49 |
37.49 |
-37 |
25.74 |
33.98 |
-24 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Land holdings | |
|
|
|
|
|||||||||||||
Gross acres | |
|
|
796,519 |
795,559 |
- | ||||||||||||
Net acres | |
|
|
581,553 |
579,857 |
- | ||||||||||||
(1) Refer to advisories regarding Non-GAAP and Other Financial Measures. (2) "Oil" includes crude oil and field condensate combined |
運營亮點 | 截至12月31日的三個月 |
截至十二月三十一日的一年 | ||||||||||||||||
(千加元,除非另有說明) |
2023 |
2022 |
% |
2023 |
2022 |
% | ||||||||||||
|
||||||||||||||||||
平均日產量 | ||||||||||||||||||
石油(桶/天) (2) |
8,832 |
6,416 |
38 |
7,979 |
5,640 |
41 | ||||||||||||
液化天然氣 (bbls/d) |
3,422 |
3,478 |
-2 |
3,759 |
4,049 |
-7 | ||||||||||||
氣體 (mcf/d) |
120,541 |
108,849 |
11 |
112,634 |
105,280 |
7 | ||||||||||||
合併(英國央行/D) |
32,344 |
28,036 |
15 |
30,510 |
27,236 |
12 | ||||||||||||
每百萬股普通股產量(BOE/D) (1) |
166 |
146 |
14 |
158 |
143 |
10 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
扣除金融工具前的淨已實現價格(1) | |
|
|
|
|
|||||||||||||
石油(美元/桶) (2) |
95.68 |
107.88 |
-11 |
97.90 |
117.18 |
-16 | ||||||||||||
液化天然氣(美元/桶) |
49.79 |
60.54 |
-18 |
49.27 |
67.64 |
-27 | ||||||||||||
汽油(美元/立方英尺) |
2.75 |
6.52 |
-58 |
3.08 |
6.63 |
-54 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
運營淨回值(美元/英國央行) (1) | |
|
|
|
|
|||||||||||||
石油和天然氣銷售 |
43.35 |
59.21 |
-27 |
44.51 |
61.70 |
-28 | ||||||||||||
購買成本 | (1.66) | (3.30) | -50 |
(1.50) | (2.16) | -31 | ||||||||||||
扣除金融工具的合併淨已實現價格(1) |
41.69 |
55.91 |
-25 |
43.01 |
59.54 |
-28 | ||||||||||||
金融工具的已實現收益(虧損) |
0.09 |
1.66 |
-95 |
1.35 |
(5.68) | 124 | ||||||||||||
扣除金融工具後的合併淨已實現價格(1) |
41.78 |
57.57 |
-27 |
44.36 |
53.86 |
-18 | ||||||||||||
特許權使用費 | (6.03) | (6.15) | -2 |
(5.31) | (6.60) | -20 | ||||||||||||
生產費用 | (8.62) | (10.90) | -21 |
(9.83) | (10.22) | -4 | ||||||||||||
交通費用 | (3.64) | (3.03) | 20 |
(3.48) | (3.06) | 14 | ||||||||||||
運營淨回值 (1) |
23.49 |
37.49 |
-37 |
25.74 |
33.98 |
-24 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
持有土地 | |
|
|
|
|
|||||||||||||
總英畝數 | |
|
|
796,519 |
795,559 |
- | ||||||||||||
淨英畝 | |
|
|
581,553 |
579,857 |
- | ||||||||||||
(1) 請參閱有關非公認會計准則和其他財務指標的建議。 (2) “石油” 包括原油和油田凝析油的總和 |
Message to Shareholders
給股東的消息
Kelt Exploration Ltd. ("Kelt" or the "Company") reports its financial and operating results to shareholders for the fourth quarter and year ended December 31, 2023.
凱爾特勘探有限公司(“凱爾特” 或 “公司”)向股東報告了截至2023年12月31日的第四季度和年度的財務和經營業績。
Average production for the three months ended December 31, 2023 was 32,344 BOE per day, up 15% compared to average production of 28,036 BOE per day during the fourth quarter of 2022. Average production for 2023 was 30,510 BOE per day, an increase of 12% from an average production of 27,236 BOE per day in 2022. Production for the three months ended December 31, 2023 was weighted 38% to oil and NGLs and 62% to gas.
截至2023年12月31日的三個月,日均產量爲32,344桶京東方,與2022年第四季度日均28,036英鎊的平均產量相比增長了15%。2023年的平均產量爲每天30,510桶京東方,較2022年的平均日產量27,236英鎊增長了12%。截至2023年12月31日的三個月,石油和液化天然氣的產量加權爲38%,天然氣的產量爲62%。
Petroleum and natural gas sales during the fourth quarter of 2023 decreased 16% to $129.0 million, down from $152.7 million in the same period of the previous year. Petroleum and natural gas sales for the year were $495.6 million, down 19% from $613.4 million in 2022. Kelt's net realized average oil price during the fourth quarter of 2023 was $95.68 per barrel, down 11% from $107.88 per barrel in the fourth quarter of 2022. The Company's net realized average NGLs price during the fourth quarter of 2023 was $49.79 per barrel, down 18% from $60.54 per barrel in the fourth quarter of 2022. Kelt's net realized average gas price for the fourth quarter of 2023 was $2.75 per Mcf, down 58% from $6.52 per Mcf in the fourth quarter of 2022.
2023年第四季度的石油和天然氣銷售額從去年同期的1.527億美元下降了16%,至1.29億美元。該年度的石油和天然氣銷售額爲4.956億美元,較2022年的6.134億美元下降了19%。凱爾特在2023年第四季度的淨已實現平均油價爲每桶95.68美元,較2022年第四季度的每桶107.88美元下降了11%。該公司在2023年第四季度的淨已實現平均液化天然氣價格爲每桶49.79美元,較2022年第四季度的每桶60.54美元下降了18%。凱爾特2023年第四季度的淨已實現平均汽油價格爲每立方英尺2.75美元,較2022年第四季度的每立方英尺6.52美元下降了58%。
For the three months ended December 31, 2023, adjusted funds from operations was $66.6 million ($0.33 per share, diluted), compared to $92.9 million ($0.47 per share, diluted) in the fourth quarter of 2022. Year over year, adjusted funds from operations decreased 16% to $276.2 million ($1.40 per share, diluted) from $327.0 million ($1.67 per share, diluted) in 2022. During 2023, Kelt recorded net income of $86.0 million ($0.44 per share, diluted) compared to $158.8 million ($0.81 per share, diluted) in the previous year.
在截至2023年12月31日的三個月中,調整後的運營資金爲6,660萬美元(攤薄後每股收益0.33美元),而2022年第四季度爲9,290萬美元(攤薄後每股0.47美元)。與去年同期相比,調整後的運營資金從2022年的3.27億美元(攤薄後每股1.67美元)下降了16%,至2.762億美元(攤薄後每股1.40美元)。2023年,凱爾特的淨收益爲8,600萬美元(攤薄後每股收益0.44美元),而去年同期爲1.588億美元(攤薄後每股收益0.81美元)。
Kelt's return on average capital employed ("ROACE") was 12% in 2023 and 25% in 2022. The three year average ROACE was 19%, showing a significant return on capital employed as the Company transitions from exploration and resource delineation to development and multi-well pad drilling.
凱爾特的平均使用資本回報率(“ROACE”)在2023年爲12%,在2022年爲25%。三年平均投資回報率爲19%,這表明隨着公司從勘探和資源劃分過渡到開發和多井墊鑽探,所使用的資本回報率可觀。
At December 31, 2023, Kelt had net debt of $13.0 million compared to $9.8 million at December 31, 2022. At a net debt to adjusted funds from operations ratio of 0.05 times, Kelt continues to maintain its strong financial position.
截至2023年12月31日,凱爾特的淨負債爲1,300萬美元,而截至2022年12月31日爲980萬美元。凱爾特的淨負債與調整後運營資金的比率爲0.05倍,繼續保持其強勁的財務狀況。
Capital expenditures, net of A&D incurred during the three months ended December 31, 2023 were $62.7 million, down 9% compared to net capital expenditures of $68.6 million during the fourth quarter of 2022. During the fourth quarter of 2023, the Company spent $26.6 million on drill and complete operations and $35.9 million on well equipment, facilities and pipelines.
截至2023年12月31日的三個月中,扣除A&D產生的資本支出爲6,270萬美元,與2022年第四季度的6,860萬美元淨資本支出相比下降了9%。在2023年第四季度,該公司在鑽探和完工運營上花費了2660萬美元,在油井設備、設施和管道上花費了3590萬美元。
Kelt expects to report to shareholders its 2024 first quarter results on or about May 9, 2024.
凱爾特預計將在2024年5月9日左右向股東報告其2024年第一季度業績。
Changes in forecasted commodity prices and variances in production estimates can have a significant impact on estimated funds from operations and profit. Please refer to the advisories regarding forward-looking statements and to the cautionary statement below.
大宗商品預測價格的變化和產量估算的差異可能會對估計的運營資金和利潤產生重大影響。請參閱有關前瞻性陳述的公告和以下警示聲明。
The information set out herein is "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Kelt's reasonable expectations as to the anticipated results of its proposed business activities for the calendar year 2024. Readers are cautioned that this financial outlook may not be appropriate for other purposes.
此處列出的信息是適用證券法所指的 “財務展望”。本財務展望的目的是向讀者披露凱爾特對其2024日曆年擬議業務活動的預期結果的合理預期。提醒讀者,這種財務前景可能不適合其他目的。
Non-GAAP and Other Key Financial Measures
非公認會計准則和其他關鍵財務指標
This press release contains certain non-GAAP financial measures and other specified financial measures, as described below, which do not have standardized meanings prescribed by GAAP and do not have standardized meanings under the applicable securities legislation. As these non-GAAP, and other specified financial measures are commonly used in the oil and gas industry, the Company believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.
本新聞稿包含某些非公認會計准則財務指標和其他特定財務指標,如下所述,這些指標沒有GAAP規定的標準化含義,也沒有適用的證券立法規定的標準化含義。由於這些非公認會計准則和其他特定財務指標通常用於石油和天然氣行業,因此公司認爲將其納入對投資者有用。提醒讀者,這些金額可能無法與使用類似術語的其他公司的衡量標準直接相提並論。
Non-GAAP Financial Measures
非公認會計准則財務指標
Net realized price
已實現淨價格
Net realized price is a non-GAAP measure and is calculated by dividing the Company's P&NG sales after cost of purchases by the Company's production and reflects Kelt's realized selling prices plus the net benefit of oil blending and third-party natural gas sales. In addition to using its own production, the Company may purchase butane and crude oil from third parties for use in its blending operations, with the objective of selling the blended oil product at a premium. Marketing revenue from the sale of third-party volumes is included in P&NG sales as reported in the Consolidated Statement of Net Income and Comprehensive Income in accordance with GAAP. Given the Company's per unit operating statistics disclosed throughout this press release are calculated based on Kelt's production volumes, and excludes the sale of third-party marketing volumes, management believes that disclosing its net realized prices based on P&NG sales after cost of purchases is more appropriate and useful, because the cost of third-party volumes purchased to generate the incremental marketing revenue has been deducted.
淨已實現價格是非公認會計准則的衡量標準,計算方法是將公司扣除採購成本後的寶潔天然氣銷售額除以公司的產量,反映了凱爾特的已實現銷售價格加上石油調和和和第三方天然氣銷售的淨收益。除了使用自己的產品外,公司還可以從第三方購買丁烷和原油用於其混合業務,目的是以溢價出售混合油產品。根據公認會計原則,銷售第三方銷量的營銷收入包含在合併淨收益和綜合收益表中報告的寶潔銷售額中。鑑於公司在本新聞稿中披露的單位運營統計數據是根據凱爾特的產量計算得出的,不包括第三方銷售量,因此管理層認爲,根據扣除採購成本後的寶潔銷售額披露其淨已實現價格更爲恰當和有用,因爲爲產生增量營銷收入而購買的第三方銷量成本已被扣除。
Combined net realized prices referenced throughout this press release are before derivative financial instruments ("combined net realized price, before financial instruments"), except as otherwise indicated as being after derivative financial instruments ("combined net realized price, after financial instruments").
本新聞稿中提及的合併淨已實現價格均不含衍生金融工具(“扣除金融工具前的合併淨已實現價格”),除非另行註明爲扣除衍生金融工具(“扣除金融工具後的合併淨已實現價格”)。
See the "Petroleum and Natural Gas Sales" section of Kelt's MD&A as at and for the year ended December 31, 2023, which provides a reconciliation of the net realized price to P&NG sales, which is a GAAP measure.
參見截至2023年12月31日止年度的凱爾特MD&A中的 “石油和天然氣銷售” 部分,其中提供了淨已實現價格與寶潔天然氣銷售額的對賬,這是一項公認會計原則衡量標準。
Operating income and operating netback
營業收入和營業淨回值
Operating income is a non-GAAP measure calculated by deducting royalties, production expenses and transportation expenses from petroleum and natural gas sales, net of the cost of purchases and after realized gains or losses on derivative financial instruments. The Company also presents operating income on a per BOE basis, referred to as "operating netback" or "operating income per BOE", which allows management to better analyze performance against prior periods, on a comparable basis, and is a key industry performance measure of operational efficiency.
營業收入是一種非公認會計准則衡量標準,計算方法是從石油和天然氣銷售中扣除特許權使用費、生產費用和運輸費用,減去購買成本和衍生金融工具的已實現收益或虧損。該公司還按每個英國央行列報營業收入,稱爲 “運營淨回值” 或 “每個英國央行的營業收入”,這使管理層能夠在可比基礎上更好地分析與前期相比的業績,也是衡量運營效率的關鍵行業績效指標。
See the "Adjusted Funds from Operations" section of Kelt's MD&A as at and for the year ended December 31, 2023, which provides a reconciliation of the operating income from P&NG sales, which is a GAAP measure.
參見截至2023年12月31日止年度的凱爾特管理與分析報告中的 “調整後運營資金” 部分,其中提供了寶潔天然氣銷售營業收入的對賬表,這是一項公認會計原則衡量標準。
Capital expenditures
資本支出
"Capital expenditures, before A&D" and "Capital expenditures, net of A&D" are measures the Company uses to monitor its investment in exploration and evaluation, investment in property plant and equipment, and net investment in acquisition and disposition activities. The most directly comparable GAAP measure is Cash used in investing activities, and is calculated as follows:
“A&D前的資本支出” 和 “扣除A&D後的資本支出” 是公司用來監測其勘探和評估投資、不動產廠房和設備投資以及收購和處置活動淨投資的衡量標準。最直接可比的GAAP指標是用於投資活動的現金,計算方法如下:
Three months ended December 31 |
Year ended December 31 |
|||||||||||
(CA$ thousands, except as otherwise indicated) | 2023 | 2022 | 2023 | 2022 | ||||||||
Cash used in investing activities |
82,324 |
95,916 |
265,485 |
328,945 |
||||||||
Change in non-cash investing working capital | (19,629) | (27,322) |
17,161 |
(11,405) | ||||||||
Capital expenditures, net of A&D |
62,695 |
68,594 |
282,646 |
317,540 |
||||||||
Property acquisitions (1) | (10) | (12) | (102) | (933) | ||||||||
Property dispositions (1) |
50 |
- |
50 |
41 | ||||||||
Capital expenditures, before A&D |
62,735 |
68,582 |
282,594 |
316,648 | ||||||||
(1) Property acquisitions and property dispositions for the year ended December 31, 2023 includes $6.9 million of non-cash consideration. Property acquisitions and property dispositions for the year ended December 31, 2022 includes $2.5 million of non-cash consideration |
三個月已結束 12 月 31 日 |
年終了 12 月 31 日 |
|||||||||||
(千加元,除非另有說明) | 2023 | 2022 | 2023 | 2022 | ||||||||
用於投資活動的現金 |
82,324 |
95,916 |
265,485 |
328,945 |
||||||||
非現金投資營運資金的變化 | (19,629) | (27,322) |
17,161 |
(11,405) | ||||||||
資本支出,扣除 A&D |
62,695 |
68,594 |
282,646 |
317,540 |
||||||||
房產收購 (1) | (10) | (12) | (102) | (933) | ||||||||
財產處置 (1) |
50 |
- |
50 |
41 | ||||||||
A&D 之前的資本支出 |
62,735 |
68,582 |
282,594 |
316,648 | ||||||||
(1) 截至2023年12月31日止年度的房地產收購和財產處置包括690萬美元的非現金對價。截至2022年12月31日止年度的房地產收購和財產處置包括250萬美元的非現金對價 |
Average capital employed
平均已動用資本
Kelt calculates average capital employed as the total of net debt plus the short and long term lease obligations and shareholders equity. Kelt uses average capital employed as a measure of long-term capital management and operating performance, and as a component in the calculation for ROACE. The table below provides a reconciliation of average capital employed to the most directly comparable GAAP measures of shareholders equity.
凱爾特將平均所用資本計算爲淨負債總額加上短期和長期租賃義務和股東權益。凱爾特使用平均資本來衡量長期資本管理和運營業績,並作爲ROACE計算的組成部分。下表提供了平均資本與最直接可比的GAAP股東權益指標的對賬情況。
(CA$ thousands, except as otherwise indicated) |
December 31, 2023 |
December 31, 2022 |
December 31, 2021 | ||||||
Net debt - beginning of period |
9,789 |
28,220 |
(27,655) | ||||||
Current portion of lease obligations |
505 |
609 |
684 |
||||||
Long-term portion of lease obligations |
543 |
399 |
780 |
||||||
Shareholders' equity - beginning of period |
901,424 |
722,724 |
603,684 | ||||||
Opening capital employed (A) |
912,261 |
751,952 |
577,493 | ||||||
|
|
|
|
||||||
Net debt - end of period |
12,997 |
9,789 |
28,220 |
||||||
Current portion of lease obligations |
1,125 |
505 |
609 |
||||||
Long-term portion of lease obligations |
332 |
543 |
399 |
||||||
Shareholders' equity - end of period |
1,003,663 |
901,424 |
722,724 | ||||||
Closing capital employed (B) |
1,018,117 |
912,261 |
751,952 | ||||||
Average capital employed (A+B)/2 |
965,189 |
832,107 |
664,723 |
(千加元,除非另有說明) |
十二月 31, 2023 |
2022年12月31日 |
2021年12月31日 | ||||||
淨負債——期初 |
9,789 |
28,220 |
(27,655) | ||||||
租賃債務的當前部分 |
505 |
609 |
684 |
||||||
租賃債務的長期部分 |
543 |
399 |
780 |
||||||
股東權益-期初 |
901,424 |
722,724 |
603,684 | ||||||
已動用期初資本 (A) |
912,261 |
751,952 |
577,493 | ||||||
|
|
|
|
||||||
淨負債——期末 |
12,997 |
9,789 |
28,220 |
||||||
租賃債務的當前部分 |
1,125 |
505 |
609 |
||||||
租賃債務的長期部分 |
332 |
543 |
399 |
||||||
股東權益-期末 |
1,003,663 |
901,424 |
722,724 | ||||||
已動用期末資本 (B) |
1,018,117 |
912,261 |
751,952 | ||||||
平均動用資本 (A+B) /2 |
965,189 |
832,107 |
664,723 |
Return on average capital employed
平均已動用資本回報率
Kelt calculates ROACE, expressed as a percentage, as adjusted EBIT divided by the average capital employed. The components adjusted EBIT and average capital employed are non-GAAP financial measures. Kelt uses ROACE as a measure of long-term financial performance.
凱爾特計算ROACE,以百分比表示,調整後的息稅前利潤除以平均已動用資本。調整後的息稅前利潤和平均資本的組成部分是非公認會計准則財務指標。凱爾特使用ROACE來衡量長期財務業績。
(CA$ thousands, except as otherwise indicated) |
Three-year Average |
December 31, 2023 |
December 31, 2022 |
December 31, 2021 | ||||||||
Adjusted EBIT | |
115,787 |
211,659 |
136,132 |
||||||||
Average capital employed | |
965,189 |
832,107 |
664,723 | ||||||||
ROACE (%) |
19% |
12% |
25% |
20% |
(千加元,除非另有說明) |
三年 平均值 |
十二月 31, 2023 |
2022年12月31日 |
2021年12月31日 | ||||||||
調整後的息稅前利潤 | |
115,787 |
211,659 |
136,132 |
||||||||
平均已動用資本 | |
965,189 |
832,107 |
664,723 | ||||||||
咆哮 (%) |
19% |
12% |
25% |
20% |
Capital Management Measures:
資本管理措施:
Funds from operations and adjusted funds from operations
運營資金和調整後的運營資金
Management considers funds from operations and adjusted funds from operations as a key capital management measure as it demonstrates the Company's ability to meet its financial obligations and cash flow available to fund its capital program. Funds from operations and adjusted funds from operations are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities. The most comparable GAAP measure is "Cash provided by operating activities". Funds from operations and adjusted funds from operations are calculated as follows:
管理層將運營資金和調整後的運營資金視爲一項關鍵的資本管理措施,因爲這表明公司有能力履行其財務義務和可用於爲其資本計劃提供資金的現金流。運營資金和調整後的運營資金不是標準化衡量標準,因此可能無法與其他實體計算的類似衡量標準進行比較。最具可比性的GAAP指標是 “經營活動提供的現金”。運營資金和調整後的運營資金的計算方法如下:
Three months ended December 31 |
Year ended December 31 |
|||||||||||
(CA$ thousands, except as otherwise indicated) |
2023 |
2022 |
2023 |
2022 | ||||||||
Cash provided by operating activities |
62,477 |
63,742 |
283,224 |
306,022 |
||||||||
Change in non-cash working capital |
1,697 |
28,742 |
(11,562) | 17,770 | ||||||||
Funds from operations |
64,174 |
92,484 |
271,662 |
323,792 |
||||||||
Settlement of decommissioning obligations |
2,444 |
367 |
4,538 |
3,200 | ||||||||
Adjusted funds from operations |
66,618 |
92,851 |
276,200 |
326,992 |
三個月已結束 12 月 31 日 |
年終了 12 月 31 日 |
|||||||||||
(千加元,除非另有說明) |
2023 |
2022 |
2023 |
2022 | ||||||||
經營活動提供的現金 |
62,477 |
63,742 |
283,224 |
306,022 |
||||||||
非現金營運資本的變化 |
1,697 |
28,742 |
(11,562) | 17,770 | ||||||||
運營資金 |
64,174 |
92,484 |
271,662 |
323,792 |
||||||||
結算退役義務 |
2,444 |
367 |
4538 |
3,200 | ||||||||
調整後的運營資金 |
66,618 |
92,851 |
276,200 |
326,992 |
Net debt (surplus) and net debt (surplus) to adjusted funds from operations ratio
淨負債(盈餘)和淨負債(盈餘)佔調整後運營資金的比率
Management considers net debt (surplus) and a net debt (surplus) to adjusted funds from operations ratio as key capital management measures to assess the Company's liquidity at a point in time and to monitor its capital structure and short-term financing requirements. The "net debt (surplus) to adjusted funds from operations ratio" is also indicative of the "net debt to cash flow ratio" calculation used to determine the applicable margin for a quarter under the Company's Credit Facility agreement (though the calculation may not always be a precise match, it is representative).
管理層將淨負債(盈餘)和淨負債(盈餘)與調整後運營資金的比率視爲關鍵資本管理措施,以評估公司在某個時間點的流動性並監控其資本結構和短期融資需求。“淨負債(盈餘)佔調整後運營資金的比率” 也表明 “淨負債與現金流比率” 的計算方法,該計算方法用於確定公司信貸額度協議下一個季度的適用利潤率(儘管計算可能並不總是精確匹配,但具有代表性)。
"Net debt (surplus)" is equal to bank debt, accounts payable and accrued liabilities, net of cash and cash equivalents, accounts receivables and accrued sales and prepaid expenses and deposits. The Company believes that using a "Net debt (surplus)" non-GAAP measure, which excludes non-cash derivative financial instruments, non-cash lease liabilities, and non-cash decommissioning obligations, provides investors with more useful information to understand the Company's cash liquidity risk.
“淨負債(盈餘)” 等於銀行債務、應付賬款和應計負債,扣除現金和現金等價物、應收賬款和應計銷售以及預付費用和存款。該公司認爲,使用 “淨負債(盈餘)” 非公認會計准則指標(不包括非現金衍生金融工具、非現金租賃負債和非現金退役債務)可以爲投資者提供更多有用的信息,以了解公司的現金流動性風險。
Net debt is calculated as follows:
淨負債的計算方法如下:
December 31, 2023 |
December 31, 2022 |
|||||
Bank debt |
- |
11,300 |
||||
Accounts payable and accrued liabilities |
85,171 |
83,288 |
||||
Cash and cash equivalents | (14,340) | (125) | ||||
Accounts receivable and accrued sales | (52,646) | (81,075) | ||||
Prepaid expenses and deposits | (5,188) | (3,599) | ||||
Net debt |
12,997 |
9,789 |
十二月 31, 2023 |
十二月 31, 2022 |
|||||
銀行債務 |
- |
11,300 |
||||
應付賬款和應計負債 |
85,171 |
83,288 |
||||
現金和現金等價物 | (14,340) | (125) | ||||
應收賬款和應計銷售額 | (52,646) | (81,075) | ||||
預付費用和按金 | (5,188) | (3,599) | ||||
淨負債 |
12,997 |
9,789 |
Supplementary Financial Measures
補充財務措施
"Production per common share" is calculated by dividing total production by the basic weighted average number of common shares outstanding, as determined in accordance with GAAP.
“每股普通股產量” 的計算方法是將總產量除以根據公認會計原則確定的基本加權平均已發行普通股數。
P&NG sales, cost of purchases, gain (loss) on derivative financial instruments, royalties, revenue after royalties and derivative financial instruments, production expenses, transportation expenses, financing expenses, gross and net G&A expenses, realized gain (loss) on foreign exchange, other income (expense), share based compensation expense and depletion and depreciation on a $/BOE basis is calculated by dividing the amounts by the Company's total production over the period.
P&NG的銷售、購買成本、衍生金融工具的收益(虧損)、特許權使用費、扣除特許權使用費和衍生金融工具、生產費用、運輸費用、融資費用、總額和淨併購費用、外匯已實現收益(虧損)、其他收入(支出)、基於股份的薪酬支出以及按美元/英國央行計算的損耗和折舊,計算方法是將金額除以公司同期的總產量。
Adjusted funds from operations per share (basic and diluted), and net income and comprehensive income per share (basic and diluted) is calculated by dividing the amounts by the basic weighted average common shares outstanding.
調整後的每股運營資金(基本和攤薄後)以及每股淨收益和綜合收益(基本和攤薄後)的計算方法是將金額除以基本加權平均已發行普通股。
Measurements
測量
All dollar amounts are referenced in thousands of Canadian dollars, except when noted otherwise. This press release contains various references to the abbreviation BOE which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel and sulphur volumes have been converted to oil equivalence at 0.6 long tons per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices. Such abbreviation may be misleading, particularly if used in isolation. References to "oil" in this press release include crude oil and field condensate. References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "liquids" include field condensate and NGLs. References to "gas" in this discussion include natural gas and sulphur.
除非另有說明,否則所有美元金額均以千加元爲單位。本新聞稿多處提及縮寫BOE,意爲桶油當量。如果數量以英國央行計算,則天然氣體積已轉換爲石油當量,爲每桶六千立方英尺,硫含量已轉換爲石油當量,爲每桶0.6長噸。英國央行一詞可能會產生誤導,特別是如果單獨使用。英國央行每桶六千立方英尺的轉換率基於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,與基於當前原油和天然氣價格的價值比率有顯著差異。該換算係數是行業公認的標準,不是基於能量含量或當前價格。這種縮寫可能會產生誤導,特別是如果單獨使用。本新聞稿中提及的 “石油” 包括原油和油田凝析油。“液化天然氣” 或 “NGL” 的提法包括戊烷、丁烷、丙烷和乙烷。對 “液體” 的提法包括現場冷凝水和液化天然氣。本次討論中提及的 “天然氣” 包括天然氣和硫磺。
Abbreviations
縮略語
A&D | Acquisitions and Dispositions |
P&NG | Petroleum and Natural Gas |
MD&A | Management's Discussion and Analysis |
TSX | the Toronto Stock Exchange |
KEL | trading symbol for Kelt Exploration Ltd. on the TSX |
GAAP | Generally Accepted Accounting Principles |
SEDAR+ | the System for Electronic Document Analysis and Retrieval |
ROACE | return on average capital employed |
bbls | barrels |
bbls/d | barrels per day |
Mcf | thousand cubic feet |
Mcf/d | thousand cubic feet per day |
BOE | barrel of oil equivalent |
BOE/d | barrel of oil equivalent per day |
NGLs | natural gas liquids |
A&D | 收購和處置 |
P&NG | 石油和天然氣 |
MD&A | 管理層的討論與分析 |
TSX | 多倫多證券交易所 |
凱爾 | Kelt Exploration Ltd. 在多倫多證券交易所的交易代碼 |
GAAP | 公認會計原則 |
SEDAR+ | 電子文件分析和檢索系統 |
咆哮 | 平均已動用資本回報率 |
bbls | 桶 |
bbls/d | 每天桶 |
Mcf | 千立方英尺 |
mcf/D | 每天千立方英尺 |
英國央行 | 每桶石油當量 |
boe/D | 每天一桶石油當量 |
液化天然氣 | 液化天然氣 |
For further information, please contact:
欲了解更多信息,請聯繫:
Kelt Exploration Ltd., Suite 300, 311 - 6th Avenue SW, Calgary, Alberta, Canada T2P 3H2
凱爾特勘探有限公司, 300 號套房,311-6第四 加拿大艾伯塔省卡爾加里西南大道 T2P 3H2
David J. Wilson, President and Chief Executive Officer (403) 201-5340, or
Sadiq H. Lalani, Vice President and Chief Financial Officer (403) 215-5310.
Or visit our website at .
大衛·威爾遜, 總裁兼首席執行官 (403) 201-5340,或
薩迪克·拉拉尼, 副總裁兼首席財務官 (403) 215-5310。
或訪問我們的網站,網址爲。
譯文內容由第三人軟體翻譯。