Canada’s Birchcliff Energy Reverses Q4 Loss
Feb 12, 2021 6:55:pm
Summary
by: Dale Lunan
Canada’s Birchcliff Energy Reverses Q4 Loss
Montney producer Birchcliff Energy reported a Q4 2020 profit of C$40.4 (US$31.8)mn February 11, reversing a C$19mn loss in the comparable 2019 period.
Net loss for 2020 increased to C$62mn from C$59.6mn in 2019.
During the year, Birchcliff drilled and placed on-stream 34 wells; finding and development (F&D) expenditures on the year totalled C$288mn, with C$41.3mn of that in Q4.
“Despite the economic damage and pricing uncertainty caused by the Covid-19 pandemic, we were able to efficiently execute our 2020 capital program, generating annual adjusted funds flow of C$185mn, with annual average production of 76,401 barrels of oil equivalent (boe)/day and record low annual operating costs of C$2.95 per/boe,” Birchcliff CEO Jeff Tonken said. “Looking forward to 2021, we are focused on maximizing free funds flow and strengthening our balance sheet, while maintaining a relatively flat production profile.”