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Crew Energy (CR) investor relations material
Crew Energy Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2024 condensate production rose 67% year-over-year, driving a 55% AFF margin and exceeding market expectations.
Average production was 29,253 boe/d, near guidance midpoint, with new UCR wells offsetting dry gas shut-ins due to low prices.
Net debt reduced by 16% sequentially, with strong free AFF used for debt reduction and balance sheet strengthening.
Strategic focus on high-value liquids, capital efficiency, and advancing infrastructure projects like West Septimus electrification.
Financial highlights
Petroleum and natural gas sales were $75.8M in Q2 2024, up from $66.6M in Q2 2023.
Adjusted funds flow was $41.4M ($0.26/share diluted), down from $59.0M ($0.36/share) year-over-year.
Net income was $13.5M ($0.08/share diluted), compared to $33.7M ($0.21/share) in Q2 2023.
Net capital expenditures were $15.9M, below guidance, reflecting capital discipline.
Free AFF was $25.6M, largely allocated to debt reduction.
Outlook and guidance
2024 guidance unchanged: net capital expenditures of $165–$185M and average production of 29,000–31,000 boe/d.
Focus on increasing condensate and light oil production by over 20% year-over-year.
Q3 2024 capital program targets $60–$70M spend, with average production of 27,000–29,000 boe/d, assuming continued gas curtailments.
Plans to maintain net debt to LTM EBITDA below 1.0x (Q2/24: 0.6x) and advance West Septimus electrification.
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