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Lucero Energy (LOU) investor relations material

Lucero Energy Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary5 Nov, 2024

Executive summary

  • Generated $11.2 million of free funds flow in Q3 2024, reversing negative free funds flow from Q2 2024.

  • Maintained strong liquidity with $55.6 million working capital at September 30, 2024.

  • Returned $7.3 million to shareholders year-to-date by repurchasing and cancelling 11.6 million shares.

  • Q3 production averaged 9,311 Boe/d, with four new wells contributing to output.

Financial highlights

  • Q3 2024 funds flow was $20.7 million ($0.03/share basic), down from $32.9 million ($0.05/share) in Q3 2023.

  • Adjusted EBITDA for Q3 2024 was $19.98 million, compared to $32.29 million in Q3 2023.

  • Net income for Q3 2024 was $4.66 million ($0.01/share basic), down from $13.32 million ($0.02/share) in Q3 2023.

  • Cash provided by operating activities in Q3 2024 was $22.43 million, compared to $26.40 million in Q3 2023.

  • Exploration and development expenditures were $9.47 million in Q3 2024, down from $16.07 million in Q3 2023.

Outlook and guidance

  • 2024 annual average production guidance maintained at 9,700 Boe/d, with Q4 exit rate of 10,300 Boe/d.

  • 2024 exploration and development expenditures expected at US$65 million (~C$90 million).

  • Anticipates robust free funds flow in Q4 2024 due to minimal capital expenditures.

  • Production mix for 2024 guided at 50% tight oil, 25% NGL, 25% shale gas.

  • Corporate production decline rate estimated at 33%.

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Frequently asked questions

Lucero Energy Corp is a specialized energy company focusing on the acquisition, development, and production of oil and natural gas assets. With a strategic emphasis on pure-play operations in the North Dakota Bakken and Three Forks formations within the Williston Basin, Lucero aims for disciplined and responsible growth. The company's asset portfolio is characterized by high-netback light oil producing assets and a focused land base in the core of the Bakken, presenting multi-zone oil development opportunities. The company is headquartered in Calgary, Alberta, and its shares are listed on the TSX.

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