Kelt Reports Financial and Operating Results for the Three and Nine Months Ended September 30, 2024

In This Article:

Calgary, Alberta--(Newsfile Corp. - November 7, 2024) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") reports its financial and operating results to shareholders for the three and nine months ended September 30, 2024.

The Company's financial results are summarized as follows:

FINANCIAL HIGHLIGHTS

Three months ended
September 30

Nine months ended
September 30

(CA$ thousands, except as otherwise indicated)

2024

2023

%

2024

2023

%

Petroleum and natural gas sales

107,884

116,948

-8

343,368

366,580

-6

Cash provided by operating activities

52,166

52,424

-

161,078

220,747

-27

Adjusted funds from operations (1)

48,939

58,772

-17

152,572

209,582

-27

 Basic ($/ common share)

0.25

0.30

-17

0.78

1.09

-28

 Diluted ($/ common share)

0.24

0.30

-20

0.77

1.07

-28

 

 

 

 

 

 

 

Net income and comprehensive net income

8,871

20,060

-56

31,623

62,195

-49

 Basic ($/ common share)

0.05

0.10

-50

0.16

0.32

-50

 Diluted ($/ common share)

0.04

0.10

-60

0.16

0.32

-50

 

 

 

 

 

 

 

Capital expenditures, net of A&D (1)

82,110

98,287

-16

236,101

219,951

7

Total assets

1,378,621

1,222,412

13

1,378,621

1,222,412

13

Bank debt

45,428

-

-

45,428

-

-

Net debt (1)

95,889

15,917

502

95,889

15,917

502

Shareholders' equity

1,046,142

976,146

7

1,046,142

976,146

7

 

 

 

 

 

 

 

Weighted average shares outstanding (000s)







 Basic

196,084

193,477

1

195,437

192,697

1

 Diluted

200,015

198,147

1

199,257

196,405

1

 

(1) Refer to advisories regarding Non-GAAP and Other Financial Measures

Financial Statements

Kelt's unaudited consolidated interim financial statements and related notes for the quarter ended September 30, 2024 will be available to the public on SEDAR+ at www.sedarplus.ca and will also be posted on the Company's website at www.keltexploration.com on November 7, 2024.

Kelt's operating results for the third quarter ended September 30, 2024 are summarized as follows:

OPERATIONAL HIGHLIGHTS

Three months ended
September 30

Nine months ended
September 30

(CA$ thousands, except as otherwise indicated)

2024

2023

%

2024

2023

%

Average daily production







 Oil (bbls/d)

8,827

7,170

23

8,396

7,691

9

 NGLs (bbls/d)

3,075

3,416

-10

3,213

3,873

-17

 Gas (Mcf/d)

122,857

105,555

16

122,314

109,970

11

 Combined (BOE/d)

32,378

28,179

15

31,995

29,892

7

Production per million common shares (BOE/d)

165

146

13

164

155

6

 

 

 

 

 

 

 

Net realized prices, before derivative financial instruments (1)







 Oil ($/bbl)

93.88

104.73

-10

95.18

98.78

-4

 NGLs ($/bbl)

49.06

48.11

2

52.34

49.11

7

 Gas ($/Mcf)

1.25

2.92

-57

1.95

3.20

-39

 

 

 

 

 

 

 

Operating netbacks ($/BOE) (1)







 Petroleum and natural gas sales

36.22

45.12

-20

39.17

44.92

-13

 Cost of purchases

(1.25)

(1.80)

-31

(1.49)

(1.42)

5

Combined net realized price, before derivative financial instruments (1)

34.97

43.32

-19

37.68

43.50

-13

 Realized gain (loss) on derivative financial instruments

0.89

(0.64)

239

0.21

1.81

-88

Combined net realized price, after derivative financial instruments(1)

35.86

42.68

-16

37.89

45.31

-16

 Royalties

(4.33)

(5.97)

-27

(5.15)

(5.05)

2

 Production expense

(10.25)

(9.57)

7

(10.51)

(10.26)

2

 Transportation expense

(3.37)

(3.78)

-11

(3.47)

(3.43)

1

 Operating netback (1)

17.91

23.36

-23

18.76

26.57

-29

 

 

 

 

 

 

 

Land holdings







 Gross acres




792,198

803,399

-1

 Net acres




580,343

587,818

-1