Birchcliff Energy Ltd. (“
Birchcliff” or the
“
Corporation”) (TSX: BIR) is pleased to announce
its Q3 2024 financial and operational results and its preliminary
guidance for 2025. Birchcliff is also pleased to announce that its
board of directors (the “
Board”) has declared a
quarterly cash dividend of $0.10 per common share for the quarter
ending December 31, 2024.
“Birchcliff’s third quarter results highlight
the continuing success of our operational execution and performance
in 2024. Due to the strong performance of the wells brought on
production this year, we were able to achieve solid quarterly
average production of 75,403 boe/d in Q3 2024. Our strategic
decision earlier in the year to defer the drilling of 11 wells and
bring them on production in Q4 puts us in a strong position to
benefit from the anticipated strengthening of natural gas prices
for the remainder of 2024 and in 2025,” stated Chris Carlsen,
President and Chief Executive Officer of Birchcliff.
“Our strategy for 2025 builds off of the
operational momentum we have built in 2024, maintaining our strong
focus on capital efficiency improvements and driving down costs.
Birchcliff’s 2025 F&D capital expenditures will be
strategically deployed throughout the year, with a program designed
to remain flexible in response to commodity price volatility. Based
on our preliminary budgeting process and current commodity price
outlook, we are targeting annual F&D capital expenditures of
$260 million to $300 million and annual average production of
76,000 to 79,000 boe/d in 2025. We remain focused on prioritizing
our strong balance sheet and financial position, while balancing
the continued profitable development of our world-class Montney
asset base and shareholder returns. We are continuing to evolve our
plans for 2025 and expect to announce the details of our formal
2025 capital budget on January 22, 2025.”
Q3 2024 FINANCIAL AND OPERATIONAL
HIGHLIGHTS
-
Achieved average production of 75,403 boe/d (83% natural gas, 9%
NGLs, 5% condensate and 3% light oil).
-
Generated adjusted funds flow(1) of $45.2 million, or $0.17 per
basic common share(2), and cash flow from operating activities of
$65.9 million.
-
Reported a net loss to common shareholders of $10.5 million, or
$0.04 per basic common share.
-
Birchcliff’s market diversification initiatives contributed to an
average realized natural gas sales price of $1.50/Mcf(3), which
represented an 87% premium to the average benchmark AECO 7A Monthly
Index price in Q3 2024.
-
Drilled 12 (12.0 net) wells, with F&D capital expenditures of
$63.6 million.
-
Total debt(4) at September 30, 2024 was $513.6 million.
-
Birchcliff entered into a long-term contract operating agreement
(the “COA”) with AltaGas Ltd.
(“AltaGas”), which became effective July 1, 2024.
Pursuant to the COA, Birchcliff assumed operatorship of AltaGas’
Gordondale deep-cut gas processing facility (the
“Gordondale Facility”). This arrangement will
allow Birchcliff to leverage cost optimization opportunities, which
are expected to drive lower operating costs, reduce downtime and
optimize NGLs recoveries for Birchcliff.
Birchcliff’s unaudited interim condensed
financial statements for the three and nine months ended September
30, 2024 and related management’s discussion and analysis will be
available on its website at www.birchcliffenergy.com and on SEDAR+
at www.sedarplus.ca.
(1) Non-GAAP financial measure. See “Non-GAAP
and Other Financial Measures”.(2) Non-GAAP ratio. See “Non-GAAP and
Other Financial Measures”.(3) Excludes the effects of financial
instruments but includes the effects of any physical delivery
contracts.(4) Capital management measure. See “Non-GAAP and Other
Financial Measures”.
DECLARATION OF Q4 2024 QUARTERLY
DIVIDEND
-
The Board has declared a quarterly cash dividend of $0.10 per
common share for the quarter ending December 31, 2024.
-
The dividend will be payable on December 31, 2024 to shareholders
of record at the close of business on December 13, 2024. The
dividend has been designated as an eligible dividend for the
purposes of the Income Tax Act (Canada).
This press release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. For further information regarding the
forward-looking statements and forward-looking information
contained herein, see “Advisories – Forward-Looking Statements”.
With respect to the disclosure of Birchcliff’s production contained
in this press release, see “Advisories – Production”. In addition,
this press release uses various “non-GAAP financial measures”,
“non-GAAP ratios” and “capital management measures” as such terms
are defined in National Instrument 52-112 – Non-GAAP and Other
Financial Measures Disclosure (“NI 52-112”).
Non-GAAP financial measures and non-GAAP ratios are not
standardized financial measures under GAAP and might not be
comparable to similar financial measures disclosed by other
issuers. For further information regarding the non-GAAP and other
financial measures used in this press release, see “Non-GAAP and
Other Financial Measures”.
Q3 2024 UNAUDITED FINANCIAL AND
OPERATIONAL SUMMARY
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
OPERATING |
|
|
|
|
|
Average production |
|
|
|
|
|
Light oil (bbls/d) |
2,129 |
|
1,728 |
|
2,025 |
|
1,916 |
|
|
Condensate (bbls/d) |
4,161 |
|
4,850 |
|
4,464 |
|
5,221 |
|
|
NGLs (bbls/d) |
6,541 |
|
7,412 |
|
6,856 |
|
5,852 |
|
|
Natural gas (Mcf/d) |
375,428 |
|
360,924 |
|
378,237 |
|
374,544 |
|
|
Total (boe/d) |
75,403 |
|
74,143 |
|
76,384 |
|
75,413 |
|
|
Average realized sales prices (CDN$)(1) |
|
|
|
|
|
Light oil (per bbl) |
98.47 |
|
100.46 |
|
100.14 |
|
98.77 |
|
|
Condensate (per bbl) |
95.66 |
|
107.67 |
|
100.92 |
|
103.75 |
|
|
NGLs (per bbl) |
25.02 |
|
26.35 |
|
26.44 |
|
26.91 |
|
|
Natural gas (per Mcf) |
1.50 |
|
2.86 |
|
1.97 |
|
3.07 |
|
|
Total (per boe) |
17.71 |
|
25.96 |
|
20.69 |
|
27.05 |
|
|
|
|
|
|
|
|
NETBACK AND COST ($/boe) |
|
|
|
|
|
Petroleum and natural gas revenue(1) |
17.71 |
|
25.97 |
|
20.69 |
|
27.06 |
|
|
Royalty expense |
(1.34 |
) |
(2.04 |
) |
(1.46 |
) |
(2.47 |
) |
|
Operating expense(2) |
(2.78 |
) |
(3.93 |
) |
(3.35 |
) |
(3.84 |
) |
|
Transportation and other expense(3) |
(5.24 |
) |
(6.37 |
) |
(5.23 |
) |
(5.74 |
) |
|
Operating netback(3) |
8.35 |
|
13.63 |
|
10.65 |
|
15.01 |
|
|
G&A expense, net |
(1.25 |
) |
(1.36 |
) |
(1.26 |
) |
(1.43 |
) |
|
Interest expense |
(1.43 |
) |
(0.86 |
) |
(1.28 |
) |
(0.66 |
) |
|
Lease interest expense(2) |
(0.32 |
) |
- |
|
(0.11 |
) |
- |
|
|
Realized gain (loss) on financial instruments |
1.17 |
|
(0.83 |
) |
(0.13 |
) |
(1.69 |
) |
|
Other cash income (expense) |
- |
|
0.01 |
|
0.01 |
|
(0.03 |
) |
|
Adjusted funds flow(3) |
6.52 |
|
10.59 |
|
7.88 |
|
11.20 |
|
|
Depletion and depreciation expense |
(9.11 |
) |
(8.08 |
) |
(8.73 |
) |
(8.11 |
) |
|
Unrealized gain (loss) on financial instruments |
1.14 |
|
1.20 |
|
2.68 |
|
(1.31 |
) |
|
Other expenses(4) |
(0.41 |
) |
(0.69 |
) |
(0.44 |
) |
(0.64 |
) |
|
Deferred income tax recovery (expense) |
0.35 |
|
(0.81 |
) |
(0.39 |
) |
(0.40 |
) |
|
Net income (loss) to common shareholders |
(1.51 |
) |
2.21 |
|
1.00 |
|
0.74 |
|
|
|
|
|
|
|
|
FINANCIAL |
|
|
|
|
|
Petroleum and natural gas revenue ($000s)(1) |
122,835 |
|
177,126 |
|
433,115 |
|
557,064 |
|
|
Cash flow from operating activities ($000s) |
65,943 |
|
67,840 |
|
158,069 |
|
241,523 |
|
|
Adjusted funds flow ($000s)(5) |
45,211 |
|
72,225 |
|
164,956 |
|
230,612 |
|
|
Per basic common share ($)(3) |
0.17 |
|
0.27 |
|
0.61 |
|
0.87 |
|
|
Free funds flow ($000s)(5) |
(18,409 |
) |
5,548 |
|
(49,818 |
) |
(15,859 |
) |
|
Per basic common share ($)(3) |
(0.07 |
) |
0.02 |
|
(0.19 |
) |
(0.06 |
) |
|
Net income (loss) to common shareholders ($000s) |
(10,461 |
) |
15,108 |
|
20,884 |
|
15,313 |
|
|
Per basic common share ($) |
(0.04 |
) |
0.06 |
|
0.08 |
|
0.06 |
|
|
End of period basic common shares (000s) |
269,569 |
|
266,640 |
|
269,569 |
|
266,640 |
|
|
Weighted average basic common shares (000s) |
269,342 |
|
266,390 |
|
268,711 |
|
266,397 |
|
|
Dividends on common shares ($000s) |
26,943 |
|
53,321 |
|
80,707 |
|
159,954 |
|
|
F&D capital expenditures ($000s)(6) |
63,620 |
|
66,677 |
|
214,774 |
|
246,471 |
|
|
Total capital expenditures ($000s)(5) |
63,886 |
|
67,475 |
|
216,072 |
|
248,375 |
|
|
Revolving term credit facilities ($000s) |
489,413 |
|
318,711 |
|
489,413 |
|
318,711 |
|
|
Total debt ($000s)(7) |
513,553 |
|
327,655 |
|
513,553 |
|
327,655 |
|
(1) Excludes the effects of financial
instruments but includes the effects of any physical delivery
contracts.(2) Includes the financial effects of the Gas Processing
Lease (as defined herein) recorded in Q3 2024. For further details,
see “Q3 2024 Financial and Operational Results – Adjusted Funds
Flow and Cash Flow From Operating Activities”.(3) Non-GAAP ratio.
See “Non-GAAP and Other Financial Measures”.(4) Includes non-cash
items such as compensation, accretion, amortization of deferred
financing fees and other gains and losses.(5) Non-GAAP financial
measure. See “Non-GAAP and Other Financial Measures”.(6) See
“Advisories – F&D Capital Expenditures”.(7) Capital management
measure. See “Non-GAAP and Other Financial
Measures”.
OUTLOOK AND GUIDANCE
Updated 2024 Guidance
Birchcliff is updating its 2024 guidance to
reflect its current commodity price forecast and other assumptions
for 2024 and its financial and operational results
year-to-date.
-
Birchcliff is maintaining its annual average production guidance of
75,000 to 77,000 boe/d and its F&D capital expenditures
guidance of $250 million to $270 million.
-
Birchcliff is lowering its guidance for royalty expense per boe to
reflect a lower commodity price forecast in 2024.
-
The Corporation is lowering its guidance for operating expense by
$0.50/boe, of which approximately $0.30/boe is attributable to the
reclassification of certain amounts under IFRS Accounting Standards
as a result of the Corporation entering into the COA (see “Q3 2024
Financial and Operational Results – Adjusted Funds Flow and Cash
Flow From Operating Activities”) and approximately $0.20/boe is
attributable to Birchcliff anticipating lower power and fuel
prices, lower well servicing costs and cost optimization
opportunities resulting from Birchcliff assuming operatorship of
the Gordondale Facility.
-
The Corporation is lowering its guidance for adjusted funds flow,
primarily to reflect a lower commodity price forecast in 2024. This
lower anticipated adjusted funds flow is expected to result in
lower free funds flow and higher total debt at year-end 2024 than
previously forecast.
The following tables set forth Birchcliff’s
updated and previous guidance and commodity price assumptions for
2024, as well as its free funds flow sensitivity:
|
|
|
|
Updated 2024 guidance and assumptions – November 14,
2024(1) |
Previous 2024 guidance and assumptions – August 14,
2024 |
|
|
Production |
|
|
|
Annual average production (boe/d) |
75,000 – 77,000 |
75,000 – 77,000 |
|
|
% Light oil |
3% |
3% |
|
|
% Condensate |
6% |
6% |
|
|
% NGLs |
10% |
10% |
|
|
% Natural gas |
81% |
81% |
|
|
|
|
|
|
Average Expenses ($/boe) |
|
|
|
Royalty |
1.55 – 1.75 |
1.80 – 2.00 |
|
|
Operating |
3.20 – 3.40 |
3.70 – 3.90 |
|
|
Transportation and other(2) |
5.30 – 5.50 |
5.30 – 5.50 |
|
|
|
|
|
|
Adjusted Funds Flow (millions)(3) |
$230 |
$250 |
|
|
|
|
|
|
F&D Capital Expenditures (millions) |
$250 – $270 |
$250 – $270 |
|
|
|
|
|
|
Free Funds Flow (millions)(3) |
($20) – ($40) |
$0 – ($20) |
|
|
|
|
|
|
Annual Base Dividend (millions) |
$108(4) |
$108 |
|
|
|
|
|
|
Total Debt at Year End (millions)(5) |
$515 – $535 |
$495 – $515 |
|
|
|
|
|
|
Natural Gas Market Exposure |
|
|
|
AECO exposure as a % of total natural gas production |
17%(6) |
17% |
|
|
Dawn exposure as a % of total natural gas production |
44%(6) |
44% |
|
|
NYMEX HH exposure as a % of total natural gas production |
37%(6) |
37% |
|
|
Alliance exposure as a % of total natural gas production |
2%(6) |
2% |
|
|
|
|
|
|
Commodity Prices |
|
|
|
Average WTI price (US$/bbl) |
75.65(7) |
79.05 |
|
|
Average WTI-MSW differential (CDN$/bbl) |
6.00(7) |
6.95 |
|
|
Average AECO price (CDN$/GJ) |
1.45(7) |
1.75 |
|
|
Average Dawn price (US$/MMBtu) |
2.00(7) |
2.05 |
|
|
Average NYMEX HH price (US$/MMBtu) |
2.25(7) |
2.35 |
|
|
Exchange rate (CDN$ to US$1) |
1.36(7) |
1.37 |
|
|
Forward two months’ free funds flow
sensitivity(7)(8) |
Estimated change to 2024 free funds
flow (millions) |
|
Change in WTI US$1.00/bbl |
$0.6 |
|
Change in NYMEX HH US$0.10/MMBtu |
$0.6 |
|
Change in Dawn US$0.10/MMBtu |
$1.3 |
|
Change in AECO CDN$0.10/GJ |
$0.6 |
|
Change in CDN/US exchange rate CDN$0.01 |
$0.7 |
(1) Birchcliff’s guidance for its production
commodity mix, adjusted funds flow, free funds flow, total debt and
natural gas market exposure in 2024 is based on an annual average
production rate of 76,000 boe/d in 2024, which is the mid-point of
Birchcliff’s annual average production guidance range for 2024. For
further information regarding the risks and assumptions relating to
the Corporation’s guidance, see “Advisories – Forward-Looking
Statements”.(2) Non-GAAP ratio. See “Non-GAAP and Other Financial
Measures”.(3) Non-GAAP financial measure. See “Non-GAAP and Other
Financial Measures”.(4) Assumes that no special dividends are paid.
The declaration of future dividends is subject to the approval of
the Board and is subject to change.(5) Capital management measure.
See “Non-GAAP and Other Financial Measures”.(6) Birchcliff’s
natural gas market exposure for 2024 takes into account its
outstanding financial basis swap contracts.(7) Birchcliff’s updated
commodity price and exchange rate assumptions and free funds flow
sensitivity for 2024 are based on anticipated full-year averages,
which include settled benchmark commodity prices and the CDN/US
exchange rate for the period from January 1, 2024 to October 31,
2024.(8) Illustrates the expected impact of changes in commodity
prices and the CDN/US exchange rate on the Corporation’s updated
forecast of free funds flow for 2024, holding all other variables
constant. The sensitivity is based on the updated commodity price
and exchange rate assumptions set forth in the table above. The
calculated impact on free funds flow is only applicable within the
limited range of change indicated. Calculations are performed
independently and may not be indicative of actual results. Actual
results may vary materially when multiple variables change at the
same time and/or when the magnitude of the change increases.
Changes in assumed commodity prices and
variances in production forecasts can have an impact on the
Corporation’s forecasts of adjusted funds flow and free funds flow
and the Corporation’s other guidance, which impact could be
material. In addition, any acquisitions or dispositions completed
over the course of 2024 could have an impact on Birchcliff’s 2024
guidance and assumptions set forth herein, which impact could be
material. For further information, see “Advisories –
Forward-Looking Statements”.
Preliminary 2025 Guidance
Based on its preliminary budgeting process for
2025 and current commodity price outlook, Birchcliff is targeting
annual F&D capital expenditures of $260 million to $300 million
and annual average production of 76,000 to 79,000 boe/d in 2025.
The Corporation’s 2025 F&D capital expenditures will be
strategically deployed throughout the year, with a program designed
to remain flexible in response to commodity price volatility.
Birchcliff anticipates that the 2025 capital program will include
approximately 25 to 30 wells being brought on production in the
Pouce Coupe and Gordondale areas, as well as the completion of a
large gas gathering infrastructure project and a planned facility
turnaround in Pouce Coupe. Additionally, the 2025 capital program
will include further investment in the Corporation’s Elmworth area
to protect, optimize and advance its long-term development strategy
for this significant Montney asset.
The Corporation remains bullish on the long-term
outlook for natural gas and anticipates structural improvement in
natural gas prices going forward. Birchcliff expects prices to
improve in 2025 as compared to 2024 due to the anticipated increase
in demand from the start-up of various North American LNG projects
and gas-fired power generation. In the current commodity price
environment, Birchcliff remains focused on prioritizing its strong
balance sheet and financial position, while balancing the continued
profitable development of its world-class Montney asset base and
shareholder returns. In alignment with its commitment to maintain a
strong balance sheet, the Corporation is continuing to target a
total debt to forward annual adjusted funds flow ratio of less than
1.0 times in the long-term.
Birchcliff continues to evolve its plans for
2025 and expects to announce the details of its formal 2025 capital
budget and updated five-year outlook for 2025 to 2029 on January
22, 2025.
Q3 2024 FINANCIAL AND OPERATIONAL
RESULTS
Production
-
Birchcliff’s production averaged 75,403 boe/d in Q3 2024, a 2%
increase from Q3 2023. The increase was primarily due to the strong
performance of the Corporation’s capital program and the successful
drilling of new Montney/Doig wells brought on production since Q3
2023, partially offset by natural production declines and high
ambient temperatures during the summer that reduced throughput at
Birchcliff’s operated natural gas processing facilities in Pouce
Coupe and Gordondale.
-
Liquids accounted for 17% of Birchcliff’s total production in Q3
2024 as compared to 19% in Q3 2023. The decrease was largely due to
the Corporation continuing to target horizontal natural gas wells
and natural production declines from light oil and liquids-rich
natural gas wells producing since Q3 2023.
Adjusted Funds Flow and Cash Flow From
Operating Activities
-
Birchcliff’s adjusted funds flow was $45.2 million in Q3 2024, or
$0.17 per basic common share, both of which decreased by 37% from
Q3 2023.
-
Birchcliff’s cash flow from operating activities was $65.9 million
in Q3 2024, a 3% decrease from Q3 2023.
-
The decreases were primarily due to lower natural gas revenue,
which was largely impacted by a 48% decrease in the average
realized sales price Birchcliff received for its natural gas
production in Q3 2024 as compared to Q3 2023 and a higher interest
expense as compared to Q3 2023. The decreases were partially offset
by a realized gain on financial instruments in Q3 2024 as compared
to a realized loss on financial instruments in Q3 2023 and
decreases in royalty, operating and transportation and other
expenses as compared to Q3 2023.
-
As a result of Birchcliff assuming operatorship of the Gordondale
Facility under the COA, the Corporation’s take-or-pay commitment
pursuant to the natural gas processing agreement between Birchcliff
and AltaGas at the Gordondale Facility has been excluded from
operating expense and classified as a lease (the “Gas
Processing Lease”) under IFRS 16 – Leases effective July
1, 2024. As a result, $4.3 million was excluded from operating
expense in Q3 2024. Of that $4.3 million, approximately $2.2
million was recorded as lease interest expense in profit or loss
and was included as a deduction to adjusted funds flow and cash
flow from operating activities. The remaining $2.1 million reflects
the lease financing payment, which reduces the lease obligation
recorded on the balance sheet, and was excluded from adjusted funds
flow and cash flow from operating activities.
Net Loss to Common
Shareholders
-
Birchcliff reported a net loss to common shareholders of $10.5
million in Q3 2024, or $0.04 per basic common share, as compared to
net income to common shareholders of $15.1 million in Q3 2023, or
$0.06 per basic common share. The change to a net loss position was
primarily due to lower adjusted funds flow and higher depletion and
depreciation expense, partially offset by a deferred income tax
recovery in Q3 2024 as compared to a deferred income tax expense in
Q3 2023.
Debt and Credit Facilities
-
Total debt at September 30, 2024 was $513.6 million, a 57% increase
from September 30, 2023.
-
At September 30, 2024, Birchcliff had a balance outstanding under
its extendible revolving credit facilities (the “Credit
Facilities”) of $493.7 million (September 30, 2023: $318.7
million) from available Credit Facilities of $850.0 million
(September 30, 2023: $850.0 million), leaving the Corporation with
$356.3 million (42%) of unutilized credit capacity after adjusting
for outstanding letters of credit and unamortized deferred
financing fees. This unutilized credit capacity provides Birchcliff
with significant financial flexibility and available capital
resources. The Credit Facilities have a maturity date of May 11,
2027 and do not contain any financial maintenance covenants.
Natural Gas Market
Diversification
-
Birchcliff’s physical natural gas sales exposure primarily consists
of the AECO, Dawn and Alliance markets. In addition, the
Corporation has various financial instruments outstanding that
provide it with exposure to NYMEX HH pricing.
The following table sets forth Birchcliff’s
effective sales, production and average realized sales price for
natural gas and liquids for Q3 2024, after taking into account the
Corporation’s financial instruments:
|
Three months ended September 30, 2024 |
|
|
Effective sales(1)
(CDN$000s) |
Percentage of total sales (%) |
Effectiveproduction(per day) |
Percentage of total natural gas
production(%) |
Percentage of total corporate
production(%) |
Effective average realizedsales
price(1)(CDN$) |
|
Market |
|
|
|
|
|
|
|
AECO(1)(2) |
5,869 |
4 |
78,754 Mcf |
21 |
17 |
0.81/Mcf |
|
Dawn(3) |
36,103 |
24 |
161,045 Mcf |
43 |
36 |
2.44/Mcf |
|
NYMEX HH(1)(4) |
38,704 |
25 |
135,629 Mcf |
36 |
30 |
3.10/Mcf |
|
Total natural gas(1) |
80,676 |
53 |
375,428 Mcf |
100 |
83 |
2.34/Mcf |
|
Light oil |
19,289 |
13 |
2,129 bbls |
|
3 |
98.47/bbl |
|
Condensate |
36,625 |
24 |
4,161 bbls |
|
5 |
95.66/bbl |
|
NGLs |
15,055 |
10 |
6,541 bbls |
|
9 |
25.02/bbl |
|
Total liquids |
70,969 |
47 |
12,831 bbls |
|
17 |
60.12/bbl |
|
Total corporate(1) |
151,645 |
100 |
75,403 boe |
|
100 |
21.86/boe |
(1) Effective sales and effective average
realized sales price on a total natural gas and total corporate
basis and for the AECO and NYMEX HH markets are non-GAAP financial
measures and non-GAAP ratios, respectively. See “Non-GAAP and Other
Financial Measures”.(2) Birchcliff has short-term physical sales
agreements with third-party marketers to sell and deliver into the
Alliance pipeline system. All of Birchcliff’s short-term physical
Alliance sales and production during Q3 2024 received AECO premium
pricing and have therefore been included as effective sales and
production in the AECO market.(3) Birchcliff has agreements for the
firm service transportation of an aggregate of 175,000 GJ/d of
natural gas on TransCanada PipeLines’ Canadian Mainline, whereby
natural gas is transported to the Dawn trading hub in Southern
Ontario.(4) NYMEX HH effective sales and production include
financial NYMEX HH/AECO 7A basis swap contracts for an aggregate of
147,500 MMBtu/d at an average contract price of NYMEX HH less
US$1.12/MMBtu during Q3 2024.Birchcliff’s effective average
realized sales price for NYMEX HH of CDN$3.10/Mcf (US$2.09/MMBtu)
was determined on a gross basis before giving effect to the average
NYMEX HH/AECO 7A fixed contract basis differential price of
CDN$1.66/Mcf (US$1.12/MMBtu) and includes any realized gains and
losses on financial NYMEX HH/AECO 7A basis swap contracts during Q3
2024.After giving effect to the NYMEX HH/AECO 7A fixed contract
basis differential price and including any realized gains and
losses on financial NYMEX HH/AECO 7A basis swap contracts during Q3
2024, Birchcliff’s effective average realized net sales price for
NYMEX HH was CDN$1.44/Mcf (US$0.97/MMBtu) in Q3 2024.
The following table sets forth Birchcliff’s
physical sales, production, average realized sales price,
transportation costs and sales netback by natural gas market for
the periods indicated, before taking into account the Corporation’s
financial instruments:
|
Three months ended September 30, 2024 |
|
Natural gas market |
Natural gas
sales(1)(CDN$000s) |
Percentage of natural gas sales (%) |
Natural gas production(Mcf/d) |
Percentage of natural gasproduction(%) |
Average realized natural gas
sales price(1)(CDN$/Mcf) |
Natural gas transportation costs(2)
(CDN$/Mcf) |
Natural gas sales netback(3)(CDN$/Mcf) |
|
AECO |
14,835 |
28 |
202,070 |
54 |
0.81 |
0.40 |
0.41 |
|
Dawn |
36,103 |
70 |
161,045 |
43 |
2.44 |
1.46 |
0.98 |
|
Alliance(4) |
915 |
2 |
12,313 |
3 |
0.81 |
- |
0.81 |
|
Total |
51,853 |
100 |
375,428 |
100 |
1.50 |
0.85 |
0.65 |
|
Three months ended September 30, 2023 |
|
Natural gas market |
Natural gas
sales(1)(CDN$000s) |
Percentage of natural gas sales (%) |
Natural gas production(Mcf/d) |
Percentage of natural gas production(%) |
Average realized natural gas
sales price(1)(CDN$/Mcf) |
Natural gas transportation costs(2)
(CDN$/Mcf) |
Natural gas sales netback(3)(CDN$/Mcf) |
|
AECO |
42,271 |
44 |
179,845 |
50 |
2.60 |
0.47 |
2.13 |
|
Dawn |
48,234 |
51 |
164,023 |
45 |
3.20 |
1.50 |
1.70 |
|
Alliance(4) |
4,604 |
5 |
17,056 |
5 |
2.93 |
- |
2.93 |
|
Total |
95,109 |
100 |
360,924 |
100 |
2.86 |
0.92 |
1.96 |
(1) Excludes the effects of financial
instruments but includes the effects of any physical delivery
contracts.(2) Reflects costs to transport natural gas from the
field receipt point to the delivery sales trading hub.(3) Natural
gas sales netback denotes the average realized natural gas sales
price less natural gas transportation costs.(4) Birchcliff has
short-term physical sales agreements with third-party marketers to
sell and deliver into the Alliance pipeline system. Alliance sales
are recorded net of transportation tolls.
Capital Activities and
Investment
-
In Q3 2024, Birchcliff drilled 12 wells, with 10 wells drilled in
Pouce Coupe and two wells drilled in Elmworth. Birchcliff’s F&D
capital expenditures in Q3 2024 were $63.6 million, which primarily
included the drilling and completions of new wells in Pouce Coupe
and Elmworth and gas gathering and infrastructure projects in Pouce
Coupe and Gordondale.
OPERATIONAL UPDATE
Birchcliff’s optimized field development
strategies, which incorporate enhanced completion intensities and
tighter cluster spacing, have delivered strong production rates
from the wells in the 2024 capital program, surpassing the
Corporation’s internal projections. These robust production
results, along with ongoing improvements in operational execution,
are forecast to substantially enhance capital efficiencies in 2024
as compared to 2023.
Capital Program Overview
-
As of the date of this press release, the Corporation has completed
the drilling of 26 (26.0 net) wells and brought on production 27
(27.0 net) wells.
-
In order to prepare for the efficient execution of its 2025 capital
program, Birchcliff has commenced the drilling of a 5-well pad in
Pouce Coupe (the 04-05 pad). These wells are planned to be drilled
in the Lower Montney and brought on production in early Q1 2025. In
addition, Birchcliff has allocated capital towards the drilling of
various surface holes, pad-site construction and other activities
to prepare for its 2025 capital program.
The following table sets forth the wells that
are part of the Corporation’s updated full-year 2024 drilling
program, including the remaining wells to be drilled in 2024:
|
|
Number of wellsto be drilled
in 2024(1) |
Number of wells drilled as at November 14,
2024 |
Number of wells to be brought on production in
2024 |
Number of wells on production as at November 14,
2024(1) |
|
Pouce Coupe |
|
|
|
|
|
|
|
|
|
|
|
|
04-30 (5-well pad) |
Montney D1 |
0(2) |
0(2) |
5 |
5 |
|
|
|
|
|
|
|
|
|
|
16-17 (5-well pad) |
BD/UM |
1 |
1 |
1 |
1 |
|
|
|
Montney D1 |
3 |
3 |
3 |
3 |
|
|
|
Montney D4 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
|
|
16-15 (6-well pad) |
Montney D1 |
6 |
6 |
6 |
6 |
|
|
|
|
|
|
|
|
|
|
10-22 (5-well pad) |
Montney D1 |
5 |
5 |
5 |
5 |
|
|
|
|
|
|
|
|
|
|
04-05 (5-well pad) |
Montney D1 |
5 |
2 |
0(3) |
N/A |
|
|
|
|
|
|
|
|
|
Gordondale |
|
|
|
|
|
|
|
|
|
|
|
|
02-27 (2-well pad) |
Montney D1 |
1 |
1 |
1 |
1 |
|
|
|
Montney D2 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
|
|
01-10 (4-well pad) |
Montney D1 |
4 |
4 |
4 |
4 |
|
|
|
|
|
|
|
|
|
Elmworth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13-09 vertical |
Montney |
1 |
1 |
0(4) |
N/A |
|
|
|
|
|
|
|
|
|
|
01-28 horizontal |
Montney |
1 |
1 |
0(4) |
N/A |
|
|
|
|
|
|
|
|
TOTAL |
29 |
26 |
27 |
27 |
(1) All wells are natural gas wells, except for
the 4-well 01-10 pad, which are light oil wells.(2) The five wells
drilled on the 04-30 pad were drilled in December 2023.(3) It is
currently anticipated that these wells will be brought on
production in Q1 2025.(4) The Corporation does not intend to bring
these wells on production in 2024.
Pouce Coupe
-
Birchcliff completed the drilling of its 6-well 16-15 pad in Pouce
Coupe in August 2024 targeting liquids-rich natural gas in the
Lower Montney. The wells from this pad were turned over to
production through Birchcliff’s permanent facilities in October
2024. The wells are exhibiting strong production rates and
Birchcliff is looking forward to providing further details
regarding their results on January 22, 2025.
-
Birchcliff completed the drilling of its 5-well 10-22 pad in Pouce
Coupe in August 2024 targeting high-rate natural gas in the Lower
Montney. The wells from this pad were cleaned up through testers in
October 2024 and have recently been turned over to production
through Birchcliff’s permanent facilities. The wells are exhibiting
encouraging early results and Birchcliff is looking forward to
providing further details regarding their results on January 22,
2025.
Elmworth
-
The Corporation completed the drilling of 1 (1.0 net) horizontal
well and 1 (1.0 net) vertical well in Elmworth in September 2024.
These wells will provide Birchcliff with the opportunity to
continue a significant number of sections of Montney lands in
Elmworth, as well as increase the Corporation’s inventory and
reservoir expertise in the area. The Corporation is currently
considering completing and testing the horizontal well as part of
its 2025 capital program.
ABBREVIATIONS
|
AECO |
benchmark price for natural gas determined at the AECO ‘C’ hub in
southeast Alberta |
|
bbl |
barrel |
|
bbls |
barrels |
|
bbls/d |
barrels per day |
|
BD/UM |
Basal Doig/Upper Montney |
|
boe |
barrel of oil equivalent |
|
boe/d |
barrel of oil equivalent per day |
|
condensate |
pentanes plus (C5+) |
|
F&D |
finding and development |
|
G&A |
general and administrative |
|
GAAP |
generally accepted accounting principles for Canadian public
companies, which are currently IFRS |
|
GJ |
gigajoule |
|
GJ/d |
gigajoules per day |
|
HH |
Henry Hub |
|
IFRS |
International Financial Reporting Standards as issued by the
International Accounting Standards Board |
|
LNG |
liquefied natural gas |
|
Mcf |
thousand cubic feet |
|
Mcf/d |
thousand cubic feet per day |
|
MMBtu |
million British thermal units |
|
MMBtu/d |
million British thermal units per day |
|
MSW |
price for mixed sweet crude oil at Edmonton, Alberta |
|
NGLs |
natural gas liquids consisting of ethane (C2), propane (C3) and
butane (C4) and specifically excluding condensate |
|
NYMEX |
New York Mercantile Exchange |
|
OPEC |
Organization of the Petroleum Exporting Countries |
|
Q |
quarter |
|
WTI |
West Texas Intermediate, the reference price paid in U.S. dollars
at Cushing, Oklahoma, for crude oil of standard grade |
|
000s |
thousands |
|
$000s |
thousands of dollars |
|
|
|
NON-GAAP AND OTHER FINANCIAL
MEASURES
This press release uses various “non-GAAP
financial measures”, “non-GAAP ratios” and “capital management
measures” (as such terms are defined in NI 52-112), which are
described in further detail below.
Non-GAAP Financial Measures
NI 52-112 defines a non-GAAP financial measure
as a financial measure that: (i) depicts the historical or expected
future financial performance, financial position or cash flow of an
entity; (ii) with respect to its composition, excludes an amount
that is included in, or includes an amount that is excluded from,
the composition of the most directly comparable financial measure
disclosed in the primary financial statements of the entity; (iii)
is not disclosed in the financial statements of the entity; and
(iv) is not a ratio, fraction, percentage or similar
representation. The non-GAAP financial measures used in this press
release are not standardized financial measures under GAAP and
might not be comparable to similar measures presented by other
companies. Investors are cautioned that non-GAAP financial measures
should not be construed as alternatives to or more meaningful than
the most directly comparable GAAP financial measures as indicators
of Birchcliff’s performance. Set forth below is a description of
the non-GAAP financial measures used in this press release.
Adjusted Funds Flow and Free Funds
Flow
Birchcliff defines “adjusted funds flow” as cash
flow from operating activities before the effects of
decommissioning expenditures, retirement benefit payments and
changes in non-cash operating working capital. Birchcliff
eliminates settlements of decommissioning expenditures from cash
flow from operating activities as the amounts can be discretionary
and may vary from period to period depending on its capital
programs and the maturity of its operating areas. The settlement of
decommissioning expenditures is managed with Birchcliff’s capital
budgeting process which considers available adjusted funds flow.
Birchcliff eliminates retirement benefit payments from cash flow
from operating activities as such payments reflect costs for past
service and contributions made by eligible executives under the
Corporation’s post-employment benefit plan, which are not
indicative of the current period. Changes in non-cash operating
working capital are eliminated in the determination of adjusted
funds flow as the timing of collection and payment are variable and
by excluding them from the calculation, the Corporation believes
that it is able to provide a more meaningful measure of its
operations and ability to generate cash on a continuing basis.
Management believes that adjusted funds flow assists management and
investors in assessing Birchcliff’s financial performance after
deducting all operating and corporate cash costs, as well as its
ability to generate the cash necessary to fund sustaining and/or
growth capital expenditures, repay debt, settle decommissioning
obligations, buy back common shares and pay dividends.
Birchcliff defines “free funds flow” as adjusted
funds flow less F&D capital expenditures. Management believes
that free funds flow assists management and investors in assessing
Birchcliff’s ability to generate shareholder returns through a
number of initiatives, including but not limited to, debt
repayment, common share buybacks, the payment of common share
dividends, acquisitions and other opportunities that would
complement or otherwise improve the Corporation’s business and
enhance long-term shareholder value.
The most directly comparable GAAP financial
measure to adjusted funds flow and free funds flow is cash flow
from operating activities. The following table provides a
reconciliation of cash flow from operating activities to adjusted
funds flow and free funds flow for the periods indicated:
|
|
Three months ended |
|
Nine months ended |
|
Twelve months ended |
|
|
|
September 30, |
|
September 30, |
|
December 31, |
|
|
($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2023 |
|
|
Cash flow from operating activities |
65,943 |
|
67,840 |
|
158,069 |
|
241,523 |
|
320,529 |
|
|
Change in non-cash operating working capital |
(21,424 |
) |
3,601 |
|
(8,009 |
) |
(13,229 |
) |
(19,477 |
) |
|
Decommissioning expenditures |
692 |
|
784 |
|
1,045 |
|
2,318 |
|
3,775 |
|
|
Retirement benefit payments |
- |
|
- |
|
13,851 |
|
- |
|
2,000 |
|
|
Adjusted funds flow |
45,211 |
|
72,225 |
|
164,956 |
|
230,612 |
|
306,827 |
|
|
F&D capital expenditures |
(63,620 |
) |
(66,677 |
) |
(214,774 |
) |
(246,471 |
) |
(304,637 |
) |
|
Free funds flow |
(18,409 |
) |
5,548 |
|
(49,818 |
) |
(15,859 |
) |
2,190 |
|
Birchcliff has disclosed in this press release
forecasts of adjusted funds flow and free funds flow for 2024,
which are forward-looking non-GAAP financial measures (see “Outlook
and Guidance – Updated 2024 Guidance”). The equivalent historical
non-GAAP financial measures are adjusted funds flow and free funds
flow for the twelve months ended December 31, 2023. Birchcliff
anticipates the forward-looking non-GAAP financial measures for
adjusted funds flow and free funds flow to be lower than their
respective historical amounts primarily due to lower anticipated
natural gas prices. The commodity price assumptions on which the
Corporation’s guidance is based are set forth under the heading
“Outlook and Guidance – Updated 2024 Guidance”.
Transportation and Other
Expense
Birchcliff defines “transportation and other
expense” as transportation expense plus marketing purchases less
marketing revenue. Birchcliff may enter into certain marketing
purchase and sales arrangements with the objective of reducing any
unused transportation or fractionation fees associated with its
take-or-pay commitments and/or increasing the value of its
production through value-added downstream initiatives. Management
believes that transportation and other expense assists management
and investors in assessing Birchcliff’s total cost structure
related to transportation and marketing activities. The most
directly comparable GAAP financial measure to transportation and
other expense is transportation expense. The following table
provides a reconciliation of transportation expense to
transportation and other expense for the periods indicated:
|
|
Three months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Transportation expense |
36,259 |
|
40,455 |
|
112,812 |
|
114,319 |
|
|
Marketing purchases |
14,530 |
|
8,618 |
|
36,591 |
|
25,844 |
|
|
Marketing revenue |
(14,472 |
) |
(5,637 |
) |
(39,986 |
) |
(21,989 |
) |
|
Transportation and other expense |
36,317 |
|
43,436 |
|
109,417 |
|
118,174 |
|
Operating Netback
Birchcliff defines “operating netback” as
petroleum and natural gas revenue less royalty expense, operating
expense and transportation and other expense. Operating netback is
a key industry performance indicator and one that provides
investors with information that is commonly presented by other oil
and natural gas producers. Management believes that operating
netback assists management and investors in assessing Birchcliff’s
operating profits after deducting the cash costs that are directly
associated with the sale of its production, which can then be used
to pay other corporate cash costs or satisfy other obligations. The
following table provides a breakdown of Birchcliff’s operating
netback for the periods indicated:
|
|
Three months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Petroleum and natural gas revenue |
122,835 |
|
177,126 |
|
433,115 |
|
557,064 |
|
|
Royalty expense |
(9,284 |
) |
(13,892 |
) |
(30,575 |
) |
(50,857 |
) |
|
Operating expense |
(19,283 |
) |
(26,792 |
) |
(70,132 |
) |
(79,001 |
) |
|
Transportation and other expense |
(36,317 |
) |
(43,436 |
) |
(109,417 |
) |
(118,174 |
) |
|
Operating netback |
57,951 |
|
93,006 |
|
222,991 |
|
309,032 |
|
Total Capital Expenditures
Birchcliff defines “total capital expenditures”
as exploration and development expenditures less dispositions plus
acquisitions (if any) and plus administrative assets. Management
believes that total capital expenditures assists management and
investors in assessing Birchcliff’s overall capital cost structure
associated with its petroleum and natural gas activities. The most
directly comparable GAAP financial measure to total capital
expenditures is exploration and development expenditures. The
following table provides a reconciliation of exploration and
development expenditures to total capital expenditures for the
periods indicated:
|
|
Three months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Exploration and development expenditures(1) |
63,620 |
|
66,677 |
|
214,774 |
|
246,471 |
|
|
Acquisitions |
93 |
|
188 |
|
93 |
|
188 |
|
|
Dispositions |
(49 |
) |
- |
|
(158 |
) |
(77 |
) |
|
Administrative assets |
222 |
|
610 |
|
1,363 |
|
1,793 |
|
|
Total capital expenditures |
63,886 |
|
67,475 |
|
216,072 |
|
248,375 |
|
(1) Disclosed as F&D
capital expenditures elsewhere in this press release. See
“Advisories – F&D Capital Expenditures”.
Effective Sales – Total Corporate, Total
Natural Gas, AECO Market and NYMEX HH Market
Birchcliff defines “effective sales” in the AECO
market and NYMEX HH market as the sales amount received from the
production of natural gas that is effectively attributed to the
AECO and NYMEX HH market pricing, respectively, and does not
consider the physical sales delivery point in each case. Effective
sales in the NYMEX HH market includes realized gains and losses on
financial instruments and excludes the notional fixed basis costs
associated with the underlying financial contracts in the period.
Birchcliff defines “effective total natural gas sales” as the
aggregate of the effective sales amount received in each natural
gas market. Birchcliff defines “effective total corporate sales” as
the aggregate of the effective total natural gas sales and the
sales amount received from the production of light oil, condensate
and NGLs. Management believes that disclosing the effective sales
for each natural gas market assists management and investors in
assessing Birchcliff’s natural gas diversification and commodity
price exposure to each market. The most directly comparable GAAP
financial measure to effective total natural gas sales and
effective total corporate sales is natural gas sales. The following
table provides a reconciliation of natural gas sales to effective
total natural gas sales and effective total corporate sales for the
periods indicated:
|
|
Three months ended |
|
|
|
September 30, |
|
|
($000s) |
2024 |
2023 |
|
|
Natural gas sales |
51,853 |
95,109 |
|
|
Realized gain (loss) on financial instruments |
8,112 |
(5,652 |
) |
|
Notional fixed basis costs(1) |
20,711 |
20,305 |
|
|
Effective total natural gas sales |
80,676 |
109,762 |
|
|
Light oil sales |
19,289 |
15,969 |
|
|
Condensate sales |
36,625 |
48,037 |
|
|
NGLs sales |
15,055 |
17,967 |
|
|
Effective total corporate sales |
151,645 |
191,735 |
|
(1) Reflects the aggregate
notional fixed basis cost associated with Birchcliff’s financial
and any physical NYMEX HH/AECO 7A basis swap contracts in the
period.
Non-GAAP Ratios
NI 52-112 defines a non-GAAP ratio as a
financial measure that: (i) is in the form of a ratio, fraction,
percentage or similar representation; (ii) has a non-GAAP financial
measure as one or more of its components; and (iii) is not
disclosed in the financial statements of the entity. The non-GAAP
ratios used in this press release are not standardized financial
measures under GAAP and might not be comparable to similar measures
presented by other companies. Set forth below is a description of
the non-GAAP ratios used in this press release.
Adjusted Funds Flow Per Boe and Adjusted
Funds Flow Per Basic Common Share
Birchcliff calculates “adjusted funds flow per
boe” as aggregate adjusted funds flow in the period divided by the
production (boe) in the period. Management believes that adjusted
funds flow per boe assists management and investors in assessing
Birchcliff’s financial profitability and sustainability on a cash
basis by isolating the impact of production volumes to better
analyze its performance against prior periods on a comparable
basis.
Birchcliff calculates “adjusted funds flow per
basic common share” as aggregate adjusted funds flow in the period
divided by the weighted average basic common shares outstanding at
the end of the period. Management believes that adjusted funds flow
per basic common share assists management and investors in
assessing Birchcliff’s financial strength on a per common share
basis.
Free Funds Flow Per Basic Common
Share
Birchcliff calculates “free funds flow per basic
common share” as aggregate free funds flow in the period divided by
the weighted average basic common shares outstanding at the end of
the period. Management believes that free funds flow per basic
common share assists management and investors in assessing
Birchcliff’s financial strength and its ability to deliver
shareholder returns on a per common share basis.
Transportation and Other Expense Per
Boe
Birchcliff calculates “transportation and other
expense per boe” as aggregate transportation and other expense in
the period divided by the production (boe) in the period.
Management believes that transportation and other expense per boe
assists management and investors in assessing Birchcliff’s cost
structure as it relates to its transportation and marketing
activities by isolating the impact of production volumes to better
analyze its performance against prior periods on a comparable
basis.
Operating Netback Per Boe
Birchcliff calculates “operating netback per
boe” as aggregate operating netback in the period divided by the
production (boe) in the period. Operating netback per boe is a key
industry performance indicator and one that provides investors with
information that is commonly presented by other oil and natural gas
producers. Management believes that operating netback per boe
assists management and investors in assessing Birchcliff’s
operating profitability and sustainability by isolating the impact
of production volumes to better analyze its performance against
prior periods on a comparable basis.
Effective Average Realized Sales Price –
Total Corporate, Total Natural Gas, AECO Market and NYMEX HH
Market
Birchcliff calculates “effective average
realized sales price” as effective sales, in each of total
corporate, total natural gas, AECO market and NYMEX HH market, as
the case may be, divided by the effective production in each of the
markets during the period. Management believes that disclosing the
effective average realized sales price for each natural gas market
assists management and investors in comparing Birchcliff’s
commodity price realizations in each natural gas market on a per
unit basis.
Capital Management Measures
NI 52-112 defines a capital management measure
as a financial measure that: (i) is intended to enable an
individual to evaluate an entity’s objectives, policies and
processes for managing the entity’s capital; (ii) is not a
component of a line item disclosed in the primary financial
statements of the entity; (iii) is disclosed in the notes to the
financial statements of the entity; and (iv) is not disclosed in
the primary financial statements of the entity. Set forth below is
a description of the capital management measure used in this press
release.
Total Debt
Birchcliff calculates “total debt” as the amount
outstanding under the Credit Facilities plus working capital
deficit (less working capital surplus) plus the fair value of the
current asset portion of financial instruments less the fair value
of the current liability portion of financial instruments and less
the current portion of other liabilities discounted at the end of
the period. The current portion of other liabilities has been
excluded from total debt as these amounts have not been incurred
and reflect future commitments in the normal course of operations.
Management believes that total debt assists management and
investors in assessing Birchcliff’s overall liquidity and financial
position at the end of the period. The following table provides a
reconciliation of the amount outstanding under the Credit
Facilities, as determined in accordance with GAAP, to total debt
for the periods indicated:
|
As at, ($000s) |
September 30, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
|
Revolving term credit facilities |
489,413 |
|
372,097 |
|
318,711 |
|
|
Working capital (surplus) deficit(1) |
(847 |
) |
13,084 |
|
20,017 |
|
|
Fair value of financial instruments – asset(2) |
38,543 |
|
3,588 |
|
7,971 |
|
|
Fair value of financial instruments – liability(2) |
- |
|
(1,394 |
) |
(4,777 |
) |
|
Other liabilities(2) |
(13,556 |
) |
(5,069 |
) |
(14,267 |
) |
|
Total debt |
513,553 |
|
382,306 |
|
327,655 |
|
(1) Current liabilities less current assets.(2)
Reflects the current portion only.
ADVISORIES
Unaudited Information
All financial and operational information
contained in this press release for the three and nine months ended
September 30, 2024 and 2023 is unaudited.
Currency
Unless otherwise indicated, all dollar amounts
are expressed in Canadian dollars, all references to “$” and “CDN$”
are to Canadian dollars and all references to “US$” are to United
States dollars.
Boe Conversions
Boe amounts have been calculated by using the
conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe
amounts may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. 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 on a 6:1 basis may be misleading as
an indication of value.
MMBtu Pricing Conversions
$1.00 per MMBtu equals $1.00 per Mcf based on a
standard heat value Mcf.
Oil and Gas Metrics
This press release contains metrics commonly
used in the oil and natural gas industry, including operating
netback. These oil and gas metrics do not have any standardized
meanings or standard methods of calculation and therefore may not
be comparable to similar measures presented by other companies. As
such, they should not be used to make comparisons. Management uses
these oil and gas metrics for its own performance measurements and
to provide investors with measures to compare Birchcliff’s
performance over time; however, such measures are not reliable
indicators of Birchcliff’s future performance, which may not
compare to Birchcliff’s performance in previous periods, and
therefore should not be unduly relied upon. For additional
information regarding operating netback and how such metric is
calculated, see “Non-GAAP and Other Financial Measures”.
Production
With respect to the disclosure of Birchcliff’s
production contained in this press release: (i) references to
“light oil” mean “light crude oil and medium crude oil” as such
term is defined in National Instrument 51-101 – Standards of
Disclosure for Oil and Gas Activities (“NI
51-101”); (ii) references to “liquids” mean “light crude
oil and medium crude oil” and “natural gas liquids” (including
condensate) as such terms are defined in NI 51-101; and (iii)
references to “natural gas” mean “shale gas”, which also includes
an immaterial amount of “conventional natural gas”, as such terms
are defined in NI 51-101. In addition, NI 51-101 includes
condensate within the product type of natural gas liquids.
Birchcliff has disclosed condensate separately from other natural
gas liquids as the price of condensate as compared to other natural
gas liquids is currently significantly higher and Birchcliff
believes presenting the two commodities separately provides a more
accurate description of its operations and results therefrom.
F&D Capital
Expenditures
Unless otherwise stated, references in this
press release to “F&D capital expenditures” denotes exploration
and development expenditures as disclosed in the Corporation’s
financial statements in accordance with GAAP, and is primarily
comprised of capital for land, seismic, workovers, drilling and
completions, well equipment and facilities and capitalized G&A
costs and excludes any acquisitions, dispositions, administrative
assets and the capitalized portion of cash incentive payments that
have not been approved by the Board. Management believes that
F&D capital expenditures assists management and investors in
assessing Birchcliff’s capital cost outlay associated with its
exploration and development activities for the purposes of finding
and developing its reserves.
Forward-Looking Statements
Certain statements contained in this press
release constitute forward‐looking statements and forward-looking
information (collectively referred to as “forward‐looking
statements”) within the meaning of applicable Canadian
securities laws. The forward-looking statements contained in this
press release relate to future events or Birchcliff’s future plans,
strategy, operations, performance or financial position and are
based on Birchcliff’s current expectations, estimates, projections,
beliefs and assumptions. Such forward-looking statements have been
made by Birchcliff in light of the information available to it at
the time the statements were made and reflect its experience and
perception of historical trends. All statements and information
other than historical fact may be forward‐looking statements. Such
forward‐looking statements are often, but not always, identified by
the use of words such as “seek”, “plan”, “focus”, “future”,
“outlook”, “position”, “expect”, “project”, “intend”, “believe”,
“anticipate”, “estimate”, “forecast”, “guidance”, “potential”,
“proposed”, “predict”, “budget”, “continue”, “targeting”, “may”,
“will”, “could”, “might”, “should”, “would”, “on track”,
“maintain”, “deliver” and other similar words and expressions.
By their nature, forward-looking 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 statements. Accordingly,
readers are cautioned not to place undue reliance on such
forward-looking statements. Although Birchcliff believes that the
expectations reflected in the forward-looking statements are
reasonable, there can be no assurance that such expectations will
prove to be correct and Birchcliff makes no representation that
actual results achieved will be the same in whole or in part as
those set out in the forward-looking statements.
In particular, this press release contains
forward‐looking statements relating to:
-
Birchcliff’s plans and other aspects of its anticipated future
financial performance, results, operations, focus, objectives,
strategies, opportunities, priorities and goals, including: that
Birchcliff’s strategic decision earlier in the year to defer the
drilling of 11 wells and bring them on production in Q4 puts it in
a strong position to benefit from the anticipated strengthening of
natural gas prices for the remainder of 2024 and in 2025; and that
the unutilized credit capacity under the Credit Facilities provides
Birchcliff with significant financial flexibility and available
capital resources;
-
statements relating to the COA, including that this arrangement
will allow Birchcliff to leverage cost optimization opportunities,
which are expected to drive lower operating costs, reduce downtime
and optimize NGLs recoveries for Birchcliff;
-
the information set forth under the heading “Outlook and Guidance”
and elsewhere in this press release as it relates to Birchcliff’s
updated 2024 guidance, including: forecasts of annual average
production, production commodity mix, average expenses, adjusted
funds flow, F&D capital expenditures, free funds flow, annual
base dividend, total debt at year end and natural gas market
exposure in 2024; the expected impact of changes in commodity
prices and the CDN/US exchange rate on Birchcliff’s forecast of
free funds flow for 2024; that approximately $0.30/boe of the
decrease in the Corporation’s operating expense guidance for 2024
is attributable to the reclassification of certain amounts under
IFRS Accounting Standards as a result of the Corporation entering
into the COA and approximately $0.20/boe is attributable to
Birchcliff anticipating lower power and fuel prices, lower well
servicing costs and cost optimization opportunities resulting from
Birchcliff assuming operatorship of the Gordondale Facility; and
that lower anticipated adjusted funds flow is expected to result in
lower free funds flow and higher total debt at year-end 2024 than
previously forecast;
-
the information set forth under the heading “Outlook and Guidance”
and elsewhere in this press release as it relates to Birchcliff’s
preliminary 2025 guidance, including: forecasts of annual average
production and F&D capital expenditures in 2025; that the
Corporation’s strategy for 2025 builds off of the operational
momentum it has built in 2024, maintaining its strong focus on
capital efficiency improvements and driving down costs; that
Birchcliff’s 2025 F&D capital expenditures will be
strategically deployed throughout the year, with a program designed
to remain flexible in response to commodity price volatility; that,
based on its preliminary budgeting process and current commodity
price outlook, the Corporation is targeting annual F&D capital
expenditures of $260 million to $300 million and annual average
production of 76,000 to 79,000 boe/d in 2025; that Birchcliff
anticipates that the 2025 capital program will include
approximately 25 to 30 wells being brought on production in the
Pouce Coupe and Gordondale areas, as well as the completion of a
large gas gathering infrastructure project and a planned facility
turnaround in Pouce Coupe; that the Corporation anticipates that
the 2025 capital program will include further investment in the
Corporation’s Elmworth area to protect, optimize and advance its
long-term development strategy for this significant Montney asset;
that the Corporation remains bullish on the long-term outlook for
natural gas and anticipates structural improvement in natural gas
prices going forward; that Birchcliff expects prices to improve in
2025 as compared to 2024 due to the anticipated increase in demand
from the start-up of various North American LNG projects and
gas-fired power generation; that in the current commodity price
environment the Corporation remains focused on prioritizing its
strong balance sheet and financial position, while balancing the
continued profitable development of its world-class Montney asset
base and shareholder returns; that in alignment with its commitment
to maintain a strong balance sheet, the Corporation is continuing
to target a total debt to forward annual adjusted funds flow ratio
of less than 1.0 times in the long-term; and that the Corporation
is continuing to evolve its plans for 2025 and expects to announce
the details of its formal 2025 capital budget and updated five-year
outlook for 2025 to 2029 on January 22, 2025;
-
the information set forth under the heading “Operational Update”
and elsewhere in this press release as it relates to Birchcliff’s
capital programs and its exploration, production and development
activities and the timing thereof, including: estimates of F&D
capital expenditures and statements regarding capital allocation;
the anticipated number, types and timing of wells and pads to be
drilled and brought on production and targeted product types; that
Birchcliff’s robust production results from wells in the 2024
capital program, along with ongoing improvements in operational
execution, are forecast to substantially enhance capital
efficiencies in 2024 as compared to 2023; that in order to prepare
for the efficient execution of its 2025 capital program, Birchcliff
has commenced the drilling of a 5-well pad in Pouce Coupe (the
04-05 pad) and that these wells are planned to be drilled in the
Lower Montney and brought on production in early Q1 2025; that
Birchcliff has allocated capital towards the drilling of various
surface holes, pad-site construction and other activities to
prepare for its 2025 capital program; that the drilling of 1 (1.0
net) horizontal well and 1 (1.0 net) vertical well in Elmworth will
provide Birchcliff with the opportunity to continue a significant
number of sections of Montney lands in Elmworth, as well as
increase the Corporation’s inventory and reservoir expertise in the
Elmworth area; that the Corporation is currently considering
completing and testing the horizontal well drilled in Elmworth as
part of its 2025 capital program; and that Birchcliff is looking
forward to providing further details regarding the results of its
16-15 pad and 10-22 pad on January 22, 2025;
-
the performance and other characteristics of Birchcliff’s oil and
natural gas properties and expected results from its assets
(including statements regarding the potential or prospectivity of
Birchcliff’s properties); and
-
that Birchcliff anticipates the forward-looking non-GAAP financial
measures for adjusted funds flow and free funds flow to be lower
than their respective historical amounts primarily due to lower
anticipated natural gas prices.
With respect to the forward‐looking statements
contained in this press release, assumptions have been made
regarding, among other things: prevailing and future commodity
prices and differentials, exchange rates, interest rates, inflation
rates, royalty rates and tax rates; the state of the economy,
financial markets and the exploration, development and production
business; the political environment in which Birchcliff operates;
the regulatory framework regarding royalties, taxes, environmental,
climate change and other laws; the Corporation’s ability to comply
with existing and future laws; future cash flow, debt and dividend
levels; future operating, transportation, G&A and other
expenses; Birchcliff’s ability to access capital and obtain
financing on acceptable terms; the timing and amount of capital
expenditures and the sources of funding for capital expenditures
and other activities; the sufficiency of budgeted capital
expenditures to carry out planned operations; the successful and
timely implementation of capital projects and the timing, location
and extent of future drilling and other operations; results of
operations; Birchcliff’s ability to obtain the anticipated benefits
of the COA; Birchcliff’s ability to continue to develop its assets
and obtain the anticipated benefits therefrom; the performance of
existing and future wells; reserves volumes and Birchcliff’s
ability to replace and expand reserves through acquisition,
development or exploration; the impact of competition on
Birchcliff; the availability of, demand for and cost of labour,
services and materials; the approval of the Board of future
dividends; the ability to obtain any necessary regulatory or other
approvals in a timely manner; the satisfaction by third parties of
their obligations to Birchcliff; the ability of Birchcliff to
secure adequate processing and transportation for its products;
Birchcliff’s ability to successfully market natural gas and
liquids; the results of the Corporation’s risk management and
market diversification activities; and Birchcliff’s natural gas
market exposure. In addition to the foregoing assumptions,
Birchcliff has made the following assumptions with respect to
certain forward-looking statements contained in this press
release:
-
With respect to Birchcliff’s 2024 guidance (as updated on November
14, 2024), such guidance is based on the commodity price, exchange
rate and other assumptions set forth under the heading “Outlook and
Guidance – Updated 2024 Guidance”. In addition:
-
Birchcliff’s production guidance assumes that: the 2024 capital
program will be carried out as currently contemplated; no
unexpected outages occur in the infrastructure that Birchcliff
relies on to produce its wells and that any transportation service
curtailments or unplanned outages that occur will be short in
duration or otherwise insignificant; the construction of new
infrastructure meets timing and operational expectations; existing
wells continue to meet production expectations; and future wells
scheduled to come on production meet timing, production and capital
expenditure expectations.
-
Birchcliff’s forecast of F&D capital expenditures assumes that
the 2024 capital program will be carried out as currently
contemplated and excludes any potential acquisitions, dispositions
and the capitalized portion of cash incentive payments that have
not been approved by the Board. The amount and allocation of
capital expenditures for exploration and development activities by
area and the number and types of wells to be drilled and brought on
production is dependent upon results achieved and is subject to
review and modification by management on an ongoing basis
throughout the year. Actual spending may vary due to a variety of
factors, including commodity prices, economic conditions, results
of operations and costs of labour, services and materials.
-
Birchcliff’s forecasts of adjusted funds flow and free funds flow
assume that: the 2024 capital program will be carried out as
currently contemplated and the level of capital spending for 2024
set forth herein is met; and the forecasts of production,
production commodity mix, expenses and natural gas market exposure
and the commodity price and exchange rate assumptions set forth
herein are met. Birchcliff’s forecast of adjusted funds flow takes
into account its financial basis swap contracts outstanding as at
November 6, 2024 and excludes cash incentive payments that have not
been approved by the Board.
-
Birchcliff’s forecast of year end total debt assumes that: (i) the
forecasts of adjusted funds flow and free funds flow are achieved,
with the level of capital spending for 2024 met and the payment of
an annual base dividend of approximately $108 million; (ii) any
free funds flow remaining after the payment of dividends, asset
retirement obligations and other amounts for administrative assets,
financing fees and capital lease obligations is allocated towards
debt reduction; (iii) there are no buybacks of common shares during
2024; (iv) there are no significant acquisitions or dispositions
completed by the Corporation during 2024; (v) there are no equity
issuances during 2024; and (vi) there are no further proceeds
received from the exercise of stock options or performance warrants
during 2024. The forecast of total debt excludes cash incentive
payments that have not been approved by the Board.
-
Birchcliff’s forecast of its natural gas market exposure assumes:
(i) 175,000 GJ/d being sold on a physical basis at the Dawn price;
(ii) 147,500 MMBtu/d being contracted on a financial basis at an
average fixed basis differential price between AECO 7A and NYMEX HH
of approximately US$1.12/MMBtu; and (iii) 8,014 GJ/d being sold at
Alliance on a physical basis at the AECO 5A price plus a premium.
Birchcliff’s natural gas market exposure takes into account its
financial basis swap contracts outstanding as at November 6,
2024.
-
With respect to Birchcliff’s preliminary 2025 guidance, such
guidance is based on the following:
-
Birchcliff’s production guidance assumes that: the 2025 capital
program will be carried out as currently contemplated; no
unexpected outages occur in the infrastructure that Birchcliff
relies on to produce its wells and that any transportation service
curtailments or unplanned outages that occur will be short in
duration or otherwise insignificant; the construction of new
infrastructure meets timing and operational expectations; existing
wells continue to meet production expectations; and future wells
scheduled to come on production meet timing, production and capital
expenditure expectations.
-
Birchcliff’s forecast of F&D capital expenditures assumes that
the 2025 capital program will be carried out as currently
contemplated and excludes any potential acquisitions, dispositions
and the capitalized portion of cash incentive payments that have
not been approved by the Board. The amount and allocation of
capital expenditures for exploration and development activities by
area and the number and types of wells to be drilled and brought on
production is dependent upon results achieved and is subject to
review and modification by management on an ongoing basis
throughout the year. Actual spending may vary due to a variety of
factors, including commodity prices, economic conditions, results
of operations and costs of labour, services and materials.
-
With respect to statements regarding future wells to be drilled or
brought on production, such statements assume: the continuing
validity of the geological and other technical interpretations
performed by Birchcliff’s technical staff, which indicate that
commercially economic volumes can be recovered from Birchcliff’s
lands as a result of drilling future wells; and that commodity
prices and general economic conditions will warrant proceeding with
the drilling of such wells.
Birchcliff’s actual results, performance or
achievements could differ materially from those anticipated in the
forward-looking statements as a result of both known and unknown
risks and uncertainties including, but not limited to: general
economic, market and business conditions which will, among other
things, impact the demand for and market prices of Birchcliff’s
products and Birchcliff’s access to capital; volatility of crude
oil and natural gas prices; risks associated with increasing costs,
whether due to high inflation rates, supply chain disruptions or
other factors; fluctuations in exchange and interest rates; an
inability of Birchcliff to generate sufficient cash flow from
operations to meet its current and future obligations; an inability
to access sufficient capital from internal and external sources on
terms acceptable to the Corporation; risks associated with the
Credit Facilities, including a failure to comply with covenants
under the agreement governing the Credit Facilities and the risk
that the borrowing base limit may be redetermined; fluctuations in
the costs of borrowing; operational risks and liabilities inherent
in oil and natural gas operations; the risk that weather events
such as wildfires, flooding, droughts or extreme hot or cold
temperatures forces the Corporation to shut-in production or
otherwise adversely affects the Corporation’s operations; the
occurrence of unexpected events such as fires, explosions,
blow-outs, equipment failures, transportation incidents and other
similar events; an inability to access sufficient water or other
fluids needed for operations; risks associated with supply chain
disruptions; uncertainty that development activities in connection
with Birchcliff’s assets will be economic; an inability to access
or implement some or all of the technology necessary to operate its
assets and achieve expected future results; the uncertainty of
estimates and projections relating to production, revenue, costs,
expenses and reserves; the accuracy of estimates of reserves,
future net revenue and production levels; geological, technical,
drilling, construction and processing problems; uncertainty of
geological and technical data; horizontal drilling and completions
techniques and the failure of drilling results to meet expectations
for reserves or production; uncertainties related to Birchcliff’s
future potential drilling locations; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the accuracy of cost estimates and variances in
Birchcliff’s actual costs and economic returns from those
anticipated; incorrect assessments of the value of acquisitions and
exploration and development programs; the risks posed by pandemics,
epidemics and global conflict (including the Russian invasion of
Ukraine and the Israel-Hamas conflict) and their impacts on supply
and demand and commodity prices; actions taken by OPEC and other
major producers of crude oil and the impact such actions may have
on supply and demand and commodity prices; stock market volatility;
loss of market demand; changes to the regulatory framework in the
locations where the Corporation operates, including changes to tax
laws, Crown royalty rates, environmental laws, climate change laws,
carbon tax regimes, incentive programs and other regulations that
affect the oil and natural gas industry (including uncertainty with
respect to the interpretation of Bill C-59 and the related
amendments to the Competition Act (Canada)); political uncertainty
and uncertainty associated with government policy changes; actions
by government authorities; an inability of the Corporation to
comply with existing and future laws and the cost of compliance
with such laws; dependence on facilities, gathering lines and
pipelines; uncertainties and risks associated with pipeline
restrictions and outages to third-party infrastructure that could
cause disruptions to production; the lack of available pipeline
capacity and an inability to secure adequate and cost-effective
processing and transportation for Birchcliff’s products; an
inability to satisfy obligations under Birchcliff’s firm marketing
and transportation arrangements; shortages in equipment and skilled
personnel; the absence or loss of key employees; competition for,
among other things, capital, acquisitions of reserves, undeveloped
lands, equipment and skilled personnel; management of Birchcliff’s
growth; environmental and climate change risks, claims and
liabilities; potential litigation; default under or breach of
agreements by counterparties and potential enforceability issues in
contracts; claims by Indigenous peoples; the reassessment by taxing
or regulatory authorities of the Corporation’s prior transactions
and filings; unforeseen title defects; third-party claims regarding
the Corporation’s right to use technology and equipment;
uncertainties associated with the outcome of litigation or other
proceedings involving Birchcliff; uncertainties associated with
counterparty credit risk; risks associated with Birchcliff’s risk
management and market diversification activities; risks associated
with the declaration and payment of future dividends, including the
discretion of the Board to declare dividends and change the
Corporation’s dividend policy and the risk that the amount of
dividends may be less than currently forecast; the failure to
obtain any required approvals in a timely manner or at all; the
failure to realize the anticipated benefits of the COA; the failure
to complete or realize the anticipated benefits of acquisitions and
dispositions and the risk of unforeseen difficulties in integrating
acquired assets into Birchcliff’s operations; negative public
perception of the oil and natural gas industry and fossil fuels;
the Corporation’s reliance on hydraulic fracturing; market
competition, including from alternative energy sources; changing
demand for petroleum products; the availability of insurance and
the risk that certain losses may not be insured; breaches or
failure of information systems and security (including risks
associated with cyber-attacks); risks associated with the ownership
of the Corporation’s securities; the accuracy of the Corporation’s
accounting estimates and judgments; and the risk that any of the
Corporation’s material assumptions prove to be materially
inaccurate (including the Corporation’s commodity price and
exchange rate assumptions).
The declaration and payment of any future
dividends are subject to the discretion of the Board and may not be
approved or may vary depending on a variety of factors and
conditions existing from time to time, including commodity prices,
free funds flow, current and forecast commodity prices,
fluctuations in working capital, financial requirements of
Birchcliff, applicable laws (including solvency tests under the
Business Corporations Act (Alberta) for the declaration and payment
of dividends) and other factors beyond Birchcliff’s control. The
payment of dividends to shareholders is not assured or guaranteed
and dividends may be reduced or suspended entirely. In addition to
the foregoing, the Corporation’s ability to pay dividends now or in
the future may be limited by covenants contained in the agreements
governing any indebtedness that the Corporation has incurred or may
incur in the future, including the terms of the Credit Facilities.
The agreement governing the Credit Facilities provides that
Birchcliff is not permitted to make any distribution (which
includes dividends) at any time when an event of default exists or
would reasonably be expected to exist upon making such
distribution, unless such event of default arose subsequent to the
ordinary course declaration of the applicable distribution.
Readers are cautioned that the foregoing lists
of factors are not exhaustive. Additional information on these and
other risk factors that could affect Birchcliff’s results of
operations, financial performance or financial results are included
in Birchcliff’s annual information form and annual management’s
discussion and analysis for the financial year ended December 31,
2023 under the heading “Risk Factors” and in other reports filed
with Canadian securities regulatory authorities.
This press release contains information that may
constitute future-oriented financial information or financial
outlook information (collectively, “FOFI”) about
Birchcliff’s prospective financial performance, financial position
or cash flows, all of which is subject to the same assumptions,
risk factors, limitations and qualifications as set forth above.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise or inaccurate and, as such,
undue reliance should not be placed on FOFI. Birchcliff’s actual
results, performance and achievements could differ materially from
those expressed in, or implied by, FOFI. Birchcliff has included
FOFI in order to provide readers with a more complete perspective
on Birchcliff’s future operations and management’s current
expectations relating to Birchcliff’s future performance. Readers
are cautioned that such information may not be appropriate for
other purposes.
Management has included the above summary of
assumptions and risks related to forward-looking statements
provided in this press release in order to provide readers with a
more complete perspective on Birchcliff’s future operations and
management’s current expectations relating to Birchcliff’s future
performance. Readers are cautioned that this information may not be
appropriate for other purposes.
The forward-looking statements and FOFI
contained in this press release are expressly qualified by the
foregoing cautionary statements. The forward-looking statements and
FOFI contained herein are made as of the date of this press
release. Unless required by applicable laws, Birchcliff does not
undertake any obligation to publicly update or revise any
forward-looking statements or FOFI, whether as a result of new
information, future events or otherwise.
ABOUT BIRCHCLIFF:
Birchcliff is a dividend-paying, intermediate
oil and natural gas company based in Calgary, Alberta with
operations focused on the Montney/Doig Resource Play in Alberta.
Birchcliff’s common shares are listed for trading on the Toronto
Stock Exchange under the symbol “BIR”.
| For further
information, please contact: |
|
Birchcliff Energy Ltd.Suite 1000, 600 – 3rd Avenue
S.W.Calgary, Alberta T2P 0G5Telephone: (403) 261-6401Email:
birinfo@birchcliffenergy.com www.birchcliffenergy.com |
Chris Carlsen – President and Chief Executive
OfficerBruno Geremia – Executive Vice President
and Chief Financial Officer |
|
|
|
Birchcliff Energy (TSX:BIR)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Birchcliff Energy (TSX:BIR)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
