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CALGARY, AB, March 8, 2022 /CNW/ – Spartan Delta Corp. (“Spartan” or the “Company“) (TSX:SDE) is pleased to report its operating and audited financial results for the year ended December 31, 2021and filing of its Annual Information Form (“AIF“).
Spartan would like to acknowledge and express its support for Ukraine as its people continue to defend their democratic rights and freedoms from Russian aggression. Spartan is saddened with the tragic loss of life, forced displacement and destruction caused from Russia’s invasion of Ukraine. We urge the Russian government and its armed forces to stop their inhumane military operations against civilians and through peaceful and diplomatic resolution to end the war.
FINANCIAL AND OPERATING HIGHLIGHTS
Selected financial and operational information is set out below and should be read in conjunction with Spartan’s audited consolidated annual financial statements and related management’s discussion and analysis (“MD&A“) for the years ended December 31, 2021 and 2020, which are filed on SEDAR at www.sedar.com and are available on the Company’s website at www.spartandeltacorp.com. The financial and operating highlights reported in this press release include certain non-GAAP financial measures and ratios which have been identified using capital letters. The reader is cautioned that these measures may not be directly comparable to other issuers, refer to additional information under the heading “Reader Advisories – Non-GAAP Measures and Ratios”.
|
FINANCIAL HIGHLIGHTS |
Three months ended December 31 |
Year ended December 31 |
||||
|
(CA$ thousands, unless otherwise indicated) |
2021 |
2020 |
% |
2021 |
20204 |
% |
|
Oil and gas sales |
296,425 |
45,206 |
556 |
608,142 |
96,324 |
531 |
|
Net income and comprehensive income |
128,455 |
12,358 |
939 |
334,220 |
47,663 |
601 |
|
$ per share, basic (a) |
0.84 |
0.21 |
300 |
2.89 |
1.06 |
173 |
|
$ per share, diluted (a) |
0.76 |
0.18 |
322 |
2.50 |
0.86 |
191 |
|
Cash provided by operating activities |
147,975 |
16,064 |
821 |
279,766 |
32,209 |
769 |
|
Adjusted Funds Flow (b) |
137,026 |
16,796 |
716 |
293,986 |
32,487 |
805 |
|
$ per share, basic (a) |
0.89 |
0.29 |
207 |
2.54 |
0.72 |
253 |
|
$ per share, diluted (a) |
0.80 |
0.24 |
233 |
2.18 |
0.59 |
269 |
|
Free Funds Flow (b) |
21,344 |
2,793 |
664 |
105,011 |
15,667 |
570 |
|
Cash used in investing activities |
98,225 |
6,221 |
1,479 |
925,713 |
113,100 |
718 |
|
Capital Expenditures, before A&D (b) |
115,682 |
14,003 |
726 |
188,975 |
16,820 |
1,024 |
|
Adjusted Net Capital Acquisitions (b) |
(1,437) |
343 |
(519) |
956,763 |
109,049 |
777 |
|
Total assets |
1,742,414 |
331,430 |
426 |
1,742,414 |
331,430 |
426 |
|
long-term debt |
387,564 |
– |
– |
387,564 |
– |
– |
|
Net Debt (b) |
458,259 |
12,292 |
3,628 |
458,259 |
12,292 |
3,628 |
|
Net Debt to Trailing AFF Ratio (b) |
0.8x |
0.2x |
– |
0.8x |
0.2x |
– |
|
Shareholders’ equity |
886,649 |
137,540 |
545 |
886,649 |
137,540 |
545 |
|
Common shares outstanding (000s), end of year (a) |
153,214 |
58,226 |
163 |
153,214 |
58,226 |
163 |
|
a) |
Refer to “Share Capital” section of this press release. |
|
b) |
“Adjusted Funds Flow”, “Free Funds Flow”, “Capital Expenditures, before A&D”, “Adjusted Net Capital Acquisitions”, “Net Debt” and “Net Debt to Trailing AFF Ratio” do not have standardized meanings under IFRS, refer to “Non-GAAP Measures and Ratios” section of this press release. |
|
OPERATING HIGHLIGHTS AND NETBACKS (c) |
Three months ended December 31 |
Year ended December 31 |
||||||||
|
2021 |
2020 |
% |
2021 |
2020 |
% |
|||||
|
Average daily production |
||||||||||
|
Crude oil (bbls/d) |
11,450 |
332 |
3,349 |
4,697 |
196 |
2,296 |
||||
|
Condensate (bbls/d) (a) |
2,373 |
1,131 |
110 |
1,924 |
656 |
193 |
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|
Natural gas liquids (bbls/d) (a) |
13,576 |
6,728 |
102 |
9,120 |
3,965 |
130 |
||||
|
Natural gas (mcf/d) |
270,176 |
106,912 |
153 |
191,596 |
63,625 |
201 |
||||
|
BOE/d |
72,428 |
26,010 |
178 |
47,674 |
15,421 |
209 |
||||
|
% Liquids (b) |
38% |
31% |
twenty three |
33% |
31% |
6 |
||||
|
Average realized prices, before financial instruments |
||||||||||
|
Crude oil ($/bbl) |
91.38 |
47.95 |
91 |
86.48 |
46.03 |
88 |
||||
|
Condensate ($/bbl) (a) |
96.63 |
54.46 |
77 |
85.15 |
51.39 |
66 |
||||
|
Natural gas liquids ($/bbl) (a) |
44.39 |
18.35 |
142 |
37.11 |
16.74 |
122 |
||||
|
Natural gas ($/mcf) |
4.97 |
2.72 |
83 |
3.95 |
2.42 |
63 |
||||
|
Combined average ($/BOE) |
44.48 |
18.89 |
135 |
34.95 |
17.07 |
105 |
||||
|
Netbacks ($/BOE) (c) |
||||||||||
|
Oil and gas sales |
44.48 |
18.89 |
135 |
34.95 |
17.07 |
105 |
||||
|
Processing and other revenue |
0.36 |
0.66 |
(45) |
0.54 |
0.60 |
(10) |
||||
|
Royalties |
(4.91) |
(2.01) |
144 |
(3.83) |
(1.57) |
144 |
||||
|
Operating expenses |
(7.52) |
(5.68) |
32 |
(6.61) |
(6.11) |
8 |
||||
|
Transportation expenses |
(2.41) |
(1.37) |
76 |
(2.00) |
(1.36) |
47 |
||||
|
Operating Netback, before hedging ($/BOE) (c) |
30.00 |
10.49 |
186 |
23.05 |
8.63 |
167 |
||||
|
Settlements on Commodity Derivative Contracts(c)(d) |
(6.39) |
(0.90) |
610 |
(3.53) |
(0.17) |
1,976 |
||||
|
Net Pipeline Transportation Margin (c)(e) |
(0.25) |
– |
– |
(0.12) |
– |
– |
||||
|
Operating Netback, after hedging ($/BOE) (c) |
23.36 |
9.59 |
144 |
19.40 |
8.46 |
129 |
||||
|
General and administrative expenses |
(1.12) |
(1.48) |
(twenty four) |
(1.22) |
(1.64) |
(26) |
||||
|
Cash Financing Expenses (c)(f) |
(1.08) |
(0.19) |
468 |
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Full story available on Benzinga.com
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